MGC1 Principals of Management Assessment
Correct Answers are in RED
I Scored 64% ( 33/51 )
1. A value chain is the sequence of activities that begins with raw materials.
What result does a value chain end with?
Choose 1 answer A.
Outsourcing or insourcing
B.
Supply and demand
C.
Delivery of products or services
D.
Operations and logistics
C
2. What happens when an effective value chain is created?
Choose 1 answer A.
Total quality management is not required.
B.
Profit margins are increased.
C.
Customized products are standardized.
D.
A mission statement is developed.
B
3. Industry and market analysis, competitor analysis, and social analysis are examples of which
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Choose 1 answer A.
Customer association organization
B.
Customer liaison administration
C.
Customer connection society
D.
Customer relationship management
D
19. Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle.
What does Dr. Ohmae indicate that an organization can obtain by doing this?
Choose 1 answer A.
Sustained competitive advantage
B.
Time-based competition
C.
Decentralization of the organization
D.
Coordination of mutual adjustment
A
20. What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization?
Choose 1 answer A.
Controller
B.
Pacesetter
C.
Intrapreneur
D.
Franchiser
C
X
21. Why is innovation an important element of entrepreneurship?
Choose 1 answer A.
Allows the company to meet industry benchmarks
B.
Creates unique and different products or services
C.
Buffers the impact of changes in the legal environment
D.
Reduces marketing costs for the company
X A
X
22. Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing.
Which entrepreneurial personality trait is this?
Choose 1 answer A.
Competitive intelligence
B.
Tolerance of risk, ambiguity, and uncertainty
C.
Personal Characteristics: Under this category, it would be important for an entrepreneur to have optimism, the hopeful feeling that all is going to turn out well. An entrepreneur should have a vision, the ability to envisage a compelling future and articulate it to others. An
Those people that have an entrepreneurial spirit are those with balanced talents and willing to choose risky operations. Entrepreneurs must have creativity to succeed in a work place or in
Purpose – The purpose of this paper is to explore the concept of supply chain quality management and to propose a research model that considers the impact of supply chain quality management practices on firm performance. It is also to identify the project is suitable needs for undertaken.
Develop and execute a defined strategy to be in compliance with approaching government regulation and law changes that affect the health care industry
The purpose for managing quality is so the project is delivered at an acceptable level of quality requested by the client. Quality management ensures the quality of the project and quality of the processes to manage the project are at the highest standard possible which is done by creating the quality management plan looking at the key areas which are;
The road to a quality organization is paved with the commitment of management. If the management is not totally behind this effort, the road will be filled with potholes, and the effort will drag to halt In manufacturing, management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. quality improvement process developed the use of FMEA and QFD was piloted in areas such as new product and service development
You will also know the distinction between an entrepreneur and a manager. You will also look at the qualities of successful entrepreneurs.
how its business processes add value and whether any have unique best-practice features. To perform the external value-chain analysis, team members should ask the customer a set of getting-to-know-you questions. What does your supply chain (the upstream value chain) look like? What role does your company play in it? How do your products reach their customers (the downstream value chain)? Your final diagram models only this single customer’s value chain and it represents virtually everything the customer does to add significant value. If your relationship with the customer permits a candid exchange of information, have the customer validate the value chain you have created. As an example of how the diagnostic process works, consider how a supplier to Wal-Mart might learn to enhance its value.[6] The objective of creating both internal and external value chains is to understand Wal-Mart well enough to be able to discern its implicit and explicit strategic concerns. Exhibits 3 and 4 depict preliminary pictures of Wal-Mart’s internal and external value chains. Getting to this initial stage is relatively easy – adding more detail, nuance, and understanding takes more time, involves interviewing Wal-Mart executives, and more closely observing how the firm
The value chain is defined as the “full range of activities which are required to bring a product or service from conception, through the different phases of production (involving a combination of physical transformation and the input of various producer services), delivery to final consumers, and final disposal after use”. Moreover, there are ranges of activities within each link of the chain. (Raphael Kaplinsky, 2000, p. 4). In addition firms usually perform value chain activities in certain ways that allows a firm the capabilities to outmatch rivals, which creates a potential source of competitive advantage. (Daniel McDermott, 2008). In the real world, of course, value chains are much more complex than this. For one thing, there tend to be many more links in the chain. The value chain can be broken down in to primary and support activities
We can define the term “quality” in many ways, but it is expressed by the ISO definition: “The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs”. We also can understand in a simpler way that a product which has a good quality is the one that meet customer’s requirement. So, what is Quality Management? From Dake’s perspective, Quality Manager is the person overseeing the quality systems in the organization making sure they comply with all industry and customer requirement. He/she is responsible to make sure those systems are robust and are being followed. If that happens, then satisfying the customer is achievable. We can tell that quality manager is a bridge which connects customers and company. They are there to fulfill customer’s quality requirement, and be responsible for ensure that their company meet those quality requirements. In addition, the most important for quality manager is about performance improvement. By being one of the most important part of the company, quality managers will also be able to tell their insider view, opinion and experiences when they were interviewed.
Being an entrepreneur is difficult. Not any one can be a successful entrepreneur, there are some characteristics entrepreneurs must have to face the challenges and to rise again after every failure.
This paper is about Total Quality Management (TQM). There are several parts to this paper that will now be outlined. First, Total Quality Management will be defined. Second, a description of the impact of globalization on quality will be discussed. Third, traditional management styles will be compared and contrasted with management styles focused on quality. Fourth, an explanation of how TQM should apply to my organization will be discussed.
8. Teamwork. Nobody can achieve anything alone so this is true also for an entrepreneur because they’re not a “Superman”. They must be team players for their own and business success.
At a personal level we can see why standards are important. They provide a guarantee of safety, predictability and usability. We do not have to worry whether our electrical wiring is safe, or that a piece of paper will fit into an envelope and we can play any CD in any machine. Standards provide a safety net for many areas including clothing, food, furniture, transport and air quality. They remove anxiety for consumers by assuring the fitness for purpose of items we buy and use, as well as creating confidence in the businesses we are buying from.
The 90s mark the starting point of empirical research on critical factors in TQM, although different studies have yielded different sets of TQM factors (Saraph et al., 1989; Flynn et al., 1994; Powell, 1995; Ahire et al., 1996; Black and Porter, 1996; Zhang et al., 2000; Antony et al., 2002). As a result, there is no single measurement instrument to evaluate TQM implementation. Furthermore, evidence concerning the impact of TQM on business performance is also based on a wide range of indicators that differ across studies and are in some cases contradictory, especially regarding financial performance, which is measured in terms of ROA –return on assets- or ROI –return on investment. Some research has found a positive effect of TQM on the latter (Easton and Jarrell, 1998; Hendricks and Singhal, 2001a, b); whereas other research reports a negative incidence of TQM on these measures (Chapman et al., 1997). In some cases, TQM’s effect on these financial outcomes is even deemed inexistent (Adam, 1994; Powell, 1995; York and Miree, 2004). Improper implication of total quality management will hinder the improvement in customer satisfaction, quality of product or service rendered, employee performance, quality of work life, market share and competitive