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understanding management

Questions and Answers of Understanding Management

As advised by the company president, the sales department received a set of specific recommendations provided by an outside management firm to reorganize for maximum effectiveness. The sales manager
The engineering director of the company is called on to send one engineer abroad to assist in the installation of equipment. There are three qualified candidates, each working for a different manager
The marketing department needed to submit a proposal to a global customer, and it called a review meeting the next morning. By the time Bill Taylor, the design manager, was informed in the late
Jerry Lucas is the division director. As branch chief, Bob Sanford reports to Jerry Lucas. Bob Sanford has four section chiefs reporting to him.Bob Sanford is technically competent, with extensive
The board of directors receives a proposal from a business partner to jointly set up an assembly plant in a Third World country. This new plant will assemble final products with key components made
What are some important characteristics of effective leaders? Which of these characteristics are more difficult for engineers to acquire?
The plant manager noticed a need to lessen the amount of waste materials, which occur in the production process. A task force was set up, composed of the plant manager and two of her supervisors, to
The project was running late and the section manager thought that it was time for a pep talk with his staff. He realized that he was considered to be somewhat autocratic by his staff, but this time
A regional sales manager suspected that one of her customers was having financial troubles. However, she was reluctant to mention it to her superior because she felt that she could be wrong. She kept
Company X selects someone who is weak technically, but very strong in groupprocess skills, to lead a team in developing a new engineering product. Would such a person be successful as a team leader?
Conflicts between technologists and managers may arise when the technical professionals with the skills to make a decision have to deal with a manager, who has the right to decide. Why do such
Company X makes the decision to substitute aluminum for steel in a component of its product. What factors probably have contributed to this decision? At what managerial level would this decision most
As the department head, you urgently need to find an experienced person to fill a vacancy. The work involves close cooperation and coordination with others inside and outside of the department.
Joe Engineer has just graduated from the University at Buffalo. He earned a 3.8 GPA for his master of engineering degree. Before he finished all academic work, he sent out numerous job applications
Preparation of the company product that was promised to a major customer is running late, and there is intense pressure on the production team to deliver the product. The director of production is
A number of years ago, ISO Standards 9000 series were developed to promote work quality by standardizing engineering design, testing, production, and other procedures. How many ISO standards are
A company decides to offer an average annual raise of 8%, although the current inflation rate is 10%. Each engineering manager decides on the best way to distribute the salary increases to his or her
A key engineer in the department hands in her resignation notice; her reason for leaving is that she has been offered a much higher salary by a competitor. The manager recommends to the director that
Motivation in the assembly shop is high. However, the shop manager notices that, although the daily production is above average for the shop, it drops down to a low during the first hour after the
Bill Carter is an excellent hardware designer, but he wants to move into management to broaden his experience. His manager is supportive and encourages Bill to go to evening classes on management.
The company president has noted a constant increase in the number of reports passed on to her, many of them coming through the mail, some through the company’s intranet. Most of these reports
The production department is undergoing an upgrade of its automation program.It has a conflict that needs to be controlled and managed. The line supervisor wants to standardize on machines supplied
Two junior members of the production department unexpectedly come in to see you, the production director, to complain that their manager, who reports to you, commits discrimination, practices
At present, the company is running at full capacity in developing a new product for a major customer. The sales director has unexpectedly secured a small, but highly profitable, order, which requires
Some foreign countries, particularly those in the early stages of industrial development, are known to illegally copy product designs and technologies that originated from developed countries.What
John Elrod founded the Elrod Manufacturing Company 50 years ago. Vernon Scott is the vice president of plant engineering, reporting to George Elrod, who took over as the company president from his
The manufacturing manager of Company X had installed a wage incentive program.She happily reported six months later that the system was a success because production was up and unit costs were down. A
The company is evaluating two specific proposals to market a new product. The current interest rate is 10%.Proposal A calls for setting up an in-house manufacturing shop to make the product,
The company’s warehouse has been busy taking in and shipping out vendorsupplied automotive parts. Table 6.13 shows the warehouse’s activities in eight consecutive periods, during which time the
A dam is being considered on a river that periodically overflows. Each time the river overflows, it causes about $600,000 in damages. The project horizon is 40 years. A 10% interest rate is being
The NPV equation (Equation 6.23) is described as follows:The NPV equation is important for evaluating project-based investments. It is also a basic equation for defining the concept of “value
A manufacturing company makes three products, A, B, and C. The fixed FO is$60,000, consisting of $10,000 for material handling, material waste, and procurement;$30,000 for rent and utilities; and
A company makes and sells three technology products: A, B, and C. It has a production plant with 17,000 square feet of floor area, consisting of machine setup(2000 square feet), machining operation
You are considering a good-looking Toyota hybrid car priced at $28,000 or an elegant GM luxury car at $24,000. The fuel efficiency is rated at 50 miles per gallon for the Toyota and 25 miles per
Company X manufactures automotive door panels that may be made of either sheet metal or plastic sheet molding (glass fiber-reinforced polymer). Sheet metal bends well to the high-volume stamping
Company X produces two products, A and B. Table 6.19 summarizes the cost structures of these two products over a three-month period.The company’s manufacturing operation is limited to 30,000
Buffalo Best Company markets three products for sale. Product A, Product B, and Product C. Its production plant, which is located in the city of Buffalo, occupies 20,000 square feet of space. The use
Monte Carlo simulations is a mathematical tool often used in engineering and business to solve complex problems involving uncertainties or risks.a. Explain the technological foundation of this
Employee A is about to retire. Based on his long tenure with the company, he is entitled to use his unused sick leave to pay for health insurance upon retirement.His current sick leave benefit is
Michele Brown started up a new consulting firm to offer design and testing services to industries. During the first three months of its operation, the firm has recorded a number of transactions,
As the vice president of engineering of the Best Company in Buffalo, you need to make a decision regarding how a new product is to be manufactured. You have been offered two specific proposals.
The ABC Company supplies products to a number of original equipment manufacturers(OEMs). It employs 5000 mostly unionized workers and generates about$2.2 billion in revenue annually. In 2012, it won
The company is considering the introduction of a new product that is expected to reach sales of $10 million in its first full year and $13 million of sales in the second and third years. Thereafter,
The New Spirit Corporation has CLs of $130,000 with a current ratio of 2.5:1.Indicate whether the individual transactions specified next increase or decrease the current ratio or the amount of
The income statement and balance sheet of Superior Technologies are exhibited in Tables 7.20 and 7.21. Conduct a ratio analysis and observe major trends and deviations from the available historical
For the current fiscal year that starts on January 1, 2015, Buffalo Best Company projects its financial performance as shown in Tables 7.23 and 7.24.In fiscal year 2015, the products of the company
The company’s vice president of marketing proposes a new program to significantly increase the product sales by 250,000 units per year throughout the 2016–2022 period. Specifically, it is
One of the company’s technology patents is about to expire, inducing a likely rush of product entries from the competition. Currently, the product line is projected to have stagnant sales of one
Define the EVA of XYZ Company, whose income statement and balance sheet are shown in Tables 7.8 and 7.9. Assume that the WACC is 12.35% for both years.Discuss the EVA results and contrast them with
The 2013–2014 income statement and balance sheet for Buffalo Best are presented in Tables 7.23 and 7.24. The WACC for Buffalo Best is 10% for both years. Review and comment on the performance of
Company X manufactures technology products. It plans to expand its manufacturing operations. Based on past data, management anticipates the first project year of the as-yet-to-be-expanded operations
The company has 10,000 shares of common stock outstanding, and the current price of the stock is $100 per share. The company has no debt. The vice president of engineering discovers an opportunity to
XYZ Company is financed by debt (50%), preferred stocks (20%), and common equity (30%). Its common stock price is $43 per share. It pays a dividend of $3.00 and has a growth rate of −2%. Its annual
ABC Company receives a contract from one of its major customers. The contract calls for 20,000 hours of work billed at $75 per hour to be completed within one year. The normal billable work for each
New Spirit Company plans to install a new production line consisting of several precision machines costing a total of $800,000. The installation of these machines requires another $150,000. The
Using the data contained in Tables 7.20 and 7.21, conduct an evaluation of Superior Technologies’ common stock in 2014, using the three different methods specified, as follows:a. The market value
Company A has been performing reasonably well over the last several years.Table 7.27 shows an abbreviated set of its financial data for the years 2009–2014.a. Analyze the company’s
Company B is currently financed by common stock equity. It is considering two alternative ways of financing in order to increase the return on common equity.Table 7.28 lists the two options under
Company X is planning to introduce a new service that is expected to reach sales of $10 million in its first full year and $13 million of sales in the second and third years. Thereafter, annual sales
What are the bases for trade-offs between conflicting wants and needs of different customers with respect to the same product? How important is it to emphasize product quality when a new and unique
Is it better to market a new product quickly and then upgrade the design later or to incorporate all design modifications or improvements before launching the product?
How can product development costs be minimized by entering the market late?
Customers’ wants and needs are regionally different for products intended for global markets. How can a centralized, concurrent engineering team develop a product that will serve as the common
ABC Company wishes to enter a new market arena on the basis of its strength in core technologies and financial staying power. However, the market arena in question is currently dominated by a major
A company makes a range of products and sells to several large, loyal customers to achieve a healthy market share. A new competitor has emerged to offer equivalent products at much lower prices. What
The company wants to develop a new product for a high-end consumer market.It is known that customers in this market are difficult to identify and are geographically dispersed. How should the company
The company wishes to sell its current product in a new market segment. At the same time, it wants to launch a new product in the existing market segment. How should the company handle the product
How can engineering managers make the best use of tools such as the Myers–Briggs Type Indicator (MBTI) to assist in selecting project leaders or assigning employees to teams to ensure the
Engineering managers may be called on to resolve conflicts between employees, departments, vendors, and business partners, as well as to handle customer complaints.What are the recommended guidelines
Hoffman (1989) believes that a management education program should have three elements:a. Behavioral: People skills, motivation, team building, communication, and delegationb. Cognitive: Production,
How is engineering management different from management in general?
How does a manager or leader become a good superior? What should the superior do and not do?
Does the job of managing a high-technology function (e.g., an engineering design department) differ from that of managing a low-technology function (e.g., a hotel)?Explain the specific details of the
What rules and principles can guide managers to have successful people management skills?
There are so-called unwritten laws of engineering that recommend acceptable conduct and behavior for engineers in industry. How important are these unwritten laws to individual engineers, and where
Some engineers and managers are known to have more difficulties in interpersonal relations than others. These difficulties may arise due to personality, chemistry, value system, priority, tolerance,
In your opinion, what are the characteristics common to many future engineering leaders? Please explain.
The 3M Company is a diversified technology company that aggressively pursued innovation. What is unique about the innovation strategy of this company?
What are the relationships between creativity and innovation?
Discuss the steps of the inventing procedure commonly followed by inventors.
Problem solving is a fundamental skill that all systems service engineers and managers must possess. Its use in industry is rather frequent. What steps should be included in a generic problem-solving
STEM professionals need to access new ideas from time to time. Which sources should they tap into in order to obtain new ideas?
All enterprises need creative employees to attain strategic differentiation. These creative employees need to be properly managed. What are the useful guidelines for managing creative people?
Creativity is a highly desirable personality trait many enterprises are looking for in their new employees. STEM professionals and managers are special people who possess the basic training in
There are many techniques used in engineering to promote creative thinking.STEM professionals and managers should apply them whenever appropriate.Name some of these creativity methods in engineering.
The performance of any company can be promoted by specifying a set of metrics that can be readily measured and then monitoring them rigorously. To promote the creativity and innovation of a service
Creativity and innovation will usually result in some changes to be introduced into the organization, such as a new production process, new marketing strategies, new procedures of offering customer
When managing innovation, STEM professionals and leaders might be able to take advantage of specific practices that were beneficial to other managers in the past. Name a few useful lessons about
The management of innovation demands a broad and balanced approach.What are the factors deemed to be critical for achieving success in innovation management?
STEM professionals and leaders face many challenges when managing innovation.What are some of these top challenges in managing innovation?
Marketing and innovation are said to be two significant competencies of any enterprise.a. Explain, why these two competencies have been singled out as significant?b. Why would those engineering
The topic of cross-function teams was discussed in this text. It was postulated that nowadays teams are the most appropriate organizational structure for managers to deploy in promoting and realizing
Smith, an unemployed engineer who recently received certification as an engineer–intern from the State Board of Registration for Engineers and Land Surveyors, was seeking employment with a
As the business manager of your company, you are visiting several companies in Africa to promote new businesses. At the tail end of several successful rounds of negotiation, you are invited to attend
Cindy Jones, a chemical engineer with considerable experience in offset printing processes, was hired recently as an engineering supervisor by Company A. Before that, she had been working as a
Sara King is a member of the International Union of Operating Engineers. Through the union, she has secured a new job to operate a truck with an end loader at the XYZ Construction Company.About two
Quick Meal is an international fast-food chain that operates in many countries.Company management wants to apply a uniform standard of business ethics, modeled after U.S. practices, to all of its
Jane is a member of the board of directors of Power Company Z, which is considering the construction of a new power plant.Coal-fired power plants emit sulfur dioxide into the atmosphere. Ambient air
Company A recently bought a rock-crushing unit from Company B. This unit was expected to produce 750 tons of crushed rocks per hour, but has in practice been producing only 500 tons per hour.Paul,
How are URLs, domain names, and search engines defined? Use examples to explain the relationship between them. How can one make use of web pages to promote business?

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