Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management / Accounting > BUSMAN BOOK 3 > Flashcards

BUSMAN BOOK 3 Flashcards

1
Q

what is waste minimisation?

A

reducing the amount of resources that are misused or discarded by the business during operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is the solution to watse minimisation?

A

Lean management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is lean management?

A

a business wide approach that aims to eliminate waste and ineffciencies in operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what is the aim of lean management

A

to maximise customer value through continuous improvement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what do lean management eliminate?

A

all aspects that do not add value to the end product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

how do lean management aim to eliminate waste?

A

by small incremental changes are made within the business BUT business always put the customer first –> so reduces inefficiencies WITHOUT reducing quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what are the 3 generic waste management strategies?

A

Reduce, reuse, recycle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what does Reduce mean?

A

decrease the amount of products, labour or time discarded during production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what does reuse mean?

A

making use of items that would have otherwise been discarded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what does recycle mean?

A

transform items that would have been otherwise discarded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are the 7 sources of waste. (TIMWOOD)

A
  1. Transportation
  2. Inventory
  3. Motion
  4. Wait times
  5. Overproduction
  6. Over-processing
  7. Defecrs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what does pull mean?

A

production responds to customer demand = minimises overproduction and stops working capital ($$) being tied up –> Pull = produce based on actual demand rather than forecasting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is the impact on waste when using pull

A

prevents unwanted products from being produced and then discarded (reduces resources + time + labour)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is an example of pull?

A

wedding dresses, personalized birthday cakes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is one piece flow?

A

a single product moving through all stages of production one at a time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is the impact of one-piece flow on waste?

A

reduces time product spends at each stage of production

  • focusing one single thing at a time –> minimises work progress, interruption, lead and waiting times but increases quality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is zero defects?

A

preventing defects from occuring in the production process.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what is the impact on waste with zero defects?

A

preventing defects = reduces products discarded or time and labour spent fixing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Pros of lean management?

A
  • Business reputaion is improveed as they are actively reducing and managing waste which benefits the env.
  • Reduces the overall use of materials, which leads to less production costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Cons of lean management?

A
  • Employees may be reluctant to commit to an attitude of zero defects due to effort and commitment required
  • May be time consuming and costly to train inexperienced employees with the required knowledge and build commitment to lean methods of profuction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what is employee motivation

A

refers to the factors that drive an employee to strive to achieve in the workplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

why is employee motivation important?

A

if motivated they are
- more productive as they work hard and take more care t/f less mistakes __. increase quality, sales profit, customer satisfaction + decrease costs

-less likley to take days off and/or leave the org. as they are happier at their workplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

summary of Maslow’s motivation theory

A
  • Needs based motivation theory
  • Needs are ranked with the most basic situated at the bottom
  • once a particular need is satisfied it is no longer a motivator
    -in a sequential order
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what are the categories in Maslow’s Hierachy of needs

A
  1. self-actualization needs
  2. esteem needsz
  3. social needs
  4. safety needs
  5. physiological needs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

what is physiological needs?

A
  • basic requirements for human survival (food, water and shelter) - fulfilled in the workplace through min. pay + working cond.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

how do we know when physiological needs are not met?

A

-when employees lack entry level wages ( consider experience, standard expectation for the employee)
- underemployed staff

27
Q

what strategies to implement for physiological needs?

A

increase hrs for those who are considered “underemployed”
- conduct wages audit to ensure that staff are adequately paid

28
Q

what is safety and security

A

physically safe at work and sense of job security

29
Q

how would we know when safety and security needs are not met?

A
  • organisation not abiding by occupational health and safety (OH&S)
  • employees not yet on ongoing/long term contracts
  • threat of redundancies/org. closing
30
Q

what stratgies can we implent to achieve safety and security?

A
  • create job security
  • ensure employees have safe and healthy work conditions (OH&S or harrasment policies)
  • superannuation and insurance
31
Q

what is belongingness/social needs?

A

having a strong workplace relationships - feeling like they belong to the organisation

32
Q

how do we know when belongingness/social needs are not met?

A

-lack of collaborative work amongst staff
- employees not socialising with each other
- employees feeling uncomf. contrib. ideas + thoughts
- lack of sense of ownership

33
Q

what strategies to implement to achieve belongingness/social needs?

A
  • organise groups of staff to work on projects/solve problems
  • organise staff gatherings. Morning tea, after work events
34
Q

what does self-esteem needs mean

A

involves employees gaining recognition of performance from others and feeling sense of pride in their own work as a result = feeling imp., valuable and respected

35
Q

how do we know when self esteem needs are not met

A
  • employee effort and performance lack acknowledgement from management
  • emplotee lack sense of accomplishment
36
Q

what strategies need to be implented to achieve self-esteem needs?

A
  • performance pay
  • recognition for work at whole staff event/meetings
  • being made an example of in the day to day operations –> praise
  • promotions
37
Q

what is self-actualisation needs mean?

A

achievment of own potential–> can be only fulfilled through intrinsic motivation ( drive from within the individual)

38
Q

how do we know when self-actualisation needs are not met?

A
  • employees not being challenged at work
  • employees lack interest in work
  • employees not being provided with signif. autonomy
39
Q

what strategies to implement to have self-actualisation needs achieved?

A
  • delegating specific projects to employee which involve working with autonomy
  • participation in decision making
  • provide employees with challenging projects whereby they are required to come up with solutions
40
Q

what is human resources management?

A

the effective management of the formal relationship bewteen the employer and employees, and involves the requirement, selection, training, development, appraisal and dismissal of staff.

41
Q

what does the employee cycle contain?

A

4 main phases
- attract
- develop
- maintain
- terminate

42
Q

what does attract mean??

A
  • encompasses the organisation’s brand, and what shpanes a portenial employee’s overall perception of the company
  • attract involves = to ensure you have the best people available for each role.
43
Q

what does develop mean

A
  • career development opportunities are essential to keep an employee enagaged with the company over time
  • developing employees= demonstrates that the business is invested in securing their future this provides motivation, commitment any loyalty for the worker
44
Q

what does maintain mean?

A
  • focusing energy on keeping your top employees
  • ensure they are happy and sufficently challenged in their respective roles within the team
  • if company culture i poor than high employee turnover rates–> face replacement –> costs regulary.
45
Q

what does employee turnover mean?

A

refers to the total number of workers who leave a company over a certain time periof.

46
Q

employee turnover are separated into 2 types which are?

A

voluntary and involuntary

47
Q

what are the 4 ways of termination

A
  1. terminated (fired/dismissed) - for only gross misconduct
  2. Resigned
  3. Retired
  4. Redundant - business can no longer provide the employee with a position
48
Q

what is CSR?

A

refers to the actions taken by a business which go above and beyond its legal requirements

49
Q

pros of CSR

A
  • organisations reputation can be enhanced
  • free publicity can be gained
  • enhanced perceived quality of products
50
Q

cons of CSR

A

can be expensive in terms of cost and expenses not directly related to the change
- time and resources are spent managing the change that isn’t reuired by law
- does it compromise the function of the product

51
Q

different areas of CSR management responsibility?

A
  • operations
  • human resources
  • sales and marketing
52
Q

example of CSR operations

A
  • sourcing renewable or recycled materials
    -selecting responsible and ethical suppliers
  • producing quality and long lasting products to eeduce landfill
53
Q

examples of CSR human resources?

A

-offering staff benefits
- paying above legal min. wage
- offering employees opportunity to skill up and grow in the business
- allowing flexible working

54
Q

examples of sales and marketing

A

-ensuring marketing is transparent, informative and honest
- not selling excess product whicl will increase landfill
-sustainable packaging

55
Q

what is corporate culture?

A

shared values and beliefs of the people in an organisation. This can be real or officialw

56
Q

what is culture in terms of business

A

the “personality” of an organisation or “how we do things around here”

57
Q

what can happen when we have a positive culture?

A

increase productivity, quality + employee enagagement

58
Q

what is official corporate culture?

A
  • the desired culture a business wishes to establish (i.e what an org. says it stands for)
  • visible through company documents e.g slogans
59
Q

what is real corporate culture?

A
  • the actual or prevailing culture exists within a business- i.e essentially how things ACTUALLY operate- e.g how to managers communicated with employees? how they relate to each other+ what is time and money spent on?
60
Q

examples of official corporate culture indicators?

A
  • Mission statements
  • policies (e.g environmental)
  • stated priority areas in annual reports, CEO/ management statements.
61
Q

examples of real corporate culture indicators?

A
  • Physical structure (office layout, solar pannels, size of different officies, department areas)
    -consistency in style of dress + lang. within org.
  • Relations among staff
  • Management styke
  • Budgets
    -Ritual + celeberations
    -“heroes” –> people we look up to
62
Q

what is organisational culture?

A

the culture of a business affects the way in which the business operates

63
Q

what does organisational culture include?

A
  • decision making
  • organisational structure
  • communication
  • leadership style (cause or effect?)
  • attitudes towards work

Business Management / Accounting (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions