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Bus 101 > Bus 101: Business Disciplines > Flashcards

Bus 101: Business Disciplines Flashcards

1
Q

Accounting

A

involves the oversight of financial accounts

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2
Q

Accounting uses financial statements such as…

A

the balance sheet and income statements

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3
Q

Balance sheet

A

measures an organizations assets, liabilities, and equity at a point in time.

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4
Q

Income statement

A

shows revenues, expenses, and net profit over a period of time.

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5
Q

Business Technology Management

A

Strategic use of data and technology, mostly in the digital transformation of organizations.

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6
Q

Pillars of BTM

A

analysis, project management, and technology leadership

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7
Q

Analysis (BTM)

A

understanding and organization; understand the goals of the organization

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8
Q

Project management (BTM)

A

managing budgets, time and all the things you need to do to complete a project.

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9
Q

technology leadership (BTM)

A

making decisions around what technology a business should adopt.

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10
Q

Operations management

A

Processes that create products and deliver services (i.e., transforming inputs into outputs)

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11
Q

Key concepts of OM

A

aggregate planning, inventory management, and congestion management.

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12
Q

Aggregate planning (OM)

A

aims to maximize profit or minimize costs by matching production demand with production capacity.

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13
Q

Inventory management (OM)

A

find the optimal level of inventory that we should carry in our system.

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14
Q

Congestion management (OM)

A

find the optimal level of resources to include in our service system so the waiting time for customers is improved.

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15
Q

Finance

A

Helps facilitate the allocation of resources (i.e., money) across the economy between savers and borrowers

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16
Q

Time value of money (FIN)

A

if you receive money now, you can earn interest.

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17
Q

risk return tradeoff (FIN)

A

if an investment has a higher level of risk, it must have a higher rate of return.

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18
Q

Business economics

A

Focus on ideas such as efficiency and rationality, which combines economics with psychology.

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19
Q

BUEC Key concepts

A

scarcity, supply and demand, efficiency and rationality

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20
Q

Scarcity (BUEC)

A

the gap between limited resources (intangible or tangible) and limitless wants.

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21
Q

supply and demand (BUEC)

A

The amount of a commodity, product, or a service available and the desire of buyers for it.

22
Q

efficiency and rationality (BUEC)

A

understanding how to use resources efficiently and rationally.

23
Q

Business Law

A

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

24
Q

Rights and duties (BLAW)

A

rights are what one wants others to do for him/her, whereas duties are acts that one should perform for others.

25
Q

liabilities (BLAW)

A

the state of being responsible for something, especially by law.

26
Q

Entrepreneurship

A

the early moments of setting up a business or businesses, and taking financial risks for profit.

27
Q

Key concepts in entrepreneurship

A

lean startup, disciplined entrepreneurship, disruption, social entrepreneurship, entrepreneurial ecosystems

28
Q

Lean startup (entre)

A

(west coast) very quickly developing a product and business and scaling that product and business.

29
Q

disciplined entrepreneurship

A

slower version of lean startup (east coast)

30
Q

disruption (entre)

A

how do small businesses interact with established large businesses.

31
Q

social entrepreneurship

A

how do we ensure people in marginalized communities have access to the same kinds of resources?

32
Q

entrepreneurial ecosystems

A

organizations exist within a larger ecosystem and interact with many different parties.

33
Q

Human resource management

A

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

34
Q

HRM key concepts

A

selection, performance management, legal regulations

35
Q

Selection (HRM)

A

the process of testing and evaluating job applicants for the purpose of choosing who to hire.

36
Q

performance management (HRM)

A

the evaluation and assessment of employees, with the goal to create an environment where people can perform at their best.

37
Q

legal regulations (HRM)

A

rights and responsibilities of both employees and employers.

38
Q

International Business

A

Managing the supply chain and cross cultural communications are important to consider

39
Q

Globalization (INT B)

A

the free movement of people, capital and goods.

40
Q

international production (INT B)

A

Comparative advantage tells us why different countries produce different goods, and why specializing leads to a higher living standard for everyone involved.

41
Q

supply chain (INT B)

A

goods produced in different parts of the world and brought together.

42
Q

cross cultural communication (INT B)

A

how people from differing cultural backgrounds communicate, in similar and different ways.

43
Q

Marketing

A

we are all consumers, marketing creates value/revenue, businesses use marketing across all disciplines, etc.

44
Q

4 P’s (MARK)

A

product, price, placement, and promotion

45
Q

Product (MARK)

A

focuses on creating value by delivering a product that satisfies customer needs.

46
Q

Price (MARK)

A

focuses on the cost of your product, and how different price strategies affect the value of the product.

47
Q

Place (MARK)

A

focuses on reducing physical and psychological barriers that prevent people from purchasing your product

48
Q

Promotion (MARK)

A

focuses on persuading your customers of the value of your product.

49
Q

Strategy, management, and organization

A

Solving complex problems through leadership and strategy.

Adapting to uncertain environments across the organization through decision making.

50
Q

Leadership (SMO)

A

how do you work effectively with others and in a team.

51
Q

decision making (SMO)

A

how are ways you can interact with other people in teams and adapt to uncertain environments (how to make rational decisions).

52
Q

strategy (SMO)

A

how do you determine what the objectives are that you are trying to achieve?

Bus 101 (10 decks)

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