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Business Man > B4 exam > Flashcards

B4 exam Flashcards

1
Q

First step of the Planning process

A
  1. set the objective
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2
Q

second step of the planning process

A
  1. Analyse the environment (SWOT analysis)
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3
Q

third step of the planning process

A
  1. Develop alternative strategies
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4
Q

4th step of the planning process

A
  1. Implement an alternative
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5
Q

5th step of the planning process

A
  1. Monitor and seek feedback on the implemented strategy
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6
Q

planning process

A
  1. set the objective
  2. Analyse the environment (SWOT analysis)
  3. Develop alternative strategies
  4. Implement an alternative
  5. Monitor and seek feedback on the implemented strategy
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7
Q

1st step Decision making

A
  1. set objectives and criteria
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8
Q

2nd step decision making

A
  1. Outline the facts
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9
Q

3rd step decision making

A
  1. Identify alternative solutions
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10
Q

4th step decision making

A
  1. Analyse the alternatives
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11
Q

5th step decision making

A
  1. Chose one alternative and implement
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12
Q

decision making steps

A
  1. Develop objectives and criteria
  2. Outline the facts
  3. Identify alternative solutions
  4. Analyse the alternatives
  5. Chose one alternative and implement
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13
Q

2 strategies to improve corporate culture

A
  1. establishing policies to enforce the expected values\

2. rewarding emloyees who demonstrate the correct values

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14
Q

goal setting theory

A 
clarity
challenge
commitment 
feedback
task complexity
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15
Q

clarity

A

making goals unambiguous and measurable. Goals should be simple, clear and as specific as possible.

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16
Q

challenge

A

The opportunity to complete a task that is difficult can provide a level of challenge that can motivate an employee.

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17
Q

commitment

A

In order to ensure the employee will actively pursue the achievement of a goal, there must be a commitment on the part of the employee.

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18
Q

feedback

A

Feedback provides opportunities to offer recognition for progress achieved, to make adjustments to the goal if necessary, and to ensure expectations are clear and realistic.

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19
Q

task complexity

A

level of complexity should not overwhelm employees. It is important that any additional training that is required to assist the employee to complete the task is provided in a way that allows for genuine skill development over time.

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20
Q

performance management

A

The management of employees, departments and organisation to ensure that goals and objectives are being reached efficiently and effectively.

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21
Q

Outplacement services =

A

counselling, skills development, resume writing, interview techniques, job search

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22
Q

assisting employees in their transition =

A

superannuation, pension entitlements, lifestyle planning, farewell parties/speeches

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23
Q

role of hr man

A

Acquired to do:
negotiated between empee +/ or their representatives on issues of pay + working conditions
mediate groups interests empe//empr
develop grievance policies to solve disputes calmly + consistently
ensuring legal minimums for wages + conditions + safety = met
maintain positive environment ~ disputes = reduced

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24
Q

unions

A

= organisations formed to represent + protect rights of empees in particular industry

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25
Q

employers associations

A

group of empers who unite to promote their common interest + share info + advice + support

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26
Q

Award

A

= provide pay rates + conditions of employment for a particular industry/ occupation

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27
Q

award adv

A

wage = equality + transparency across industry

stating + predictability in negotiation process

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28
Q

award dis

A

no incentives for local empee-emper relations

less flexible to needs of individual businesses

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29
Q

agreement

A

= contracts made at a business/enterprise level between empee + empers about terms + conditions of employment

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30
Q

agreement adv

A

^incentive^ for good empee/empr relations

flex to needs if individual biz

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31
Q

agreemnet dis

A

\/ wage equality + transparency across industry

\/ collective empee strength in bargaining e.g. stirkes

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32
Q

Enterprise agreements:

A

Made between either employer union or employer majority employee representative groups
expectation of good faith - timely, disclose relevant info, no unfair conduct
once agreement reacher - submit to FWC

33
Q

operations management

A

consists of all the activities in which managers engage to produce goods or services. The coordination of recourses within a business to achieve the efficient and effective output of finished goods and services.

34
Q

eg of tranformation/process intangible

A

example of intangible changes school takes its main inputs — students, the syllabus, staff and buildings — and produces educated, employable graduates.

35
Q

automation

A

involves lines work generally in manufacturing industries where mass production of a standardised product is possible.

36
Q

CAD

A

computerised design tool that allows a business to create product possibilities from a series of input parameters.

37
Q

CAM

A

technique that involves the control of machinery, and equipment through a computer. Machines are fed instructions from a computer

38
Q

Computer integrated manufacturing

A

is a method of manufacturing in which the entire production process is controlled by a computer.

39
Q

Forecasting

A

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

40
Q

materials requirement planning

A

involves developing an itemised list of all materials involved in production to meet the speci ed orders.

41
Q

TQM

A

an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation through sharing responsibility among all the members of the business.

42
Q

waste minimisation

A

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

43
Q

waste min strategies

A

• redesigning products and packaging

• procurement of materials made from recycled materials

• reusing scrap material

• improving quality contro

• exchanging waste with other businesses

• introducing all systems approaches, such as lean production.

44
Q

lean management

A

is an approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality.

45
Q

principles of lean man 6

A

Avoiding excess motion = reducing unnecessary motion
avoiding over production = no overworking
avoiding excess inventory = minimising storage required
Eliminating waiting time = overall to wait and produce
Avoiding over processing = no more adding unnecessary value to product
reducing excess transport

46
Q

CSR

A

Corporate social responsibility (CSR) takes into account an approach that is both ethical and socially responsible.

47
Q

Adv csr

A

Behaving in a socially acceptable manner can improve the reputation of a business, improve efficiency and reduce costs in the long term.

48
Q

disad csr

A

It can be expensive and time consuming to manage an operations system in a socially responsible way.

49
Q

Global sourcing

A

= the practice of seeking the most cost efficient materials and other inputs, including from countries overseas.

50
Q

overseas manu

A

The production of a good in a country that is different to the location of the business’s headquarters. also referred to as offshoring, meaning a good is produced in a country that is different to the location of the business’s headquarters.

51
Q

global outsourcing

A

Outsourcing involves the contracting out of a business process (e.g. payroll processing, claims processing) and non-core functions (e.g. IT, call centre support) to another business.

52
Q

supcman

A

Outsourcing involves the contracting out of a business process (e.g. payroll processing, claims processing) and non-core functions (e.g. IT, call centre support) to another business.

53
Q

Force field analysis

A

= outlines the process of determining which forces drive and which resist a proposed change.

54
Q

5 step process FFA

A

from a group of people driving the change
identify the change
Identify driving and restraining forces - then assign a score to represent the strength of the force
select 3-5 changes to focus on - reduce restraining, encourage driving (compare with SWOT analysis)
Identify actions to address these focus areas - how will it be implemented and who is responsible

55
Q

MP stratgey

A

Michael Porter’s theory is a strategic management theory which describes how a business can seek to acquire a competitive advantage in its industry or market and therefore dominate that industry or increase its market share in it.

56
Q

5 forces MPS

A 
supplier power
buyer power
competitive rivalry 
threat of substitution 
threat of new entry
57
Q

supplier power refers to

A

how easy it is for suppliers to drove costs up

58
Q

buyer power ref to

A

how powerful buyers are in driving prices down

59
Q

comp rivalry ref to

A

looks at the number and capability of competitors

60
Q

threat of sub ref to

A

how easy it is for customers to find a similar goof pr service

61
Q

threat of new entry ref to

A

how easy it is for new competitors to enter the market

62
Q

3 steps of MPS

A

Step 1 - Carry out a SWOT analysis
Step 2 - Porter’s five force analysis
Step 3 - Compare the SWOT with the results of the five forces

63
Q

explain 1st step mps

A

Step 1 - Carry out a SWOT analysis
• Carry out a SWOT (Strengths, Weaknesses, Opportunities and Strengths) for each of the two strategies. businesses should consider undertaking a SWOT analysis in regular intervals to evaluate the impact of future change.

64
Q

explain 2nd step mps

A

Step 2 - Porter’s five force analysis
• A business should use this as a tool to understand where power lies in a business situation. The tool can be used to identify weather new products, services or businesses have the potential to be profitable.5

65
Q

explain 3rd step mps

A

Step 3 - Compare the SWOT with the results of the five forces
• A Business should select the generic strategy that provides the strongest set of options

66
Q

leadership

A

Leadership is the process of positively influencing and encouraging individuals to set and achieve objectives.

67
Q

list of management strategies to respond to KPI’s 8

A 
staff training
staff motivation
change in management styles/skills
increased investment in tech
improoving quality in production
Cost cutting
initiating lean production
redeployment of recourses
68
Q

new business opportunities

A

Desire to expand profits
Move out of a market in decline
Move out of a market with overly strong competition
Get into a new market just as it begins to expand
This can be done by:
Developing new products through investment in research and development
Finding a new market or niche
Innovation
Taking advantage of new technology
Exporting goods or services overseas
Having goods produced overseas

69
Q

learning organisation

A

This theory is associated with businesses that continuously transform themselves by allowing the members of that business to continuously learn from their experiences.

70
Q

5 principles of learning org

A 
Mental models
Building a shared vision 
Personal mastery 
Team learning 
Systematic thinking
71
Q

low risk strategies 4

A

Communication
Empowerment
Support
Incentives

72
Q

high risk strategues 2

A

manipulation

threat

73
Q

unfreeze consists of 4

A

1 Determine what needs to change
2 Ensure there is strong support from upper management
3 Create the need for change
4 Manage and understand the doubts and concerns

74
Q

change consists of 4

A

1 Communicate often
2 Dispel rumours
3 Empower action
4 Involve people in the process

75
Q

refreeze consists of 4

A

1 Anchor the changes into the culture
2 Develop ways to sustain the change
3 Provide support and training 4 Celebrate success!

76
Q

ways woolies incorporate CSR management in the environment 3

A

sustainability goals toward zero waste going to land fill
increasing the recyclability on home brand products
reducing carbon emissions by 10% from 2015’s number

77
Q

ways to incorporate CSR management in Society’s health and welfar

A

woolies earn and learn program, helps getting equipment for schools

78
Q

ways to incorporate CSR management in the Concern for workforce and families 4

A

Providing a flexible work atmosphere for its employees
Lessening noise pollution from a factory
Allowing employees to volunteer their time for other non-profit organisations
Employing local workers

Business Man (6 decks)

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