COM 100 FINAL EXAM UVIC QUESTIONS WITH
ACCURATE ANSWERS
Strategic management process - ANSWER setting goals and formulating
strategies. Process of aligning the organization with its external environment
SWOT - ANSWER internal (S.W.), external (O.T.), match organization and
environment, minimize threats, formulate strategy
Strategic goals: - ANSWER performance objectives that a firm plans to achieve
Compensation: - ANSWER rewards organizations provide in return for
employees' willingness to perform various jobs and tasks. It can consist of any of
a number of things.
Incentives: - ANSWER reward individual performance on a real-time basis.
Employer gives an individual a salary increase or some other financial reward
for outstanding performance. Motivate high performance, bonuses, employee
output and sales, management (revenue targets, cost controls), profit sharing
and gainsharing plans
Benefits: - ANSWER Mandatory, optional (various paid time off, retirement,
health/dental, EAP's, wellness)
Labour Unions: - ANSWER groups of individuals working together to achieve job-
related goals
Collective bargaining: - ANSWER process by which union leaders and
management negotiate terms and conditions of employment. Begins when the
union is recognized as the exclusive negotiator for its members
Strike/pocket: - ANSWER when employees temporarily walk off the job and
refuse to work
slowdown - ANSWER employees reduce productivity or efficiency in their
performance.
Conciliation: - ANSWER a neutral third party helps the two sides deal with the
issues
Mediation: - ANSWER a mediator goes beyond conciliation and advises the
disputing parties about specific steps they might take to reach a settlement
, Arbitration: - ANSWER an arbitrator imposes a settlement on the disputing
parties. May be voluntary or compulsory.
Autocratic: - ANSWER manager issues orders and expects them to be answered
without questions
Democratic: - ANSWER manager requests input from subordinates before
making decisions, but has final say
Free-Rein: - ANSWER manager serves as an advisor to subordinates who are
given a lot of discretion when making decisions.
Transformational leadership: - ANSWER the set of abilities that allows a leader
to recognize the need for change, create a vision to guide that change and to
execute the change effectively.
What is Ops management? - ANSWER A set of methods and technologies used in
the production of a good or a service.
Manufacturing mgmt - ANSWER manufacturing= production activities that yield
to tangible products
service ops: - ANSWER service ops= production activities that yield tangible and
intangible service products.
Business strategy (Driver of operations - ANSWER firms design their operations
to support the company's business strategy.
Production managers - ANSWER bring raw materials, equipment, base on
demand schedule and control work, control costs, quality levels & inventory
Supply chains: - ANSWER a group of companies and stream of activities
involved in getting the product from raw materials to the end consumer
Business ops: - ANSWER successful operations are carefully planned and
implemented- forecasting and planning
Capacity
Head of accounting's role?: - ANSWER Controller- manages a firms accounting
activities by ensuring that the AIS provides all of the reports.
What are assets? - ANSWER Any economic resource that is expected to benefit
a firm or an individual who owns it. Land, buildings, equipment, inventory
Liabilities: - ANSWER a debt that the firm owes to an outside party
ACCURATE ANSWERS
Strategic management process - ANSWER setting goals and formulating
strategies. Process of aligning the organization with its external environment
SWOT - ANSWER internal (S.W.), external (O.T.), match organization and
environment, minimize threats, formulate strategy
Strategic goals: - ANSWER performance objectives that a firm plans to achieve
Compensation: - ANSWER rewards organizations provide in return for
employees' willingness to perform various jobs and tasks. It can consist of any of
a number of things.
Incentives: - ANSWER reward individual performance on a real-time basis.
Employer gives an individual a salary increase or some other financial reward
for outstanding performance. Motivate high performance, bonuses, employee
output and sales, management (revenue targets, cost controls), profit sharing
and gainsharing plans
Benefits: - ANSWER Mandatory, optional (various paid time off, retirement,
health/dental, EAP's, wellness)
Labour Unions: - ANSWER groups of individuals working together to achieve job-
related goals
Collective bargaining: - ANSWER process by which union leaders and
management negotiate terms and conditions of employment. Begins when the
union is recognized as the exclusive negotiator for its members
Strike/pocket: - ANSWER when employees temporarily walk off the job and
refuse to work
slowdown - ANSWER employees reduce productivity or efficiency in their
performance.
Conciliation: - ANSWER a neutral third party helps the two sides deal with the
issues
Mediation: - ANSWER a mediator goes beyond conciliation and advises the
disputing parties about specific steps they might take to reach a settlement
, Arbitration: - ANSWER an arbitrator imposes a settlement on the disputing
parties. May be voluntary or compulsory.
Autocratic: - ANSWER manager issues orders and expects them to be answered
without questions
Democratic: - ANSWER manager requests input from subordinates before
making decisions, but has final say
Free-Rein: - ANSWER manager serves as an advisor to subordinates who are
given a lot of discretion when making decisions.
Transformational leadership: - ANSWER the set of abilities that allows a leader
to recognize the need for change, create a vision to guide that change and to
execute the change effectively.
What is Ops management? - ANSWER A set of methods and technologies used in
the production of a good or a service.
Manufacturing mgmt - ANSWER manufacturing= production activities that yield
to tangible products
service ops: - ANSWER service ops= production activities that yield tangible and
intangible service products.
Business strategy (Driver of operations - ANSWER firms design their operations
to support the company's business strategy.
Production managers - ANSWER bring raw materials, equipment, base on
demand schedule and control work, control costs, quality levels & inventory
Supply chains: - ANSWER a group of companies and stream of activities
involved in getting the product from raw materials to the end consumer
Business ops: - ANSWER successful operations are carefully planned and
implemented- forecasting and planning
Capacity
Head of accounting's role?: - ANSWER Controller- manages a firms accounting
activities by ensuring that the AIS provides all of the reports.
What are assets? - ANSWER Any economic resource that is expected to benefit
a firm or an individual who owns it. Land, buildings, equipment, inventory
Liabilities: - ANSWER a debt that the firm owes to an outside party
