Chapter 1: LSO's

Question 1

What is an organisation?

Answer 1

A formal or structured arrangement where two or more people work together to achieve a specific purpose or set of goals.

Question 2

What do all organisations have in common?

Answer 2

Purpose, People, Structure

Question 3

What are some criteria for classifying LSO’s?

Answer 3

Over 200 employees, operating in multiple countries, substantial assets, large market share.

Question 4

What is a dual-listed company?

Answer 4

Where two organisations merge but continue to exist on two seperate stock exchanges.

Question 5

What is a GBE?

Answer 5

Government Business Enterprise; owned and operated by one of the three tiers of government

Question 6

Define privatisation.

Answer 6

The process of selling public sector (government) businesses to the private sector.

Question 7

What are the three main objectives of a for profit organisation?

Answer 7

Profit attainment, Market Share & Growth.

Question 8

What does the S.M.A.R.T principle stand for?

Answer 8

Specific, Measurable, Attainable, Relevant and Time Bound.

Question 9

What does a value(s) statement outline?

Answer 9

What the organisation sees as its corporate values or cultural priorities.

Question 10

List 4 KPI’s.

Answer 10

Market Share, Net Profit, Customer Satisfaction Survey, Employee Satisfaction survey, employee turnover, staff absenteeism, number of returned products, growth, level of waste (lean manufacturing).

Question 11

Define Planning

Answer 11

Establishing the general direction and objectives of the organisation.

Question 12

Define Organising

Answer 12

Managing resources of the organisation in order to achieve organisational goals.

Question 13

Define Leading

Answer 13

The way in which managers work towards and interact with employees to achieve organisational goals.

Question 14

Define Commanding

Answer 14

Involves the necessary monitoring and evaluation to ensure organisational objectives are being met.

Question 15

Name three management functional areas.

Answer 15

Human Resources, Financing Department, Operations, Marketing, Research and Development.

Question 16

Name a positive contribution that LSO’s make to the economy.

Answer 16

Contributes to the GDP (Gross Domestic Product), Provides a source of employment

Question 17

Name a negative contribution that LSO’s make to the economy.

Answer 17

Monopolies/Duopolies, downsizing can affect the economy as less money, Outsourcing negatively affects the GDP which is the grand monetary total of everything produced within Australia.