Bus 101: Business Disciplines Flashcards
Accounting
involves the oversight of financial accounts
Accounting uses financial statements such as…
the balance sheet and income statements
Balance sheet
measures an organizations assets, liabilities, and equity at a point in time.
Income statement
shows revenues, expenses, and net profit over a period of time.
Business Technology Management
Strategic use of data and technology, mostly in the digital transformation of organizations.
Pillars of BTM
analysis, project management, and technology leadership
Analysis (BTM)
understanding and organization; understand the goals of the organization
Project management (BTM)
managing budgets, time and all the things you need to do to complete a project.
technology leadership (BTM)
making decisions around what technology a business should adopt.
Operations management
Processes that create products and deliver services (i.e., transforming inputs into outputs)
Key concepts of OM
aggregate planning, inventory management, and congestion management.
Aggregate planning (OM)
aims to maximize profit or minimize costs by matching production demand with production capacity.
Inventory management (OM)
find the optimal level of inventory that we should carry in our system.
Congestion management (OM)
find the optimal level of resources to include in our service system so the waiting time for customers is improved.
Finance
Helps facilitate the allocation of resources (i.e., money) across the economy between savers and borrowers
Time value of money (FIN)
if you receive money now, you can earn interest.
risk return tradeoff (FIN)
if an investment has a higher level of risk, it must have a higher rate of return.
Business economics
Focus on ideas such as efficiency and rationality, which combines economics with psychology.
BUEC Key concepts
scarcity, supply and demand, efficiency and rationality
Scarcity (BUEC)
the gap between limited resources (intangible or tangible) and limitless wants.
supply and demand (BUEC)
The amount of a commodity, product, or a service available and the desire of buyers for it.
efficiency and rationality (BUEC)
understanding how to use resources efficiently and rationally.
Business Law
Concepts include rights and duties which involve the relationship (i.e., contract law) between yourself and others, and liabilities which pertain to the legal responsibilities or obligations between those relationships
Rights and duties (BLAW)
rights are what one wants others to do for him/her, whereas duties are acts that one should perform for others.
liabilities (BLAW)
the state of being responsible for something, especially by law.
Entrepreneurship
the early moments of setting up a business or businesses, and taking financial risks for profit.
Key concepts in entrepreneurship
lean startup, disciplined entrepreneurship, disruption, social entrepreneurship, entrepreneurial ecosystems
Lean startup (entre)
(west coast) very quickly developing a product and business and scaling that product and business.
disciplined entrepreneurship
slower version of lean startup (east coast)
disruption (entre)
how do small businesses interact with established large businesses.
social entrepreneurship
how do we ensure people in marginalized communities have access to the same kinds of resources?
entrepreneurial ecosystems
organizations exist within a larger ecosystem and interact with many different parties.
Human resource management
Advises management on how to design and operate management systems, including attracting job applicants, who to actually hire, how to keep them and help them perform
HRM key concepts
selection, performance management, legal regulations
Selection (HRM)
the process of testing and evaluating job applicants for the purpose of choosing who to hire.
performance management (HRM)
the evaluation and assessment of employees, with the goal to create an environment where people can perform at their best.
legal regulations (HRM)
rights and responsibilities of both employees and employers.
International Business
Managing the supply chain and cross cultural communications are important to consider
Globalization (INT B)
the free movement of people, capital and goods.
international production (INT B)
Comparative advantage tells us why different countries produce different goods, and why specializing leads to a higher living standard for everyone involved.
supply chain (INT B)
goods produced in different parts of the world and brought together.
cross cultural communication (INT B)
how people from differing cultural backgrounds communicate, in similar and different ways.
Marketing
we are all consumers, marketing creates value/revenue, businesses use marketing across all disciplines, etc.
4 P’s (MARK)
product, price, placement, and promotion
Product (MARK)
focuses on creating value by delivering a product that satisfies customer needs.
Price (MARK)
focuses on the cost of your product, and how different price strategies affect the value of the product.
Place (MARK)
focuses on reducing physical and psychological barriers that prevent people from purchasing your product
Promotion (MARK)
focuses on persuading your customers of the value of your product.
Strategy, management, and organization
Solving complex problems through leadership and strategy.
Adapting to uncertain environments across the organization through decision making.
Leadership (SMO)
how do you work effectively with others and in a team.
decision making (SMO)
how are ways you can interact with other people in teams and adapt to uncertain environments (how to make rational decisions).
strategy (SMO)
how do you determine what the objectives are that you are trying to achieve?
