ANSWERS TO KEY QUESTIONS Check and improve your understanding of this chapter using self-assessment questions and a personalized study plan‚ a video case study‚ and an eText – all at www.myomlab.com. ❯ ● Operations management is the activity of managing the resources which are devoted to the creation and delivery of services and products. It is one of the core functions of any business‚ although it may not be called operations management in some industries. ● Operations management is concerned
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Ministry of Sound went from start-up to maturity in little over a decade. The case raises issues concerning both business strategy‚ particularly regarding sustainable competitive advantage and resources‚ and corporate strategy‚ particularly regarding diversification and internationalisation. There are also issues of ownership and organisation. In the end‚ the fundamental question is: what future for the Ministry? In 1991‚ 28-year-old James Palumbo invested £225‚000 (≈ 1340‚000) of his own capital
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Type 1 Autocratic Style Autocratic type of leader is called an Autocrat. He does not consult his subordinates (followers). He takes all the decisions by himself. He also takes full responsibility for his decisions. The subordinates must obey him without asking any questions. Type 2 Consultative Style Consultative type of leader has an open mind. He encourages his subordinates to give their suggestions and comments. If these suggestions and comments are good‚ then he will accept them. So this
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The Business School Advanced Project Management What is project management? Amy Callanan Total word count: 1055 What is project management? As the nature of project management continues to change over time‚ it has been difficult to define project management (Shepherd and Atkinson 2011). This paper aims to identify various definitions and factors which form project management in order to create a suitable definition of what project management is in today’s dynamic business environment
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What are some consequences of the Columbian Exchange? The Columbian exchange was a movement that changed the Americas permanently. The Americas were inhabited by the Indians which lived in tribes. When Conquistadores such as Cristobal Colon arrived they brought in much more than just people. Food‚ animals‚ diseases and new customs changed America. First of all the Native American population decreased because of slavery and illnesses a ninety percent. This was a huge change in the population
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Four Function of Management The management of any company will be having four major functions. These consist of planning‚ controlling‚ leading and organizing. There are many definitions of management which authors have provided. Management has been defined as being the process whereby individuals motivate other workers so that they can all gain a common goal. In order for a manager to be a successful one‚ he/she must fulfill all these functions appropriately and in the best possible
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and honest desire to succeed‚ to become train dispatcher and then division manager. At this time‚ young Carnegie‚ age 24‚ had already made some small investments that laid the foundations of his what would be tremendous fortune. One of these investments was the purchase of stock in the Woodruff Sleeping Car Company. In 1864‚ Carnegie entered the iron business‚ but
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“What is Business Ethics?” Essay Posted on July 5‚ 2012 1 Introduction Dated back to Code of Hammurabi some 4‚000 years ago‚ business ethics is a social science‚ whose main aim is to define and examine the responsibilities of businesses and their agents as a part of the general moral environment of a given society. The products of this field of research are sets of rules and codes of conducts‚ which serve as a means of protection from the possible infringements of moral codes as a result
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loss and change information 2. A change vision must be developed and clearly conveyed to all members of the firm. What aspect of the change vision should management communicate to employees? A. Nonsupportive management views B. Vague images of the proposed organizational structure C. How the employees will be affected by the change D. A summary of major rumors regarding the change 3. What are the four types of strategic change? A. Capital‚ process‚ cost cutting‚ cultural B. Cost cutting‚ process‚ capital
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activities and market research such as fads‚ trends and megatrends. A fad as described as “unpredictable‚ short-lived‚ and without social‚ economic‚ and political significance”. A trend on the other hand‚ “is a direction or sequence of events that has some momentum and durability”; unlike fads‚ trends are “predictable and durable”. Megatrends as described as “large-social‚ economic‚ political and technological changes”. However‚ megatrends are slow to form‚ but once they take place they can influence
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