AOS 1 Characteristics Of LSO

Question 0

Large scale organisation

Answer 0

Employs 200 or more people, earns revenue in the millions and has assets of more than $200 million

Question 1

Organisation

Answer 1

Two or more people working together to achieve an objective

Question 2

Multinational corporation

Answer 2

Owned and based in one country and operates in many countries throughout the world

Question 3

Corporation

Answer 3

Owned by shareholders and aim to make a profit

Question 4

Shareholder

Answer 4

Any person who owns shares in a company

Question 5

Government business enterprise

Answer 5

Government owned and operated

Question 6

Objective

Answer 6

A desired goal, outcome or specific result that an organisation intends to achieve

Question 7

Vision statement

Answer 7

States what the organisation aspires to become

Question 8

Mission statement

Answer 8

Expresses why the organisation exists, it’s purpose and how it will operate

Question 9

Strategies

Answer 9

The action that an organisation takes to achieve specific objectives

Question 10

Gross domestic product

Answer 10

Refers to the total monetary value of all goods and services produced in a country over one year

Question 11

Balance of payments

Answer 11

A record of a countries trade and finance transactions with the rest of the world

Question 12

Research and development

Answer 12

Activities undertaken to

• improve existing products
• create new products

Question 13

Invention

Answer 13

Development of something new

Question 14

Innovation

Answer 14

Occurs when something already established is improved upon

Question 15

Infrastructure

Answer 15

Refers to highways, railways, airports, communication systems, education and health facilities, water, gas and electrical supplies

Question 16

Downsizing

Answer 16

Involves workplace staff reductions, with the elimination of jobs and positions

Question 17

Outsourcing

Answer 17

The contracting of some organisational operations to outside suppliers

Question 18

Internal environment

Answer 18

Includes all those things over which the organisation has some degree of control over

Question 19

External environment

Answer 19

Includes those things over which the business has little control. It may be divided into a operating environment and a macro environment

Question 20

Operating environment

Answer 20

Refers to the outside factors with which the organisation directly interacts in the course of conducting its business

Question 21

Customers

Answer 21

The buyers or users of the products of a large scale organisation (operating environment)

Question 22

Suppliers

Answer 22

Organisations and individual that supply resources to the organisation, allowing it to conduct its operations (operating environment)

Question 23

Competitors

Answer 23

Other organisations that offer rival products or services (operating environment)

Question 24

Lobby groups

Answer 24

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies (operating environment)

Question 25

Macro environment

Answer 25

Made up of broad factors in the economy and society within which organisations operate eg. Political, economic and legal influences, globalisation, technological development, social attitudes

Question 26

Effectiveness

Answer 26

Degree to which an organisation has achieved its stated objectives

Question 27

Efficiency

Answer 27

How well an organisation uses its resources to achieve objectives

Question 28

Key performance indicators

Answer 28

Specific criteria used to measure the efficiencyand effectiveness of the organisations performance

Question 29

Profitability (KPI)

Answer 29

Measures the earning performance of the organisation

Question 30

Number of sales (KPI)

Answer 30

Measures the number of products sold

Question 31

Percentage of market share (KPI)

Answer 31

The proportion of the total market that a business has, expressed as a %

Question 32

Rate of productivity growth (KPI)

Answer 32

Measures the change in productivity in one year compared to the previous year

Question 33

Customer survey results (KPI)

Answer 33

Measures how satisfied customers are with the organisations performance

Question 34

Staff survey results (KPI)

Answer 34

Measures how satisfied staff are within the organisation

Question 35

Staff turnover rate (KPI)

Answer 35

Measures the number of staff who are leaving the organisation

Question 36

Customer complaints (KPI)

Answer 36

Indicates whether or not customers are satisfied with the performance of the organisation

Question 37

Level of wastage (KPI)

Answer 37

Measures the amount of waste created by the production process

Question 38

Number of workplace accidents (KPI)

Answer 38

Indicates how safe the workplace is for employees

Question 39

Benchmarking (KPI)

Answer 39

When the organisation measures its performance against that of other leading organisations known for their excellence

Question 40

Stakeholders

Answer 40

Groups and individuals who interact with the organisation and have an interest in its activities eg. Unions, employees, customers and suppliers

Question 41

Social responsibility

Answer 41

The obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment

Question 42

Ethical management

Answer 42

The process of abiding by moral standards and doing the right thing in the interest of all stakeholders

Question 43

Triple bottom line

Answer 43

The economic, social and environmental performance of an organisation