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(M) Business Year 2 > 3.7.2 Analysing Internal Position. > Flashcards

3.7.2 Analysing Internal Position. Flashcards

1
Q

What is the non financial information to assess the overall internal position in the business.

A

Big data.

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2
Q

What does big data consist of?

A

Operations data.

Human Resources data.

Marketing data.

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3
Q

What is big data?

A

Data collected globally.

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4
Q

What is operations data?

A

The planning and control of the production process.

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5
Q

What does operations data include?

A

Productivity of labour and capital.

Measures of quality.

Capacity utilisation.

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6
Q

What does analysing productivity data produce?

A

A measure of efficiency (level of converting inputs into outputs).

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7
Q

How is efficiency usually measured?

A

In unit costs of production.

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8
Q

How is productivity measured?

A

Single factor productivity.

Multi-factor productivity.

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9
Q

What is included in single factor productivity?

A

Labour productivity.

Capital productivity.

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10
Q

What is the disadvantage of single factor productivity?

A

Doesn’t give you a full picture.

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11
Q

What is included in multi-factor productivity?

A

Measures all outputs in relation to inputs.

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12
Q

How do we measure quality data?

A

Customer loyalty.

Customer satisfaction.

Measure specific elements in operational performance - number of faults.

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13
Q

What does capacity utilisation measure?

A

Measures existing output relative to the maximum figure.

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14
Q

What does capacity utilisation allow for?

A

Cheapest production costs to offer competitive prices - using optimum capacity?

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15
Q

What can cheapest production costs do for some businesses?

A

Generate extra revenue at little extra costs e.g. cinemas.

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16
Q

What does high levels of capacity utilisation in price competitive industries allow for?

A

Low unit costs - acceptable profit margins and therefore competitive prices.

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17
Q

What is a weakness of measuring capacity utilisation?

A

Measuring cu takes no account of cost of resources, it just measures efficiency.

18
Q

What is the formula for capacity utilisation?

A

(Actual output / maximum possible output) x 100

19
Q

What does Human Resources data consist of?

A

Labour productivity rates.

Absenteeism rates.

Health and safety data.

Labour cost per unit of production.

Average wages and recruitment costs.

Labour turnover and retention.

20
Q

How do we measure HR data?

A

Financial measures.

Non financial measures.

21
Q

What are the benefits of financial measures of performance?

A

Easiest to analyse.

Easily comparable.

Lead to strategic decisions.

Allow judgements on the strengths and weaknesses of the business.

22
Q

How are absenteeism’s measured?

A

Health and safety data.

Labour turnover.

23
Q

What are the non financial methods of HR

performance?

A

Absenteeism.
Labour turnover dr.
Health and safety data.

24
Q

What are the disadvantages of non financial methods of performance.

A

Difficult to quantify in monetary terms.

Not directly financial.

25
Q

What are the advantages of non financial methods?

A

Most have an impact on financial measures of HR.

26
Q

What does absenteeism rates signify?

A

Low workforce engagement and motivation.

27
Q

What does a high labour turnover mean?

A

Additional recruitment and training costs.

28
Q

How can we avoid the effects of high labour turnover?

A

With high levels of labour or employee retention to avoid these costs.

More motivated and engaged employees for higher levels of productivity.

29
Q

What impact can diversity have on the workforce?

A

Can benefit from different qualities and improve overall performance.

30
Q

What does HR safety data do?

A

Measure the extent to which the employees are protected and develop a strong employer brand.

Recruit the most talented.

31
Q

What are the forms of data relating to performance in a specific market?

A

Historic and forecast data.

Information on “key forces” driving change in the market.

Data on consumer behaviour.

Sales figures, brand recognition and market expenditures.

32
Q

What are the forms of data relating to entire markets:

A

Allows an individual company’s performance to be placed in context.

The ease of distribution of specific products.

The share of certain products in the wider market.

Data on other competitive firms in the same market.

Data on attitudes and motivators of target consumer groups.

33
Q

What is environmental data important for.

A

Current analysis.

Future planning.

34
Q

What are the UK government identified 4 key areas of performance?

A

Emissions to air.
Emissions to water.

Emissions to land.

Use of scarce/non renewable materials.

35
Q

What are the key issue to interpreting the data?

A

Must be relevant to the business.

Must be in a comparable form.

Way it is measured varies hugely between industries.

36
Q

What can marketing data help to do?

A

Available to stakeholders.

Assess business performance in relation to market competitors.

Assess strengths and weaknesses of the business and the markets in which It trades.

37
Q

What is the important data on issues affecting consumer behaviour?

A

Important in influencing buying decisions and stakeholder decision making.

Data relating to products made available online and in the media.

Customer reviews on products posted plus significant roles as investors expect updates about new product sales potential.

38
Q

Outline data on sales figures, brand recognition and market expenditure.

A

Likely to be historic to provide basis for stakeholders to judge expected future performance.

39
Q

What market info should we consider when analysing strengths and weaknesses?

A

Forms performance and prospects placed in context.

Other info to fully assess the market and its consequences.

40
Q

What other information may we need to fully assess the market and its consequences?

A

Ease of product distribution.

Share of certain products in the wider market.

Data on competitors in the same market.

Attitudes and motivations of relevant consumer groups.

(M) Business Year 2 (18 decks)

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