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Engineering Management Principles
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Engineering Management Principles
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What is the process of setting goals, and determining the appropriate action to achieve the goals of the company?
Planning
What is the process of allocating and arranging both human and other resources through some structure?
Organizing
What is the process of guiding and motivating employees to accomplish the company's goals?
Leading
What is the process of regulating activities so that actual performance conforms to the goals and standards set?
Controlling
What are the reasons for planning?
to coordinate human resources, to reduce uncertainty in operation, and to reduce overlapping and wasteful activities
What statement is the desired future position of the company?
Vision
What statement is the company's business, its objectives, and its approach to reach those objectives?
Mission
What does S-M-A-R-T stand for in goal setting?
Specific, Measurable, Achievable, Relevant, Time-bound.
What letter or S-M-A-R-T is referred to as "a goal that is clearly defined and focused"? It asks who is involved, what to accomplish, when to start/end, and where to start.
Specific
What letter or S-M-A-R-T is referred to as "the outcome of the goal can be measured and established concrete criteria for measuring outcomes"? This criteria should be quantifiable.
Measurable
What letter or S-M-A-R-T is referred to as "goals should be realistic and can be accomplished considering the abilities and financial capacity of the company"?
Achievable
What letter or S-M-A-R-T is referred to as "goals should be relevant to the business operation and based on the current economic climate"?
Relevant
What letter or S-M-A-R-T is referred to as "a specific period of time must be set for the goal"?
Time-bound
What are the steps in the planning process?
What is referred to as "developing long-range plans to effectively manage environmental opportunities and threats in light of corporate strengths and weaknesses"?
Strategy Formulation
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, and Threats
What letters of SWOT do you look at if you want to audit internal factors?
Strengths and Weaknesses
What letters of SWOT do you look at if you want to audit external factors?
Opportunities and Threats
What letter of SWOT do you want to build on?
Strengths
What letter of SWOT do you want to minimize?
Weaknesses
What letter of SWOT do you want to seize?
Opportunities
What letter of SWOT do you want to counteract?
Threats
The following are what (SWOT) of a company?
Strengths
The following are what (SWOT) of a company?
Weaknesses
The following are what (SWOT) of a company?
Opportunities
The following are what (SWOT) of a company?
Threats
What is an organization's market environment made of?
internal, micro, and macro environments
What does PEST Analysis consider?
Political, Economic, Sociocultural, and Technological Factors (sometimes Legal and Environmental Factors)
What letter in PEST is referred to as "huge influence upon the regulation of businesses and the spending power of consumers and other businesses"?
Political Factors
What letter in PEST is referred to as "need to consider the state of a trading economy in the short and long-terms, especially true when planning for international marketing"?
Economic Factors
What letter in PEST is referred to as something that "varies from country to country and is very important that such factors are considered"?
Socio-cultural Factors
What letter in PEST is referred to as something "vital for competitive advantage and is a major driver of globalization"?
Technological Factors
What are the other factors that are sometimes included in the PEST(LE) Analysis?
Legal and Environmental Factors
What letter in PEST includes environmental regulations and protection, tax policies, international trade regulations and restrictions, contract enforcement law, consumer protection, employment laws, government organization/attitude, competition regulation, political stability, and safety regulations?
Political (and Legal) Factors
What letter in PEST includes economic growth, interest rates & monetary policies, government spending, unemployment policy, taxation, exchange rates, inflation rates, stage of the business cycle, and consumer confidence?
Economic Factors
What letter in PEST includes income distribution, demographics, population growth rates, age distribution, labor/social mobility, lifestyle changes, work/career and leisure attitudes, entrepreneurial spirit, education, fashion, hypes, health consciousness & welfare, feelings on safety, and living conditions?
Socio-cultural Factors
What letter in PEST includes government research spending, industry focus on technological effort, new inventions and development, rate of technology transfer, life cycle and speed of technological obsolescence, energy use & costs, and changes in information technology, internet, and mobile technology?
Technological Factors
What are Porter's Five Forces in business?
Threat of New Entrants, Threat of Substitute Products, Bargaining Power of Suppliers, Bargaining Power of Customers, and Competitive Rivalry
Porter's Five Forces affect a business in terms of...?
Profitability, Popularity, and Position
Which of Porter's Five Forces is referred to as "profitable industries that yield high returns will attract new firms, which eventually will decrease profitability for other firms in the industry"?
Threat of New Entrants
Which of Porter's Five Forces is referred to as "a product that uses a different technology to try to solve the same economic need"?
Threat of Substitute Products
Which of Porter's Five Forces is referred to as 'the ability of customers to put pressure on the firm, impacting the firm's sensitivity to price changes"?
Bargaining Power of Customers
Which of Porter's Five Forces is referred to as "the suppliers of raw materials, components, labor, and services to the firm can be a source of power over the firm when there are few substitutes"?
Bargaining Power of Suppliers
Which of Porter's Five Forces is referred to as "the intensity is the major determinant of the competitiveness of the industry"?
Competitive Rivalry
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