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Business Year 12 > Exam > Flashcards

Exam Flashcards

1
Q

Marketing

A

Where the focus is on studying and developing new and improved products for the organisation

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2
Q

Research and Development

A

Where the focus is on studying and developing new and improved products for the organisation

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3
Q

Finance

A

Where the focus is on planning, maintaining and reporting on the financial aspects of the organisation’s performance

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4
Q

Operations

A

Where the focus is on creating the organisations final output (product or service)

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5
Q

Objective

A

A desired goal, outcome or specific result that an organisation intends to achieve

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6
Q

Vision statement

A

A statement of what the organisation aspires to become

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7
Q

Mission statement

A

A statement expressing why an organisation exists, its purpose and how it will operate

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8
Q

Strategies

A

The actions that an organisation takes to achieve specific objectives

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9
Q

Downsizing

A

Workplace staff reductions, with the elimination of jobs and positions

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10
Q

Outsourcing

A

Contracting some organisational operations to outside suppliers

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11
Q

Internal environment

A

All those things over which the organisation has some degree of control. E.g. Employees

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12
Q

External environment

A

This includes those things over which the business has little control. It may be divided into an operating environment and a macro environment.

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13
Q

Operating environment

A

The outside factors with which the organisation interacts in the course of conducting its business. These factors include customers, suppliers, competitors and lobby groups.

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14
Q

Customers

A

The buyers or users of the products of a large-scale organisation.

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15
Q

Suppliers

A

Those organisations and individuals that supply resources to the organisation, allowing it to conduct its operations

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16
Q

Competitors

A

Other organisations that offer rival products or services

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17
Q

Lobby groups

A

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies

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18
Q

Macro environment

A

Is made up of the broad factors in the economy and society within which the organisation operates that it has no control over including political, legal, economic, technological and social.

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19
Q

Effectiveness

A

The degree to which an organisation has achieved its stated objectives

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20
Q

Efficiency

A

A measure of how well an organisation uses resources to achieve objectives

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21
Q

Key Performance Indicators

A

Are specific criteria used to measure the efficiency and effectiveness of the organisations performance.

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22
Q

Profitability

A

A measure of the earning performance of the business; it indicates the business’s ability to maximise profits.

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23
Q

Number of sales

A

Measures the number of products sold

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24
Q

Percentage of market share

A

The proportion of the total market that a business has, expressed as a percentage

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25
Q

Rate of productivity growth

A

A measure of the change in productivity in one year compared to the previous year

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26
Q

Customer survey

A

A measure of how satisfied customers are with the organisations performance

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27
Q

Staff survey

A

A measure of how satisfied staff are within the organisation

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28
Q

Staff turnover

A

A measure of the number of staff who are leaving the organisation

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29
Q

Customer complaints

A

An indication of whether or not customers are satisfied with the performance of the organisation

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30
Q

Level of wastage

A

The amount of waste created by the production process

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31
Q

Number of workplace accidents

A

An indication of how safe the workplace is for employees

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32
Q

Benchmarking

A

A process in which an organisation measures its performance against that of other leading organisations known for their excellence

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33
Q

Stakeholders

A

Groups and individuals who interact with the organisation and have a vested interest in its activities

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34
Q

Social responsibility

A

The obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment

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35
Q

Ethical management

A

Abiding by moral standards and doing the ‘right’ thing in the interests of all stakeholders

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36
Q

Shareholders

A

Any person who owns shares in a company

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37
Q

Management

A

The process of dealing with or controlling things or people

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38
Q

Employees

A

Those employed by organisation who contribute their labour to the production of goods and services.

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39
Q

Profit

A

What a business makes when the income earned (revenue) is greater than the costs of production (expenses)

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40
Q

Human resources

A

The focus is on managing the overall relationship the organisation has with its employees

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41
Q

Management structure

A

is a term used to describe the ways in which the management, employees and resources of an organisation are formally arranged to achieve objectives

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42
Q

Bureaucratic structure

A

A bureaucracy is an administrative or social system that relies on a set of rules and procedures, separation of functions and a hierarchical structure in implementing controls over an organisation

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43
Q

Flat organisational structure

A

A flat organisation refers to an organisation structure with few or no levels of management between management and staff level employees. The flat organisation supervises employees less while promoting their increased involvement in the decision-making process

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44
Q

Functional structure

A

involves grouping employees together according to the tasks or jobs they will perform (task structure)

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45
Q

Division structure

A

groups employees together according to divisions that may be geographical, or customer, product or process focused

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46
Q

Matrix structure

A

involves bringing together specialists from different parts of the organisation to solve specific problems or to undertake specific projects in teams

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47
Q

Corporate culture

A

refers to the values, ideas, expectations and beliefs shared by members of the organisation

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48
Q

Planning

A

is the process of setting objectives and deciding on the methods to achieve them

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49
Q

Strategic planning

A

is long-term planning, usually over two to five years

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50
Q

Tactical planning

A

is flexible, adaptable, medium-term planning, usually over one to two years, which assists in implementing the strategic plan

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51
Q

Operational planning

A

provides specific details about the way in which the organisation will operate in the short term

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52
Q

Organising

A

is the process of arranging resources and tasks to achieve objectives

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53
Q

Leading

A

is the process of influencing or motivating people to work towards the achievement of the organisation’s objectives

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54
Q

Interpersonal qualities

A

This quality involves management’s capacity to deal or liaise with people and build positive relationships with staff.

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55
Q

Informational qualities

A

This quality involves gathering and communicating or sharing data and knowledge.

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56
Q

Decision-making qualities

A

This quality involves identifying available options and then choosing one course of action from the alternatives.

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57
Q

Control

A

is the process of evaluating performance and taking corrective action to ensure that the set objectives are being achieved

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58
Q

Policy

A

is a set of broad guidelines to be followed by all employees when dealing with important areas of decision making

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59
Q

Procedure

A

is a series of actions enabling a policy to be put into practice.

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60
Q

Autocratic management style

A

is one where the manager tells staff what decisions have been made.

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61
Q

Persuasive management style

A

is one where the manager attempts to sell decisions made.

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62
Q

Consultative management style

A

is one where the manager consults employees before making decisions.

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63
Q

Participative management style

A

is one where the manager unites with staff to make decisions together.

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64
Q

Laissez-faire management style

A

is one where the employees assume total responsibility for, and control of, workplace operations.

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65
Q

Communication skills

A

involves the ability to transfer information from a sender to a receiver, and to listen to feedback.

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66
Q

Delegation skills

A

is the transfer of authority and responsibility from a manager to an employee to carry out specific activities.

67
Q

Negotiation skills

A

skills involve the ability to resolve a dispute or to produce a satisfactory agreement on a course of action.

68
Q

Team/group dynamics

A

are the interaction of individuals within teams/groups.

69
Q

Problem solving skills

A

is a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation.

70
Q

Technical skills

A

involve the ability to perform tasks in a specialised field.

71
Q

Time management skills

A

involves the ability to prioritise tasks, set deadlines, review progress ad delegate.

72
Q

Stress management skills

A

involves the ability to manage the levels of stress that develop in employees.

73
Q

Emotional management skills

A

is the skill of identifying, assessing and managing the emotions of self and others.

74
Q

Operations management

A

consists of all the activities in which managers engage to produce goods or services

75
Q

Tangibles

A

are goods, which can be touched

76
Q

Intangibles

A

include services, which cannot be touched

77
Q

Inputs

A

are resources used in the process of production. e.g. machinery, equipment

78
Q

Transformation

A

is the conversion of inputs (resources) into outputs (goods or services). e.g. Sony - takes plastic, metal, glass and electronic parts and transforms them through design, manufacturing and assembly into numerous electronic products

79
Q

Outputs

A

refer to the end result of an organisation’s efforts - the service or product that is delivered or provided to the consumer e.g. car

80
Q

Productivity

A

is a measure of efficiency - the amount of output produced compared to the amount of input required in production

81
Q

Fixed position layout

A

deals with large-scale processes, such as the construction of bridges, ships, aircraft or buildings

82
Q

Product layout

A

deals with the manufacturing of goods in mass volume using an assembly line

83
Q

Process layout

A

deals with high varieties of products by grouping activities, equipment and machinery of similar function together

84
Q

Materials management

A

is the strategy that managers the use, storage and delivery of materials to ensure the right amount of inputs is available when required in the operations system

85
Q

Just in time

A

is a materials management strategy that ensures that the exact amount of material inputs will arrive only as they are needed in the operations process

86
Q

Quality

A

refers to the degree of excellence of goods or services and their fitness for a stated purpose

87
Q

Quality control

A

involves the use of inspections at various points in the production process to check for problems and defects

88
Q

Quality assurance

A

involves the use of a system so that an organisation achieves set standards in production

89
Q

Total quality management

A

is an ongoing, organisation-wide commitment to excellence that is applied to every aspect of the organisation’s operations

90
Q

Human resource manager

A

coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from an organisation’s human resources

91
Q

Human resource management

A

is defined as the effective management of the formal relationship between the employer and employees

92
Q

Flexible working conditions

A

are conditions that allow employees to balance work and family responsibilities more effectively

93
Q

Work-life balance

A

is about achieving the right amount of time for work and for personal or family life

94
Q

Occupational health and safety

A

refers to the responsibility the employer has to ensure the workplace is safe for employees and that steps are taken to minimise harm

95
Q

Job security

A

is the belief that the employee will not lose their job

96
Q

Motivation

A

refers to the individual, internal process that directs, energises and sustains a person’s behaviour

97
Q

Need

A

is a personal requirement

98
Q

Maslow’s hierarchy of needs theory

A

is Maslow’s sequence of human needs in the order of their importance

99
Q

Herzberg’s motivation-hygiene theory

A

is the idea that satisfaction and dissatisfaction are caused by separate sets of factors

100
Q

Locke’s goal setting theory

A

refers to employees are motivated to achieve goals they have helped to set.

101
Q

Establishment phase

A

involves determining what human resources are required to ensure the organisation is able to accomplish what it has set out to achieve.

102
Q

Maintenance phase

A

involves the process of ensuring that an employee is familiar with and able to adequately complete their job.

103
Q

Termination phase

A

is the ending of the employment of an employee.

104
Q

Human resource (HR) planning

A

is the development of strategies to meet the organisation’s future human resource needs.

105
Q

Job analysis

A

is the study of an employee’s job in order to determine the duties performed, the time involved with each of those duties, the responsibilities involved and the equipment required.

106
Q

Job description

A

is a summary of what the worker will be doing - the role they will have in the organisation in terms of duties and responsibilities.

107
Q

Job specification

A

will indicate the sort of person an organisation is seeking in terms of personal qualities, skills, education and work experience.

108
Q

Job design

A

details the number, kind and variety of tasks that individual employees perform in they jobs. Jobs may be designed so they include a variety of tasks to keep employees interested and motivated.

109
Q

Full-time permanent employees

A

have an ongoing employment contract which includes all legally required entitlements.

110
Q

Part-time permanent employees

A

involves working fewer ordinary weekly or monthly hours compared with full-time employees.

111
Q

Casual employees

A

are employed on an hourly basis.

112
Q

Remuneration

A

is monetary payment in return for the work an employee performs.

113
Q

Wage

A

is an hourly or weekly rate of pay.

114
Q

Salary

A

Employees who earn a salary are paid a fixed amount each year, which is then divided by 26 to give a fortnightly salary, or by 12 to give a monthly salary.

115
Q

Induction

A

is a process of acquainting new employees with the organisation - its history, structures, objectives, culture, policies and practices - and the jobs they will perform.

116
Q

Training

A

generally refers to the process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills.

117
Q

Development

A

refers to activities that prepare staff to take on greater responsibility in the future.

118
Q

Recognition and reward programs

A

aim at both acknowledging the work an employee has done and providing some sort of benefit, such as cash, merchandise, travel or gift certificates, in return for a job well done.

119
Q

Intrinsic rewards

A

come from the task or job itself, such as recognition to feedback or a sense of achievement.

120
Q

Extrinsic rewards

A

are outside the job itself. They may be monetary or non-monetary.

121
Q

Performance management

A

focuses on improving both organisational and individual performance through relating organisational performance objectives to individual employee performance objectives.

122
Q

Performance appraisal

A

is the formal assessment of how efficiently and effectively an employee is performing their role in the organisation.

123
Q

Performance feedback

A

is the information provided to an employee after a performance appraisal.

124
Q

Termination

A

is the ending of the employment of an employee.

125
Q

Retirement

A

occurs when an employee decides to give up full-time or part-time work and no longer be part of the labour force.

126
Q

Resignation

A

is the voluntary ending of employment by the employee ‘quitting’ their job.

127
Q

Redundancy

A

occurs when a person’s job no longer exists, usually due to technological changes, an organisational restructure or a merger or acquisition.

128
Q

Retrenchment

A

occurs when a business dismisses an employee because there is not enough work to justify paying them.

129
Q

Dismissal

A

occurs when the behaviour of an employee is unacceptable and an organisation terminates their employment.

130
Q

Unfair dismissal

A

is when an employee is dismissed because the employer has discriminated against them in some way, such as firing someone because she is pregnant.

131
Q

Employee relations

A

refers to the total interaction that occurs between an employer (and their representatives) and the employee (and their representatives) in regard to the establishment of conditions of employment.

132
Q

Employer

A

an employer, for legal purposes: exercises control over employees, has responsibility for payment go wages, holds the power to dismiss employees.

133
Q

Employee

A

an employee is a worker under an employer’s control. Control may involve: the location of the workplace, the way in which the work is performed, the degree of supervision involved. These criteria are critical in determining legal disputes over the employment contract.

134
Q

Trade unions

A

are organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and the working conditions of their members.

135
Q

Employer associations

A

are organisations that represent and assist employer groups.

136
Q

Award

A

is a legally binding agreement that sets out minimum wages and conditions for a group of employees.

137
Q

Collective bargaining

A

involves determining the terms and conditions of employment through direct negotiation between unions and employers.

138
Q

Enterprise bargaining

A

is the process of directly negotiating wages and employment conditions between employers and employees at the enterprise level.

139
Q

Centralised system

A

a centralised system of employee relations is one in which central tribunals decide the wages and employment conditions of all employees.

140
Q

Decentralised system

A

a decentralised system is one in which direct negotiations occur between an individual employer and either individual employees, groups of employees or the representatives of those employees.

141
Q

Conciliation

A

occurs when a third party participates in the resolution of a dispute and attempts to help resolve the differences through discussion.

142
Q

Arbitration

A

occurs when a ‘judge’ (such as a commissioner the Fair Work Commission) or a panel of ‘judges’ hear both arguments in a dispute in a more formal court-like setting and determines the outcome.

143
Q

Collective/enterprise agreement

A

is a negotiated agreement between an employer and a union or a group of employees.

144
Q

Common law individual (employment) contract

A

covers those employees who are not under any Award or collective/enterprise agreements.

145
Q

Mediation

A

is the confidential discussion of issues in a non-threatening environment, in the presence of a neutral, objective third party. Many organisations now specify mediation as a first step in their dispute resolution or grievance procedures.

146
Q

Change

A

is any alternation in the internal or external environments.

147
Q

Organisation change

A

is the adoption of a new idea or behaviour by an organisation.

148
Q

Proactive

A

is to initiate for a change rather than simply to react to events.

149
Q

Reactive

A

is to wait for a change to occur and then respond to it.

150
Q

Source of change

A

refers to where the change comes from, which includes changes from both the internal and external (operating) environments.

151
Q

Driving forces

A

are those factors that support the change.

152
Q

Restraining forces

A

are those factors that work against the change.

153
Q

Organisational inertia

A

refers to an unenthusiastic response from management to proposed change.

154
Q

Change management process

A

is the sequence of steps that a manger would follow for the successful implementation and adoption of change.

155
Q

Manipulation

A

is the skilful or devious exertion of influence over someone to get them to do what you want.

156
Q

Cooptation

A

involves the selection of an influential person among potential resistors to be involved in the development and implementation of the change process.

157
Q

Corporate social responsibility

A

involves managing organisational processes in order to produce an overall positive impact on the community.

158
Q

Triple bottom line

A

refers to the social, economic and environmental performance of an organisation.

159
Q

Ecological sustainability

A

occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.

160
Q

Sustainability report

A

is a comprehensive report of what a business has done, and is doing, with regard to social issues that affect it.

161
Q

Business ethics

A

refers to the application of moral standards to organisational behaviour.

162
Q

Corporate code of conduct

A

is a set of ethical standards for managers and employees to abide by.

163
Q

Leadership

A

is the process of positively influencing and encouraging individuals to set and achieve objectives.

Business Year 12 (10 decks)

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