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Business Management Flashcards

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1
Q

Value Chain

A

Processes and initiatives needed to support and direct the product/service transformation within the organization, the creation of the value proposition applicable to such

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2
Q

Two focal points of the Business Management Course

A

1) Provide a solid base level understanding of business structure and cross-functional relationships of its various components
2) Discuss the underlying fundamentals of managing a business in today’s corporate and entrepreneurial environment

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3
Q

Profit Formula

A

Profit = Total Revenue - Total Costs
Profit = (Selling Price X Quantity Sold ) - (Total Cost X Quantity Produced)
Profit unit = Selling Price Unit - Total Cost Unit

Profit = (Net Income ÷ Assets Deployed)
Profit = (Unit Margins x Unit Volumes)
Profit = (Price - Costs)
Profit = (Market Share x Market Size)
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4
Q

Role of C-Suite Management Team

A

Strategic Direction + Business Model Execution = Company Performance

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5
Q

1) Revenue Model
2) Cost Structure
3) Margin Requirements
4) Cash Operating Cycle
5) Capitalization Requirements

A

Five key areas of Financial Analysis

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6
Q

Per unit selling price x Quantity Sold

A

Sales Revenue

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7
Q

Analyzing the revenue model

A

draw both current and longer term conclusions on the health of the organization

1) Which products within our portfolio are seeing increases in revenue? Which products are seeing decreases?
2) How much revenue is reliant on a single product? If we have multiple products, what percentage of revenue comes from each product?

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8
Q

The money owed by an organization to its suppliers and other short term service providers

A

Accounts Payable

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9
Q

The money owed by customers to an organization for products/services that the organization has delivered to such customers but not yet received payment for.

A

Account Recievable

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10
Q

The process of acquiring another company or operation

A

Acquisition

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11
Q

Key processes an organization undertakes in order to deliver products/services to the market place

A

Activities

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12
Q

Assists managers in assessing the efficiency and effectiveness of key components of an organizations operations

A

Activity ratios

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13
Q

The settling of a dispute by a third party whose decision is considered to binding on both parties to the dispute

A

Arbitration

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14
Q

Assets

A

Refers to (1) the infrastructure of the resource base of the organization (2) The resources that the organization has at its disposal and that it can utilize in the generation of business and ultimately, profit

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15
Q

The credit facility for which an organization borrows money for a stipulated period of time. I’m return for the use of these funds, the organization agrees to pay the holder of the bond an agreed upon amount of interest at regular intervals (regularly, semi-annually) during the period of time for which the funds are borrowed.

A

A bond

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16
Q

Refers to the point where total expenses = total revenue. The income statesmen results in a profit of $0.

A

Breakeven Point

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17
Q

The mission focused activities aimed at identifying the needs of a particular market or markets, and the development of a solution to such needs through the acquisition and transformation of resources into goods and services that can be delivered to the market at a profit

A

Business

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18
Q

Outlines specific objectives the organization wants to achieve for each of its identified business initiatives and/or business units

A

Business Level Strategy

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19
Q

Can be best visualized as the underlying operational platform or structure which a business uses to position its approach to a given market and thereby generate its revenue, and most importantly, derive its profit.

A

Business Models

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20
Q

The maximum amount of a product that can be produced or services delivered, given facility, equipment and process constraints.

A

Capacity

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21
Q

Refers to the money needed by an organization to support asset based expenditures, meet operating cash requirements, and invest in the development of new products and/or services which the organization desires to introduce in the market place.

A

Capital

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22
Q

Refers to an assessment of the operations management team of the state of current capital assets and a determination as to their applicability to meeting the needs of the organization.

A

Capital Asset Evaluation and Acquisition

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23
Q

The decisions managers make with respect to investment and divestment of capital assets (building, equipment, business subsidiaries), that may be needed, or are no longer needed, by an organizations business system.

A

Capital Asset Transactions

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24
Q

An organizations mixture (use) of debt, internal cash reserves and external equity based investments in financial support of operational activities

A

Capital Structure

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25
Q

A framework for assessing the full capitalization requirements of a business venture

A

Capitalization Well

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26
Q

The point in time an organization is able to cover the actual cash expenses of an operation from the revenue it generates.

A

Cash flow positive

27
Q

Cash Operating Cycle (COC)

A

The amount of time it takes for an organization to recover its cash (products sold and money is received) it has paid out for the development, distribution and production of products.

28
Q

Chartered Banks

A

Financial institutions regulated under the Canada Bank Act. Their primary responsibility is to bring together borrowers and lenders by accepting deposits and lending out money - all in a manner that safeguards the interests of their customers.

29
Q

The name for a statement that describes the required responsibilities, actions and rules of behaviour of an organizations employees.

A

Code of conduct

30
Q

An asset that an individual pledges as security toward a credit facility (loan). The individual agrees to forfeit the collateral in the event of an inability to repay the loan.

A

Collateral

31
Q

A legally binding document that defines the policies, procedures and protocols

A

Collective bargaining agreement

32
Q

The process of dividing the organizations work units into defined functional areas

A

Departmentalizations

33
Q

Assets that have been earmarked for a specific purpose and that are not available for managers to support organizational operating needs.

A

Designated restricted assets

34
Q

The level of financial and operational commitment an organization incurs as a result of implementing the organizations strategies

A

Directional lock-in

35
Q

Reductions in the cost base of an organization as a result of greater size, process standardization, or enhanced operational efficiencies

A

Economies of Scale

36
Q

The value creating skills an organizations employees bring to the marketplace. The success of many businesses lies with the specialized skills that exist within its labour force

A

Employee interaction

37
Q

A person who starts a business and is willing to accept the risk associated with investing money in order to make money.

A

Entrepreneur

38
Q

The infrastructure layout and related facility components that will be required to house and support the processes and materials used by organizations.

A

Facility Design and Layout

39
Q

Those costs that, although not directly tied to the manufacturing of a specific product or the delivery of a specified service, nonetheless exist as a result of conducting our business and operating our company.

A

Fixed costs (also called indirect costs)

40
Q

For-Profit Companies

A

Organizations whose overarching objective is profitability and wealth creation on behalf of their shareholders and stakeholders.

41
Q

Managements ability to forward anticipated results for the upcoming quarter, year, or planning-cycle period

A

Forecasting and Budgeting

42
Q

When a company or individual from one country makes an investment into a business within another country. This investment can reflect the physical ownership of productive assets or the purchase of a significant interest in the operations of a business.

A

Foreign Direct Investment (FDI)

43
Q

A quasi organization comprising the worlds major fully developed countries

A

G7/8

44
Q

GDP (Gross Domestic Product)

A

Refers to the total market value of the foods and services (economic output) a nation produced domestically over a period of time ( generally one calendar year).

45
Q

Complaints raised by an employee

A

Grievances

46
Q

Gross Profit Margin

A

The portion of an organizations revenue that is left over after the organization has paid the direct costs (wages, components, materials, etc.) associated with its products or services.

47
Q

A strategy that reflects a reduced commitment to a particular market given its perceived weak future growth or profitability potential

A

Harvesting

48
Q

IPO (Initial Public Offering)

A

The sale of a company’s stock for the first time in the public marketplace with the intent to raise equity (money) to fund company operations and growth.

49
Q

Honesty, reliability, ethics and moral judgment

A

Integrity

50
Q

Three fundamental characteristics of business operations

A

1) Commercial Endeavours
2) Organizational efficiency
3) Employee Interaction

51
Q

Five key area of company centric side of a business

A

1) Activities
2) Resources
3) Partners
4) Cost Structure
5) Portfolio of Products and Seevices

52
Q

The markers the organization serves, the products and services it offers, and the needs it professes to meet in the market place

A

Commercial endeavours

53
Q

Employee Interaction

A

The value creating skills an organizations employees bring to the marketplace. The success of many businesses lies with the specializes skills that exist within its labour force

54
Q

Organizational Efficiency and Structure

A

A reflection of the complexities of the business activities that circulate within an organization

55
Q

Business

A

The mission focused activities aimed at identifying the needs of a particular market or markets, and the development of a solution to such needs through the acquisition and transformation of resources into goods and services that can be delivered at a profit.

56
Q

Business models

A

The underlying operational platform or structure which a business uses to position its approached to a given market and thereby generate its revenue and, most importantly, derive its profit.

57
Q

The key processes an organization undertakes in order to deliver products and services to the marketplace

A

Activities

58
Q

Refers to four core areas - assets, labour, capital and managerial acumen

A

Resources

59
Q

The infrastructure and resource base of the organization

A

Assets

60
Q

The human resource (talent) requirements of the business.

A

Labour

61
Q

The money needed by an organization to support asset-based expenditures, meeting operating cash requirements, and invest in the development of new products and/or services which the organization desires to introduce to the marketplace

A

Capital

62
Q

The foresight, drive, knowledge, ability, decision making competency, and ingenuity of the organizations key individuals - its owners or top level managers

A

Managerial acumen

63
Q

The efficiency and effectiveness of a business entity Dan be assessed against three fundamental characteristics

A

1) Commercial endeavours
2) its human resource (employee) interaction model
3) its organizational efficiency and structure

Business Vocabulary (6 decks)

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