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Business U4 > 5B > Flashcards

5B Flashcards

Management Strategies to Respond to KPIs Part 1

1
Q

what is staff training

A

Staff training involves a business equipping employees with the knowledge and skills required to perform work tasks.

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2
Q

what is staff motivation

A

Staff motivation involves a manager implementing strategies that encourage employees to work towards the achievement of business objectives.

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2
Q

what is change in management style

A

Change in management style involves altering the way management directs and communicates with employees.

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3
Q

what is change in management skills

A

A change in management skills involves a manager, altering the way they approach business tasks and collaborate with other employees.

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4
Q

What do Management strategies to respond to KPI’s focus on???

A

-the financial status of a business
-employee morale
-and the operations process.

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5
Q

what is cost cutting

A

is the process of reducing business expenses.

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6
Q

In staff motivation, what are the motivation strategies

A

1)performance related pay(n.)
2)Career advancement(n.)
3)investment in training(n.)(CHECK THIS ONE)
4)support strategies(n.)
5)sanction strategies(n.)

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7
Q

what is performance related pay

A

is a financial reward that employees receive for reaching or exceeding a set business goal.

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8
Q

what is career advancement

A

Career advancement is the upwards progression of an employee’s job position

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9
Q

what is investment in training

A

is allocating resources to improve employee skills and knowledge.

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10
Q

what is support strategies

A

involve providing employees with any assistance that improves their satisfaction at work.

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10
Q

what are the management styles

A

1)Autocratic(n.)
2)Persuasive(n.)
3)Consultative(n.)
4)Participative(n.)
5)Laissez-faire(n.)

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11
Q

what is sanction strategies

A

involve penalising employees for poor performance or breaching business policies

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12
Q

what is Autocratic

A

involves a manager making decisions and directing employees without any input from them.

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13
Q

what is Persuasive

A

involves a manager making decisions and communicating the reasons for those decisions to employees without their input.

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14
Q

what is Consultative

A

involves a manager seeking input from employees on business decisions but making the final decision themselves.

15
Q

what is Laissez-faire

A

involves a manager communicating business objectives to employees and giving them freedom to make decisions independently.

16
Q

what is Participative

A

involves a manager sharing information with employees so that employees can participate in decision-making.

17
Q

what are the management skills

A

1)Communication(n.)
2)Delegation(n.)
3)Planning(n.)
4)Leadership(n.)
5)Decision-making(n.)
6)Interpersonal(n.)

18
Q

what is communication

A

is the skill of effectively transferring information from one party to another.

18
Q

what is delegation

A

is the skill of assigning work tasks and authority to other employees who are further down in a business’s hierarchical structure.

19
Q

what is planning

A

is the process of determining a business’s objectives and establishing strategies to achieve these aims.

20
Q

what is decision-making

A

is the skill of selecting a suitable course of action from a range of plausible options.

21
Q

what is leadership

A

is the skill of motivating others in order to achieve a business’s objectives.

22
Q

what is interpersonal

A

is the skill of creating positive interactions with other employees, to foster beneficial professional relationships

23
Q

what are some cost cutting strategies

A

1)Termination management(n.)(GENERALLY IN THE FORM OF REDUNDANCY)
2)Lean management(n.)
3)Total quality management program(TQM)(n.)
4)Global considerations(n.)
5)Waste management strategies(n.)

24
Q

what is Termination management

A

is the process whereby a business ends its employment contract with an employee.

25
Q

what is Lean management

A

the process of systematically reducing waste in all areas of a business’s operations system whilst simultaneously improving customer value.

26
Q

what is total quality management (TQM)

A

[A holistic approach] whereby [all employees] are [committed] to [continuously improving the business’ operations system] to [enhance quality] for customers.

27
Q

what is global considerations

A

-Global sourcing of inputs(v.)=A business [acquiring raw materials and resources] [from overseas suppliers.]

-Overseas manufacture(n.)=A [business producing] [goods or services] [outside] of the [country] where its [headquarters] are located.

-Global outsourcing(v.)=[transferring specific business activities] to an [external business] in an [overseas country.]

28
Q

what are waste minimisation strategies

A

def: it is the process of reducing the amount of unused material, time, or labour within a business.

WASTE MINIMSATION STRATEGIES=
-Recycle(n.)=is a waste minimisation strategy that aims to transform items which would have otherwise been discarded.
-Reuse(n.)=is a waste minimisation strategy that aims to make use of items which would have otherwise been discarded.
-Reduce(n.)=is a waste minimisation strategy that aims to decrease the amount of resources, labour, or time discarded during production.

29
Q

Staff training(n.) effect on KPI’s=

A
  1. Number of customer complaints
  2. Number of workplace accidents
  3. Number of sales
  4. Net profit figures
  5. Percentage of market share
  6. Rate of productivity growth
  7. Level of staff turnover
  8. Rate of staff absenteeism
  9. Number of website hits
30
Q

Staff motivation(n.)effect on KPI’s=

A
  1. Level of staff turnover
  2. Rates of staff absenteeism
  3. Number of customer complaints
  4. Rate of productivity growth
  5. Percentage of market share
  6. Number of sales
  7. Number of website hits
31
Q

change in management styles(n.)effect on KPI’s=

A
  1. Level of staff turnover
  2. Rates of staff absenteeism
  3. Rate of productivity growth
  4. Net profit figures
  5. Number of workplace accidents
32
Q

change of change in management skills(n.)effect on KPI’s=

A
  1. Level of staff turnover
  2. Rates of staff absenteeism
  3. Rate of productivity growth
  4. Net profit figures
  5. Number of workplace accidents
33
Q

Cost cutting(n.)effect on KPI’s=

A
  1. Net profit figures
  2. Level of wastage
  3. Rate of productivity growth

Business U4 (17 decks)

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