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VCE Business Management 3/4 2017 > 2017 Business Management Definitions. > Flashcards

2017 Business Management Definitions. Flashcards

1
Q

Arbitration- Conflict Resolution

A

Arbitration is the process that occurs when a judge hears both sides of the arguments in a dispute in a more formal court like setting

eg: A commissioner of the Fair Work Commission discussing an employee who has been unfairly dismissed due to an issue such as pregnancy.

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2
Q

Autocratic Management Style

A

An autocratic management style is where the manager tells staff of the decisions that have been made.

eg: Apple leader the late Steve Jobs was presumed to be a autocratic manager due to reportedly avoiding delegation to the workers.

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3
Q

Arbitration Advantages and Disadvantages

A

Advantages:

  • it is permanent for it is legally binding
  • An independent third Party is deciding the outcome and therefore it is less likely to have bias.

Disadvantages:

  • a decision may be made through arbitration that does not satisfy either party
  • it is difficult to satisfy both parties for the judge will reward the victor.
  • those with less financial resources will be disadvantaged.
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4
Q

Autocratic Management Style Advantages and Disadvantages

A

Advantages:

  • Fast acting due to the control being centralised therefore it is most appropriate to use during the emergencies.
  • Directions and procedures are clearly defined; there is little uncertainty

Disadvantages:

  • There is no employee input allowed for no ideas are encouraged not shared therefore employees cannot develop their skills. this can lead to employees feeling dissatisfied due to a lack of belonging and not feeling valued.
  • Due to the decrease of employee job satisfaction there is a low levels of employee morale and a high level of staff turnover
  • conflict, or potential for conflict increases due to employees competing for approval of managers
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5
Q

Automated Production Lines

A

An Autocratic Production line is comprises of machinery and equipment arranged in a sequence with components added to the goods as it proceeds through each step, with the process controlled by computers.

Eg: Yakut uses automated production lines to create their bottles with different machinery to create, clean and fill the bottles.

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6
Q

Award

A

An award is a legally binding agreement that sets out the minimum wages and conditions for groups of employees.

an example of an award would be the “Fast Food Industry Award” where a full time or part time worker in the fast food industry would have the minimum hourly pay rate of $20.08.

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7
Q

What are the National Employment Standards (NES)

A
  1. maximum weekly hours
  2. requests for flexible working arrangements
  3. parental leave and related entitlements
  4. annual leave
  5. personal/carer’s leave and compassionate leave
  6. community service leave
  7. long service leave
  8. public holidays
  9. notice of termination and redundancy pay
  10. the Fair Work Information Statement.
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8
Q

Bonus- Performance Related Pay

A

A Bonus is a one off payment given to a particular employee or group of employees as a reward for meeting particular targets or for some other special effort.
eg. a “Christmas Bonus”

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9
Q

Business Change

A

Business Change/ Change is the adoption of a new idea or behaviour by a business

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10
Q

Business Ethics

A

Business Ethics is the application of moral standards to a businesses behaviour.

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11
Q

Change Agent

A

A Change agent is a person or group of individuals who act as a catalyst, assuming responsibility for managing the change process.

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12
Q

Change

A

Change is any alteration in the internal or external environments.

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13
Q

Collective Bargaining

A

Collective Bargaining is determining the terms and conditions of employment through direct negotiation between Unions and employers.

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14
Q

Collective/ Enterprise agreement

A

a Collective/ Enterprise agreement is a negotiated agreement between an employer and a union or group of employees.

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15
Q

Communication - Management Skill

A

Communication is the transfer or information from a sender to a receiver, and to listen to feedback.

eg. emails.

This is associated with a Consultative, Participative management style.

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16
Q

Competitive Advantage/ Edge

A

A Competitive Advantage/ Edge occurs when a firm, industry or economy has a lower cost price structure than its rivals.

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17
Q

Competitors- Stakeholders

A

Competitors are other businesses or individuals who offer rival products or services to the ones offered by the business.

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18
Q

Computer Aided Design- Technology (Manufacturing)

A

Computer Aided Design is a computerised design tool that allows a business to create product possibilities from a series of inputs parameters.

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19
Q

Computer Aided Manufacturing - Technology (Manufacturing)

A

Computer Aided Manufacturing is a software that designs and controls the manufacturing processes.

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20
Q

Computer Intergraded Manufacturing- Technology (Manufacturing)

A

Computer Integrated Manufacturing is a method of manufacturing in which the entire production process is controlled by a computer

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21
Q

Conciliation

A

Conciliation is the process that occurs when a third party participates in the resolution of a dispute and attempts to resolve the differences through discussion.

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22
Q

Consultative Management Style

A

Consultative is when the manager consults employees before making decisions.

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23
Q

Continuous Improvement- “Kaizen”

A

Continuous Improvement is an ongoing commitment to achieving perfection.

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24
Q

Corporate Culture

A

Corporate Culture is the views, ideas, expectation and beliefs shared by members of the business.

eg: Google created a corporate culture that encourages employees through providing facilities which stimulate creativity with laundry services, Gyms and a sleep pods..

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25
Q

Corporate Social Responsibility (CSR)

A

Corporate Social Responsibility is the obligations a business has over and above above the legal requirements to the wellbeing of its employees, shareholders, customers, the community and the environment.

eg: sourcing local materials so to decrease the pollution made by the business in transportation and to support the local economy .

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26
Q

Number of Customer Complaints- Key Performance Indicators

A

The number of customer complaints indicate whether or not the people who buy the products are satisfied with the businesses performance.

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27
Q

Customers

A

Customers are the people who buy the goods or service from the business who expect high quality at competitive prices.

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28
Q

Decision Making- Management Skills

A

Decision Making is the ability to identify the options available and then choose a specific course of action from the alternatives.

This is associated with a Autocratic manager, participative manager and a consultative manager.

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29
Q

Delegation- Management Skill

A

Delegation is the ability to transfer authority and responsibility from an manager to employees to carry out specific objectives.

Participative and Laize Fair Management Style.

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30
Q

Directors- Stakeholders

A

Directors are the people who have overall responsibility for managing the companies business activities

An example would be Christine Holgate who is on the board of directors of Australia Post and is now the CEO.

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31
Q

Dismissal- Employment Cycle

A

Dismissal occurs when the behaviour of an employee is unacceptable and a business terminates their employment.
Eg: this can include Stealing from the business but unfair dismissal would be if a female employee was pregnant.

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32
Q

Driving Forces- Force Field Analysis

A

Driving Forces are those forces that support the change

eg- Employees.

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33
Q

Ecological Sustainability

A

Ecological Sustainability occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.

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34
Q

Effectiveness

A

Effectiveness is the degree to which a business has met its stated objectives

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35
Q

Efficiency

A

Efficiency is how well a business uses its resources to achieve business objectives

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36
Q

Employees - Stakeholders

A

Employees are those who work for the business an who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production

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37
Q

Employer Association

A

Employer Associations are organisations that represent and assist employer groups.

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38
Q

Enterprise Agreement - Awards and Agreements

A

An enterprise Agreement is an agreement that has been directly negotiated between an employee and an employer at an enterprise level

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39
Q

External Environment- Business Environment

A

External Environment are those things over which the business has little control over. It may be divided inter Operating Environment and Macro Environment

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40
Q

Force Feild Analysis

A

A Force Field Analysis Outlines the process of determining which forces drive and which restrain the proposed change.

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41
Q

Forecasting- Materials Planning

A

Forecasting is a materials planning tool that relies on data from the past and present analysis of trends to attempt to determine future events.

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42
Q

Global Sourcing

A

Global Sourcing is the practice of seeking the most cost effective materials and other inputs, including from countries overseas.

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43
Q

Globalisation

A

Globalisation is the Movement across nations of trade, investment, technology, finance and labour brought about by the removal of trade barriers.

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44
Q

Government Business Enterprise- Business Type

A

Government Business Enterprise are a type of business that is government owned and operated.

Eg: Australia Post

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45
Q

Government- Stakeholders

A

Government is the groups of people with the authority to govern a community.

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46
Q

Grievance Procedures

A

A Grievance Procedure provides an orderly system whereby the employee and employer can resolve matters relating to complaints about wages, hours, working conditions or disciplinary action
eg- Arbitration, Mediation, Conciliation

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47
Q

Maslow’s Hierarchy of needs

A

Maslow’s Hierarchy of Needs is a sequence of human needs in the order of their importance.

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48
Q

Human Resource Management

A

Human Resource Management is the effective management of the formal relationship between the employer and the employees.

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49
Q

Human Resource Manager

A

A Human Resource Manager coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from a business human resources

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50
Q

Innovation

A

Innovation is the process that occurs when something already established is improved upon

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51
Q

Inputs - Elements of Operation

A

Inputs are the resources used in the process of production

eg- Yakuts inputs include Milk and sugar

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52
Q

Intangibles - services

A

Intangibles are services that cannot be touched

eg- a hairdresser provides the service of a different haircut but you cannot touch the service.

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53
Q

Interest Groups- Stakeholders

A

Interest Groups are organisation who attempt to directly influence or persuade a business to adopt or change a particular activities, processes or policies.

eg- PETA attempts to influence businesses to not use animal byproducts such as fur.

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54
Q

Internal Environment- Business Environment

A

The internal environment are the factors inside the business.
eg- an example would be Employees

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55
Q

Interpersonal Skills- Management Skills

A

Interpersonal skills are the ability to deal or liaises with people and build a positive relationship with staff.

a manager who would use this would be a Participative, Consultative and Laissez Faire manager.

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56
Q

Inventory

A

Inventory are goods or materials help as stock by the business

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57
Q

Inventory Control

A

Inventory Ensures that costs are minimised and that the operations system has access to the right amounts of inputs when required.

This can be done through Just in time and other Materials Management Strategies

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58
Q

Job Analysis

A

Job Analysis is the study of an employees job in order to determine the duties performed, the time involved with each of those duties, the responsibilities involved and the equipment required.

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59
Q

Job Description

A

A Job description are the duties, tasks and responsibilities associated with a job.

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60
Q

Job Specification

A

Job Specification are the qualifications, skills and experienced that an employee needs to have to carry out a job.

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61
Q

Just in Time: Materials Management Strategy

A

Just in time is a materials management strategy that ensures that the exact amount of materials inputs will arrive only as they are needed in the operations process

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62
Q

Key Performance Indicators (KPI)

A

Key Performance Indicators are a specific criteria used to measure the efficiency and effectiveness of a businesses performance.
eg- Level of Wastage

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63
Q

What are the Different KPI’s

A 
Level of wastage
Number of Customer Complaints
Rate of Productivity growth 
Level of Marketshare 
Level of Profit 
Number of Sales
Number of Workplace accidents 
Rate of Staff Absenteeism 
level of staff turnover
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64
Q

Laissez- Faire Management Style- Management Style

A

Laissez-Faire is the one where the employees assume total responsibility for, and control of, workplace operations.

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65
Q

Leadership

A

Leadership is the process of positively influencing staff to set and achieve business objectives.

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66
Q

Leading

A

Leading is the ability to influence or motivate staff to work towards the achievement of objectives

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67
Q

Lean Management

A

Lean Management is the approach that improves the businesses efficiency and effectiveness by eliminating waste and improving quality.

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68
Q

Learning Organisation- Senge

A

A learning organisation monitors and interprets its environment, seeking to improve its understanding of the interrelationship between its actions and its environment.

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69
Q

Level of Wastage- KPI

A

Level of Wastage is the amount of rubbish created by the production process

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70
Q

Limited Liability

A

Limited Liability is where the shareholders in the company cannot be held personally responsible for the debts of that business.

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71
Q

Macro Environment - Business Environment

A

Macro Environment is made up of the broad factors in the economy and society within which the business operates.
eg- the Government

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72
Q

Management

A

Management is the people who have the responsibility for successfully achieving the objectives of the business.

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73
Q

Management Skills

A

Management Skills are the abilities or competencies that managers use to achieve business objectives

eg- Communication, Delegation, Interpersonal Skills, Decision Making, Planning.

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74
Q

Management Style

A

Management Style are the behaviour and attitude of the manager when making decisions, directing and motivating staff and when implementing plans to achieve businesses objectives.

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75
Q

Manipulation- High Risk Motivation Strategies

A

Manipulation is the skilful or devious exertion of influence over someone to get them to do what you want.

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76
Q

Market Leader

A

A Market Leader is a business that has a reputation for being the best in a market or leading the market in terms of innovation, sales, profits or marketshare.

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77
Q

Master Production Schedule

A

A Master Production Schedule is a plan that details what is to be produced and when.

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78
Q

Materials Handling

A

Materials Handling is the physical handling of a goods n a warehouses and at distribution points

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79
Q

Materials Management

A

Materials Management is the strategy that manages the use, storage and delivery of materials to ensure the right amount of inputs is available when required in the operating system.

eg- Just in Time

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80
Q

Mediation- Conflict

A

Mediation is the confidential discussion of issues in an no-threatening environment, in the presence of a neutral, objective third party.

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81
Q

Mission Statement

A

A mission statement expresses why the business exists, its purpose and how it will operate.

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82
Q

Motivation

A

Motivation is the individual, internal process that directs, energies and sustains a persons behaviour.

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83
Q

To increase Marketshare: Objectives

A

Marketshare is a businesses proportion of total sales in a market or industry

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84
Q

What are the different Objectives

A
  1. To increase Marketshare
  2. To fulfil a Market Need
  3. To make a Profit
  4. To fulfil a social need
  5. To meet Shareholders Expectations
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85
Q

Strategies

A

Strategies are the actions a business takes to achieve business objectives

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86
Q

Objectives

A

Objectives are a desired goal, outcome or specific result a business intends to achieve.

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87
Q

Vision Statement

A

A Vision Statement outlines what a business ASPIRES to become.

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88
Q

A Mission Statment

A

A mission statement states the purpose of the business and how it will operate.

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89
Q

Differences between a Mission statement and a Vision statement

A

A Vision statement focuses on the businesses future developments and growths whereas a Mission Statement focuses on why the business exists and how it wishes to conduct itself.

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90
Q

Advantages of a Sole Trader

A
  • There is no partner disputes
  • easy formation of the business
  • less government regulations
  • No Taxation on business profits only personal income
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91
Q

Disadvantages of a Sole Trader

A
  • Unlimited Liability meaning the business and its owner are a single entity and the owner is responsible for all business debts
  • high Burden of Management
  • The business will end in the death of its owner
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92
Q

Sole Trader

A

A Sole Trader is a business which is owned and operated by one person. Eg- Kikass Trading

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93
Q

Traits of a Sole Trader

A
  • Must be registered with the Australian Securities and Investment Commission
  • Has Unlimited Liability
  • Owned by one person
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94
Q

Partnership

A

A Partnership is a business owned and operated by a minimum of 2 and a maximum of 20 people
eg a Cafe such as the Son of an Elk

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95
Q

Advantages of a Partnership

A
  • Pooled Talents and Funds
  • Divided Burden of Management
  • No double taxation- only taxed on personal profit
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96
Q

Disadvantages of a Partnership

A
  • Unlimited Liability
  • There is a possibility of disputes between partners and divided loyalty
  • A partner is responsible for the debts of their partner
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97
Q

Traits of a Partnership

A
  • Unlimited Liability: Owner and Business is a single entity and is responsible for all debts
  • between two and twenty owners
  • can have silent or sleeping partners
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98
Q

Private Limited Company

A

A Private Limited Company is an incorporated business with a minimum of 2 and a maximum of 50 shareholders with whom the business wishes to be apart of the company
eg: Aspen Medical

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99
Q

Traits of a Private Limited Company

A
  • Pty Ltd after its name
  • Has a board of directors
  • 2 to 50 shareholders
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100
Q

Advantages of a Private Limited Company

A
  • Limited Liability: The business and the owners are a separate legal entity meaning the shareholders are not responsible for company debts
  • Experienced Management due to the the board of directors
  • Company tax lower than personal income
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101
Q

Disadvantages of Private Limited Company

A
  • Double Taxation: Personal and Company
  • Too much growth may result in inefficiencies
  • High Cost of Formation
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102
Q

Private Listed Company

A

A Private Listed Company is a incorporated business with a minimum of 5 shareholders who’s shares are freely traded on the Australian Securities Exchange
eg- Westpac Bank

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103
Q

Traits of a Public Listed Company

A
  • Ltd after its name
  • Freely traded on the Australian Securities Exchange
  • A Board of Directors with a minimum of three directors with whom two must be Australian
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104
Q

Advantages of a Public Listed Company

A
  • Limited Liability
  • Experienced Management due to the Board of Directors
  • Company Tax lower than personal tax
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105
Q

Disadvantages of a Public Listed Company

A
  • High Cost of Formation
  • Double Taxation: Personal and Company
  • have to disclose company matters with the public in the form of an annual report
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106
Q

A Social Enterprise

A

A social enterprise is a business type with the objective of fulfilling a social need Eg The BigIssue

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107
Q

Features of a Social Enterprise

A
  • Aims to fulfil a social need

- can make a Profit but will concentrate on some sort of community or environmental need.

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108
Q

Advantages of a Social Enterprise

A
  • Can open new markets

- due to the aim to fulfil a social need, number of sales and profits can be high

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109
Q

Disadvantages of a Social Enterprise

A
  • Can be difficult finding the funds for formation

- can be difficult balancing the social need with the business profits

110
Q

A Government Business Enterprise (GBE)

A

A Government Business Enterprise is a business opened and operated by the government. eg- Australia Post

111
Q

Features of a Government Business Enterprise

A
  • Owned and operated by the government
  • carry out government policies
  • on both federal and state level of government
112
Q

Advantages of a Government Business Enterprise

A
  • Creates Healthy competition
  • fulfils or carries out government policies to the community
  • can operate with some independence from the government
113
Q

Disadvantages of a Government Business Enterprise

A
  • High level of government regulations which can interfere with the running of the business causing inefficiencies
  • Can be less effective than the Private sector
  • Political interference with the day to day operations
114
Q

What are the different stakeholders in the internal enviroment?

A
  • Owners/ Shareholders
  • Employees
  • Managers
  • Directors
115
Q

What are the different stakeholders in the external environment?

A

Micro:

  • Customers
  • Interest Groups
  • Competition
  • Suppliers
  • Members of the Community

Macro:

  • Government
  • Technology
116
Q

Stakeholders

A

Stakeholders are groups and individuals who interact directly with the business and have a vested interest in its activities

117
Q

Directors: Stakeholders

A

Directors are the individuals who have the overall responsibility for the managing the companies business activities.

118
Q

Management: Stakeholders

A

Management are the people who have the responsibility for successfully achieving the objectives of the business.

119
Q

Employees: Stakeholders

A

Employees are the people who work for the business who expect to be paid fairly, trained properly and treated ethically in return for their work.

120
Q

Government: Stakeholders

A

The Government is a group of people who have been given the authority to govern the community.

121
Q

Competitors: Stakeholders

A

Competitors are the businesses which offer rival goods or services to the ones offered by the business. Eg: Aspen Medicals Competitors include Medibank.

122
Q

Interest Groups: Stakeholders

A

Interest Groups are organisations who attempt to directly influence or persuade a business to adopt or change their particular activities or policies. Eg- protestors.

123
Q

Customers: Stakeholders

A

Customers are the individuals who purchase the goods or services from the business, who expect high quality at competitive prices.

124
Q

Suppliers: Stakeholders

A

Suppliers are the businesses and individuals who supply materials and other resources to a business so it can conduct its operations.

125
Q

The Triple Bottom Line

A

The triple bottom line refers financial, social and environmental performance of the business.

126
Q

What are the 5 Management Responsibilities

A
  1. Operations
  2. Technology
  3. Finance
  4. Human Resources
  5. Sales and Marketing
127
Q

What are the 4 Different Management Styles

A 
Autocratic
Persuasive
Consultative
Participative 
Laissez- Faire
128
Q

What are the Feature of an Autocratic Management Style

A
  • Centralised Management
  • The manager makes all the decisions and tells the employees what to do.
  • Motivates through threats and disciplinary action
  • one way communication
129
Q

Persuasive Management Style

A

A Persuasive Management Style is where the managers attempt to sell the decisions made to the employees

130
Q

Features of a Persuasive Management Style

A
  • Decentralised
  • The Manager makes the decisions but attempts to persuade the employees on their decisions.
  • Communication is one way
131
Q

Advantages of a Persuasive Management Style

A
  • Managers can gain some trust and support from employees.
  • Instructions and explanations remain clearly defined
  • There is some acceptance of negative situations once the manager has explained
132
Q

Disadvantages of Persuasive Management Style

A
  • Attitude and trust remain negative
  • Frustration from employees who do not feel a sense of ownership over their job.
  • poor one way communication
133
Q

Consultative Management Style

A

Consultative Manager Style is where the manager consults its employees before making decisions

134
Q

Features of a Consultative Management Style

A
  • Two Way Communication
  • Employees are involved in the decision making process
  • Decentralised Management
135
Q

Advantages of Consultative Management Style

A
  • Employees are motivated for the feel valued within the business
  • There is a greater range of ideas generated
  • decisions are greatly considered and “Fine tuned” leaving better results
136
Q

Disadvantages of Consultative Manager Style

A
  • It is time consuming
  • Some issues are not suitable for employees to be involved in
  • some ideas may be ignored or overlooked creating competition and conflict throughout the business.
137
Q

Participative Management Style

A

A Participative Management Style is one where the manager unites with its staff to make decisions together

138
Q

Features of a Participative Manager Style

A
  • Two way communication
  • Decentralised
  • most effective if the business is undergoing rapid change
139
Q

Advantages of Participative Management Style

A
  • There is an increase of employee motivation and satisfaction for they feel a sense of ownership over their work
  • There is a greater amount of ideas being generated
  • employee and employer relations are positive reducing the chances of industrial disputes
140
Q

Disadvantages of Participative Management Style

A
  • Employees may not be fully qualified and therefore decisions made may be incorrect for the business.
  • time consuming
  • The role of the manager and management is undermined.
141
Q

Laissez- Faire Management Style

A

Laissez Faire Management Style is where the employees assume total responsibility for and control of workplace relations.

142
Q

Features of Laissez- Faire management Style

A
  • completely decentralised
  • employees are highly talented or qualified.
  • Minimal Supervision
143
Q

Advantages of Laissez- Faire

A
  • Employees feel a sense of ownership over their work and will therefore be motivated and satisfied.
  • continual encouragement of creativity
  • Communication is fully open
144
Q

Disadvantages of Laissez- Faire

A
  • Complete lack of control by management
  • Focus on Business Objectives may be disregarded
  • There can be an increase in personal conflicts
145
Q

Management Styles

A

Management Styles are the abilities and competencies that managers use to achieve business objectives.

146
Q

What are the different Management Skills

A
  • Communication
  • Delegation
  • Planning
  • Decision making
  • Interpersonal skills
  • Leading
147
Q

Planning: Management skills

A

Planning is the ability to define objectives and decide on the best strategy to achieve them

148
Q

Features of Planning

A

Strategic Planning: Long tern- 2 to 5 years
Tactical Planning: Medium Term - 1 to two years
Operational Planning: day to day

The Planning Process.

149
Q

what is the Planning Process

A 
Step 1: Define the objectives
Step 2: Analyse the environment using SWOT (Strengths, weaknesses, opportunities, Threats)
Step 3. Develop alternative Strategies. 
Step 4. Implement an alternative
Step 5. Monitor and seek feedback
150
Q

Leading: Management Skills

A

Leading is the ability to positively influence or motivate people to work towards business objectives.

151
Q

Decision Making: Management Skills

A

Decision making is the ability to identify the options available and then implement the best options from the alternative.

152
Q

What are the 5 Steps in Decision Making

A
  1. Develop objectives and criteria
  2. Outline the facts
  3. Identify the alternative solutions
  4. Analyse the alternatives
  5. choose one alternative and implement it
153
Q

Interpersonal Skills: Management Skills

A

Interpersonal skills is the ability to deal or liaise with people and build positive relationships with staff

154
Q

Corporate Culture

A

Corporate Culture refers to the views and values, ideas and expectations shared throughout the business

155
Q

What are the different features of Corporate Culture

A

Real Corporate Culture: which is the unwritten and informal rules that guide the business

Official Corporate Culture: The written policies, objectives and slogans of the business.

156
Q

What are the 4 elements of Corporate Culture

A
  1. the VALUES AND PRACTICES: the way things are done in the business.
  2. SYMBOLS events or objects that are established to represent the business believes to be important
  3. RITUAL, RITES AND CELEBRATIONS: eg social gatherings
  4. HEROS: this can be found through an employee of the month
157
Q

Human Resource Management

A

Human resource Management is the effective management between the formal relationship of an employer and employee

158
Q

Human Resource Manager

A

A Human Resource Manager coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from the business.

159
Q

Motivation

A

Motivation is the internal individual process that directs, energies and sustains a persons behaviour.

160
Q

Maslow’s Theory of Motivation (Hierarchy of Needs)

A

The Hierarchy of needs is Maslow’s sequence of human needs in the order of their importance.

161
Q

What is 5 Maslow’s Hierarchy of Needs?

A
  1. Physical - satisfactory pay
  2. Safety and security - a secure job found through contracts and safe working conditions
  3. Social Needs - a sense of belonging: team work and a supportive manager
  4. Esteem Needs- respect and accomplishment : Promotion, further responsibility and recognition
  5. Self- Actualisation: creative job, Opportunity for advancements
162
Q

Lock and Latham: Five Goal Setting

A
  1. Task Complexity: SMART goals.
  2. Clarity
  3. Challenge
  4. Commitment
  5. Feedback
163
Q

Lawrence and Nohria: 4 Drives Theory

A

A. The Drive to Aquire- Material Goods
B. The Drive to Bond- Strong need to form relationships
C. The Drive to Comprehend- to Satisfy Curiosity
D. The Drive to Defend- To remove threats.

164
Q

Similarities between the Motivational theories

A

Lawrence and Nohria and Maslow both identify the need of social relationships (drive to Bond and Social Needs), of safety ( The Drive to Defend and Security Needs), the need to satisfy creativity (The self actualisation need and the Need to Comprehend) and to obtain material goods (The Physical Need and the Drive to aquire)

165
Q

Differences between Motivational Theories

A
  • Maslows theory must be achieved in a particular sequence- The others do not.
  • Lock and Latham is the motivation for a particular task whilst the other two are for the entirety of the Employees employment
166
Q

What are the Financial Motivational Strategies: Performance Related Pay

A
  1. Pay increases
  2. Bonuses
  3. Commissions
167
Q

What are the other Financial Motivational Strategies

A
  1. Share Plans
  2. Profit Sharing
  3. Gainsharing
168
Q

Award

A

An Award is an legally binding agreement that sets a minimum wages and conditions for a group of employees in a given industry.

169
Q

A Bonus: Financial Motivational Strategies- Performance Related Pay

A

A Bonus is a One Off payment to a employee or group of employees as a reward for meeting particular targets or for another special effort.

170
Q

Commission: Financial Motivational Strategies- Performance Related Pay

A

Commission is an amount paid for accomplishing a sale, paid to a salesperson who accomplished a sale.

171
Q

Gainsharing: Financial Motivational Strategies- Other Financial Incentives

A

Gainsharing is a method of rewarding employees for making suggestions that improve productivity in the business.

172
Q

Advantages and Disadvantages of Pay increases: Financial Motivational Strategies

A

Ad:

  • It is predictable and easily calculated for it is tied to an award.
  • The longer working employees with higher wages will give the newer employees a clearer target to aim for in a pay rise

Dis:

  • It is difficult to lower the pay of an employee if their performance declines
  • other employees may expect the same pay despite lower performances causing tension
173
Q

Advantages and Disadvantages of Bonuses: Financial Motivational Theories

A

Ad:

  • It can be varied from employees depending from level of performance as each employees bonus is confidential
  • Bonuses are only given when there is actual performance improvement

Dis:

  • If confidentially is not maintained there can be tensions between employees
  • If the value of bonuses are not increased or maintained throughout the employment, employee dissatisfaction may occur.
174
Q

Advantages and Disadvantages of Commissions

A

Ad:

  • Only apply when sales take place, so a relativley low cost for employers
  • can motivate sales staff to work harder to make a sale, therefore genuinely rewards effort

Dis:
- If base pay is too low, some employees may leave for they do not earn enough resulting in high staff turnover

175
Q

What are the Financial motivational theories

A
  1. Career Advancement
  2. Investment in Training
  3. Support and Sanction
176
Q

Advantages and Disadvantages of Career Advancement: Non-Financial Motivational Theories

A

AD:

  • can retain valuable employees
  • satisfies the higher needs of Marlow’s Theory - Esteem and Self Actualisation

Dis:

  • Promotions cannot be created and therefore it is rare that promotions occur without a purpose
  • Employees may have to compete for promotion leading to tension in the workplace
177
Q

Advantages and Disadvantages of Investment in Training : Non-Financial Motivational Theories

A

Ad

  • Benefits business by improving skills of employees
  • satisfies the higher level needs in Marlow’s theory - Esteem and Self Actualisation

Dis

  • Training may be unnessacary if there is not sufficient jobs within the business.
  • Expensive
178
Q

Advantages and Disadvantages of Support and Sanction: Non-Financial Motivational Theories

A

Ad:

  • Support can influence employee attitudes, improving motivation
  • Sanctions for bad behaviour can motivate workers to improve their performance

Dis:

  • It may be difficult to find reasons for support and encouragement
  • Excessive emphasis on sanctions can reduce employee sense of belonging.
179
Q

Planning- Job Analysis: Job Description

A

A Job Description is the duties, tasks and responsibilities associates with a job.

180
Q

Planning- Job Analysis: Job Specification

A

A Job Specification is the qualifications, skills and experience that an employee needs to have to carry out a job.

181
Q

What is the Employment Cycle

A

Establishment Phases:

  • Planning - which consists of the Job Analysis Job Description and Job Specification
  • Recruitment
  • Selection
  • employment arrangement s and renumeration

Maintenance Phases

  • Induction
  • Training
  • Performance Management

The Termination Phases

  • Managing termination
  • Entitlement and Transition Issues
182
Q

On the Job Training

A

On the Job Training is employees employees learning a specific set of skills to perform particular tasks in the workplace, occurring in the work environment.

183
Q

Off The Job Training

A

Off the Job training is employees learning a specific set of skills to perform within the workplace, occurring outside of the work environment.

184
Q

Advantages and Disadvantages of On the Job Training

A

Ad:

  • it is relatively inexpensive
  • employees use the machinery, materials or under the same conditions as is used throughout their job
  • Immediate feedback is available

Dis:

  • It can disrupt the entire work place
  • there is not official qualifications
  • Quality of Training may Vary
185
Q

Advantages and Disadvantages of Off The Job Training

A

Ad:

  • Does not disturb the workplace
  • there is a higher possibility for official qualifications
  • Outside specialist can provide a broader range of experiences and skills which can benefit the business

Dis:

  • Expensive for the employer
  • Employees may leave the business taking their skills to competitors.
  • Lost working time
186
Q

Succession Planning: Development- Formal Business Training

A

Succession Planning focuses on preparing employees with potential to take on key management positions within the businesses in the future.

187
Q

What are the Steps in Development

A
  1. Job rotation- Employee experiences different aspects of the business.
  2. Mentoring - supporting the employee
  3. Formal Business Training- Eg MBA
188
Q

Performance Management

A

Performance Management focuses on improving both business and individual performance through relating business objectives to employee objectives.

189
Q

Performance Appraisal: Performance Management Strategies

A

Performance Appraisal is the formal assessment of how effectively and efficiently and employee is performing their role.

190
Q

What is the process of Managing by Objectives: Performance Management Strategies.

A
  1. Business objectives are clearly defined
  2. Individual Employee goals are negotiated
  3. Regular monitoring of process
  4. Performance Feedback
  5. Performance appraisal on achievement of goals
191
Q

What are the Performance Management Strategies

A

management by objectives, appraisals, self-evaluation and employee observation

192
Q

What are the 5 main objectives of Performance Appraisal: Performance Management Strategies.

A
  1. To provide feedback from management to employees regarding work performance
  2. to act as a measurement against which promotion and pay rises can be determined
  3. to help the business monitor its employee needs
  4. to identify new objectives and put a plan in place to improve future performance.
  5. To identify new objectives and put a plan in place to improve future performance.
193
Q

negotiation

A

Negotiation is a method of resolving disputes whereby discussions between the parties result in a compromise and a formal or informal agreement about a dispute.

194
Q

Net Profit Figures: KPI

A

Net Profit Figures are what is left when expenses are deducted from revenue.

195
Q

Niche Market: Innovation

A

A niche Market is a narrowly selected market segment within a larger market

196
Q

KPI: Number of Sales

A

Number of Sales measures the amount of product or service sold by the business.

197
Q

KPI: Number of Workplace Accident

A

Number of Workplace accidents indicates how safe the work environment is for employees.

198
Q

Objective

A

An Objective is a desired goal or specific result that the business wishes to achieve.

199
Q

Operating Environment

A

Operating Environment are the outside factors with which the business directly interacts with.

200
Q

Operational Planning: Planning

A

Operational Planning is the specific details about which the business will operate in the short term. it is usually Day to Day.

201
Q

Operations Management

A

Operational Management is all the activities in which the manager engages with to produce goods or services.

202
Q

Elements of Operation

A

Inputs
Processes/ Transformation
Outputs

203
Q

Operational Inertia: Restraining Forces of Lewin’s Force Field Analysis

A

Organisational Inertia is the unenthusiastic response form a manager to a proposed change.

204
Q

Outputs: Elements of Operation

A

Outputs are the end result of operations which is then sold to the customer.

205
Q

Outsourcing

A

Outsourcing is the contracting of specific business operations to an external person or business.

Telstra outsourced their communication to overseas.

206
Q

Overseas Manufacture

A

Overseas Manufacture is the production of a good in a country that is different to the location of the businesses headquarters.

207
Q

Penalty Rates: HR

A

Penalty Rates are additional wages paid to employees who work outside the normal working hours.

208
Q

Percentage of Market Share: KPI

A

Percentage of Marketshare measures a businesses total industry sales of a particular goods or service.

209
Q

Proactive: Change.

A

Proactive is to initiate change than simply reacting to events

210
Q

Reactive: Change

A

Reactive is to wait for change to occur then respond to it.

211
Q

Procurement:

A

Procurement is the process of researching and selecting suppliers, establishing payment terms, negotiating contracts and the actual purchasing of resourcing that are vital to the operations of the business.

212
Q

Product Differentiation: Porters generic Strategies.

A

Product Differentiation is the use of brand names and advertising to establish differences between substitutable products.

213
Q

Productivity

A

Productivity is a measure of performance that indicates how many inputs it takes to produce an output.

214
Q

Quality

A

Quality is the degree of excellence of a goods or service.

215
Q

Quality Assurance

A

Quality Assurance is the use of a system so that a business achieves set standards of production.

216
Q

Quality Control

A

Quality Control is the use of inspections at various points in the production process to check for problems and defects.

217
Q

Quality Circles

A

Quality Circles are a group of workers who meet to solve problems relating to the businesses standards of excellence.

218
Q

Rate of Productivity Growth: KPI

A

Rate of Productivity Growth measures the level of output from one year compared to a previous year.

219
Q

Rate of Staff Absenteeism: KPI

A

Rate of Staff Absenteeism measures the level of employees who neglect to turn up to work when scheduled to do so.

220
Q

Resignation: Termination

A

Resignation is the voluntary ending of employment by the employee “quitting” their job.

221
Q

Restraining Forces: Lewin’s Force Field Analysis

A

Restraining Forces are factors that work against change.

222
Q

Retirement: Termination

A

Retirement occurs when an employee decides to give up full-time or part-time work and no longer be apart of the labour force.

223
Q

Retrenchment: Termination

A

Retrenchment occurs when a businesses dismisses an employee for there is not enough work to justify paying them.

224
Q

Revenue

A

Revenue is income that the business earns from the sale of goods or services.

225
Q

Robotics: Technology

A

Robotics are highly specified form of technology capable of complex tasks.

226
Q

Sanction:

A

Sanction is a form of penalty of punishment

227
Q

Shareholders: Stakeholders

A

Shareholders are owners of a business.

228
Q

What are SMART goals

A 
Specific
Measurable 
Attainable 
Relevant 
Time-bound
229
Q

Level of Staff Turnover: KPI

A

Level of staff turnover measures the amount of employees leaving the business. A high level of staff turnover indicates low employee satisfaction, Low indicates high employee satisfaction

230
Q

Strategic Planning: Planning Types

A

Strategic Planning is long term planning that usually occurs over two to five years.

231
Q

Strategies

A

Strategies are the actions that a business takes to achieve specific objectives.

232
Q

Strike: Industrial Action

A

Strikes occur when employees withdraw their labour for a period of time in pursuit of improvements in their employment conditions.

233
Q

Succession Planning

A

Succession Planning is a focus on preparing employees with potential to take on key management positions within the business in the future.

234
Q

Supply Chain

A

The supply chain is the range of suppliers from which the business purchases material and resources.

235
Q

SWOT Analysis

A

SWOT analysis is the identification and analysis of the internal strengths and weaknesses of the business and the external opportunities and threats.

236
Q

Tactical Planning: Planning

A

Tactical planning is flexible, adaptable, medium term planning, usually over one or two years.

237
Q

Tangibles

A

Tangible are goods in which can be touched.

238
Q

Termination: Termination

A

Termination is the ending of the employment of an employee.

239
Q

Total Quality Management

A

Total Quality Management is an ongoing, business-wide commitment to excellence that is applied to every aspects of the businesses operations.

240
Q

Trade Unions:

A

Trade Unions are organisations formed by an employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions

241
Q

Training

A

Training is the process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills.

242
Q

Transformation

A

Transformation is the process of converting inputs into outputs.

243
Q

Unlimited Liability

A

Unlimited Liability is where the business owner is personally responsible for all debts of his or her business

244
Q

Triple Bottom Line

A

Triple Bottom Line is the social, economic and environmental performance of the business.

245
Q

Unfair Dismissal: Termination

A

Unfair Dismissal is when an employee is dismissed because their employer has discriminated against them in some way, such as firing someone because she is pregnant.

246
Q

Vision Statement

A

A Vision statement states what the business aspires to become

247
Q

Waste Minimisation

A

Waste Minimisation is the process involving the reduction of unwanted or unusable resources produced by the business in an attempt to improve efficiency and effectiveness of operations

248
Q

Systems Thinking: Learning Organisation

A

Systems thinking is the ability to see the big picture to look beyond what is occurring just within a business

according to Senge systems thinking is the “corner-stone of the learning organisation”

249
Q

(Def) Mental Models: Learning Organisation

A

according to Senge Mental Models are “Deeply ingrained assumptions, generalisations, or even pictures and images that influence how we understand the world and how we take action”

for things to change individuals and the business must look inside themselves and scrutinise what they do, their systems and processes and then act upon what they learn

250
Q

What are the 5 Principles of Learning Organisations

A
  • Systems thinking
  • Personal Mastery
  • Mental Models
  • Building a Shared Vision
  • Team Thinking
251
Q

Senge Quote on Personal Mastery: Learning Organisation

A

“organisations learn only through individuals who learn. individual learning does not guarantee organisational learning. but without it no organisation learning occurs”

252
Q

Senge Quote on Building a Shared Vision: Learning Organisation

A

According to Senge, Building a shared vision is “the capacity to hold a shared picture of the future we seek”

253
Q

Senge Quote on Team Learning: Learning Organisation

A

Team learning is describes as “the process of aligning and developing the capacities of a team to create the results its members truly desire”

254
Q

What are the three types of learning organisation to defeat the traditional-style leading.

A

Leader as a Designer

Leader as a Steward

Leader as a Teacher

255
Q

How do you Lead as a Designer (Learning organisation)

A

To be a leader as designer it is paramount to redesign the governing ideas of the business - the purpose vision and core values by which the business operates. this includes their Policies, strategies and systems.

256
Q

How do you lead as a Steward (Learning Organisation)

A

The notion of a leader as a steward is that stewardship involves a commitment to, and responsibility for the vision, but does not mean that the leader owns it. their task is to manage the vision for the benefit of others, therefore should listen to others visions.

257
Q

How do you lead as a Teacher (Learning Organisation)

A

The concept of a leader as a teacher is not about “teaching people how to achieve their vision. it is about fostering learning for everyone. leaders have to create and manage tension, especially around the gap between vision and reality”

258
Q

(def) Sustainability Report

A

Sustainability Report is a comprehensive document of what a business has done, and is doing with regard to social issues that affect it.

Aus Post:” Everyone, Everywhere, Everyday,”

259
Q

Ecological Sustainability

A

Ecological sustainability occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.

260
Q

Low Risk Strategies

A

Low Risk Strategies can assist a business with overcoming any resistance to change

261
Q

High Risk Strategies

A

High Risk Strategies are actions that may generate negative outcomes for the business.

262
Q

What are the High Risk Strategies

A

Treat

Manipulation

263
Q

What are the Low Risk Strategies

A

Empowerment
Communication
Support
Incentives

264
Q

Multiple branding

A

Multiple Branding is a strategy where a business sells multiple brands in the same market.

265
Q

Franchising

A

Franchising allows one business to operate under the trading name of another business’s established brand and sell its products and/ or services for a specified period

266
Q

Business Victoria

A

Business Victoria is a government department that provides assistance to businesses across Victoria and is currently providing specific programs and funding under certain areas.

267
Q

What are the 5 steps of a Force Field Analysis

A
  1. Form a guiding group of people driving or enabling that change
  2. identify the change proposal using the force field analysis template.
  3. as a group, identify the forces that are currently driving or restraining the change and assign a score relative to the perceived strength of the force. the low strength forces should be assigned a 1 and the highest strength forces should be assigned a 5.
  4. Prioritise the top 3 to 5 most restraining and driving forces these are the forces the business and guiding group need to either eliminate or strengthen to allow the change to occur
  5. List the actions that are required to be completed to meet the proposed change and assign responsibility for each action
268
Q

5 principals of a Learning Organisation

A
  1. Systems Thinking
  2. Personal Mastery
  3. Metal Models
  4. Building a Shared Vision
  5. Team Learning
269
Q

Leading the Learning Organisation

A

Leading as a Designer
Leading as a Stewart
Leading as a Teacher

270
Q

Low Risk Strategies

A

Communication
Empowerment- Through a change agent
Support
Incentives

VCE Business Management 3/4 2017 (12 decks)

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