Mission statement - correct answer A mission statement is only intended to define the board commission and organization is attempting to carry out on a
... [Show More] daily basis. A vision statement is intended to define the specific goal an organization hopes to achieve in the future. A mission statement is a declaration of the reason an organization exists. This is important in determining standards, values, strategies, and other organizational aspects and services as in a guideline for establishing the process is to achieve goals. Vision statement is the declaration of the girls the organization wishes to achieve at some future point, which is important in designing and implementing the strategies necessary to meet these goals.
Goals - correct answer There are variety of ways to ensure specific goals are well defined, valid and useful. The most effective way is to use the acronym smart: Specific, measurable, achievable, relevant, and time related. Valid goals should be specific and well-defined. A valid goal should also have a specific deadline to ensure it is completed efficiently and can be compared accurately with other goals.
Accounting and financial business metrics - correct answer Three of The most common account business metrics our cash flow, return on investment, and return on the quality. Cash flow refers to the amount of money taken him compared to the amount of money spent during the given.. Return on investment is the amount of money earned from investments compared to how much money we spent to make that investment, who is the ratio between Profits and losses. Would turn on equality is the amount of money made compared to the average investment of each shareholder.
Marketing and sales metrics - correct answer Three of the most common sales and marketing businesses metrics are the number of customers/orders for the period, the average amount received for each order, in the gross profit margin. The number of customers/orders is the exact or estimated count of the numbers of people purchasing products from the company or the number of orders the company has received during specific period of time. The gross profit margin is the total revenue for a certain period of time minus the cost of sales for that particular period Divided by the total revenue for that period.
Operations and business development metrics - correct answer Opportunity success rate, and the Innovacion great. The number of activities is an exact or estimated count of how many tasks that organization is attempting to do at one time. The opportunities to excess rate is the number of opportunities taken advantage of divided by the total number of opportunities available. The Innovacion rate is the gross revenue from new ideas, products, and services divided by the gross revenue.
Information and technology metrics - correct answer Three of the most common information technology metrics an organization might use are the number up online orders, the availability of information resources, and the number of views per page/listings. The number of online orders is a count of how many orders have been placed for customers using the companies website. The availability of information resources is the percent of time the company services, websites, emails, and other technological resources are accessible at a time those resources are needed. The number of views per page/listing is a count of how many times customers have looked at a particular webpage or online product.
General business and economic environment metrics - correct answer Three of the most common metrics related to general business and economic environment and organization might use are the current number of corporations and the average number of new corporations entering the market per year, the organizations current market share, and the average income of customers and a target market. The current number of competitors is the number of other businesses with in the same market the average number of new competitors is the average number of businesses entering the same market during the year the average income of customers in a target market is the amount an average customer would normally earn in a given year.
Sources of information - correct answer The three most common sources an organization might use to find information about common industry practices, industry developments, and technological developments are newspapers, magazines, and websites. Large newspapers that focus primarily on business will often Publish articles that detail major changes occurring in each industry as well as articles detailing further technologies. There are a variety of sources that an organization might use to find information about the current labor pool including newspaper, magazine, industry websites, and other similar print and online publications. There are variety of sources and organization might use to find the information about upcoming legalization in new regulations that might affect the particular industry that the organization is a part of, but three most common sources are newspapers, magazines, and websites. Virtually every newspaper covers information related to upcoming changes to federal and state laws while similar city newspapers can be a good way for organizations to find out about changes to laws and ordinances passed by local government.
Legislative Process - correct answer The process of passing new federal law begins with the bill being introduced by the Senate or the house of representatives. If the bill reaches the entire floor of the house or senate, or if the bill should be ignored. If the bill is passed in the Senate, then it is sent to the house to be considered in the same way, and vice versa. After both the House and the Senate have a proved a bill, the bill is sent to the president to be signed into a law, detailed, or turn to Congress. It will become a law automatically if it is ignored for 10 days while congress is in succession. Or die automatically if it is ignored until after Congress is in succession.
Functions of management - correct answer The five basic functions only associated with management are planning, organizing, coordinating, directing, and controlling. Planning refers to the process of actually determining what organization is attempting to achieve and how the organization is going to achieve that goal. Organizing refers to the process of obtaining and allocating human resources, financial resources, and similar resources to carry out the plan the organization has Established. Coordinating refers to the process of making sure all allocated resources are functioning together as planned to achieve goals. Leading is the process of making sure work associated with the completed goal is acting really carried out in an efficient manner. Controlling is the process of evaluating their organization process towards the goal.
Project management - correct answer Project management is the process of determining in implementing a plan that will lead to the completion of a particular task within define constraints. The three main factors project managers traditionally have been expected to control while completing the projects include the cost of projects, the total amount of resources spent on the project including finances and roll materials. The time spent on the project is the total amount of time spent by employees to complete that task. The scope of the project refers to the requirements needed to complete the task in an appropriate fashion. Project managers must make sure the project is complete with a set time and cost constraints and the end result meet organizations requirements.
Gantt Chart - correct answer A gantt chart is a type of bar chart is often used to identify tasks involved in a project and to establish a schedule for comparing those tasks. Closely related to work breakdown structure because it breaks larger projects down into the specific activities and tasks.
PERT - correct answer PERT is a method of determining how much time is required to complete a specific project. Processes consist of breaking down larger projects into a series of separate tasks necessary to complete the larger project and then organizing each of the smaller tasks into a chart.
WBS - correct answer A work breakdown structure is a method for breaking larger projects down into a series of separate smaller tasks necessary to complete the larger process. Work breakdown structure's are usually depicted in the chart forms as tree structures let's start off with large tasks then branch out to sub tasks that make up the larger tasks.
Outsourcing - correct answer Outsourcing refers to the practice of hiring third-party companies or contractors to perform task traditionally performed by the organization itself. There are variety of factors that an organization should consider before choosing a third-party vendor regardless of the specific tasks. Four of the most important factors disgusting are you to consider are the costs associated with doing business with the vendor, the quality of the vendors product or service, the ability of the vendor to meet organizations needs. The cost associated with doing any business with a particular vendor are all the costs potential he in cured with a particular vendor. The quality of the vendors products or services refers to The vendors ability to perform the service or manufacture the product to the standards set by the organization. Finally the ability of the vendor to me organizations needs and the vendors experience as it relates to the task or both ways determining if the vendor will be able to consistently perform the tasks that are expected.
Offshoring - correct answer Off shoring is a process similar to outsourcing because it refers to hiring an individual or company located in another country to perform tasks the organization would normally performed domestically.
Insourcing - correct answer It refers to the practice in which an organization performs a task in house by hiring individuals as direct employees of the organization or by acquiring an outside company in order to perform particular tasks that have been previously performed by outside vendors.
HRIS - correct answer A human resource information system is a computer system designed to help human resource professionals carry out the day to day HR functions necessary for an organization to continue functioning normally.
Strategic planning process - correct answer These goals include primary goals a stab list in the mission and vision statement and secondary goals that need to be accomplished to achieve primary goals. These are essential to the process because they act as the framework to structures. Once the organization has set goals, the second step is to analyze the organization in the elements in the environment. This analysis is designed to find strength and weaknesses and to identify outside influences that may make it difficult to achieve goals. Once an organization has established goals, identified strengths and weaknesses, and identified the outside factors affecting achievement of goals, most organizations begin to construct the strategic plan. Once an organization has constructed a strategic plan from its goals, taking it shrinks in the weaknesses, and outside environment into consideration, it is time to put the strategic plan into action. Once a strategic plan has been constructed and put into action, the organization must continually go back and evaluate the plan to make sure the progress is being made. Even the best plan may be derailed by changes in the outside environment.
PEST analysis - correct answer A pest analysis considers for groups of factors that may affect an organization. The Peastans for political which refers to laws, regulations, Texas, and other factors related to local and federal government. The E stands for economic, which refers to the current state of the economy as measured by statistics such as government growth and inflation rate. The S stands for social, which refers to the culture and demographics of an area of operation, such as population size and growth, cultural and religious believes, age distribution, etc. the T stands for technological, which refers to the invention and implementation of new technology.
SWOT analysis - correct answer a SWOT Analysis considers for groups of factors that may affect an organization. The S stands for Strank's, which refers to anything that will help achieve objectives. The W stands for weaknesses, which refers to anything that may present the organization from achieving its objectives. The O stands for opportunities, which refers to anything outside the organization that may help achieve objectives. Finally the T stands for threats, which were first to anything outside organization that may prevent directives from being achieved.
Porters 5 forces analysis - correct answer Porters five forces analysis considers of five groups and factors that may affect an organization The threat of substitute procedures, the threat of new corporations, existing corporation rivalry, the bargaining power of customers, In the bargaining power of suppliers. The threat of substitute procedures refers to new technology, procedures or service just immerse may choose over the organizations current products or services. The threat of new competitors refers to how easy it is for new organizations to enter the market. The threat of existing company rivalry refers to other companies currently in the market competing with the organization and how those companies are attending to stay. The barging of power of customers were first victory of customers to affect the organizations actions by refusing to buy the product or service if it is too expensive or does not live up to the customers expectations. The bargaining power of suppliers were first the ability of suppliers to affect the organizations actions by controlling the access to rall materials or supplies.
Cost/benefit analysis - correct answer Cost/benefit analysis is the decision making strategy that examines and compare is the total establish cost of benefits for each available option. The benefits associated with a particular set of options may not be an accurate representation because the strategy is largely based on estimates.
Organization life cycle - correct answer The organization lifecycle consist of four stages birth, growth, maturity, and decline. The birth stage is when the organization is forming and includes all activities associated with establishing the framework such as acquiring capital, establishing values, and Establishing initial business plan. The growth stage is win the organization is expanding by increasing market share in the profits, the number of employees in locations. The maturity stage is Win expansion begins to level off and emphasis ships to maintain current attributes. Finally the decline stage is win the organization begins to lose the ability to maintain its current attributes.
Risk and return - correct answer To make an educated decision regarding an investment or business venture, it is a sensual to consider potential risk and return. Potential risk is a measurement of the likelihood that the undertaking what offer a loss of resources instead of a profit. Potential return is a measurement of how much Montrey value can be a cheap from a particular undertaking. The higher the potential risk, the higher the potential return needs to be for that particular undertaking to be worth wild. [Show Less]