Chapter 1

Question 1

LSO Positive contribution to the economy

Answer 1

Employment
Gdp
Outsourcing 
B.o.p
Research and development

Question 2

LSO neg contributions to the economy

Answer 2

Downsizing
Global outsourcing
Environment

Question 3

Characteristics of an LSO

Answer 3

200m in assets
200+ employees 
No of locations
Size of locations
Amount of revenue

Question 4

What is the public sector

Answer 4

Government operated business
Gbe
Corporisation

Question 5

What is it called when a public sector business forms a private dsector business

Answer 5

Privatisation

E.g commonwealth bank

Question 6

What is a private sector business

Answer 6

Owned by individual groups

For profit or non for profit

Question 7

What is a private company?

Answer 7

2-50 shareholders

Pty ltd

Question 8

What is a public company?

Answer 8

Ltd
51+ shareholders
Listed on the asx
E.g dominos

Question 9

What is the SMART principle related to objectives

Answer 9

Specific
Measurable
Achievable
Relevant 
Timely

Question 10

The order of objectives in an LSO

Answer 10

Mission statement
Vison statement
Values statement

Question 11

define mission statement

Answer 11

The purpose of your business and the reason you are operating. E.g. Clothes store; to let every customer feel they are wearing the latest trend and feel joy wearing our clothes

Question 12

Vision statement?

Answer 12

The aspirations for your business; goals and objectives

Where u wanna go

Question 13

Vaules statement?

Answer 13

The behaviour of the business
The rules and regulations
How they act
Ethically and socially responsible

Question 14

Typical management functions

Answer 14

Senior: planning and setting objectives e.g priciple

Middle: translate these objectives into specific projects e.g house co ordinators

Frontline: leading supervising and controlling workers e.g teachers

Question 15

POLC?

Answer 15

Planning- establishing objectives for management to flow down

Organising - co ordination all resources to achieve objectives e.g putting more staff on

Leadin: influencing resources to be better, the behaviour, putting it into action

Controlling: monitoring and evaluating to see if u have done ur objectives

Question 16

Functional areas of management?

Answer 16

Operations: creating final output

R and d: Innovations

Marketing: business and customer relationships

Hr: employee management

Finance: planning, maintaining, and reporting on finance aspects

Question 17

Gdp?

Answer 17

The total value of output produced in a country In one year

Question 18

Balance of payments

Answer 18

Money spent on imports compared to amount spent on exports

Question 19

Types of objectives a business can set?

Answer 19

Finance: relate to desired financial performance e.g profit

Service: organisation desire to provide service either to clients or community

Ethical and socially responsible: role and participation to the community e.g supper environment

Environment: less environmental hazards chosing the better option

Question 20

Define an organisation?

Answer 20

2 or more people
Formal manner
Purpose or objective
E.g Nike