Untitled Flashcards Set

areas of management

Different management roles including financial manager, production & operations manager, human resources manager, marketing manager, information technology manager, and administrative manager.

Value Chain

The process where both the firm and buyer can capture value, represented as willingness to pay minus cost (WTP - C).

Competitive Advantage

The advantage a company has when it can perform better than its competitors.

Accounting Equation

Assets = Liabilities + Owner's Equity.

Brown Cost Leadership

Selling to many customers at lower prices.

Annual Report

A document prepared by the company at the end of each fiscal year summarizing its financial performance, aimed at shareholders and investors.

Consumer Surplus

Willingness to pay minus the actual price paid (WTP - P).

Depreciation

The process where a company gradually reduces the book value of an asset over time.

Equity Investors

Individuals who buy shares in a company and become part owners, expecting dividends or increases in share value.

Just in Time Inventory Management

A technique that reduces waste by using smaller quantities of materials that arrive just in time for production.

Market Segment

A collection of individuals or groups sharing similar needs and desires for products.

Value Created

The difference between what people are willing to pay and the cost to produce that item (WTP - Cost).

Operational Excellence

Continuous improvement in the efficiency of operations to achieve higher profitability.

SWOT Analysis

An analysis tool to assess strengths, weaknesses, opportunities, and threats related to business strategy.

Fixed Position Layout

An organizational design that brings all resources together at a central location for complex projects.

Producer Surplus

The difference between what a producer is paid for a product and the minimum amount they would be willing to accept.

Inventory Management

The supervision of non-capitalized assets, or inventory, and stock items.

Decision Support Systems

Computer-based systems that help with decision-making by providing data management and model management.

Quality Control

Processes used by an organization to maintain established quality standards.

Business Analytics

The use of data analysis to improve business decisions and operational efficiency.

Budget

A financial plan showing expected income and expenses over a specific period.

Cost Leadership

A business strategy that focuses on minimizing costs to offer lower pricing than competitors.