Download BYU MSB 201 Midterm 1: Business Ethics and Management Concepts and more Exams Business Management and Analysis in PDF only on Docsity!
BYU MSB 2 01 MIDTERM 1 WITH COMPLETE VERIFIED ANSWERS!!
Productivity equation - ANSWER outputs/inputs
Diff between for profit and not for profit - ANSWER
Factors of productoin - ANSWER Natural resources, labor (HR), capital, entrepreneurship. 5th factor: knowledge
Economics - ANSWER how people make decisions about goods, services, resources, typically when facing scarcity
What is specialization - ANSWER specialization is how different people or groups of people get good at one aspect of production, so as to make the whole process improve
Reasons for division of labor/specialization - ANSWER 1. People are better at diff. jobs
- quicker, higher quality
3.cost of individual unit declines as productivity increases
Founder of Capitalism - ANSWER Adam Smith
Founder of communism/founder of socialism - ANSWER karl marx
circular flow diagram - ANSWER firms give products/services to households (A). They also give wages to households (D)
Households give payment for goods and services to firms (B). They also give their time and labor (C).
economies of scale - ANSWER as production increases, price of producing each item decreases
Normative ethics - ANSWER bbased on theolgy and philosophy
Behavioral ethics - ANSWER study of behavior from science perspective
Conflict of interest - ANSWER (Multiple Roles place you/company at cross purpose)
Playing dirty - ANSWER (Achieve justice by doing something normally considered unethical)
It's Abed's last day at TerroTech and he's in the exit interview, returning confidential materials. While retrieving the next document from his bag, he notices that one side has proprietary TerroTech content and the other has highly sensitive handwritten notes about StartNet, Abed's new start-up. Abed had completely forgotten about the notes, and if he turns them over now it could seriously endanger the future of his new company. - ANSWER conflict of interest
David is a regional sales manager. Three weeks into the summer nobody had received a paycheck. The CEO told David that there must be some issues with the new payroll system. David discovered that there was no issue with the system. He felt irate and betrayed. A competing company offered to hire David and his team. By not informing the CEO of their plans to quit, they might be able to get him to pay what he owed. Then they could all quit together. - ANSWER playing dirty
standing up to power - ANSWER (Someone in power makes an unethical request)
Nathan left Frank's office unsure of what to do. Frank, the managing partner of the firm, had just asked him to file a return for a major client improperly showing zero fines or underpayment penalties. This client was important to the firm, and especially to Frank, who had a longstanding relationship with him. - ANSWER standing up to power
Ellie's manager granted permission for her to enroll in a MBA program. Halfway through her program, a large restructuring took place. Ellie began reporting to Barbara, who was unwilling to let her continue with school. Things are so tense with Barbara that Ellie would be more than happy to quit her job — if she could get a generous severance package. But suing the company to obtain that severance might cause problems for her former manager, a boss she really liked. - ANSWER loyalty
sacrificing personal values - ANSWER (Living true to beliefs imposes burdens on others)
A global company contains workers from cultures with strong traditions of wearing particular clothing or religious adornments, such as necklaces, rings, or bracelets. The company insists on safety, and the clothing of the workers is a vital part of that safety so sometimes these two expectations conflict. What should management and the workers do? - ANSWER sacrificing personal values
repair - ANSWER Made a mistake, now you must fix it)
Claire is the CEO of XYZ, which delivers weekly insights to small-company executives about the internal aspects of their business. About six months ago, a misplaced bit of code within a new feature accidentally gave privileged information to new hires. Claire assumed other clients had seen the problem but hadn't reported it. And there was no way to tell how many new employees had read information they shouldn't have seen. Should she tell the affected clients? - ANSWER repair
showing mercy - ANSWER (Could grant forgiveness, but unclear if it is deserved)
I just got a text message from Alan, and I don't think I was supposed to receive it ." Over the phone, Julie's client sounded confused and slightly frustrated. The office manager, Alan, had mistakenly texted her client with another client's information — a major privacy breach. Julie apologized profusely and thanked the client for letting her know. After hanging up, she stared at her phone, trying to decide how to handle Alan's third major blunder this week. - ANSWER showing mercy
Product life cycle - ANSWER introduction, growth, maturity, decline & death
Product life cycle: introduction - ANSWER high production & marketing, low sales volume. Small/negative profits
Product life cycle: growth - ANSWER sales grow, healthy profits. More competitors. Distribution!! Emphasize brand.
product life cycle: maturity - ANSWER sales mount but slower
product life cycle: decline & death - ANSWER sales and profits fall
4 Ps of marketing - ANSWER product, price, place (distribution), promotion
unsought products - ANSWER items that the consumer does not know about or knows about but does not initially seek out
convenience product - ANSWER a relatively inexpensive, everyday item that merits little shopping effort
shopping products - ANSWER considerable effort
specialty products - ANSWER expensive - max. effort
Consumer market segmentation: - ANSWER demographic, geographic, psychographic, benefit (provided by good/service), volume (amount of use)
price - ANSWER perceived value (at time of transaction) exchanged for something based on expected satisfaction
6 steps of global supply chain - ANSWER customers, plan, source, make, deliver, improve
PDSA cyclee - ANSWER Plan do study act
continual improvement - ANSWER Respect for people, continuous improvement, kaizen (small and simple consistent efforts)
process maps - ANSWER rectangles = steps, arrows = relationships, diamonds = decision points, swim lanes = responsibility or other dividing factors
total cost of ownership - ANSWER taking everything into consideration
triple bottom line of sustainability - ANSWER people, profit, planet
core competencies - ANSWER the aspects of a business that make it most unique nad valuable
IS intersections between... - ANSWER organizations, people, and information technology
sustaining information systems are... - ANSWER information systems that are primarily geared toward fulfilling to do tasks such as transactions, recording purchases, etc
strategic information systems are... - ANSWER provide strategic advantage by summarizing and analyzing data. geared toward higher managers, executives, etc
ERP - ANSWER enterprise resource planning = information systems = custom made systems. Integrated systems that do everything (pro) but sometimes it's hard because it takes so long to make them that they could be out of date before they're useful (con). also a lil more susceptible to hacks, leaks
SCM - ANSWER supply chain management systems support supply chain management. Should connect customer data with production partners and then eliminate the bull whip effect
bull-whip effect - ANSWER overproduction due to inflated sense of demand
DBMS - ANSWER Database management systems - software that stores and maintains data and security
authentication types - ANSWER something you are, something you know, something you have
the cloud - ANSWER it's not a cloud it's just google or dropbox or wherever storing things for you on their computer
threats to info - ANSWER Anything that allows for a system to be used incorrectly or accessed by someone who shouldn't have access is a threat or vulnerability. This includes both physical damages such as theft or destruction of hardware (intentional or unintentional), or digital damages such as stealing information.
types of malware - ANSWER virus, worm, trojan horse
virus - ANSWER malicious program attached to other program/file
worm - ANSWER can spread computer to computer by itself; no users necessary
trojan horse - ANSWER malicious program disguised. no self-replication or infecting of files
phishing - ANSWER yep
