C201 Business Acumen - Study Guiderc rc rc rc rc
Management, Leadership, and the Internal Organization rc rc rc rc rc
Management Basics rc
1. What is management? rc rc
Management is the process of planning, organizing, leading, and controlling resourc
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es (human, financial, material, and informational) to achieve organizational goals e
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fficiently and effectively. rc rc
2. How do the jobs of top managers, middle managers, and supervisor
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y managers differ?
rc rc
o Top managers (CEOs, presidents, VPs) focus on strategic planning, long-
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term vision, and overall company direction. rc rc rc rc rc
o Middle managers (department heads, division managers) translate strate
r c r c r c r c r c r c rc
gic goals into specific objectives and oversee implementation.
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o Supervisory managers (team leads, first- r c r c rc rc
line managers) handle daily operations, directly managing employees and e
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nsuring tasks are completed efficiently. rc rc rc rc
3. What is the relationship between the manager's planning and controllin
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g functions?
rc
Planning sets goals and defines how to achieve them, while controlling ensures acti
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vities align with those plans. Controlling involves monitoring performance, compari
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ng actual results to objectives, and making necessary adjustments.
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Company Vision and Ethical Standards
rc rc rc rc
4. What is meant by a vision for the company?
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A vision is a clear, long-
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term goal that describes what a company aspires to become in the future. It serves
rc rc rc rc rc rc rc rc rc rc rc rc rc rc r
cas inspiration and a guiding principle for decision-making.
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5. Why is it important for a top executive to set high ethical standards?
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Top executives influence corporate culture. High ethical standards ensure trust, legal
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ccompliance, employee morale, and a positive public image, reducing risks of scandals
rc rc rc rc rc rc rc rc rc rc rc
and misconduct.
rc rc
Planning Process and Types
rc rc rc
6. Outline the planning process. rc rc rc
o Define objectives – Establish clear, measurable goals. rc rc rc rc rc rc
o Assess the environment – Analyze internal and external factors.
rc rc rc rc rc rc rc rc
o Develop alternatives – Identify possible courses of action. rc rc rc rc rc rc rc
o Select the best alternative – Choose the most effective plan.
rc rc rc rc rc rc rc rc rc
o Implement the plan – Allocate resources and execute. rc rc rc rc rc rc rc
o Monitor and adjust – rc rc rc
Evaluate performance and make adjustments as needed.
rc rc rc rc rc rc rc
7. Describe the purpose of tactical planning. rc rc rc rc rc
Tactical planning translates broad strategic goals into specific short- to medium-
rc rc rc rc rc rc rc rc rc rc
term actions. It is usually handled by middle managers to guide functional areas (ma
rc rc rc rc rc rc rc rc rc rc rc rc rc
rketing, operations, HR). rc rc
8. Compare the kinds of plans made by top managers and middle managers.
rc rc rc rc rc rc rc rc rc rc rc
o Top managers create strategic plans (broad, long-term, company-
rc rc rc rc rc rc rc
wide objectives). rc
o Middle managers develop tactical plans (detailed, shorter- rc rc rc rc rc rc
term plans to implement strategy). rc rc rc rc
Mission Statements and SWOT Analysis
rc rc rc rc
9. What is the purpose of a mission statement?
rc rc rc rc rc rc rc
A mission statement defines a company's purpose, core values, and objectives, serv
rc rc rc rc rc rc rc rc rc rc rc
ing as a guide for decision-making and organizational culture.
rc rc rc rc rc rc rc rc
10. Which of a company's characteristics does a SWOT analysis compare?
rc rc rc rc rc rc rc rc rc
A SWOT analysis evaluates:
rc rc rc
o Strengths (internal capabilities) rc rc
DownloadedrcbyrcJosephinercKimanirc(
, C201 Business Acumen - Study Guide rc rc rc rc rc
o Weaknesses (internal limitations) rc rc
o Opportunities (external factors to capitalize on) rc rc rc rc rc
o Threats (external risks and challenges) rc rc rc rc
Managerial Objectives and Decision Making
rc rc rc rc
11. How do managers use objectives?
rc rc rc rc
Managers use objectives to set measurable targets, align team efforts, track perform
rc rc rc rc rc rc rc rc rc rc rc
ance, and make adjustments to achieve strategic goals.
rc rc rc rc rc rc rc
12. Distinguish between programmed and nonprogrammed decisions.
rc rc rc rc rc
o Programmed decisions: Routine, repetitive, and based on established rules r c rc rc rc rc rc rc rc rc
(e.g., reordering inventory). rc rc
o Nonprogrammed decisions: Unique, complex, and require judgment and r c rc rc rc rc rc rc r c
creativity (e.g., launching a new product). rc rc rc rc rc
13. What are the steps in the decision-making process?
rc rc rc rc rc rc rc
1. Identify the problem or opportunity. rc rc rc rc
2. Gather and analyze relevant information. rc rc rc rc
3. Develop alternatives. rc
4. Evaluate alternatives. rc
5. Choose the best option. rc rc rc
6. Implement the decision. rc rc
7. Monitor and assess results. rc rc rc
Leadership and Corporate Culture
rc rc rc
14. How is leadership defined?
rc rc rc
Leadership is the ability to influence, motivate, and guide individuals or teams towar
rc rc rc rc rc rc rc rc rc rc rc rc
d achieving organizational goals.
rc rc rc
15. Identify the styles of leadership along a continuum of greater or less
rc rc rc rc rc rc rc rc rc rc rc
er employee participation.
rc rc
o Autocratic – Centralized decision-making with little employee input. rc rc rc rc rc rc rc
o Democratic – Encourages employee participation in decisions. rc rc rc rc rc rc
o Laissez-faire – rc
Employees have full autonomy with minimal managerial intervention.
rc rc rc rc rc rc rc rc
16. What is the relationship between leadership style and corporate cultur
r c r c r c r c r c r c r c r c r c
e? Leadership style influences corporate culture by shaping values, communication,
rc rc rc rc rc rc rc rc rc rc
and employee behavior. For example, an autocratic leader may create a rigid cultur
rc rc rc rc rc rc rc rc rc rc rc rc
e, while a democratic leader fosters collaboration.
rc rc rc rc rc rc
17. How do managers reinforce corporate culture?
rc rc rc rc rc
Managers reinforce culture through: rc rc rc
o Leading by example rc rc
o Hiring and training employees who fit the culture rc rc rc rc rc rc rc
o Rewarding behaviors that align with company values rc rc rc rc rc rc
o Effective communication of mission and values rc rc rc rc rc
Organizational Structure rc
18. What is the purpose of an organization chart?
rc rc rc rc rc rc rc
An organization chart visually represents a company’s hierarchy, roles, and relation
rc rc rc rc rc rc rc rc rc rc
ships, clarifying reporting structures and workflow.
rc rc rc rc rc
19. What are the five major forms of departmentalization?
rc rc rc rc rc rc rc
o Functional – Grouped by functions (e.g., marketing, finance). rc rc rc rc rc rc rc
o Product-based – Grouped by product lines. rc rc rc rc rc
o Geographical – Organized by regions or locations. rc rc rc rc rc rc
o Customer-based – Focused on specific customer types. rc rc rc rc rc rc
o Process-based – Grouped by workflow or production stages. rc rc rc rc rc rc rc
20. What does span of management mean?
rc rc rc rc rc
Span of management (or span of control) refers to the number of employees a man
rc rc rc rc rc rc rc rc rc rc rc rc rc rc
ager directly oversees. A wide span means more employees per manager, while a n
rc rc rc rc rc rc rc rc rc rc rc rc rc
arrow span means fewer employees per manager.
rc rc rc rc rc rc
DownloadedrcbyrcJosephinercKimanirc(
, C201 Business Acumen - Study Guide rc rc rc rc rc
Operations & Quality Management rc rc rc
Production and Manufacturing Concepts
rc rc rc rc
1. What is mass production?
rc rc rc
Mass production is the large-
rc rc rc rc
scale manufacturing of standardized products using assembly lines, automation,
rc rc rc rc rc rc rc rc rc
and efficient processes to reduce costs and increase output.
rc rc rc rc rc rc rc rc
2. What is the difference between flexible production and customer-
rc rc rc rc rc rc rc rc
driven production? rc
o Flexible production: Uses adaptable processes and automation to produce a
r c rc rc rc rc rc rc rc rc r
variety of products with minimal changeover time.
c rc rc rc rc rc rc
o Customer-
driven production: Focuses on producing goods based on specific custom
rc rc rc rc rc rc rc rc rc
er demands rather than mass-producing standardized items.
rc rc rc rc rc rc
3. What are the two main production systems?
rc rc rc rc rc rc
o Continuous production: Runs 24/7, producing large quantities of identical rc rc rc rc rc rc rc rc rc
products (e.g., chemicals, oil refining). rc rc rc rc
o Intermittent production: Produces goods in batches, allowing for rc rc rc rc rc rc rc r c
customization and adjustments (e.g., furniture manufacturing). rc rc rc rc rc
4. What are the two time-related production processes?
rc rc rc rc rc rc
o Just-in-
Time (JIT) production: Produces goods only as they are needed, reducin
rc rc rc rc rc rc rc rc rc rc
g inventory costs. rc rc
o Just-in-
Case (JIC) production: Maintains buffer stock to ensure availability in case
rc rc rc rc rc rc rc rc rc rc r
of demand fluctuations.
c rc rc
Technology and Automation in Production
rc rc rc rc
5. List some of the reasons businesses invest in robots.
rc rc rc rc rc rc rc rc
o Increased efficiency and speed rc rc rc
o Reduction in human error rc rc rc
o Improved workplace safety rc rc
o Cost savings in labor rc rc rc
o Ability to operate 24/7 rc rc rc
6. What is a flexible manufacturing system (FMS)?
rc rc rc rc rc rc
An FMS is a highly automated production system that can quickly adapt to changes in
rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc
product design and production volume with minimal reconfiguration.
rc rc rc rc rc rc rc
7. What are the major benefits of computer-integrated manufacturing (CIM)?
rc rc rc rc rc rc rc rc
o Faster production and lower costs rc rc rc rc
o Improved accuracy and reduced waste rc rc rc rc
o Better quality control rc rc
o Seamless integration of production and management rc rc rc rc rc
Location and Environmental Considerations
rc rc rc
8. How does an environmental impact study influence the location decis
r c r c r c r c r c r c r c r c r c
ion? It assesses the effects of a facility on the surrounding environment, conside
rc rc rc rc rc rc rc rc rc rc rc rc
ring pollution, waste disposal, energy use, and compliance with regulations befor
rc rc rc rc rc rc rc rc rc rc
e selecting a site.
rc rc rc
9. What human factors are relevant to the location decision?
rc rc rc rc rc rc rc rc
o Availability of skilled labor rc rc rc
o Proximity to suppliers and customers rc rc rc rc
o Quality of life for employees rc rc rc rc
o Local regulations and labor laws rc rc rc rc
Production Management and Organization
rc rc rc
10. List the four major tasks of production and operations managers.
rc rc rc rc rc rc rc rc rc
o Planning: Determining production schedules and resource allocation. rc rc rc rc rc rc
o Organizing: Coordinating materials, labor, and equipment. rc rc rc rc rc
DownloadedrcbyrcJosephinercKimanirc(
Management, Leadership, and the Internal Organization rc rc rc rc rc
Management Basics rc
1. What is management? rc rc
Management is the process of planning, organizing, leading, and controlling resourc
rc rc rc rc rc rc rc rc rc rc
es (human, financial, material, and informational) to achieve organizational goals e
rc rc rc rc rc rc rc rc rc rc
fficiently and effectively. rc rc
2. How do the jobs of top managers, middle managers, and supervisor
rc rc rc rc rc rc rc rc rc rc
y managers differ?
rc rc
o Top managers (CEOs, presidents, VPs) focus on strategic planning, long-
rc rc rc rc rc rc rc rc rc
term vision, and overall company direction. rc rc rc rc rc
o Middle managers (department heads, division managers) translate strate
r c r c r c r c r c r c rc
gic goals into specific objectives and oversee implementation.
rc rc rc rc rc rc rc
o Supervisory managers (team leads, first- r c r c rc rc
line managers) handle daily operations, directly managing employees and e
rc rc rc rc rc rc rc rc rc
nsuring tasks are completed efficiently. rc rc rc rc
3. What is the relationship between the manager's planning and controllin
rc rc rc rc rc rc rc rc rc
g functions?
rc
Planning sets goals and defines how to achieve them, while controlling ensures acti
rc rc rc rc rc rc rc rc rc rc rc rc
vities align with those plans. Controlling involves monitoring performance, compari
rc rc rc rc rc rc rc rc rc
ng actual results to objectives, and making necessary adjustments.
rc rc rc rc rc rc rc rc
Company Vision and Ethical Standards
rc rc rc rc
4. What is meant by a vision for the company?
rc rc rc rc rc rc rc rc
A vision is a clear, long-
rc rc rc rc rc
term goal that describes what a company aspires to become in the future. It serves
rc rc rc rc rc rc rc rc rc rc rc rc rc rc r
cas inspiration and a guiding principle for decision-making.
rc rc rc rc rc rc rc
5. Why is it important for a top executive to set high ethical standards?
rc rc rc rc rc rc rc rc rc rc rc rc
Top executives influence corporate culture. High ethical standards ensure trust, legal
rc rc rc rc rc rc rc rc rc rc r
ccompliance, employee morale, and a positive public image, reducing risks of scandals
rc rc rc rc rc rc rc rc rc rc rc
and misconduct.
rc rc
Planning Process and Types
rc rc rc
6. Outline the planning process. rc rc rc
o Define objectives – Establish clear, measurable goals. rc rc rc rc rc rc
o Assess the environment – Analyze internal and external factors.
rc rc rc rc rc rc rc rc
o Develop alternatives – Identify possible courses of action. rc rc rc rc rc rc rc
o Select the best alternative – Choose the most effective plan.
rc rc rc rc rc rc rc rc rc
o Implement the plan – Allocate resources and execute. rc rc rc rc rc rc rc
o Monitor and adjust – rc rc rc
Evaluate performance and make adjustments as needed.
rc rc rc rc rc rc rc
7. Describe the purpose of tactical planning. rc rc rc rc rc
Tactical planning translates broad strategic goals into specific short- to medium-
rc rc rc rc rc rc rc rc rc rc
term actions. It is usually handled by middle managers to guide functional areas (ma
rc rc rc rc rc rc rc rc rc rc rc rc rc
rketing, operations, HR). rc rc
8. Compare the kinds of plans made by top managers and middle managers.
rc rc rc rc rc rc rc rc rc rc rc
o Top managers create strategic plans (broad, long-term, company-
rc rc rc rc rc rc rc
wide objectives). rc
o Middle managers develop tactical plans (detailed, shorter- rc rc rc rc rc rc
term plans to implement strategy). rc rc rc rc
Mission Statements and SWOT Analysis
rc rc rc rc
9. What is the purpose of a mission statement?
rc rc rc rc rc rc rc
A mission statement defines a company's purpose, core values, and objectives, serv
rc rc rc rc rc rc rc rc rc rc rc
ing as a guide for decision-making and organizational culture.
rc rc rc rc rc rc rc rc
10. Which of a company's characteristics does a SWOT analysis compare?
rc rc rc rc rc rc rc rc rc
A SWOT analysis evaluates:
rc rc rc
o Strengths (internal capabilities) rc rc
DownloadedrcbyrcJosephinercKimanirc(
, C201 Business Acumen - Study Guide rc rc rc rc rc
o Weaknesses (internal limitations) rc rc
o Opportunities (external factors to capitalize on) rc rc rc rc rc
o Threats (external risks and challenges) rc rc rc rc
Managerial Objectives and Decision Making
rc rc rc rc
11. How do managers use objectives?
rc rc rc rc
Managers use objectives to set measurable targets, align team efforts, track perform
rc rc rc rc rc rc rc rc rc rc rc
ance, and make adjustments to achieve strategic goals.
rc rc rc rc rc rc rc
12. Distinguish between programmed and nonprogrammed decisions.
rc rc rc rc rc
o Programmed decisions: Routine, repetitive, and based on established rules r c rc rc rc rc rc rc rc rc
(e.g., reordering inventory). rc rc
o Nonprogrammed decisions: Unique, complex, and require judgment and r c rc rc rc rc rc rc r c
creativity (e.g., launching a new product). rc rc rc rc rc
13. What are the steps in the decision-making process?
rc rc rc rc rc rc rc
1. Identify the problem or opportunity. rc rc rc rc
2. Gather and analyze relevant information. rc rc rc rc
3. Develop alternatives. rc
4. Evaluate alternatives. rc
5. Choose the best option. rc rc rc
6. Implement the decision. rc rc
7. Monitor and assess results. rc rc rc
Leadership and Corporate Culture
rc rc rc
14. How is leadership defined?
rc rc rc
Leadership is the ability to influence, motivate, and guide individuals or teams towar
rc rc rc rc rc rc rc rc rc rc rc rc
d achieving organizational goals.
rc rc rc
15. Identify the styles of leadership along a continuum of greater or less
rc rc rc rc rc rc rc rc rc rc rc
er employee participation.
rc rc
o Autocratic – Centralized decision-making with little employee input. rc rc rc rc rc rc rc
o Democratic – Encourages employee participation in decisions. rc rc rc rc rc rc
o Laissez-faire – rc
Employees have full autonomy with minimal managerial intervention.
rc rc rc rc rc rc rc rc
16. What is the relationship between leadership style and corporate cultur
r c r c r c r c r c r c r c r c r c
e? Leadership style influences corporate culture by shaping values, communication,
rc rc rc rc rc rc rc rc rc rc
and employee behavior. For example, an autocratic leader may create a rigid cultur
rc rc rc rc rc rc rc rc rc rc rc rc
e, while a democratic leader fosters collaboration.
rc rc rc rc rc rc
17. How do managers reinforce corporate culture?
rc rc rc rc rc
Managers reinforce culture through: rc rc rc
o Leading by example rc rc
o Hiring and training employees who fit the culture rc rc rc rc rc rc rc
o Rewarding behaviors that align with company values rc rc rc rc rc rc
o Effective communication of mission and values rc rc rc rc rc
Organizational Structure rc
18. What is the purpose of an organization chart?
rc rc rc rc rc rc rc
An organization chart visually represents a company’s hierarchy, roles, and relation
rc rc rc rc rc rc rc rc rc rc
ships, clarifying reporting structures and workflow.
rc rc rc rc rc
19. What are the five major forms of departmentalization?
rc rc rc rc rc rc rc
o Functional – Grouped by functions (e.g., marketing, finance). rc rc rc rc rc rc rc
o Product-based – Grouped by product lines. rc rc rc rc rc
o Geographical – Organized by regions or locations. rc rc rc rc rc rc
o Customer-based – Focused on specific customer types. rc rc rc rc rc rc
o Process-based – Grouped by workflow or production stages. rc rc rc rc rc rc rc
20. What does span of management mean?
rc rc rc rc rc
Span of management (or span of control) refers to the number of employees a man
rc rc rc rc rc rc rc rc rc rc rc rc rc rc
ager directly oversees. A wide span means more employees per manager, while a n
rc rc rc rc rc rc rc rc rc rc rc rc rc
arrow span means fewer employees per manager.
rc rc rc rc rc rc
DownloadedrcbyrcJosephinercKimanirc(
, C201 Business Acumen - Study Guide rc rc rc rc rc
Operations & Quality Management rc rc rc
Production and Manufacturing Concepts
rc rc rc rc
1. What is mass production?
rc rc rc
Mass production is the large-
rc rc rc rc
scale manufacturing of standardized products using assembly lines, automation,
rc rc rc rc rc rc rc rc rc
and efficient processes to reduce costs and increase output.
rc rc rc rc rc rc rc rc
2. What is the difference between flexible production and customer-
rc rc rc rc rc rc rc rc
driven production? rc
o Flexible production: Uses adaptable processes and automation to produce a
r c rc rc rc rc rc rc rc rc r
variety of products with minimal changeover time.
c rc rc rc rc rc rc
o Customer-
driven production: Focuses on producing goods based on specific custom
rc rc rc rc rc rc rc rc rc
er demands rather than mass-producing standardized items.
rc rc rc rc rc rc
3. What are the two main production systems?
rc rc rc rc rc rc
o Continuous production: Runs 24/7, producing large quantities of identical rc rc rc rc rc rc rc rc rc
products (e.g., chemicals, oil refining). rc rc rc rc
o Intermittent production: Produces goods in batches, allowing for rc rc rc rc rc rc rc r c
customization and adjustments (e.g., furniture manufacturing). rc rc rc rc rc
4. What are the two time-related production processes?
rc rc rc rc rc rc
o Just-in-
Time (JIT) production: Produces goods only as they are needed, reducin
rc rc rc rc rc rc rc rc rc rc
g inventory costs. rc rc
o Just-in-
Case (JIC) production: Maintains buffer stock to ensure availability in case
rc rc rc rc rc rc rc rc rc rc r
of demand fluctuations.
c rc rc
Technology and Automation in Production
rc rc rc rc
5. List some of the reasons businesses invest in robots.
rc rc rc rc rc rc rc rc
o Increased efficiency and speed rc rc rc
o Reduction in human error rc rc rc
o Improved workplace safety rc rc
o Cost savings in labor rc rc rc
o Ability to operate 24/7 rc rc rc
6. What is a flexible manufacturing system (FMS)?
rc rc rc rc rc rc
An FMS is a highly automated production system that can quickly adapt to changes in
rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc
product design and production volume with minimal reconfiguration.
rc rc rc rc rc rc rc
7. What are the major benefits of computer-integrated manufacturing (CIM)?
rc rc rc rc rc rc rc rc
o Faster production and lower costs rc rc rc rc
o Improved accuracy and reduced waste rc rc rc rc
o Better quality control rc rc
o Seamless integration of production and management rc rc rc rc rc
Location and Environmental Considerations
rc rc rc
8. How does an environmental impact study influence the location decis
r c r c r c r c r c r c r c r c r c
ion? It assesses the effects of a facility on the surrounding environment, conside
rc rc rc rc rc rc rc rc rc rc rc rc
ring pollution, waste disposal, energy use, and compliance with regulations befor
rc rc rc rc rc rc rc rc rc rc
e selecting a site.
rc rc rc
9. What human factors are relevant to the location decision?
rc rc rc rc rc rc rc rc
o Availability of skilled labor rc rc rc
o Proximity to suppliers and customers rc rc rc rc
o Quality of life for employees rc rc rc rc
o Local regulations and labor laws rc rc rc rc
Production Management and Organization
rc rc rc
10. List the four major tasks of production and operations managers.
rc rc rc rc rc rc rc rc rc
o Planning: Determining production schedules and resource allocation. rc rc rc rc rc rc
o Organizing: Coordinating materials, labor, and equipment. rc rc rc rc rc
DownloadedrcbyrcJosephinercKimanirc(
