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PHR > Business Management > Flashcards

Business Management Flashcards

1
Q

each partner has limited liability, protects partners from each other’s actions

A

Limited Liability Partnership

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2
Q

describe company, what it does, how it’s different

A

Mission Statement

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3
Q

company asset such as product line, division or another part of org is sold or disposed of; focus on core competencies or asset has greater value as standalone operation

A

Divestitures

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4
Q

Barriers to Entry

A
  • Switching costs
  • Capital requirements
  • Access to distribution channels
  • Product differentiation
  • Economies of scale
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5
Q

structure meeting format designed to elicit participation from all members to arrive at best possible solution, consensus building

A

Nominal Group Technique

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6
Q

measures 2 variables to determine if there is a relationship bw them

A

Correlation

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7
Q

looks at individual units to reduce/eliminate redundancy or bureaucratic processes, reduce costs and increase production

A

Corporate Restructuring

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8
Q

corp purhcases or trades stock to gain controlling interest in another

A

Acquisition

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9
Q

Stakeholders

A 
Government
Owners
Employees
Suppliers
Customers
Community
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10
Q

statement of ideal standards that organization is committed to uphold in business practice

A

Code of Ethics

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11
Q
  • struggle to obtain funding
  • employees not fully qualified, base pay below market rate
  • outsourcing for specialized functions
  • employees work closely with founders/leaders
A

Organization Life Cycles: Startup

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12
Q

VUCA

A

Volatile/Visionary
Uncertainty/Understanding
Complex/Clarity
Ambiguous/Agility

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13
Q

large numbers of employees enter, difficult to assimilate, clash of operating styles

A

Workforce Expansion

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14
Q

horizontal networks connect people, and functions enhance creativity and communication

A

Seamless

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15
Q

moving production or service processes to other countries for cost savings

A

Offshoring

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16
Q

owned by small group of shareholders

A

Close Corporation

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17
Q

established for charity, education, religious, literary, scientific work, don’t pay taxes on profits

A

Nonprofit Corporations

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18
Q

exist for public good, taxed same as C Corp

A

B Corporation

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19
Q

describes relationship between two variables, number between -1.0 and +1.0

A

Correlation Coefficient

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20
Q

contracts internal business services to outside organizations that specialize in process

A

Outsourcing

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21
Q
  • additional management personnel
  • lose daily contact with leaders
  • competitive comp/benefits
  • exceed ability of infrastructure
  • outsource some functions
A

Organization Life Cycles: Growth

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22
Q

separate from owners, profits belong to corporation, corp can be taxed and is liable

A

C Corporation

23
Q

ties outcomes of each department together in one measurement system, tracks financial results, customer results and key internal processes

A

Balanced Scorecard

24
Q

Porter’s Five Forces

A
  • threat of Substitution
  • rivalry among existing Competitors
  • threat of entrants
  • bargaining power of Buyers
  • bargaining power of Suppliers
25
Q

benchmark based on historic relationship of one variable to another

A

Ratios

26
Q

looking at entire organization to simplify or eliminate unnecessary processes with goal of increasing customer satisfaction

A

Reengineering

27
Q

suits businesses that have offices or units in different regions, reporting/functional system across multiple locations

A

Geographic Org Structure

28
Q

measures relationship between several variables to forecast another

A

Multiple Linear Regression

29
Q

compares changes in styles in single variable over time

A

Trend Analysis

30
Q

separates organization into different departments, reporting delineated by department

A

Functional Org Structure

31
Q

standards for conducting business

A

Corporate Value Statement

32
Q

SWOT Analysis

A

Strengths (value proposition, competitive advantage)
Weaknesses (unethical practices, areas to address)
Opportunity (growth and dev, new technology)
Threats (obstacles/challenges)

33
Q

influences and processes that impact the way a corporation is managed and relationship among stakeholders

A

Corporate Governance

34
Q
  • provide planning, standardize policies and procedures
  • bureaucratic and unwieldly
  • hire less experienced personnel and provide training
  • enhanced comp and benefits
A

Organization Life Cycles: Maturity

35
Q

parts of organization’s operations they do best and sets them apart from competition

A

Core Competencies

36
Q

inspiring, what company will carry into future, what it will accomplish

A

Vision Statement

37
Q

allow several possible plans to be tested in abstract form

A

Simulation Models

38
Q
  • inefficiency and bureaucracy
  • implement workforce reductions
  • products outdated and unable to compete
A

Organization Life Cycles: Decline

39
Q

personal assets not separate from business, can be held liable for debts

A

Sole Proprietorship

40
Q

PESTLE Analysis

A

Political (how political climate impacts business)
Economical (how market drivers impacts profit)
Social (customer lifestyles, how and where to advertise)
Technological (how tech supports company)
Legal (how new laws impact operations)
Environmental (how environment impacts business)

41
Q

combines divisional and functional, multiple chains of command, temporary solely for product based work

A

Matrix Org Structure

42
Q

employees must put interests of organization before their own, stand to gain personally from action taken by employer

A

Conflict of Interest Statement

43
Q

statement of behaviors that organization expects from employees

A

Code of Conduct

44
Q

obtains input from group in succeeding rounds of questions, results prioritized and return in form of additional questions until consensus reached

A

Delphi Technique

45
Q

combines partnership and corporation, profits and losses are incurred by and taxed to members, owners personal assets are protected from bankruptcy or lawsuits made against

A

Limited Liability Company

46
Q

measure historical data and provide basis for projecting future requirements

A

Time-Series Forecasts

47
Q

2 or more orgs combine, leverage assets of both to more successful entity

A

Merger

48
Q

passes profits and losses on to shareholders which they report on personal taxes

A

S Corporation

49
Q

Dividing benefits realized as result of program by total related direct and indirect costs

A

Return on Investment

50
Q

reduction in force, decrease expenses, short term improvement on net profits

A

Workforce Reduction

51
Q

measures relationship between one variable against another

A

Simple Linear Regression

52
Q

divides by product lines or geographic region

A

Divisional Org Structure

53
Q

Prima Facie Violation

A

1) employee engaged in protected activity
2) employer knew or suspected ee was engaged in protected activity
3) employee suffered unfavorable employment action
4) contributing factor to unfavorable action was ee participation in protected activity

54
Q

one person responsible for all liabilities, others have limited liability and control, profits recorded on each taxes

A

Limited Partnership

PHR (5 decks)

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