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business Flashcards

1
Q

5 ways of HRM

A
  1. Workforce planning
  2. Recruitment
  3. Training and development of staff
  4. Performance management and apparaisal
  5. Dismissal and redundancies
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2
Q

What is labour turnover and formula?

A

Percentage of workforce that leaves organization in a period of time.
staff leaving/total staff x 100

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3
Q

Reasons to leave job

A

Challenge
Location
Advancements
Money
Pride
Security

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4
Q

Process of workforce planning

A
  1. Analize demand for employees and internal and external supply of employees
  2. Compare both
  3. Apply plan
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5
Q

What are dismissal and redundancy?

A

Dismissal: termination of contract because of misconduct or poor performance
Redundancy: no longer needed

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6
Q

Internal factors affecting HRM

A

Structure and size of organization
Budget
Promotion
Corporate culture
Motivation

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7
Q

What is flexi-time?

A

Flexibility for employees (hours, from home, teamwork, sharing jobs)

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8
Q

External factors affecting HRM

A

Demographic change (population characteristics)
Immigration
New communication technologies
Economic changes

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9
Q

Examples of demographic changes

A

Size and geography of population
Birth/Death rates
Average Age
Gender

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10
Q

Examples of economic changes

A

Recession
Unemployment
Labour mobility
Temporary work

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11
Q

What is GDP?

A

Gross Domestic product: measure of economic output of country in specific time.

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12
Q

What are the 2 types of labour mobility?

A

Geographical mobility
Occupational mobility

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13
Q

What is gig economy?

A

Job done for a specific amount of time.

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14
Q

Reasons why employees don’t like change:

A

Self-interest
Low tolerance
Misinformation
Interpretations of circumstances

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15
Q

Strategies for resistance of change

A

Participation
Communication
Planning
Negotiation
Coercion
Manipulation

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16
Q

What is organizational structure?

A

How tasks are divided/coordinated
Who employees respond to
Role of each employee

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17
Q

What is delegation?

A

Passing control of authority to others.

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18
Q

What is span of control?

A

Number of subordinates that a manager controls.

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19
Q

Advantages and disadvantages of narrow and wide span of control

A

Narrow
Advantages: control, familiarity, supervision, feedback
Disadvantages: expensive, slower decisions, isolation of top, discourages autonomy

Wide
Advantages: efficiency, less cost, quick decisions, flexibility
Disadvantages: less control, no familiarity, less coordination

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20
Q

Degree of control granted to manager depends on:

A

Manager
Organizational culture
Subordinates
Tasks

21
Q

What is hierarchy? (mention line manager and subordinates)

A

Organizational structure based on ranking system. Line managers are above an employee in level and subordinates are below level.

22
Q

Hierarchy of HR

A
  1. CEO
  2. Board of directors
  3. Middle management
  4. Supervisors and team leaders
  5. other employees
23
Q

Difference between tall and flat organizational structures

A

Tall: more levels of hierarchy, less span of control
Flat: less levels of hierarchy, more span of control

24
Q

What is chain of command?

A

Line of authority in which orders are passed down.

25
Q

What is bureaucracy?

A

Involves multiple layers of authority and complex approval processes.

26
Q

Difference between centralization and decentralization

A

Centralization: less people in decision
Decentralization: more people in decision

27
Q

What is delayering?

A

Removing levels of hierarchy to flatten structure.

28
Q

Explain the matrix structure

A

The project-based organization is when team members report to multiple managers (project manager and functional manager).

29
Q

What are the functional departments?

A

Marketing, Human resources, Production, Finance

30
Q

By which factors can departments be divided?

A

By product, region and function.

31
Q

Explain Shamrock Organization and author

A

Charles Handy
Core employees, contract employees, and temporary employees.

32
Q

What is a manager?

A

Functions: plan, command, control, organize
Fixed schedule: 9-5
Administer day to day operations
Focus on tasks and people are resources
Follow rules

33
Q

What is the helicopter factor?

A

Allows managers to rise above situations to see bigger picture.

34
Q

What is a leader?

A

Ingredients: guiding vision, passion, integrity, trust, curiosity, daring
24 hours
Remember why they do what they do
Focus on people and their development
Challenge status quo

35
Q

Name the leadership styles

A

Autocratic
Paternalistic (+ or -)
Democratic
Laissez-faire (hands off)
Situational

36
Q

What is SWOT analisis?

A

Strengths
Weaknesses
Opportunities
Threats

37
Q

What do strength and weaknesses have in common?

A

They are in your control.

38
Q

What do opportunities and threats have in common?

A

They are not in your control.

39
Q

Unmotivated employees, loyal costumers, low-cost financing and changing consumer tastes. Mention which belongs to each section of SWOT.

A

Unmotivated employees: weakness
Low-cost financing: opportunity
Changing consumer tastes: threat
Loyal consumers: strength

40
Q

Explain FFA and author

A

Psychologist professor: Kurt Lewin
Force Field Analysis is a tool to examine driving forces of change and restraining forces against change. Managers/entrepreneurs can brainstorm reasons for and against change.

41
Q

What are economies and diseconomies of scale?

A

Economies of scale: reduced cost as the products rise
Diseconomies of scale: increase of cost as production is too large

42
Q

What are the 2 components of FFA and their meaning

A

Driving forces: push for change
Restraining forces: act against change

43
Q

4 stages of FFA

A
  1. List driving and restraining forces of change
  2. Wieght to forces (1weak-5strong)
  3. Draw FFA diagram
  4. Total scores
44
Q

What are offshoring and outsourcing?

A

Offshoring: move work to other country
Outsourcing: contract work to other workers

45
Q

What is a business plan?

A

Official document with details of organization and proposals to reach goals.

46
Q

Elements of a business plan

A

COVER:
name, logo, owners, date

EXECUTIVE SUMMARY
MISSION/VISION
PROBLEM (you want to solve with product)
SOLUTION (product description, legal structure, personnel, operating procedures)
MARKET
MARKETING
SOURCES OF FINANCES
BUDGET (list of expenses, breakeven)
MILESTONES

47
Q

What is the difference between mission and vision?

A

Mission: what you do, how you do it and why you do it
Vision: what company wants to achieve in long run

48
Q

Define profit, revenue, fixed costs, variable costs and breakeven

A

Profit: revenue - cost
Fixed costs: salaries, platforms
Variable costs: per unit
Breakeven: revenues = costs

49
Q
A

business (2 decks)

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