Buisness test 3 Flashcards
What is management
- Get things done by directing individuals & teams
- Develop & are responsible for employees
What is achieved by management
Achieve buiseness goals by deciding on best use of human financial & material resources.
what are the 4 major functions?
- planning
- organising
- leading
- controlling
What is planning?
Setting goals short term & long term
What is organisation?
Arranging people & tasks
What are 3 levels of management
Upper- ex CEO
Middle- plant mgr
Lower- assistant mgr
what does leading involve?
motivating
communicating
participation
What does controlling involve
Involves discipline
Performance appraisal
Budgeting
Goal- resource allocation
What is managing resource
- purchasing
- production
- Marketing & distribution
- R & D
- finance
What are leadership types and what are they
Influence by personality & situation types -Autocratic -laissez-faire -Democratice
What do managers do
make decisions about ethical behaviours
3 areas of management & ethics
- employees: treatment of employees
- environment: energy conservation
- community: fundraising
what is a team
Group of people with different skills
What is teamwork
The ability of people to work together towards a common goal
what are some teamwork disadvantages
social loafing - a member who does less work time cost implementation -no responsibility personality conflict timing unprepared
what are 6 types of teams?
commmittee task force cross functional self managed virtual informal
What is committee
- Different areas
- ongoing
- specific task
ex: employee benefits, social
What is a task force team?
-accomplish a specific task
-disbanded
Ex: Product design, building design
what is cross-functional team?
- different functional areas
- diversity of input
- quick decision making
ex: car development, engineers, sales and accountants.
What is a self-managed team?
- no official leader
- responsible for all work
- Manage hiring, training, developing, scheduling etc.
ex: google engineers & developers
What is a virtual team
operate via computer technology over a long distance
saves time & travel cost
What is an informal team
not formally appointed by management
forms naturally by members
ex. carpool company sports team, lunch walking group
What is production?
- making a product
- providing a service
- Generates and idea or concept
- events
What are the 6 factors of production
- natural resources
- Raw materials
- Labour (human resources)
- capital
- information
- Management
Factor production 1- natural resources
supplied by primary industries
- agriculture
- fishing and trapping
- mining
- water
- fuel and energy
- logging and forestry
Factor production 2- raw materials
Goods used to manufacture and make other goods like
- ingredients- combined/ converted to make the finished product
- supplies- part of a new product but used in the process
Factor production 3- labour
=s physical & mental work
cost-saving measures
-automation (machines perform a task)
- Consolidation (centralise manufacturing sites) refers to the combination of severalbusinessunits or differentcompaniesinto a single, larger organisation
-Outsourcing (hire another business to do work like payroll)
Factor production 4- capital
Money invested in the business ( can be transformed ex: truck)
1. liquid: cash
2. Non-liquid which is buildings/equipment (capital goods)
Intellectual property (which is creations of the mind, such as inventions) are non-tangible capital (meaning are untouchable)
Factor production 5- information
- new technology
- customers
- competition
- political conditions
- sources of supply
Factor production 6- Management
- People who run the buiseness & control/direct the factors of production
- allocates resources of the business
- make decisions that affect business operations
- large businesses- managers
- small businesses-owners
What are the 4 stages of the production process?
- purchasing
- processing
- quality control
- grading
production process 1- purchasing
Raw materials consider -quality -price -extra costs Ex; shipping, taxes
production process 2- processing
Convert one item to another ex: bauxite-> aluminium Sugar cane-> sugar Wheat-> flour Timber or logs-> paper
production process 3- quality control
Products=set standards
set by:
-business
-government
production process 4- grading
Checking products for size & quality
Improving productivity
Increased productivity
- = Quality, + speed
- Quality, = speed
- Quality & speed
How to improve productivity
- training
- capital investment
- investment in technology
- new inventory systems
list 4 functions of human resources
- Hire workers
- trainning
- payments of salaries/ wages
- Dismiss
What is the labour market?
employers meet employees
What are the types of labour?
unskilled- limited training (some highschool)
semiskilled- some training/certification
Skilled-training & education
professional- highly trained
Losing employees
Departures-voluntary there would be exit interviews
Dismissal-involuntary bcs performance/layoff costcut
retirement-withdrawal
What does compensation mean?
how do āiā get paid
what are some compensations?
Hourly wage-min wage Salary-fixed amount commission-sales bonus-targets performance-based pay piecework fee for service-ex: construction stock options-shares
Difference between health & safety regulations
Health is sick pay + wellness programs
Safety is employees rights like WHMIS
What is workers compensation?
pays salaries while recovering
medical coverage
payment for rehabilitation
what is a comptroller?
A financial manager
What is retention
the continued possession, use, or control of something. its basically to keep the employee interested in work like offering them benefits and vacation
Compensation earned due to meeting targets.
bonus
what is pay by Piecework pay
according to how many products you complete
If I sell property and receive a percentage of the selling price my compensation is
a commission
what is Compensation
Compensation describes the cash rewards paid to employees in exchange for the services they provide.
If I offer a catering service I am paid compensation according to
Fee for service
