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BUSMAN 3/4 > BUSMAN 3/4 > Flashcards

BUSMAN 3/4 Flashcards

1
Q

Unlimited liability

A

Business owners are fully responsible by law (if the business fails) to the extern of their personal assets

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2
Q

Limited liability

A

Business owners are only personally responsible by law to the level of their original investments in the business.

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3
Q

Sole trader

A

A business owner by one person who is entitled to keep all profits but liable for all losses

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4
Q

Partnership

A

A business owner by 2-20 people

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5
Q

Company

A

A business that has gone through the process of incorporation; this means the owners (shareholders) of a company purchase shares which gives them an ownership portion

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6
Q

Private company

A

An incorporated business with 2-50 shareholders.

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7
Q

Public company

A

An incorporated business that is owned by shareholders and has no upper limit to the number of shareholders. Shares are traded freely on the Australian Stock Exchange (ASX)

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8
Q

Social enterprise

A

Business that distributes surplus funds to benefit the community, rather than individual shareholders

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9
Q

Government business enterprise (GBEs)

A

a business that is government owned. GBEs seek to run profitably by controlling costs and selling goods and services at a price to cover costs.

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10
Q

Objectives

A

A goal a business wants to achieve is a set time period

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11
Q

Profit

A

Revenue minus expenses

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12
Q

Effectiveness

A

The degree to which a business achieves its stated objectives

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13
Q

Efficiency

A

How well a business has used its resources to achieve its stated objectives

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14
Q

Owner

A

Has invested money into the business and owns a portion of the business

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15
Q

Managers

A

A person responsible for controlling and motivating a group of people

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16
Q

Customers

A

Those who purchase goods and services from a business

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17
Q

Supplier

A

Businesses that provide resources to another business

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18
Q

General community

A

Group of people that live in the same area as the business

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19
Q

Manager

A

A professional who takes a leadership role in an organisation and manages a team of employees

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20
Q

Management style

A

The manner and approach of providing direction, implementing plans and motivating people

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21
Q

Centralised decision making

A

Management makes decisions and pass on directions to those below them in the hierachy

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22
Q

Decentralised decisions making

A

Where employees are given responsibility for decision making in their own areas

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23
Q

Autocratic management style

A

A management style where all decision making is centralised, there is little delegated authority and communication is one way downwards

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24
Q

Persuasive management style

A

A management style where the manager makes a decision and convinces workers of the benefit of those decisions. Decision-making is centralised and communication is one way downwards.

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25
Q

Consultative management style

A

A management style with centralised decision making and two-way communication. The manager asks employees their opinions when discussion and issues arise, however management still makes the final decision.

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26
Q

Participative management style

A

A management style with two way communication and decentralised decision-making management and staff work together as a team to make decisions.

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27
Q

Laissex Faire management style

A

A management style with decentralized decision-making and two way communication

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28
Q

Communication

A

The process of creating and exchanging information between people who produce the required response

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29
Q

Delegation

A

Passing of authority down the hierarchy to perform tasks or make decisions.

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30
Q

Planning

A

The process of determining objectives and decision strategies in order to achieve them

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31
Q

Leading

A

The skill of a manager to influence and motivate employees towards the achievement of business objectives

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32
Q

Decision making

A

A multi-step approach whereby a selection is made between a range of different alternatives

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33
Q

Interpersonal

A

Skills used everyday to understand and interact with other people, both individually and in groups

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34
Q

Corporate culture

A

The shared values and beliefs of people within a business

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35
Q

Official corporate culture

A

The set of shared vales and beliefs the business wants its people to display

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36
Q

Real corporate culture

A

The actual shared values and beliefs that are displayed by the people in a business

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37
Q

Human resource management

A

The area of a business that is responsible for managing the relationship between employees and the business in order to achieve objectives

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38
Q

Maslow’s hierarchy of needs

A

Suggests that employees has five levels of needs, and that lower levels of needs must be satisfied in order to be able to satisfy higher level needs; Physiological, Safety, Social, Self-Esteem, Self-actualization

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39
Q

Locke and Latham’s goal setting

A

A theory of motivation that focuses on the process of setting and attaining goals.

Clarity, challenge, commitment, feedback, task complexity

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40
Q

Lawrence & Nohria’s four drive

A

Theory has identified four basic motivational drives

Drive to acquire
Drive to Bond
Drive to learn
Drive to defend

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41
Q

Performance related pay (PFP)

A

A financial reward for employees who has met or exceeded set standards

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42
Q

Career advancement

A

Promotions to positions with more pay or responsibility

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43
Q

Investment in training

A

The process of enhancing employee’s knowledge and skills to help them perform their job better.

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44
Q

Support

A

Designed to show care, acknowledgement and encouragement of employees work

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45
Q

Sanction

A

Penalties for poor performance or disobeying a policy.

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46
Q

Training

A

The process of improving an employee’s skills and knowledge so that they can perform their job more efficiently and more effectively.

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47
Q

On the job training

A

Occurs at the workplace and often involves completing a task

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48
Q

Off the job training

A

Training that occurs away from the workplace in a more formal environment.

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49
Q

Performance management

A

The process used to evaluate and improve individual and business performance

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50
Q

Management by objectives (MBO)

A

A performance management strategy where managers and employees establish measures and monitor goals together for a specific period

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51
Q

Performance appraisals

A

Measure how well an employee has performed their job, provides feedback to employees and establishes plans to improve performance

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52
Q

Self evaluation

A

An employee self-asses both their performance related to criteria and their contribution to the team

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53
Q

Employee observation

A

Feedback is received from a variety of sources that witness the employee during their daily work. One form is 360 degree feedback, where feedback is collected from a variety of people the employee deals with.

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54
Q

Termination

A

Results of decisions made either by management or the employee to end the employment contract and relationship

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55
Q

Entitlements

A

Benefits the business must legally provide an employee upon termination

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56
Q

Transition

A

Benefits which are not legally enforceable but may (and arguably should) be provided to employees upon termination as a for of CSR

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57
Q

Resignation

A

Voluntary termination that occurs when an employee leaves the workplace, usually to go to another job

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58
Q

Retirement

A

Voluntary termination where an employee decides to leave the paid workforce

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59
Q

Redundancy

A

Voluntary or involuntary termination of employment by an employer because it no longer needs a particular job to be done by anyone or needs fewer people to do a particular job

60
Q

Dismissal

A

Involuntary termination of an employment contract due to unacceptable behaviour in the workplace.

61
Q

Workplace relations

A

The relationship between employees and employers in determination wages and conditions, as well as methods of resolving disputes should they arrive.

62
Q

Employee

A

A person working for a business for wages or salary

63
Q

Union

A

An organisation that represents and protects the rights of employees in a particular industry

64
Q

Employers association

A

A organisation that provides a range of information to businesses and represents their interests in workplace relations

65
Q

Human resource manager

A

The manager of the overall relationship the business has between employees and the business to increase both efficiency and effectiveness

66
Q

Fair work commission (FWC)

A

Is Australia’s national workplace relation tribunal, its role to is assist employees and employers to maintain fair and productive workplace

67
Q

Awards

A

Sets out the minimum pay rates and conditions in an industry

68
Q

Enterprise agreement

A

Results from the negotiations between an employer and union and is ratified by the FWC, setting out the terms and conditions of employment within a workplace

69
Q

Individual contract

A

Sets out wages and conditions agreed between a single employee and a business

70
Q

Dispute

A

A workplace disagreement between employees or between employees and employers

71
Q

Dispute resolution process

A

A formal systematic procedure that permits employees to complain about all manners that affect them at work

72
Q

Mediation

A

An independent third party facilitates discussion between two parties to assist them to come to their own agreement

73
Q

Arbitration

A

Where both parties put their case to an independent third party who then makes the final decision, which is legally binding

74
Q

Operations management

A

The management of resources to achieve efficient outputs of goods and services

75
Q

Input

A

Resources that will be converted into outputs

76
Q

Process

A

The activities that help transform inputs into outputs

77
Q

Output

A

Final goods or services that is produced

78
Q

Manufacturing business

A

Produces a tangible, physical good, either as a finished product of a component part, used as an input in another manufacturing system

79
Q

Service

A

Produces an intangible product. Services are performed rather than produced and usually involve provision of labour or expertise in return for payment

80
Q

Technology

A

The practical application of science to achieve commercial and industrial objectives

81
Q

Automated production Lines

A

Equipment and machinery are arranged in sequence and controlled by computer systems to perform tasks automatically

82
Q

Robotics

A

Integrates computer science and engineering in the design construction and use of machines to perform manual tasks.

83
Q

Computer aided design (CAD)

A

Software that creates product possibilities from a series of parameters

84
Q

Computer aided manufacture (CAM)

A

Software used to allow the production process to be directed and controlled by computers

85
Q

Artificial intelligence (AI)

A

Deals with the development of computer programs that imitates human intellect

86
Q

Online services

A

Providing information or services over the internet

87
Q

Materials management

A

Involves planning and coordination of all inputs required for an operations system

88
Q

Forecasting

A

Is a planning strategy where past data and trends are used to predict future demand so informed decisions can be made around materials

89
Q

Master production schedule (MPS)

A

Outlines what is going to be produced what quantities and when it is going to be produced

90
Q

Materials requirement planning

A

Is an itemized list of materials that are required to meet specific orders

91
Q

Just in time (JIT)

A

Is a strategy that ensures the right amount of materials arrive just as they are needed for production

92
Q

Quality management

A

The management of the production process that ensures the outputs produced are consistently reliable and durable

93
Q

Quality control

A

A procedure that aims to ensure that a good or service adheres to a set of quality criteria by performing checks at regular intervals

94
Q

Quality assurance

A

A system where the business meets a set of predetermine quality standards often set by an independent body

95
Q

Total quality management (TQM)

A

A holistic approach to quality management where all members of an organisation focus of continuous process improvement, defect prevention and universal responsibility.

96
Q

Waste

A

Includes any action in the production process that does not add value for customers

97
Q

Waste minimization

A

The process of reducing the amount of discarded resources created by the business operations system.

98
Q

Reduce

A

Decrease use of resources, activities, labour and time to decrease production wastage

99
Q

Reuse

A

If waste is produced, make an effort to repurpose instead of discarding

100
Q

Recycle

A

Convert waste materials into useable products

101
Q

Lean management

A

Aims to deliver customer value by systematically reducing waste and focusing on continuous improvement

102
Q

Pull

A

Production of goods and services is only started when the customer places their order, thus pulling the production system with their demand

103
Q

One piece flow

A

An uninterrupted flow of process from beginning to until the end of the production process

104
Q

Takt

A

The operations process seeks to create a rhythm whereby all steps in the production of goods and services are synchronized to create a continuous flow

105
Q

Zero defects

A

Focuses on quality identifying potential defects as soon as possible to ensure that any issues are solved quickly and efficiently, resulting in high quality .

106
Q

Corporate social responsibility (CSR)

A

The commitment by businesses to go above and beyond legal obligations to ensure they are acting in an ethical manner in relation to social, economic and environmental considerations

107
Q

Supply chain

A

Refers to the flow of suppliers from the supplier through the operations system and to the end customer

108
Q

Supply chain management

A

Involves meeting customer demand for goods and services while making the most efficient use of the production process and the distributio

109
Q

Global sourcing of inputs

A

Where a business uses suppliers of inputs from overseas countries.

110
Q

Overseas manufacture

A

When the production of a good occurs in an overseas. This may be done by the business or outsourced.

111
Q

Global outsourcing

A

Where a business hands over part of its operations to an overseas business

112
Q

Business change

A

Where a business adopts a new idea or behaviour

113
Q

Proactive change

A

When a business anticipates a change in the business environment and takes action in advance to take advantage

114
Q

Reactive change

A

A change that is unplanned and occurs after the business has been affected by the pressures of its environment, such as poor KPI data or a new competitor in the market

115
Q

Key Performance Indicator (KPI)

A

Are measures or sets of data that allows a business to determine whether its meeting its business objectives

116
Q

Percentage of market share

A

A business’s share of the total sales in an industry for a particular good or service, expressed as a percentage

117
Q

Number of sales

A

The total quantity of goods or services purchased by customers

118
Q

Net profit figures

A

The amount remaining after all operation expenses and tax has been deducted from the business’ total revenue

119
Q

Level of wastage

A

The amount of resources and finish production that are either underutilised or discarded during the production process

120
Q

Rate of productivity growth

A

The amount of outputs produced compared to the amount of inputs used and the rate at which it increases overtime

121
Q

Level of staff turnover

A

The number of employees that leave the business during a set period and need to be replaced

122
Q

Rate of staff absenteeism

A

A percentage indicating the number of workdays lost due to unscheduled staff absences from work when expected to be there

123
Q

Number of workplace accidents

A

The amount of incidents in the working environment that have negatively impacted the health and safety of employees

124
Q

Number of customer complaints

A

The amount of customers that are dissatisfied with the business and/or it’s products and have notified the business of their dissatisfaction

125
Q

Number of website hits

A

The number of people and potential customers that have sent a request to a company’s web server.

126
Q

Force field analysis

A

Looks at factors that are either driving movement towards a change or goal (driving force) or blocking movement towards a goal or change (restraining forces)

127
Q

How to answer force field questions :(

A
  1. Weighting
    - define target of change
    - Identify the driving and restraining force.
  2. Ranking
    - Assign forces with numerical scores and rank them based on strengths.
    - Analyse which driving forces can be strengthened and which restraining forces can be weakened
  3. Implementing a response
    - Implementing strategies to promote driving forces and eliminate restraining forces.
  4. Evaluating a response
    - Monitor the situation to ensure that the strategies are successful and any additional changes that may be needed.
128
Q

Driving forces

A

Factors that are pushing in a particular direction and supporting the goal or proposed changes

129
Q

Driving forces:

A
  1. Managers
  2. Employees
  3. Competitors
  4. Legislation
  5. Pursuit of profit
  6. Reduction of costs
  7. Globalization
  8. Technology
  9. Innovation
  10. Societal attitudes
  11. Owners
130
Q

Restraining forces

A

Factors that are pushing against the driving force to resist the change eg. employees, time, financial considerations

131
Q

Restraining forces:

A
  1. Managers
  2. Employees
  3. Legislation
  4. Time
  5. Organisational inertia
  6. Financial considerations
132
Q

Lower cost (cost leadership) Strategy

A

A strategy that allows a business to achieve a competitive edge by reducing production or delivery expenses

133
Q

Differentiation

A

A method used to develop the uniqueness of the product or service in some way that is valued by customers

134
Q

Learning organisation

A

A business that is flexible, adaptive and productive. It aims to have a culture where people work together at their best and continually learn to work together at their best

135
Q

Systems thinking

A

The ability to see the bigger picture rather than things in isolation

136
Q

Personal mastery

A

Where individuals within the business undertake continual learning to work together at their best

137
Q

Mental modes

A

Are deeply entrenched assumptions, generalisations and images of how people see the world

138
Q

Building a shared vision

A

Creating a shared picture of the future that all people in a business believe in

139
Q

Team learning

A

The process of aligning and developing the capacities of a team to create the result its members truly desire.

140
Q

Low risk strategies

A

Participative approach to the implementation of change, use of communication, empowerment, work groups and support for all those impacted upon.

141
Q

Communication

A

The process of creating and exchanging information between people who produce the required response

142
Q

Empowerment

A

Giving employees permission to make limited decisions without having to consult superiors

143
Q

Support

A

Designed to show care, encouragement and acknowledgement for employee’s work

144
Q

Incentives

A

Inducement offers as a way to gain support for the change

145
Q

High risk strategies

A

An autocratic approach to implementing change, involving the use of force, threats and manipulation of a situation

146
Q

Manipulation

A

This is where the business may provide selective information and not disclose the full impact of a particular change.

147
Q

Threats

A

Forcing employees to embrace the change or receive retribution

BUSMAN 3/4 (1 decks)

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