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A Level Business (AQA) > 3.2 > Flashcards

3.2 Flashcards

1
Q

McGregor Theory X Managers

A

Believes:
- Average worker is lazy and dislikes work
- Workers need to be controlled and directed

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2
Q

What is forecasting?

A
  • Process of predicting future events or trends
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3
Q

What is organising?

A
  • Structuring resources to achieve objectives efficiently
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4
Q

What is commanding?

A
  • Issuing orders and overseeing their execution
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5
Q

What is co-ordinating?

A

Harmonising activities and efforts towards a common goal

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6
Q

What is controlling?

A
  • Monitoring performance and taking corrective action
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7
Q

McGregor Theory Y Managers

A
  • Believe workers enjoy work and can take responsibility
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8
Q

What is an autocratic leadership style?

A
  • Where the boss makes decisions without consulting subordinates
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9
Q

What is a democratic leadership style?

A
  • Where the boss empowers subordinates through delegation and consultation
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10
Q

What is a paternalistic leadership style?

A
  • Where the boss treats staff like their family, and cares for their needs
  • Allows them to input ideas but just like parents, will have the final say
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11
Q

What is a Laissez-faire leadership style?

A
  • Where their is freedom for workers with minimal input from the boss/leader
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12
Q

What are decision trees?

A
  • Mathematical models aiding decision making with probabilities
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13
Q

What is probability?

A
  • The likelihood of an event occurring, ranging from 0 to 1
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14
Q

What is the expected value?

A
  • Financial value calculated by multiplying effect with probability
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15
Q

What is the net gain?

A
  • The value obtained from a decision after consideration costs
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16
Q

What is scientific decision making?

A
  • Data driven, time consuming, no guarantee of the right decision
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17
Q

What is a hunch?

A
  • An intuition based decision making technique, quick but hard to justify for risky business decisions
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18
Q

Risk vs Uncertainty

A
  • Risk can be estimated, uncertainty lacks information for probability assessment
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19
Q

What is opportunity cost?

A
  • The value of the next best alternative forgone in decision making
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20
Q

What is inventory control?

A
  • Automated stock ordering and tracking systems for managing inventory
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21
Q

What is market research?

A
  • Utilises online and mobile customer surveys for gathering customer feedback
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22
Q

What are business objectives?

A
  • Objectives which set the framework for decision-making processes based on goals and budgets
23
Q

What is organisational structure?

A
  • Defines decision-making authority and structure within a business
24
Q

What is attitude to risk?

A
  • Influences decision making culture by encouraging or discouraging risk-taking
25
Q

What is availability of data?

A
  • Crucial for supporting a scientific approach to decision making
26
Q

What is the external environment?

A
  • The external factors that affect business decisions
  • e.g. competition, economy
27
Q

What is a trade-off?

A
  • A compromise where something is given up in exchange for something else
28
Q

What is the difference between shareholders and stakeholders?

A
  • Shareholders own shares in a company and earn dividends, stakeholders are anyone with an interest in the business
29
Q

What are stakeholder objectives?

A
  • The desires of different stakeholders like shareholders, employees, customers, suppliers and the local community
30
Q

What is stakeholder mapping?

A
  • A matrix model by Professor Mendelow to manage and prioritise stakeholder needs
31
Q

What is the stakeholder matrix?

A
  • Balances stakeholder power against interest in the organisation
32
Q

What is power in business?

A
  • The ability to influence organisational strategy or project resources
33
Q

What is interest?

A
  • The level of concern a stakeholder has for the organisations or projects success
34
Q

What is the ‘shareholders first view’?

A
  • A historical focus on profit to satisfy business owners/shareholders
35
Q

What is conflict between stakeholders?

A
  • Profit focus for shareholders may hinder other stakeholders objectives
36
Q

What is operations management?

A
  • Management of processes and decisions in production and delivery
37
Q

What is the transformation process?

A
  • Describes internal business activities converting inputs into outputs
38
Q

What are operational objectives?

A
  • Specific goals related to production and delivery processes
39
Q

What is cost and volume?

A
  • Factors including unit cost, productivity, and scale of production
40
Q

What is quality?

A
  • Key challenge for businesses
  • Includes reliability and customer loyalty
41
Q

What is speed?

A
  • The measure of how quickly good or services are produced
42
Q

What is flexibility?

A
  • The ability to adapt production to changes in demands or customer needs
43
Q

What are environmental practices?

A
  • The focus on sustainable practices and meeting environmental legislation
44
Q

What is added value?

A
  • Process of increasing worth by transforming materials into products
45
Q

What is unit cost?

A
  • Total costs divided by total units produced
46
Q

What is productivity?

A
  • A measure of units produced per time period or per employee
47
Q

What is contribution per unit?

A
  • Profit earned per item sold
48
Q

What is reliability?

A
  • Frequency of malfunctions or errors
49
Q

What is customer loyalty?

A
  • The percentage of repeat business from satisfied customers
50
Q

What is labour productivity?

A
  • Output per employee or production line
51
Q

What is capacity utilisation?

A
  • Proportion of potential output actually being achieved
52
Q

What are order lead times?

A
  • Time taken between receiving and processing an order
53
Q

What is product innovation?

A
  • Launching new or improved products into the market
54
Q

What is process innovation?

A
  • Finding more efficient ways producing existing products

A Level Business (AQA) (2 decks)

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