Premium Essay

How to State Business Objectives

In: Business and Management

Submitted By craig133mhz
Words 1108
Pages 5

Use a Scantron Form No. 886-E to record your choice of the best answer to each of the following questions. You have the full period to answer the questions.

The following questions are worth three (3) points each.

1. Operations management is the business function that plans, coordinates, and controls the resources needed to produce a company’s products and services. a) True b) False

2. Firms that focus on quality as their primary competitive priority usually implement either product design quality or process quality, but not both. a) True b) False

3. To remain competitive, companies must be innovative and bring out new products regularly. a) True b) False

4. The time between order placement and the receipt of goods is called lead time. a) True b) False

5. ISO certification has become a requirement for conducting business in many industries. a) True b) False

6. A process that is in control has no variation. a) True b) False

7. An example of an operation that does not add value is ____________________________. a) removing iron ore from the ground and shipping it to a steel mill b) filling the underground gasoline tanks at a service station c) making a wedding cake d) moving components to a warehouse for storage until the factory needs them e) moving luggage from a cab to the airport ticket counter

8. Which of the following is not primarily performed by the operation management function?

a) job design and work measurement

b) advertising strategy

c) location analysis

d) quality management

e) facility layout

9. Increasing the level of responsibility of a job by adding planning and coordination tasks is…...

Similar Documents

Premium Essay

Do You Think That Business Practices in an Islamic Country Are Likely to Differ from Business Practices in the United States? If so, How?

...“Do you think that business practices in an Islamic country are likely to differ from business practices in the United States? If so, how?” I think that business practices in an Islamic country are different from business practices in the United States, some factors influence the business practices in different cultures. As the culture, values and norms, social structure and diversity of individual all might affect the business practices. Culture is a complex factor that includes beliefs, knowledge, arts, morals, law, customs, and other capabilities obtained by people as members of society (Hill, 2011). Values and norms are the cores of the components for culture, values are general ideals about a society’s good, correct and desirable fact. Norms are the social rules and guidelines that suggest appropriate behavior in specific circumstances (Hill, 2011). I don’t know much about Islamic country, but the American culture is different from Islamic culture. Due to the religion, social structure and much diversity in the two different worlds, the business practices would affect by these differences. International business is different from national business due to the culture and society. The ethics in Islamic world, governs almost all aspects of people’s life. Ethical norms and moral codes discernable from some verses of the Quran, and the teachings of the Prophet are far reaching and comprehensive (Azim, n.d.). Islamic teachings extremely influence the......

Words: 582 - Pages: 3

Premium Essay

How to Write a Business Plan

...HOW TO WRITE A BUSINESS PLAN Planning for Success You've no doubt heard the expression, "Failing to plan is planning to fail." Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it's an invaluable roadmap for launching and growing your business. In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. Here, we've summarized the key sections that you'll find in a business plan. The Seven Key Sections of a Business Plan 1. Executive summary Your executive summary should be 1–2 pages long, and provide an overview of your business concept, key objectives of your business and your plan, ownership structure, management team, your product or service offering, target market(s), competitive advantages, marketing strategy, and a summary of your financial projections. Your executive summary should be written last, after you've written the rest of the plan; each paragraph should be a summary of the more detailed, related section of the plan. 2. Business Overview In your overview, include details regarding your business’s history, vision and/or mission,......

Words: 1003 - Pages: 5

Premium Essay

Strategic Business Objectives of Information System

...The main objective of the study is to find out the problem and prospect of mobile banking in Bangladesh. For this research primary data were used. This study adopts with descriptive in nature. Total respondents were 120 within that 61 % respondents think it saves time than traditional banking, the highest number of respondents use mobile banking for 'Air-time top-up' service, that is 21%, out of 120 respondents 56% replied it is less costlier than traditional banking, 100% respondents did agree that it is speedy, and 38% respondents are upper class. Although this concept is new in Bangladesh but its potentiality is high. From this research, other researchers and policy makers will get an insight about the problems and prospects of mobile banking in Bangladesh. Definition of M- Commerce M-commerce (mobile commerce) is the buying and selling of goods and services through wireless handheld devices such as cellular telephone and personal digital assistants (PDAs). Known as next-generation e-commerce, m-commerce enables users to access the Internet without needing to find a place to plug in. The emerging technology behind m-commerce, which is based on the Wireless Application Protocol (WAP), has made far greater strides in Europe, where mobile devices equipped with Web-ready micro-browsers are much more common than in the United States. In order to exploit the m-commerce market potential, handset manufacturers such as Nokia, Ericsson, Motorola, and Qualcomm are working with......

Words: 3970 - Pages: 16

Free Essay

Business Objectives and Managment

...1. What is a social enterprise? Social enterprises are private organisations that are run along business lines, but where any profits are reinvested into the community, or into social or environmental projects 2. How do the aims of a social enterprise differ from those of a PLC? Examples of social enterprises include cooperatives, credit unions and housing associations. These businesses are run like any other commercial business however all profits earned by the business go back to the business to help achieve its social or environmental objectives. The aims of social enterprise are to achieve its social or environmental goals that have been set out. The aims of a plc are different in the sense that they have set out targets of which they need to achieve to make `money (profit) for the company. 3. What happens to the profits made by the Fifteen Foundation? All profits generated by the restaurant go straight back into the scheme to help train other disadvantaged young people 4. Explain the difference between an aim and an objective. A business aim is the goal set out for the business to achieve, the business objective is when the business will achieve the targets set out and how long it will take them to so. 5. Why might winning the “green crown” be likely to increase Dell’s sales? Winning the green crown would be likely to increase Dell’s sales as it would mean that they have the most environmentally friendly products and people would......

Words: 597 - Pages: 3

Premium Essay

Ifrs in the United States: If When and How

...IFRS in the United States: If, When and How Donna L. Street s described by Erchinger (2012), for decades various United States (US) Securities and Exchange Commission (SEC) Chairs and Chief Accountants have expressed support for the development of one set of globally accepted accounting standards. Since the formation of the International Accounting Standards Board (IASB) in 2001, SEC leaders have repeatedly indicated that the logical choice for globally accepted standards is the International Financial Reporting Standards (IFRS) issued by the IASB. However, in line with other large economies, such as Japan, India and China, as of June 2012 the US had not adopted IFRS.1 This paper explores when and how, and indeed if, IFRS will become the basis for the financial reporting of domestic SEC registrants in the US. Readers are encouraged to first review Erchinger’s (2012) history of the SEC’s consideration of IFRS in the US included in this forum and especially Table 1 of this article, which provides a chronology of SEC releases regarding incorporation of IFRS into the US financial reporting model. This paper complements Erchinger’s by assessing approaches recently explored by the SEC for incorporating IFRS into the US financial reporting model. A decision can lead to correct or incorrect action. However, as articulated by many SEC constituents, uncertainty associated with repeated delays and hence ‘no decision’ by the SEC is clearly not in the best interest of investors and other......

Words: 14732 - Pages: 59

Premium Essay

Evaluate Ways in Which David Could Assess How Pcl’s Marketing Activities Assist in the Achievement of Its Business Objective. F293

...Evaluate ways in which David could assess how PCL’s marketing activities assist in the achievement of its business objective. (13) Marketing is the management process that identifies, anticipates and satisfies customer needs profitably. It ensures a business has the right product, at the right place, at the right time and at the right price. If David wants to assess whether something works the best way to find out is through market research. Market research can be used to evaluate the success of marketing activities that David has already conducted, this will allow him to see whether they are helping the business achieve their objective. There are two methods of market research which are primary and secondary, primary research is research that has not yet been conducted and have to be done by the business, this is a more expensive and time consuming method of research but gives more specific results as the business can find out exactly what they want to. Secondary research is research that has already been conducted which means it is usually free and a lot less time consuming that primary research, although it may be hard to find the specific research data you wanted and the data may not be up to date. PCL’s current objectives are to meet their business principles and increase demand, increasing demand is not specifically mentioned in the case study as an objective but he is looking to take over another business and question two of the exam asks to discuss the appropriate......

Words: 1279 - Pages: 6

Premium Essay

Strategic Business Objectives of an Information System

...Systems | United Business Institutes BA2 | Essay Question 1 | Word Count 2845 | Erdem Emanuel 11378 | 3/20/2015 | Question 1: Write an essay outlining the strategic business objectives of an Information System (IS). Include a description of its management, organization and its technology components. Make use of diagrams where appropriate. | Contents Abstract 1 Introduction 1 Strategic Business Objectives of Information Systems (IS) 1 The Three Dimensions 1 Conclusions 1 References 1 Abstract In this time constrained-essay the reader will be introduced to the topic through an exploration of how the business world has changed since the digital revolution has occurred. This event, sometimes also referred to as the third industrial revolution, has dramatically increased the flow of information due to rapidly evolving internet access for more and more people worldwide. In parallel, the development and use of information technology has also strongly increased worldwide for people as well as for companies. In the next step, I will define the difference and connection between two important terms: information technology and information systems. Following I will explain the meaning of gathering data and its transformation into meaningful information for companies. The following part will then deal with the interdependence of organizations and information systems and go into more depth on explaining the six strategic business objectives of information......

Words: 2908 - Pages: 12

Premium Essay

Strategic Business Objectives

...CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS TO BUSINESS Working Capital Management Strategies Working capital strategies has in the past been a responsibility designated to those managers in the accounting and finance departments. However, today’s economy is changing those roles and many managers who traditionally were not part of this process are being called upon to take proactive steps in reducing the risk associated with working capital. Working capital may be a foreign term to some managers and so we should first begin by defining this term. Generally working capital represents those current assets such as cash, marketable securities, accounts receivable, inventory and pre-paid expenses. Furthermore net working capital would take the calculation further and reduce working capital by the current liabilities such as accounts payable, short term borrowings and accrued liabilities. Understanding these terms is crucial because a company’s daily activities typically result in dramatic fluctuations in the accounts comprising working capital. The manager’s ability to anticipate the fluctuation and proactively make decisions to curtail the negative impact of such fluctuations will help maintain liquidity even in the toughest of circumstances. A company’s ultimate long-term success is based upon all departments within the organization coming together to fulfill its business purpose or mission. The same ideology should be used in managing the company’s working......

Words: 1027 - Pages: 5

Premium Essay

Business Objectives

...Business Objectives Marvin R. Eccleston Jr. Wilmington University Table of Contents 1. Introduction 2. Business Objectives 3. Summary Business objectives and IT, how do we integrate these two functions to create an organization that is greater than the sum of its parts. In this paper I will talk about the metrics needed to track the effectiveness of the IT utilized in the business. I will go over how well IT leaders establish an effective relationship with the business managers and the strength of the conditions in environment needed for a strong IT and business relationship. I will also cover the hindrances to a strong relationship and the misconceptions of “professionalism” and how this contributes overall to the business value. I will begin on my view on this topic first. The impact that IT has on business has changed over time and continues to increase, business in the modern age can not function without IT implemented. Even the smallest business uses Telephones and internet to communicate with customers and vendors to fulfill orders and support functions. Tracking the correct metrics can help in pinpointing indicators of an organizations health, to do this we use several measurements. Most organizations start with revenue, profit, volume of sales, market share, ROI, manufacturing output and inventory levels. Companies such as Microsoft, Apple and various Big Data startups create software to track these metrics in real-time to enable managers to react......

Words: 1780 - Pages: 8

Premium Essay

Importance of Business Objectives

...Setting Business Objectives Business owners use a variety of management tools or techniques to improve their company’s business operations. Setting objectives is a specific management tool that creates a target for business owners to achieve. Objectives can be company-wide goals, specific to the division or department and individual employee expectations. Business owners often use performance management to follow up on objectives and measure the company’s overall achievement effectiveness. Business owners often set the tone for their organization. The company’ mission, vision and values are usually an extension of the owner’s personal characteristic traits. Business owners can set objectives to ensure all employees are on the same page when working in the company. Employees need to understand the purpose behind the business to maximize production efficiency. Business owners can also set objectives to ensure employees meet the minimum level of expected behavior in the business. Business owners who set objectives just to have them on a list are not usually making these objectives a priority in the company. Business objectives should be clear, measurable and realistic. Clear objectives provide a well understood objective definition to owners and employees. Measurable objectives ensure business owners can review the objective to ensure it was achieved in the best way possible. Realistic goals can help business owners avoid the frustration of failing to meet specific......

Words: 447 - Pages: 2

Premium Essay

Evaluate How Far Toyco’s Approach to Reward Is Consistent with Its’ Business Objectives

...Summative Assignment Topic 2 Evaluate how far TOYCO’s approach to REWARD is consistent with its’ business objectives Actions Toys for a Lifetime Actions Toys for a Lifetime Business and Management (BU) U58024 Introduction to People Management (IPM) Submission Date: 7th December 2015 Module Leader: Suze Mathews Word Count: 2000 Student Number: 13113235 Overall comments (FORMATIVE FEEDBACK) The beginnings of a good report, you will need to: 1. Ensure your line spacing is consistent. 2. Provide a little more detail in your introduction about TOYCO’s challenges. Refer to a wider range of PM and Reward theories. 3. Apply fully to the case study. 4. Provide action-based specific recommendations. Jane Chilman 14/20 Executive Summary This report was written in response to the request from the Senior Management Team at Contents Overall comments (FORMATIVE FEEDBACK)…………………………………………………..2 Executive Summary……………………………………………………………………………….....3 1. Introduction……………………………………………………………………………………...5 2. People Management………………………………...…………………………………………5 3.1. Employee Relations…………………………………………………………………5 3.2. ‘Hard’ vs. ‘Soft’ HRM………………………………………………………………..6 3.3. 10-C Model…………………………………………………………………………..7 3.4.1. Comprehensiveness………………………………………………………..7 3.4.2. Coherence…………………………………………………………………...7 3.4.3.......

Words: 2911 - Pages: 12

Premium Essay

Objective and Business Propsal

... A business plan for the creation of training services to health care professionals on how to care for patients with Alzheimer disease Name: Institution: Introduction Alzheimer is considered as a kind of illness that leads to some problems with the memory. Thus, the thinking characters often do grow slowly and become dangerous over time. It is also seen that the signs and symptoms do frequently increase slowly and become bad over time. Studies conducted by the Alzheimer Association showed that the disease is the most widespread form of dementia. A common term used in describing the memory loss as well as other intellectual potentials that are grim enough to meddle with one’s daily life. Thus, it is also evident that Alzheimer disease accounts for 65 to 85 percent of the dementia illnesses (Chui, 1996). Consequently, this business proposal will highlight on the mission statement along with the objective of my business plan concerning the creation of the training services to health care professionals on how to care for patients with Alzheimer disease. Mission statement Our mission will be to provide education as well as training for the health care professionals with the necessary skills on how to take care of patients with Alzheimer disease. Other options * To offer the educational prospects to the elder persons, the general......

Words: 475 - Pages: 2

Premium Essay

Business- Ethical Objectives

...Ethical Objectives The way the business responds to such issues is depend on their ethics Definition of ethics – individual’s moral beliefs and values about what is right and what is wrong, good or bad that guide his behavior. It is code of behavior that is acceptable to a person/organization to follow in a given society. It is a value judgment that may differ in importance and meaning between different individual. Ethics are based on individual beliefs and social standards; vary from person to person, from situation to situation and from culture to culture. Social standards of individual influence by; - The behavior af parents and other adults - Influenced by peers - Experience shapes our lives and contributed to aur ethical beliefs and our behavior How employees (managers) make a decisions is depends on their moral and belief. Business ethics is a term used to refer to ethical and unethical behaviors by employee of commercial organizations. Ethical behavior – behavior which is conforming to generally accepted social norms concerning beneficial and harmful actions. Ethical objectives – are targets based on a moral code(ethical code) for the business, for example ‘doing the right thing’. The growing acceptance of corporate social responsibility has led to businesses adopting an ‘ethical code’ to influence the way in which decisions are taken. Ethical code – a document detailing a company’s rules and guidelines on staff behavior that must be followed by all......

Words: 1869 - Pages: 8

Premium Essay

How Policing Is in the Society of the United States

...Response How policing is in the society of the United States The relationship that the government and the law enforcement agencies, policing in society share is that the government makes up the laws. That people in society have to go by, to protect them and others from criminal acts that take place in the communities and the United States. Then they share the laws they made up to law enforcement agencies so when he or she is policing they are knowledgeable, of the new and old laws that they will uses in the field. They will understand how to use them correctly so they can protect people in society, and the country in know how to use it right to be fair with the law in society and U.S. as well. Which is stated by Gary Cordner, and Kathryn Scarborough on the site of that says" It was understood that federal laws, state laws, secrecy provisions, and security clearances all affect what can be shared in different situations. Also, it was presumed that most local police had longstanding communication channels with state and federal law enforcement (whether effective or ineffective), but not with intelligence agencies or the military."The relationship between the government, local, and state law enforcement agencies is very good within the community and United States with policing. Its helping them keep the criminal activity in the community, and United States away and bringing down the crime rate in the United States and society as well.......

Words: 313 - Pages: 2

Premium Essay

How to Write a Business Plan

...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the......

Words: 55910 - Pages: 224