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PHR > Chp 1 BIZ MNGMNT > Flashcards

Chp 1 BIZ MNGMNT Flashcards

1
Q

Corporate Governance

A

How an organization is administered, directed and controlled

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2
Q

HR Management

A

Central role.
Participates in strategic planning, create company culture & adapts to the environment.

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3
Q

Strategy

A

= profit. Strategy explains how an organization plans to make money now and in the future.

WHAT & WHY of an initiative

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4
Q

Policies

A

Guide actions of an org to its objectives

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5
Q

Employee Handbook

A

Central information source for employees. What the org expects/what workers can expect

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6
Q

Financial statements

A

An official formal record of an orgs financial activity.

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7
Q

Balance sheet

A

Statement of financial position that reports an org, assets, liabilities and equity during a specific time

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8
Q

Income statement (P&L Stmnt)

A

Aka Profit statement.
Reports the orgs income, expenses and profits over a certain period of time

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9
Q

Cash flow statement

A

Reports the flow of cash IN AND OUT of a org. showing changes in the balance sheet & how changes effect the availability of cash

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10
Q

Budget

A

A plan of expected income & expenses over time

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11
Q

Zero base budget

A

Requires justification for all expenses in a new budget

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12
Q

Vision

A

Idea about a product or service.
Mental image of what the org will look like in the future

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13
Q

Mission statement

A

The orgs purpose.

WHAT it strives to become
WHY the org exisist
WHO does the org serves?

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14
Q

Imperfect Competition

A

Few competitors, lots of buyers&suppliers
Barriers to entry

Ex. walmart (geo graphic monopoly.. entered areas others didnt)

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15
Q

Cost Leadership (3 grand strategies)

A

Offering cheaper price options in specific markets
(Southwest airlines)

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16
Q

Differentiation (3 grand strategies)

A

Offering unique options of a product
(Lexus-toyota)

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17
Q

Focus (3 grand strategies)

A

Offer a niche product for targeted group
(Tesla)

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18
Q

Strategic alignment

A

All HR functions, and business operations need to be coordinated in a way that supports each other

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19
Q

Organizational capabilities

A

 Explains how human resources practices contribute to orgs biz strategy

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20
Q

Structure

A

Fixed relationship of the organization ..
Ex.
How jobs are assigned
Who reports to who

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21
Q

Systems

A

Patterned activities that keep an organization operating. 

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22
Q

Culture

A

Shared values & beliefs that influence worker behavior

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23
Q

Processes

A

Interactions among members of the org

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24
Q

Competitor Analysis

A

Performed for each competing firm in their industry. Looking into future objectives, current strategy, assumptions and capabilities

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25
Q

Business plan

A

Needed to help acquire resources

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26
Q

Budget Process

A

Itemized estimate of operating results for a future time period.
1. Coordination: establish objectives in advance. 
2. Motivation: involves goals, setting and feedback.
3. Control: monitoring the performance of the business 

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27
Q

HR AUDIT

A

evaluates the effectiveness of the HR department.
1. Define responsibilities
2. Collect Data
3. Analyze results
4. Data feedback/evaluation.
5. Develop an action plan. 

28
Q

Outlay Costs

A

The cost associated with recruiting selecting training and developing workers

29
Q

Replacement cost

A

 an estimate of how much it would cost to replace an employee 

30
Q

HR value

A

 Expected contribution to the firms, net income for workers at each level

31
Q

KPI

A

Key performance indicators
Refers to key HR activities that contribute to efficiency & effectiveness of an org.

Ex. training (allows workers to do something faster/effectively to save money long term)

32
Q

Hr Dashboard/Scorecard

A

Collecting HR metrics and presenting them to managers in a useful format

33
Q

HR Outsourcing (HRO)

A

Cost effective method to operate.
Outside experts performing more efficiently

34
Q

HR Shared services model

A

Standardized services for all business units they can be administered centrally

Can be in-house or outsourced

35
Q

Environmental scanning 

A

Economic and social forces influencing an org.
Factors incl:
Competition, technological, advances, economic conditions, competition 

36
Q

Co-optation

A

Hiring new board members or executive team members who have influence to make a org successful 

37
Q

Efficiency

A

Performing or functioning in the best possible manner with the **least waste of time ** 

38
Q

Effectiveness 

A

Doing the right things 

39
Q

Differentiation

A

Divide work into specialized jobs

40
Q

Integration

A

How to coordinate jobs that have been divided


41
Q

Centralized (decision-making)

A

Only top managers have Authority to make organizational decisions 
Communicated down to lower levels

42
Q

Decentralized (decision-making)

A

Lower level supervisors (& some employees) have decision making authority/power

43
Q

Organizational climate

A

Temporary. Describes characteristics that are capable of being changed. 

44
Q

organizational culture

A

Rules and beliefs that are relatively resistant to change

45
Q

Culture artifacts 

A

Tangible aspects of culture

Behavior, language.. etc

46
Q

Shared norms

A

Not visible. Situation specific

47
Q

Cultural values

A

Collective Ideas & feelings or workers. Good & proper

48
Q

Shared assumptions 

A

What people think happens in orgs

49
Q

Transactional Leader

A

Manage transactions btwn org & workers.

50
Q

Transformational Leader

A

Focus on Changing attitudes / assumptions. Build mission & strategies

51
Q

Code of ethics

A

General standard of acceptable conduct for all workers of org

52
Q

Sarbanes Oxley Act (SOX)

A

Requires publicly, traded companies, and their independent auditors to demonstrate to SEC their numbers are accurate


53
Q

Corporate social responsibility

A

Contribute to the well-being of his stakeholders, such as contributing to charities, and helping the poor 

54
Q

Case study

A

Observations from spontaneous & natural events

55
Q

Field survey

A

Based on Opinions of large sample of PEOPLE

56
Q

Field EXPERIMENT

A

Shows the effects of a independent variables on dependent variables. Can be intrusive & disrupt flow of work

57
Q

Laboratory Studies

A

Fewer subjects. Often artificial

58
Q

Regression analysis

A

Shows the relationship between one variable and several other
Variables

59
Q

Matrix structure

A

Combines functional/divisional structures. 2 managers to report to.

60
Q

Center of Excellence (COE)

A

a group of HR professionals works together to provide company employees with positive experiences.

61
Q

Total quality management (TQM)

A

Involves workers in the creation and implementation process. Everyone has a voice. “Quality circles”


62
Q

Lean Approach

A

Process improvement methods. Require workers to collaborate on system improvements.

Lean: is there value or not? Will a customer pay for this?
Anything w/ no value will be removed

63
Q

Six sigma

A

Process improvement methods. Require workers to collaborate on system improvements.

Six: streamline and improve all business processes through quality & efficiency 

64
Q

Merger

A

Legal consolidation of two companies into one entity 

65
Q

Acquisition

A

A.k.a. takeover. Wine company purchases another establishing itself as the new owner 

PHR (4 decks)

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