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Southern Miss MGT 325 - MGT study guide 1

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MGT Test 1 Study GuidePic Above: Maslow’s Hierarchy Of Needs- Goes From bottom up- Cannot fulfill one level without fulfilling the others below it firstHerzBerg Theory - - The two-factor theory (also known asHerzberg's motivation-hygiene theory anddual-factor theory) states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction.oDouglas Mcgregor – Theory X and Theory Y- Theory X – People are lazy: had to push and threaten them to get quality production- Theory Y – People can be motivated to work to their potentialW. Edwards Deming – Statistical Process Control (SPC)- Statistical process control (SPC) is a method of quality control which uses statistical methods. SPC is applied in order to monitor and control a process. Monitoring and controlling the process ensures that it operates at its full potential.1. Con of SPC – It was rather expensive to operateProductivity - Partial Productivity1. output divided by a single input factor. Factors of production may include direct materials, direct labor, overhead, or capital 2. 1 input! * (important)- Total Productivity1. “every possible input compared to outputs”2. quantity of output divided by the cost of all inputs. * (important)- Multifactor Productivity1. “labor, material, and overhead”****Disclaimer****The Next parts of the study guide I will write the formulas here but it might be best if I also submit pictures from my notes so that you can see how it is formattedProduction: Output/Input ( labor, materials, overhead)- The pictures above show the data and the calculations for the production of week one with 30,000 output. You then divide that by your inputs (labor, materials, overhead)Chart/Graph TypesTrend Chart- Notice the steady upwards climb. – That is an upwards trend- Same happens for Down trend except vice versaSeasonal Chart- Look at how the graph peaks up, then goes down repeats this process. This is a seasonal chart- An example of a seasonal operation is a restaurant that peaks during certain seasons likefootball season, holidays, etc. Irregular Variation- This chart has no real linear or seasonal trend it’s completely random and irregularNaïve Forecast – equals last period’s actual salesForecast Error – Actual minus Naïve forecastAbsolute Value of Forecast Error – Take just the number from Forecast Error (example: if FE = -5.Then your Absolute Value Forecast Error is just 5)Forecast Error Squared (FE)^2 – Square your Forecast Error (example: If your FE = 5. Then your (FE)^2 would be 5x5 = 25Moving Average- Average Number of recent actual values (Also updates as we get new data)- Check the number with your Moving Average. If it says MA3, then you skip the first 3 periods and begin on period 4. The average would then be the sum of the previous 3 your skipped divided by 3. (Example in pictures below)Weighted Moving Average – Going to be setup with 3 variables for example: WMA .6, .3, .1- The MIDDLE number tells you which periods to skip so in this case .3 means skip the first3 periods.- Begin on the 4th period and work it out as 3period actual sales X 0.6 + 2period actual sales X 0.3 + 1period actual sales X 0.1 ALL DIVIDED BY 3(again, see picture below for example.)ES – ES will always have a value given to you to plug into the formula,- The formula is next forecast = previous forecast + (value given)(Actual Sales – Previous Forecast)MSE- MSE (similar to above) is calculated as (FE)^2 / n-1  Fennell’s Version OR (Actual – Forecast)^2/ n-1Mean Absolute Deviation- MAD- Formula is (Actual – Forecast ) / n OR (FE)/ n** Fennell’s Version- In Fennell’s Version, Add all Absolute Value FE’s and divide by the number of Absolute Value FE Values (example FE = 1 FE = 2 FE = 3, then would be (1+2+3)/3- You will always be comparing this to at least one more MAD1. The one with the least amount of deviation (smallest number) is the pickMultiple Regression-- Everything will be given in the problem- Y is the dependent variable- The b’s are the regression model coefficients which will be given- X’s are the independent variables- The error is determined after you work out each formula and subtract the derivative from the independent variable. This Concludes Test 1 Study GuideTips:- I have put everything that I found to be confusing or important to me in thisstudy guide.- If you do not grasp a concept or there are words that YOU think are important, I advise you to study them!-


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