Fundamentals of Engineering Management - Lecture 3
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Questions and Answers

Which of the following is a core function of managers related to forecasting and setting objectives?

  • Organizing
  • Leading
  • Controlling
  • Planning (correct)

    • What does the function of organizing primarily involve?

  • Setting performance standards
  • Establishing working relationships (correct)
  • Evaluating performance
  • Communicating with team members

    • In the context of managerial functions, which activity is associated with leading?

  • Selecting and developing people (correct)
  • Administering policies
  • Setting objectives
  • Documenting performance

    • What is a key component of the controlling function of management?

    <p>Setting performance standards</p> Signup and view all the answers

    Which managerial function involves making decisions and motivating team members?

    <p>Leading</p> Signup and view all the answers

    Which direction of planning emphasizes starting from higher levels of an organization?

    <p>Top to Down</p> Signup and view all the answers

    What is the primary characteristic of Bottom to Top planning?

    <p>It encourages feedback from lower levels.</p> Signup and view all the answers

    Which planning direction is typically associated with centralized decision-making?

    <p>Top to Down</p> Signup and view all the answers

    Which planning method might lead to increased employee involvement?

    <p>Bottom to Top</p> Signup and view all the answers

    What could be a potential downside of Top to Down planning?

    <p>Potential disengagement of lower-level employees.</p> Signup and view all the answers

    What is the primary purpose of determining resources needed to implement tasks?

    <p>To ensure successful task execution</p> Signup and view all the answers

    What does 'Management by Objectives' (MBO) primarily focus on?

    <p>Converting organizational objectives into personal employee goals</p> Signup and view all the answers

    What is one of the steps in the task implementation process?

    <p>Determining tracking and assessment methods</p> Signup and view all the answers

    What is the primary purpose of break-even analysis?

    <p>To determine the minimum sales needed to cover costs</p> Signup and view all the answers

    Which of the following best describes SWOT analysis?

    <p>A method to assess internal and external factors affecting an organization</p> Signup and view all the answers

    What aspect does the timeline creation serve in the management process?

    <p>To establish deadlines for task completion</p> Signup and view all the answers

    Which of the following is NOT a characteristic of effective planning in management?

    <p>Finalizing a plan after implementation</p> Signup and view all the answers

    What is scenario planning primarily used for?

    <p>To explore potential future developments and their impacts</p> Signup and view all the answers

    Which of the following is a key aspect of contingency planning?

    <p>Developing responses to potential crises</p> Signup and view all the answers

    In the context of forecasting, which method focuses on predicting future events based on historical data?

    <p>Time series analysis</p> Signup and view all the answers

    What trend can be observed from the sales data of hair dryers over the past 4 months?

    <p>Sales have increased steadily each month.</p> Signup and view all the answers

    What was the total number of hair dryers sold over the past 4 months?

    <p>420 units</p> Signup and view all the answers

    If the trend continues, how many units of hair dryers is expected to be sold next month?

    <p>140 units</p> Signup and view all the answers

    What was the average monthly sales of hair dryers over the 4-month period?

    <p>120 units</p> Signup and view all the answers

    Which month saw the highest sales of hair dryers?

    <p>Fourth month</p> Signup and view all the answers

    What is the primary purpose of using a moving average in forecasting?

    <p>To smooth out data for better trend identification</p> Signup and view all the answers

    Which of the following best describes a 3-month moving average?

    <p>The average of the last three months data points is calculated each month.</p> Signup and view all the answers

    How does the 4-month moving average differ from the 3-month moving average?

    <p>It averages data over a longer period, potentially reducing sensitivity to outliers.</p> Signup and view all the answers

    In what scenario might a shorter moving average be more beneficial than a longer moving average?

    <p>When fast changes in data are occurring and quick adjustments are needed.</p> Signup and view all the answers

    Which of the following problems can arise from using a moving average?

    <p>Inaccurate predictions due to reliance on past data.</p> Signup and view all the answers

    Study Notes

    Fundamental of Engineering Management - Lecture 3

    • Main Functions of Managers

      • Planning: Forecasting, setting objectives, action planning, administering policies, establishing procedures
      • Organizing: Selecting organizational structure, delegating, establishing working relationships
      • Leading: Deciding, communicating, motivating, selecting/developing people
      • Controlling: Setting performance standards, evaluating/documenting/correcting performance

    Planning

    • What is Planning?

      • Deciding on objectives, actions to reach those objectives, assigning roles/responsibilities for actions.

    Principles of Planning

    • Take Time to Plan
    • Top-Down or Bottom-Up Planning
    • Involve and Communicate with all those concerned
    • Flexible and Dynamic Plans
    • Evaluate and Revise Plans

    Steps in Planning

    • Determine goals/objectives for the entire organization
    • Develop tasks to meet those objectives
    • Determine resources needed for tasks
    • Create a timeline
    • Determine tracking and assessment methods
    • Finalize plan
    • Distribute to all involved parties in the process

    Types of Plans

    • On the Basis of Time: Long-term, Medium-term, Short-term
    • On the Basis of Managerial Levels: Top Level, Middle Level, Lower Level
    • On the Basis of Broadness: Corporate Level, Departmental Level
    • On the Basis of Use: Standing/Repeatedly used plans, Special/Single use/Adhoc plans

    Types of Plans (Detailed)

    • Vision, Mission, Goal & Objectives
    • Policies
    • Procedures
    • Rules
    • Strategy
    • Programs
    • Budgets
    • Projects
    • Schedules

    Types of Plans (Based on Time)

    • Long Term Plan: More than 3 years, formulated by top-level managers
    • Medium Term Plan: Between 1 to 3 years, formulated by middle-level managers
    • Short Term Plan: Less than a year, formulated by low-level managers

    Types of Plans (Based on Managerial Levels)

    • Top Level Plans: Directors, general managers, mostly long term plans (objectives, policies, budget)
    • Middle Level Plans: Departmental managers (finance, purchase, production, personnel), mostly medium term plans
    • Lower Level Plans: Foremen, supervisors, short term plans

    Types of Plans (Based on Broadness)

    • Corporate Level Plans: Prepared for the whole organization; long term
    • Departmental Level Plans: Prepared by various departments; to tackle immediate or near-future problems

    Types of Plans (Based on Use)

    • Standing/Repeatedly used Plans: Vision, mission, objectives, policies
    • Special/Single use/Adhoc Plans: Programmes, budgets,projects, schedules

    Management by Objectives (MBO)

    • Objectives are the endpoints for organizational activities
    • A management technique and philosophy to convert organizational objectives to individual objectives; improving employee commitment and performance

    MBO Process

    • Defining objectives
    • Determining departmental goals
    • Defining key result areas
    • Setting sub-ordinate objectives/targets
    • Balancing resources with objectives
    • Periodic performance review
    • Appraisal of activities
    • Reappraisal of objectives

    Forecasting Tools and Techniques

    • Forecasting
    • Break-even analysis
    • SWOT analysis
    • Contingency planning
    • Scenario planning
    • Benchmarking

    Forecasting (Detailed)

    • Forecasting is the process of predicting future events
    • It is the basis for all business decisions involving production, inventory, personnel and facilities
    • Forecasting time horizons: short-range (up to 1 year), medium-range (3-36 months), long-range (3+ years)

    Forecasting Techniques (Methods for Averaging)

    • Naïve forecast
    • Simple moving averages
    • Weighted moving averages
    • Exponential smoothing

    Forecasting Accuracy

    • Error: difference between actual value and predicted value
    • MAD: Mean Absolute Deviation (Average absolute error)
    • MSE: Mean Squared Error (Average of squared error)
    • MAPE: Mean Absolute Percentage Error (Average absolute percentage error)

    Tracking Signal

    • A measurement of how well a forecast predicts actual values
    • Cumulative error / MAD

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    Fundamental Of Engineering Management Lecture 3 PDF

    Description

    This quiz covers Lecture 3 of the Fundamentals of Engineering Management, focusing on the main functions of managers including planning, organizing, leading, and controlling. It also delves into principles and steps involved in effective planning. Test your understanding of these core management concepts.

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