Management
In the Threshold Team Competitor, a simulating program that manages details of a small manufacturing company, the class was broken into 13 small groups who competed against one another in a simulation. The goals of the simulation were for the groups to develop decision-making skills in financial management, human resources, marketing, research, and inventory control. Our company goals were to be ranked in the top three performers in the simulation, to have a sizeable market share, to have a high quality, and a high demanding product. Our mission was to establish our company as the premier purveyor of the finest plastic products in the industry. Our ability to identify essential signs of growth and loss of income, then basing our decisions on our analysis of reports from the previous quarters can make our company successful.Managerial duties and roles were shared among all members of the team. Decisions and ideas were introduced by individual team members and then debated and by the team, then implemented if a majority agreed with the plan. Usually a team member would present an idea, showing data and his reasoning for implementing it into the company. In order to get his idea approved the submitting team member usually has
Although the four mentioned effects listed generally served as vices to the group; they were learning experiences and were very useful in the corporate/management environment. In the first couple of quarters our cost of goods sold and net sales increased, also our net income decreases. Gross profit and net income decrease. Net sales increased because the product posed the highest quality at an affordable price. The cost of goods sold was rising because the overtime cost were prevailing, and an overage in finished goods inventory existed. The cost of goods sold was high because we produced more units than our workers could produce in the set time period that we set for them. Because of this we incurred overtime expenses. We also had an ending balance in our finished goods inventory, so this also made our cost of goods high. If units produced were decreased, our labor costs would have been less. In return our unit costs would have been less. As a result our manufacturing cost of goods sold would have been lower. Assuming all of the situations stayed the same, gross profit and net income would have yielded a profitable result. This enhances our ability to identify our losses of income and to help us to make better decisions and help us in the upcoming quarters. If we were able to recognize our losses in income, we would have better success in the simulation. As a group if we would have utilized better analysis strategies of previous reports better results would have been forthcoming. We should have continued with the path of the conservative strategy instead of accepting a radical perspective. Once we discovered that the radical strategies were not beneficial to the company, it was too late to change. This led to our failure. In an essence, there was not total failure because when the company had its downfall, we were able to bring ourselves out of the slump, but not get up to par because of the lack of time.
Some common words found in the essay are:
Chris Richards, Threshold Competitor, Team Competitor, Chris Taylor, Corey Synagogue, Jeremy Chambers, Lewis Reddick, Triple Associates, cost sold, net income, unit cost, gross profit, Reddick Chambers, net sales, decision process, Management Review, finished inventory, selling administrative expenses, team-based structure, units produced, total value, manufacturing cost sold, total value finished, lowered total value, increased net income,
Approximate Word count = 3215
Approximate Pages = 13 (250 words per page double spaced)
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