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Exam Prep > Ch 14 Revision - Business > Flashcards

Ch 14 Revision - Business Flashcards

1
Q

Manager

A

The person in charge of directing a group of employees toward achieving a specific business goal

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2
Q

Planning

A

Developing a proposed method for moving toward the attainment of a particular goal

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3
Q

Administration

A

managing business operation and coordinating all that occurs in an organisation

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4
Q

What are the 10 roles of management?

A

1) Figurehead
2) Leader
3) Liaison
4) Monitor
5) Disseminator
6) Spokesperson
7) Entrepreneur
8) Disturbance handler
9) Resource Allocator
10) Negotiator

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5
Q

Figurehead

A

Holding an important role that represents the company at events

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6
Q

Leader

A

Motivating and encouraging the employees to reach the organisations goal

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7
Q

Liaison

A

Networking with people from external organisations

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8
Q

Monitor

A

Keeping tabs on relevant info about the company

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9
Q

Disseminator

A

Distributing info and knowledge to employees and supervisors

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10
Q

Spokesperson

A

Distributing info and knowledge to external organisations

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11
Q

Entrepreneur

A

Taking risks and developing new innovations for the organisation

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12
Q

Disturbance handler

A

negotiating and rectifying problems

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13
Q

Resource Allocator

A

deciding how to distribute resources

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14
Q

Negotiator

A

conferring and consulting with others on behalf of the organisation

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15
Q

what are the 3 Skills required for the smooth running of business?

A

1) Conceptual
2) Human resource
3)Technical

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16
Q

Conceptual

A

Understanding the big picture - being able to have a vision for the future of the business

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17
Q

Human Resource

A

Being able to coordinate the teams of people who work in business, solving their concerns and working with individuals and groups

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18
Q

Technical

A

Experience in using equipment and coordinating resources is vital so that the manager can coordinate the main operating functions of a business

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19
Q

Process Management

A

Activities involved in monitoring and reviewing the performance of business processes with the aim of improving methods and meeting business goals

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20
Q

Business process

A

activity that occurs within an organisation - performed by people or equipment - aimed to achieve business goals

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21
Q

The 4 management roles in business process improvement

A

Plan, Lead, Control and Coordinate

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22
Q

Strategic Plan

A

A long term planning process aimed at setting goals and allocating the recourses to achieve these goals

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23
Q

Action planning

A

Short term - detailed about how short term goals can be achieved

23
Q

Action planning

A

A proposal aimed at achieving a specific result in a short period

24
Q

3 Business plan Steps

A

1) What needs to be achieved?
2) How will this happened?
3) Who and where will this occur?

25
Q

3 Steps in Business coordination

A

1) Decide what needs to be done - using business goals
2) Group what needs to be done according to who can complete it
3) Assign work
4) Review the effectiveness

26
Q

4 Steps in business control

A

1) establish a standard using business goals
2) monitor how the business performs
3) compare actual performance with the standard
4) Make changes if goals have not been met

27
Q

Liquidity

A

the ability for the business to pay its short term debts on the date they are due

28
Q

Staff turnover

A

how often the business employs new staff and loses staff

29
Q

The 5 types of risk

A

1) Unpredictable
2) Financial
3) Opportune
4) Strategic
5)Hazardous

30
Q

Unpredictable Risk

A

Something very disruptive or unforeseen - an unexpected event e.g., natural disaster as a cyclone, fire or flood, unexpected business competitor and changed Government legislation

31
Q

Financial Risk

A

Monetary cost that can arise from diff decision e.g., exchange rate decline, share market upsets and customer bad debts

32
Q

Opportune Risk

A

When a business takes a risky opportunity instead of the safe option e.g., purchasing new equipment, expanding a product line, adding new services to the business and moving to a new location

33
Q

Strategic Risk

A

Protecting intangible assets or items that are difficult to value in dollar terms e.g., patent protection, keeping customer accounts and responding to new competition

34
Q

Hazardous Risk

A

Covered by most occupational health and safety policies - this is where the work environment can be dangerous or potentially harmful e.g., poor ergonomics or workplace design, chemicals, Noise, heat and other factors related to the work environment

35
Q

5 Steps to Risk Minimisation

A

1) Have a useful insurance policy
2) Employees must be trained and right for the role
3) Develop and implement a OHS plan
4) Make sure all legal elements to do with working environment are dealt with
5) Develop quality control methods

36
Q

3 Steps to hazard identification

A

1) SPOT the hazard
2) ASSESS the hazard
3) MANAGE the hazard

37
Q

What are minor hazards that can cause injury?

A

A loose electrical cable, wet floor, wrong working equipment, exposure to flames or use of incorrect sized gloves

38
Q

What are work safety practices that minimise hazards?

A
  • Personal Protective equipment
  • floors are free of spills
  • emergency exits are kept clear, suitable clothing is worn
  • position of chair/ desk are fitted to person to avoid strain
  • instructions are followed to ensure safety and there is regular exercise
39
Q

Why manage risks?

A
  • enables risks to be approached in a systematic way
  • Customers will believe that the product they are buying is made at the highest standard
  • employees will know that risks and unpredicted events will be dealt with properly
40
Q

What are the 12 categories of risk?

A

1) Technology
2) Strategy
3) Task
4) Safety and health
5) Customer management
6) Supplier management
7) Regulation and compliance
8) Finance and administration
9) Asset management
10) Reputation
11) Strategic goals
12) Operations

41
Q

Insurance Policies

A
  • Cover negative impacts of unpredictable events
  • Unexpected changes
42
Q

Quality Product or service

A
  • Less returns and refunds
  • Customer safety
43
Q

Staff training

A
  • Ensure staff, responsive, proactive
  • Quality control
44
Q

Compliance

A
  • Legal requirements
  • Hazard minimisation and OSH plans
45
Q

Reviews

A
  • Ensure hazardous risk minimisation is working
  • Implement improved procedures
46
Q

Job Risk Analysis

A

Review of all potential hazards in the job and an itemisation of the associated risks - it is carried out in response to a hazardous risk type and categorised as safety and health

47
Q

5 Parts to Prioritising job risks

A

1) Name of job
- the job eg forklift operation
2) Description of Job
- the job broken into all its components eg lifting, rigging and unloading
3) Seriousness
- A scale such as low-moderate-high-extreme
4) Explanation of seriousness
- previous ‘near misses’ known work hazards, the number of employees potentially affected and previous experience eg one recent injury to a driver when attaching rigging to load
5) Priority
- Number all job risks in order of priority

48
Q

Reduce risk

A

Controls to minimise the risk are then reviewed and added and the risk is re-calculated

49
Q

The 4 Monitoring Business Activities

A

1) Sales data
2) Debt
3) Cash
4) Customer database

50
Q

Sales Data

A

These records allow the business owner to check weather actual results are meeting the targets set in the budgets and objective

50
Q

Customer Database

A

Creates the ability to gauge how many customers return to the business. This info will assist is the development of incentive schemes and loyalty programmes to retain or attract customers

51
Q

Debt

A

The business owner will use info comparing the levels of external sources of finance (or debt) and internal sources (or equity) - important bcs will not want to have too great a portion of funding coming from external sources unless interest rates are very low - owner needs to be aware of the level of debt and if its increasing be able to pre-empt any future problems

52
Q

Cash

A

In addition to an awareness of any potential gearing problems, the owner will need to ensure what the business always has enough cash to pay off short term debts, so that a liquidity problem does not arise. They will use the cash flow reports of the business to monitor the cash inflows and outflows

53
Q

Retention rate

A

A measure of how many customers are retained by the business

Exam Prep (3 decks)

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