Business Management Exam II

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What is Change Management?

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is a structured approach for ensuring that changes are thoroughly and smoothly implemented, and that the lasting benefits of change are achieved.

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Managers need to be aware that organizations change in several dimensions that often relate to one another. These dimensions include: Extent of planning, Degree of Change, Degree of Learning, Target of Change and Organization

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Extent of plannin,g Degree of Change, Degree of Learning, Target of Change and Organization

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ADKAR is an acronym that represents the five tangible and concrete outcomes that people need to achieve for lasting change: Awareness, Desire, Knowledge, Ability, Reinforcement

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Awareness, Desire, Knowledge, Ability, Reinforcement

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Supply Chain is

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supply chain management indicate that it is a complex undertaking that extends beyond the scope and capabilities of a single organization. It involves a tremendous action list that requires expertise, time, and money—establishing strategies, building relationships and roles, aligning processes, developing people, implementing technology, and investing in capacity.

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Supply Chain Management is important to Cost Management because?

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Supply chain management helps lower the cost of doing business. It provides a way for a business to form a competitive advantage without needing to lower its prices while allowing it to deliver orders more quickly to customers.

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The Council of Supply Chain Management Professionals says that supply chain management is important for several specific reasons because it: Boosts customer service, Reduces operating costs, Improves financial position

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Boosts customer service, Reduces operating costs, Improves financial position

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A business’s key goals for supply chain management should be to: · achieve efficient fulfillment of demand · drive outstanding customer value · enhance organizational responsiveness · build network resiliency · facilitate financial success

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achieve efficient fulfillment of demand, drive outstanding customer value, enhance organizational responsiveness, build network resiliency, facilitate financial success

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Inventory is defined as:

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an idle stock of physical goods that contain economic value and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time.

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Inventory management is a very important function because

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that determines the health of the supply chain as well as the impacts the financial health of the balance sheet

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Why and When Do Organizations Hold Finished Goods Inventories? Options: · Markets and supply chain design · Production strategy necessitates Inventory holding · Market penetration · Market Size, location and supply design · Transportation and Physical Barriers · Local tax and other Govt. Rules · Production lead times · Speculative gain · Avoid Certain Costs

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· Markets and supply chain design · Production strategy necessitates Inventory holding · Market penetration · Market Size, location and supply design · Transportation and Physical Barriers · Local tax and other Govt. Rules · Production lead times · Speculative gain · Avoid Certain Costs