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business revision 2018 > exam > Flashcards

exam Flashcards

1
Q

Sole trader

A
  • Individual owners of a business
  • Entitled to keep all profits of the business after tax
  • Liable for all losses (Unlimited liability)
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2
Q

Sole trader

advantages/disadvantages

A

advantages

  • Simple and inexpensive to established
  • Owner has total control of the business
  • Minimal government regulation

disadvantages

  • Unlimited liability
  • Harder to get finances
  • Reliant on the knowledge and skill
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3
Q

Partnership

A

It’s a business owned between 2-50 people
Either partner is jointly liable for the debts in the business (unlimited liability)
Most partnerships have a partnership agreement between the parties

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4
Q

Two types of partnerships

A

General partnership
All partners are equally responsible for the management of the business and each has unlimited liability

Limited partnership
Liability of one or more partners is limited. Silent partners can be apart of the business partnership but are not involved in the day to day running of the business

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5
Q

Partnership

advantages/disadvantages

A

advantages

  • Inexpensive and simple to start
  • Risk is shared
  • Minimal government regulations

disadvantages

  • Liable for debts caused by other partners
  • could be threatened by one partner leaving
  • Potential personality clashes
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6
Q

Company

A
  • Separate legal entity,
  • Limited liability
  • Same rights as a natural person
  • has perpetuity (ongoing life) - must keep financial records for at least 7yrs
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7
Q

Two types of companies

A

Private limited companies
Many sole traders/partnerships become private limited companies due to expansion and the opportunity to gain protection by limited liability
Can have up to 50 shareholders

Public listed company
An organisation listed on the Australian stock exchange and any individual can buy shares
Run by a board of directors

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8
Q

Company

advantages/disadvantages

A

advantages

  • Limited liability
  • Business will still continue if a shareholder leaves or passes away
  • Separate legal entity

disadvantages

  • Complex to start expensive establishments costs
  • Higher degree of government control and reporting requirements (private limit comp)
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9
Q

Social enterprise

A

A business that uses strategies to improve human wellbeing or the environment rather than maximise PROFIT for its owners/shareholders

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10
Q

Government business enterprise

A
  • Business run and directed by the government and their aim is to maximise profit
  • Operates in the public sector
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11
Q

3 characteristics of GBE’s

A
  1. The government controls the business
  2. The business is engaged in commercial activities
  3. The business is a separate legal entity to the government department
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12
Q

business objectives

Financial objectives:

A

The desired financial performance of the business

  • profit
  • growing sales
  • improving market share
  • increasing productivity
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13
Q

business objectives

Market share:

A

Proportion or percentage of the market (and total sales) controlled by the business

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14
Q

business objectives

Marketing objectives:

A

Creation of demand for your good or service

Maximise the appeal of your good or service to the most people possible

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15
Q

business objectives

Social objectives:

A
  • Role of business in the community
  • Above and beyond your legal objectives
  • Can also be achieved via workplace policies
    • equal opportunity policies
    • Anti discrimination
      policies
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16
Q

business objectives

Shareholder expectations:

A

Owners of the company, can own the whole part or shares in a business

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17
Q

Stakeholders

A

An individual/group that has a direct interest in the activities of the business. (can be shareholders, employees, customers, suppliers)

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18
Q

Macro environment

A

The conditions that a business operates in that they have no control over

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19
Q

Operating environment

A

The environment immediately external to a business to which it has close interaction with when conducting business

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20
Q

Internal environment

A

The areas of a business that have control over

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21
Q

Stakeholders

Mangers

A

Those in changer of sections of an organisation

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22
Q

Stakeholders

employees

A

The workers in a business who are paid an income in exchange for their labour

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23
Q

Stakeholders

shareholders

A

People who have invested

money in a company

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24
Q

Stakeholders

Customers

A

People who purchase the goods and/or services that are made by the business

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25
Q

Stakeholders

suppliers

A

People or businesses who provide the goods and/or services that are demanded by other businesses

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26
Q

Stakeholders

Trade unions

A

Bodies that represent the interests of workers

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27
Q

Possible conflicts between stakeholders

Employees and shareholders

A

Employees require safe working conditions and reasonable wages

BUT

this reduces businesses profits and dividends to shareholders

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28
Q

Possible conflicts between stakeholders

Management and customers

A

Management may try to maintain profit and a high dividend to satisfy shareholders

BUT

this will upset customers who want to pay reasonable prices for products

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29
Q

Possible conflicts between stakeholders

Management and
community

A

Management may decide to cut costs by not completing maintenance

BUT

but this could endanger the community

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30
Q

Possible conflicts between stakeholders

Suppliers and community

A

Suppliers want to get paid quickly and fairly

BUT

the may use unethical practices which will upset the community

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31
Q

Possible conflicts between stakeholders

Management and suppliers

A

Management wants to reduce costs to increase profit

BUT

suppliers may charge higher prices for ethical material

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32
Q

Corporate social responsibility

A

The obligation that a business has over and above the legal responsibilities to the wellbeing of employees, customers, shareholders, the community and the environment

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33
Q

management responsibility

Operations

A
  • Running of business

- Responsible for the protection of the business product or the provision of a service

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34
Q

management responsibility

Finance

A

Responsible for managing the financial aspect of the business

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35
Q

management responsibility

Human Resources:

A
  • Responsible for coordinating all activities from acquiring to terminating (hiring/firing) employees in the business
  • Manages the relationship between employer and employee
  • Focus on employee motivation, staff retention, staff reviews
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36
Q

management responsibility

Sales and marketing

A

Includes developing products, pricing, promoting distributing and promoting products to customers

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37
Q

management responsibility

Technology support

A

Responsible for installing and maintaining technology, as well as providing assistance to the users of technology in the business

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38
Q
  1. Autocratic management style
A
  • All decision making is centralised
  • Communication is one way (downward)
  • Managers are in full control and want to retain authority
  • No input from employees
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39
Q

Autocratic

advantages/disadvantages

A

advantages

  • Decision making is quick
  • Suits high risk and difficult decisions

disadvantages

  • Discourages teamwork
  • Low motivation and job satisfaction for employees
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40
Q
  1. Persuasive Management style
A

Management make the decision and then persuade employees of the benefit of that decision

  • manger has control and authority
  • focused on achieving the task
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41
Q

Persuasive

advantages/disadvantages

A

advantages

  • Suits high risk decision
  • Employees have a clear idea of what they have to achieve

disadvantages

  • No input from workers into the decision making process
  • Workers may feel alienated not respected
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42
Q
  1. Consultative Management style
A

Management consult with employees about the issue/ process, but the manager makes the final decision based on suggestions and input received.

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43
Q

Consultative

advantages/disadvantages

A

advantages

  • lots of ideas from employees, which help in the decision making outcome
  • Is a motivator and increase job satisfaction

disadvantages

  • Time consuming
  • Employees will be upset if management does not take on their ideas
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44
Q
  1. Participative management style
A
  • Managers work closely with employees, to get them to work together to improve the businesses overall performance
  • Encourages employees to share in the decision making and problem solving tasks
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45
Q

Participative

advantages/disadvantages

A

advantages

  • Positive employer/employee relationship (less likely for conflict)
  • High levels of motivation and job satisfaction

disadvantages

  • Can take a long time to reach a decision as everyone needs to be considered
  • Internal conflicts may arise, employees given to much power
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46
Q
  1. Laissez Faire management style
A
  • Employees assume total responsibility for control of workplace operations
  • Management does not play a central decision making role in the organisation and employees are empowered to make decisions
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47
Q

Laissez Faire

advantages/disadvantages

A

advantages

  • Employees feel a sense of ownership
  • Open communication lines and people are valued

disadvantages

  • Loss of control by managers
  • Personal conflicts may impact the achievements of business outcomes
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48
Q

Contingency management theory/situational approach:

A

Is the need for managers to adapt their management style to suit the situation at hand

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49
Q

the appropriateness of management styles

  1. Nature of task
A
  • Easy = autocratic

- Complex = participative (teamwork)

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50
Q

the appropriateness of management styles

  1. Time that is available
A
  • If you have limited time = autocratic, persuasive

- If you have lots of times = consultative, participative, laissez faire

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51
Q

the appropriateness of management styles

  1. The experience and skill level of employees
A

Lots of experience = Laissez Faire

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52
Q

the appropriateness of management styles

  1. Managers experience
A

Finding your management style

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53
Q

the appropriateness of management styles

  1. Managers and staff
A

Personality, experience, values, beliefs, skills

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54
Q

Management skills

A

The abilities or skills that a manager uses to achieve a business objectives.

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55
Q

Relationship between management style and skill

A

The type of management style a manger selects determines the management skills they will need

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56
Q

Management skills

1. Communication

A
  • Is the transfer of information from a sender to receiver
  • Can be used to help explain a vision, outline changes and ask for opinions
  • Nonverbal communication (body language, visual)
  • Verbal communication (written, oral form)
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57
Q

Management skills

2. Delegation

A

Is the ability to transfer authority and responsibility from a manager to an employee to carry out specific activities

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58
Q

Management skills

3. Planning

A

The ability to define business objectives and decide on methods and strategies to achieve them also helps with long term planning of the business

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59
Q

Strategic planning

A
  • long term planning

- 2-5 years

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60
Q

tactical planning

A
  • Flexible, adopting planning 1-2 years

- Helps achieve the strategic planning

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61
Q

operational planning

A
  • Short term planning

- Specific details on how the business can conduct in the short term

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62
Q

Management skills

4. Leading

A

Is the skill of a manager when guiding workers towards achieving the goal of the business

  • motivator
  • good communicator
  • role model
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63
Q

Management skills

5. Decision making

A

Is a multi step approach where a selection is made between a range of alternatives

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64
Q

Management skills

6. Interpersonal skills

A

Skills used everyday to communicate and interact with other people both individually and groups (understanding the other person)

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65
Q

Corporate culture

A

The shared values and beliefs and behaviours of the people in the business

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66
Q

Official corporate culture

A

The preferred values, beliefs and behaviours of the people, within a business stated in official documents like a company motto or mission statement

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67
Q

Real corporate culture

A

How things actually operate, the actual values and beliefs presented in the company

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68
Q

Strategies to develop corporate culture

The creation of a vision statement

A
  • Vision statement → the future vision for the business (aspirational)
  • Mission statement → written statement that defines a business core purpose and focus
  • Values statement → the values of the organisation
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69
Q

Strategies to develop corporate culture

Establish management structures

A

linking management and structures help employees function and shape corporate cultures

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70
Q

Strategies to develop corporate culture

choice of management style

A

autocratic

ects

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71
Q

Strategies to develop corporate culture

Implementation of policies

A

policy is a detailed process, procedures and rules that must be observed

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72
Q

Strategies to develop corporate culture

Branding of the business

A

it represents the way customers view the business

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73
Q

Strategies to develop corporate culture

People

A

employing the right people that suit the business

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74
Q

Strategies to develop corporate culture

Physical environment and material symbols

A

Physical environment and material symbols

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75
Q

Strategies to develop corporate culture

rituals

A

Employees of the week, Christmas parties

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76
Q

Business objectives

A

The stated, measurable targets of what a business wants to achieve

all business objectives must consider stakeholders in the business and how the objective will effect/influence them

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77
Q

What a HRM can’t do

A
  • They can’t tell other departments about what work needs to be done
  • They have the authority to advise NOT to direct other line managers
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78
Q

Management by Objective (MBO)

A
  • The process of setting goals using SMART principles which relate to the employees key area of responsibility.
  • Creates a sense of direction and provides a measure to assess an employee’s work performance
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79
Q

Adapting to MBO theory

A

It helps all members of the organisation achieve personal objectives and business objectives

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80
Q

Employee engagement

A

The commitment employees feel towards a business based on identifying the values, visions, objectives and the way the business operates

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81
Q

Motivation

A
  • It’s what drives a person to do things a certain way or to achieve a certain goal
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82
Q

Maslow’s Hierarchy of Needs

info

A
  • Abraham Maslow (1908-1970)
  • hierarchy of needs is a sequence of human needs in order of importance and you can’t move up between needs unless the basic need has been satisfied
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83
Q

Maslow’s theory is important in a business because…

A

businesses have to create workplaces that attempt to satisfy all the needs of the employees

if they don’t the employee will become unmotivated and chose to leave

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84
Q

MHN

physiological needs

A

food, water, warmth, rest

  • providing a job
  • fair wages
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85
Q

MHN

safety needs

A

security, safety

  • job security
  • business is following OH&S policies
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86
Q

MHN

belonging and love needs

A

intimate relationships, friends

  • being part of a team
  • friendly work associates
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87
Q

MHN

esteem needs

A

feeling of accomplishment

  • job title
  • promotions
  • job recognition
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88
Q

MHN

self-actualisation

A

achieving one’s full potential

  • challenging work allowing for creativity
  • opportunity for personal growth
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89
Q

Locke and Latham’s - Goal setting theory

info

A

Is based on the idea that employees are more likely to be motivated if they are able to strive for specific goals and can be rewarded for achieving these goals

Feedback of employees is vital to this model

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90
Q

LL

In order to motivate the goal must be

A
  • specific
  • clear
  • provide a challenge to the employee
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91
Q

Locke and Latham’s 5 goal setting principles

A
  1. task complexity
  2. clarity
  3. challenge
  4. commitment
  5. feedback
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92
Q

LL

Task complexity

A

understanding the task at hand and how difficult or easy is the task is for employees to achieve

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93
Q

LL

Clarity

A

how clear is the goal, do the employees know what to do to achieve the task

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94
Q

LL

Challenge

A

what level of challenge is there and is it achievable

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95
Q

LL

Commitment

A

how committed are the employees in achieving the goal

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96
Q

LL

Feedback

A

Continuous, are we moving towards achieving the goal (reviews/performance)

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97
Q

Benefits of goal setting theory

A
  • ensure that all employees have closely aligned goals and have a high level of financial success
  • Employees become energised and empowered
  • Improvement in team collaboration
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98
Q

Lawrence and Nohria - Four drives Theory

info

A
  • based on an understanding of human physiological and the strength of this differs between individuals over time
  • If one dominates it can affect personal and business outcomes
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99
Q

4DT

Identify 4 basic motivational needs

A

Drive to acquire
Drive to bond
Drive to comprehend/learn
Drive to defend

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100
Q

4DT

drive to acquire

A

Basic need - clothing, shelter, water, food
Complex need - Status, promotion power

  • The drive to “have things”
  • Reward system (financial or personal)
  • promotions
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101
Q

4DT

Drive to bond

A
  • Connection with peers
  • Build relationships
  • To be apart of something
  • focus on real corporate culture
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102
Q

4DT

drive to comprehend/learn

A
  • People need to understand whats going on around them
  • create jobs and learning opportunity for employees
  • degree of job satisfaction
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103
Q

4DT

drive to defend

A
  • Motivate by defending Friends, team/colleague and job
  • providing a clear direction
  • Link to fear and change
  • Creates fair strategies so employees know where they stand
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104
Q

Comparing motivational theories

Hierarchy of Needs (Maslow) and Goal Setting Theory (Locke and Latham)

A

Similarities

  • Both have 5 key components
  • GST could lead to MH’s level of self esteem being achieved
  • Both set challenging goals - particularly in reference to higher order needs (esteem and self actualisation)

Differences

  • GST is about achieving specific goals, MH is about satisfying needs of individuals
  • GST has a time frame where as MH is on going
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105
Q

Comparing motivational theories

Hierarchy of Needs (Maslow) and Four Drives Theory (Lawrence and Nohira)

A

similarities

  • Both relate to satisfaction
  • MH’s belonging relates to 4D’s drive to bond
  • Both theories can have a dominant motivator at any particular moment

differences

  • MH has 5 levels where as 4D has 4
  • MH must progress each level individually, 4D its possible to work towards more than one drive at a time
  • MH is sequential, 4D is not
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106
Q

Comparing motivational theories

Goal Setting Theory (Locke and Latham) and Four Drives Theory (Lawrence and Nohira)

A

similarities

  • Goal setting is linked to the drive to acquire
  • The drive to learn and comprehend is similar to obtaining feedback

Differences
- GST is to set goals where as 4D is to satisfy the drives

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107
Q

Motivational strategies

A

Different motivation strategies for different times for different people it’s not a one size fits all,

Business can use both financial and non financial strategies to motivate employees

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108
Q

financial Performance related pay

A

Is a financial reward to employees whose work is considered to have reached a required standard or above the standard.

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109
Q

financial Performance related pay

Pay increase

A
  • When an employee starts a job their rate of pay is either negotiable in an employment contract or set by an award.
  • After a period of time an employer may offer pay rise to people who work hard or add value to the business
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110
Q

financial Performance related pay

Bonuses

A

One off payment to an employee or group of employees for achieving a particular target or special effort usually a one off incentive

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111
Q

financial Performance related pay

Commission

A

In an amount paid for accomplishing a sale. It’s generally a fixed percentage of the price.

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112
Q

financial Performance related pay

Share Plans

A

A registered company (both public and private) can offer shares of its business to its staff

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113
Q

financial Performance related pay

Profit sharing

A
  • Instead of giving employees shares a company can offer a percentage of profits to its employees
  • will increase the overall goal of increasing profit so everyone can share it.
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114
Q

financial Performance related pay

Gainsharing

A

Is the method of rewarding employees for making suggestions that improve productivity in the business. The savings that are achieved are given back to the employees.

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115
Q

financial Performance related pay

advantages/diadvaatges

A

advantages

  • Tangible way of recognising achievement
  • Encourages goal setting to not be too hard
  • Can improve productivity levels

diadvaatges

  • Reduces equality in employees
  • Acts to demotivate if goals are too challenging
  • Short term focus
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116
Q

Non-financial motivators

Career advancement

A
  • Promoting people to more senior positions that gives them more motivation, responsibility and authority.
  • Employees need to demonstrate good work habits over an extended period of time before being considered for a promotion
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117
Q

Non-financial motivators

Job enlargement

A

This involves making a job bigger or more challenging by combining various operations at a similar level (horizontal)

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118
Q

Non-financial motivators

Job enrichment

A

This involves vertically expanding the job by increasing its depth of content as well as the degree of control the job holder has over their work.

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119
Q

Non-financial motivators

Job rotation

A

Workers move between jobs to increase the variety of work and also to create a more flexible workforce

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120
Q

Non-financial motivators

advantages/diadvaatges

A

advantages

  • Acts as a reward for past performance
  • Helps retain good employee

diadvaatges

  • Employees may be promoted over their capable level
  • Feeling of unrest if promotion was not warranted or not carried out in a fair manner
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121
Q

Investment in training

A
  • Employees gaining skills and job knowledge through training and job experience.
  • It’s important to train employees so they can do tasks properly.
  • short term the workers performance is likely to improve
  • long term employees may be grateful for the improvement in their skill level and may remain loyal to the business
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122
Q

Investment in training

advantages/diadvaatges

A

advantages

  • Demonstrates that you want to advance your employees career
  • Creates a sense of loyalty and positive corporate culture

diadvaatges

  • Expensive investment
  • Highlight where you have problems
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123
Q

Support and sanction (reward and punishment)

Support

A
  • An important motivating factor is the feeling that employees are supported, encouraged and acknowledged for their work performance and have job security
  • Frequent and positive communication between managers and subordinates
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124
Q

Support and sanction (reward and punishment)

Sanction

A
  • Often won’t take job role seriously until they are threatened with some form of sanction for their unacceptable or poor performance
  • can take the form of a Reprimand, counselling, dismissal (no job)
  • short-term
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125
Q

Support and sanction (reward and punishment)

advantages/diadvaatges

A

advantages

  • Employees who feel supported by their manager and the business are likely to work more diligently
  • Sanctions can act as a motivator
  • Support does not cost the business money

diadvaatges

  • Support needs a positive corporate culture
  • Support relies on manger exercising good communication skills
  • Imposing sanctions acts only as a potential short term motivator
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126
Q

Training

A
  • The process of teaching staff to perform their job more productively.
  • providing people with the knowledge and skills they need to do a job
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127
Q

Development

A

The process designed to build up the skills necessary for future work activities and responsibilities, includes preparing employees for longer term opportunities

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128
Q

Organisational Analysis

A

The entire business is analysed to decide what training activities are needed to best achieve the strategic objective

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129
Q

Task Analysis

A

The individual job and task required to perform that job are analysed to determine whether any specific skills are required for a successful performance

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130
Q

Person Analysis

A

Each employee is assessed to determine what kind of training is required. This helps establish training and development objectives.

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131
Q

On the job training

A

Training that occurs on site such as

  • coaching
  • tutoring
  • mentoring by a supervisor
  • involvement in planned work activities, special projects and committees
132
Q

On the job training

advantages/disadvantages

A

advantages

  • trained on the specific tools or equipment
  • able to practice under the supervision of more experience staff (coach or mentor)

disadvantages

  • poorly planned and disjointed in delivery making it difficult to grasp information
  • external trainer into the workplace, may not have knowledge about the equipment and working practices at the business
133
Q

Off the job training

A

Training that is conducted outside the work premises.

lectures written and visual format, visual games and case studies

134
Q

Off the job training

A

advantages

  • A wider range of skills can be taught
  • Less opportunity to be interrupted by workplace issues

disadvantages

  • More expensive if paying course fees transport and possibly accommodation
  • Employees with these new skills/qualification may leave the business to gain a job elsewhere
135
Q

Performance Appraisals

A

A performance appraisal is the formal assessment of how efficient and effective an employees is in performing their role in the business.

136
Q

Employee self evaluation

A

Involves employees carrying out a process of self assessment based on an agreed set criteria, should look at the employees career aspirations for the future

137
Q

Employee Observation

A

The aim is to get feedback from a variety of different parties to arrive at a picture of past and current performance

138
Q

360 degree feedback

A
  • Often used to evaluate the performance of managers and supervisors, by getting input from their supervisors and superiors.
  • Helps identify strengths and weaknesses and gives a broad overview of the employee performance also to evaluate leadership, teamwork and interpersonal skills
139
Q

Termination

A

The ending of employment of an employee. This process is generally handled by the HR manager, who needs to make sure the employee is treated fairly and is within the law.

140
Q

Voluntary

A

The individual chooses what they plan to do when it comes to employment

141
Q

Retirement (Voluntary)

A

When an employee decides to give up full time or part time work and is no longer part if the labour force (not a mandatory age of retirement in Australia)

142
Q

Resignation (Voluntary)

A

Ending of employment by the employee ‘quitting’ their job.

Individuals may resign for number of reasons (Offered a promotion in another business, start own business or change of lifestyle)

143
Q

Involuntary

A

When the organisation decides to terminate your employment.

144
Q

Redundancy

A

Occurs when a person’s job no longer exists, usually due to technological changes, a business restructure or merger

145
Q

Voluntary redundancy

A

Occurs when the business wants to reduce the size and/or nature of the workforce and employees are informed of the change and they can nominate themselves for a redundancy

146
Q

Involuntary redundancy

A

Happens when employee get asked to leave the business against his/her will. The employee is not at fault in anyway, employee is made redundant purely on the needs of the business

147
Q

Retrenchment (involuntary)

A

Is when an employee loses their job due to a lack of sufficient work to keep them occupied

148
Q

Dismissal (involuntary)

A

When an employee’s behaviour is considered unacceptable they can be dismissed

149
Q

Summary dismissal

A

the most serious form of dismissal: it’s when an employee commits a serious breach of an employment contract

150
Q

Dismissal on notice

A

when the employee is not performing the job satisfactory, this may be identified during an appraisal (more common)

151
Q

Unfair Dismissal

A

When an employee is dismissed because the employer has discriminated against them in some way

152
Q

termination

advantages/disadvantages

A

advantages
- Cutting of non-productive employees
Reduction in costs
- Change in structure of the business

disadvantages

  • Loss of talent
  • Decline in moral
  • Breakdown of effective teams
153
Q

Fair work commission Australia

A

Is Australia’s national workplace relations tribunal and can make legally binding decisions and orders relating to workplace relations

154
Q

Fair work commission Australia

role

A

To assist employees and employers to maintain fair and productive workplace

155
Q

When can you use the Fair Work Commission (FMC)

A

The employee must believe their employee was terminated for harsh, unjust or unreasonable decisions

156
Q

Entitlements

A

When a working relationship ends employees are entitled to

  • remuneration (wages and salaries owed)
  • any accrued annual leave or long service leave
  • if they are retrenched they are also entitled to severance/redundancy (bonus pay) entitlements
157
Q

Transition issues

A

Employees who are retiring from the workplace need assistance to organise their finances (superannuation, personal entitlements and investments)

158
Q

Exit interview

A

Is when management will interview ex employees as to why they are leaving the business

This can’t help the business determine and find their faults

159
Q

Workplace relations (industrial relations)

A

Is focused on the relationship between employers and employees

Aim → Is to achieve an optimal relationship between these two groups

160
Q

Trade union

A
  • An organisation formed to represent and protect the rights of workers in a particular industry.
  • Focus of improving working conditions for employees
  • also negotiates on behalf of member during collective bargaining
161
Q

work place relations

employees

A

Are involved because their wages and conditions of work are at stake in this process and need to be satisfied with pay and conditions.

162
Q

Employer associations

A

Are bodies that represent employer groups, they provide advice and support for businesses

163
Q

Fair Work Ombudsman

A

Role is to promote happy, productive and cooperative workplace relations and make sure all workplaces comply with Australian Laws

164
Q

Awards

A

Are legally binding minimum requirements for wages and condition in certain industries are reviewed every 4 years by the Fair Work Commission.

165
Q

Enterprise Agreement

A

Is an agreement that is directly negotiated between the employer and employee at enterprise level and can be made to suit one group or a variety of groups of employees (usually better than current award)

166
Q

Enterprise bargaining/Collective bargaining

A

involves deciding the terms and conditions of employment through the direct negotiation between union and employees

167
Q

How an enterprise agreement works

A

An enterprise agreement must be approved by a majority vote by the employees affected and Must be registered and approved by the Fair Work Commission

168
Q

Individual Employment Contracts

A

An individual can sign a contract with their employer outlining their wages and conditions (must be better than the minimum award)

169
Q

Common law individual (employment) contract

A

Covers those employees who are not under any award or collective/enterprise agreements

170
Q

Dispute resolution/grievance procedure

A

a formal systematic process that allows employees to complain about matters that affect them and their work

171
Q

negotiated outcome

A

where a settlement is reached within the business

172
Q

mediated outcome

A

where an independent mediator help parties talk about the issues and arrive at their own agreement (doesn’t have to be from FWC)

173
Q

Conciliation

A

when a third party suggests outcomes

174
Q

Arbitration

A

where an independent arbitrator/court decides how something will be resolved and makes a legally binding decision

175
Q

Mediation

advantages/disadvantages

A

advantages

  • It’s a much faster and cheaper way to resolve disputes
  • parties involved have to agree on the outcome of their disputes, they are both more likely to leave satisfied with the process and the decision.

disadvantages

  • not appropriate if there is a power imbalance between the parties
  • not a legally binding decision
176
Q

Arbitration

advantages/disadvantages

A

advantages

  • decision is legally binding
  • more useful option if there is a power imbalance as a decision is imposed upon both parties

disadvantages

  • More costly than mediation and the parties have to pay the fees of the arbitrator used
  • time-consuming
177
Q

Industrial action

A

Industrial action is illegal in Australia except during a ‘protected period’ when a new collective agreement is being negotiated

178
Q

Strikes

A

Employees withdraw their labour and production stops

179
Q

Boycott

A

Employees refuse to do something or deal specifically with someone

180
Q

Picket line

A

Employees protest outside the work premises and its aim is to stop production

181
Q

Work to rule

A

Workers refuse to do anything but the bare minimum required and follow every rule

182
Q

Operations Management

A

Applies specifically to the production or transformation process. Good operations means you attract more customers ultimately increasing profit

183
Q

Relationship between operations management and business objectives

A

The core objective of a business is to maximise profit. This means businesses need to maximise efficiency and effectively use resources, to produce goods and services at the lowest possible price

184
Q

Inputs

A

A resource used in the production process. May be owned by the business or come from supplier

  • materials
  • capital equipment
  • labour
  • informations from may sources
  • time
  • money
185
Q

Transformation Process

A

The conversion of inputs into outputs.

186
Q

Outputs

A

The final result of a businesses efforts, that is delivered or provided to the customer

187
Q

How manufacturing business differs from a service business

A

Manufacturing Business

  • Transforms inputs into tangible products
  • The production process and the consumption process are not linked they occur separately
  • Little customer involvement in production

service business

  • Transforms inputs into services
  • Sometimes customer may need to be present when the service is being delivered for example a haircut
  • Production and consumption often occurs simultaneously.
188
Q

Automation

A

This is the replacement of human effort by machinery and computer (technology)

189
Q

Automation

Advantages/disadvantages

A

Advantages

  • Decrease in the cost of human labour
  • Greater precision of accuracy
  • Improved workplace safety

disadvantages

  • Security threats - computers may be hacked and virus’ downloaded
  • Development costs can be huge and unaffordable
190
Q

Types of automation

Automated production lines

A
  • Are used in manufacturing industries.
  • Reduce the need for human labour as they eliminate elements of human interaction in the production process
  • Human component is more in the area of supervision and monitoring the system
191
Q

Types of automation
Computer Aided Design
(CAD)

A

computer “software” that is driven by human labour to show the machinery at a 3D level

192
Q

Types of automation
Computer Aided Manufacturing
(CAM)

A
  • Involves the control of machinery, tools and equipment via a computer.
  • Are set instructions meaning there is a less chance for error. Saves time and is very efficient
193
Q

Types of automation
Computer Integrated Manufacturing
(CIM)

A

CIM combines CAD and CAM and is a computer program that controls the production process from start to finish.

194
Q

Types of automation
Flexible manufacturing system
(FMS)

A

Computers can detect things such as machine breakdown and notify operators about the correct replacement parts required

195
Q

Types of automation

Robotics

A
  • Programmable machines that have the ability to detect changes in the environment.
  • Reduce cost of labour and do not suffer human error
  • need to be maintained on a regular basis.
  • If one machine fails the whole production is stopped.
196
Q

Types of automation

Website development

A
  • This technology is essential for the effective running of the business.
  • It can save time to inform customers of changes.
197
Q

Types of automation
ECommerce/operation
management

A
  • The buying and selling of goods and services, or the transmitting of funds or data over an electronic network
198
Q

Materials management

A

It’s the inwards flow of material including the movement and storage of raw materials, work in process inventory and finished good from the start until it’s consumed or used

199
Q

Master production schedule (MPS)

A

Is a document that shows what the business plans to produce and the plan to produce it within a given time period.

200
Q

Materials requirement schedule (MRP)

A

MPR is a computer based inventory management system which helps the operations manager schedule and place orders for materials.

201
Q

Forecasting

A

Data that is used to identify trends so that the business can predict what materials will be required and in what quantities

Prediction too low→ run out of product and lead to customer dissatisfaction.

Prediction too high→ order too much stock which is wasted or takes up storage space

202
Q

JIT (Just in time inventory)

A
  • An inventory management system which aims to avoid holding any stock (either inputs or finished goods)
  • Supplies arrive just as they are needed for production, and finished products are dispatched immediately or sold to customers
203
Q

Logistics - Transport and Distribution

A

Refers to the transport of finished products to customers as required, and the distribution of products or movements/delivery of materials from one place to another

204
Q

Effectiveness

A

The degree to which a business achieves its stated objects doing the right thing; the ability of a business strategy to achieve an intended or expected outcome

205
Q

Efficiency

A

The best use of resources in the production of goods and or services. The outcome can be judged on both the quality and quantity of the goods or services produced

206
Q

Quality management

A

Is the degree of excellence in a good or service and the ability to satisfy the customer

207
Q

Quality control

A

Refers to the method that simply checks and rejects items that do not conform to the expected standard

208
Q

Quality Assurance

A

Is a system that is establish to ensure predetermined benchmarks are achieved. Benchmarks are usually set by someone outside of your business

209
Q

Total Quality Management (TQM)

A

holistic approach to quality where all staff in the organisation aim to participate in the ongoing improvement in both the organisations culture and production process
`

210
Q

Waste minimisation

A

Strategy links most closely with the objective of improving efficiency. By minimising waste, business makes the best possible use of their resources and cut costs which increases profit

211
Q

The 4 ways to reduce waste

A

reduce
reuse
recycle
recovery

212
Q

Lean management and waste minimisation

A
  • Is a strategy used by many businesses to achieve efficiencies
  • Refers to the establishment of systems that will eliminate waste and inefficiencies of any kind in the process of making a good or providing a service
213
Q

Lean production is based on (3 ways we can implement lean production)

A
  1. Just in time
  2. Kaizen concept of continuous improvement
  3. Use of automation
    Robotics
214
Q

Triple bottom line reporting

A

When a business reports on its economic results (profits) as well as an assessment on its environmental and social performance.

215
Q

Operations system

A

A business need to include CSR in all three stages of the operations system, as it can improve productivity and contribute to the success of the business

216
Q

Environmental sustainability of inputs

A

The purchase of sustainable inputs will minimize the effect the business has on the natural environment as well as community health and social conditions

217
Q

Environmental sustainability of inputs

advantages/disadvantages

A

advantages

  • Reduce impact on the natural environment
  • Increased productivity via new technology
  • Improved business reputation

disadvantages

  • High initial cost, as new technology is expensive
  • Not easily accessible
218
Q

Amount of waste generated from processes

A

The methods used to transform the inputs into the finished goods and services should not cause pollution.

219
Q

Amount of waste generated from processes

advantages/disadvantages

A

advantages
- Ethical treatment of employees (faire pay, good working conditions)

disadvantages
- Time consuming

220
Q

Production of outputs

A

The goods and services produces should not cause problems for users and society, that should enhance quality of life

221
Q

Global outsourcing

A

Global outsourcing is connected to overseas manufacturing but sometimes service businesses also outsource globally

222
Q

Global sourcing of inputs

A

It’s not unusual for business to seek the lowest cost for their production. Often means purchasing products from overseas

223
Q

Supply Chain

A

A system of operations, people, activities, information and resources involved in moving a product or service from suppliers to manufacturers and then onto customers

224
Q

Supply chain management

A

Is the meeting of consumer demands of goods and services whilst making efficient use of inputs, the production process and the distribution of the finished good

225
Q

Advantages and disadvantages of Global sourcing

A

advantages

  • Skills and resources not found in the home nation may be tapped into
  • Job opportunities and economic growth will be provided in disadvantaged areas

disadvantages

  • Financial and political risk - if the country you
  • Loss of jobs in Australia
226
Q

Key concept of change

A
  • Business change is the adaptation of a new idea or behaviour and is a result of pressures within the business environment
  • Change is ongoing and inevitable, therefore the need for consistently update or improve the business will enable the business to maintain competitiveness to meet the market
227
Q

Two types of change

A
  1. Proactive
    - Business reacts before change has occurred
    - Business can seek to shape their own identity and plan for the future they wish to position themselves in
  2. Reactive
    - Business reacts after change has already happened
    - Business can wait to see how driving and restraining forces build around them then respond to them in a reactive way
228
Q

Nature of change

A
  1. Radical change
    - Is major alterations to business structure, activities or policies
  2. Incremental change
    - Is a step by step change which is more frequent and easier to implement and less stressful for the business.
229
Q

KPI ( Key performance indicators )

A

is defined as a measure or set of data that allows a business to determine whether its meeting its business objectives

230
Q

Financial KPIs

A
  • Percentage of market share
  • Net profit figures
  • Number of sales
231
Q

Non financial KPIs

A
  • Rate of productivity growth
  • Rates of staff absenteeism
  • Level of staff turnover
  • Level of wastage
  • Customer complaints
  • Number of workplace accidents
232
Q
  1. Percentage of market share
A

Percentage of sales or business that one company has compared with its competitors in the same market

233
Q
  1. Net Profit Figures
A

The amount of income left when expenses are deducted from a business revenue

234
Q
  1. Rate of productivity growth
A

This is a measure of the increases in the amount of outputs given the amount of inputs for a certain period of time

235
Q
  1. Number of sales
A

The total quantity of sales of a particular product or service in a certain time period

236
Q
  1. Rate of staff absenteeism
A

This measures the number of times a staff member is not at work, who is using sick and personal leave over a period of time

237
Q
  1. Staff turnover
A

Measures the number of employees that leave a business in a given period

238
Q
  1. Level of wastage
A

The amount of wastage a business has in the production process gives an indication of efficiency, it also provides a measure of resources (inputs) that have not been converted into outputs

239
Q
  1. Number of customer complaints
A

Is an indicator of how your customers feel about your business and the quality
of the product/ service they have received

240
Q
  1. Number of workplace accidents
A
  • can show how a business values employees safety
  • less accidents workplace has the more likely the business is concerned for
    the well being of its employees
241
Q

Force Field Analysis

A
  • Looks at the forces that are either driving movement towards a goal or change OR blocking movement towards a goal or change (restraining forces)
  • Driving forces must out way the restraining forces for the change to be successful
242
Q

Driving forces

A

Are factors that apply pressure for change to occur

243
Q

Restraining Force

A

Are factors that repress the pressures for change. They can hinder the progress of change or prevent it from occurring.

244
Q

Driving forces

Mangers

A

are key drivers of change. They provide the strategic direction for change and are involved in a ‘hands on’ role

245
Q

Driving forces

Employees

A

support the business change it is likely the change will be successful

246
Q

Driving forces

Competitors

A

Competition between companies ensures that business are always aware of what their competitors are doing and they can respond to change quickly

247
Q

Driving forces

Legislation

A

If the law changes, then businesses are obligated to introduce the required changes such as OH&S and workplace relations

248
Q

Driving forces

Pursuit of profit

A

If profit levels are not as high as the magers would like, they may make changes to either generate more revenue or decrease their costs to achieve their goal

249
Q

Driving forces

Reduction in costs

A

Change might be an option is the cost of production are proving to be too expensive

250
Q

Driving forces

Globalisation

A
  • Is the process of increasing independence between countries
  • It gives greater access to markets around the world and customers have better options of goods and services
251
Q

Driving forces

Technology

A

Constant improvements to technology can drive a business to make changes to keep up.

252
Q

Driving forces

Innovation

A

introduction of new things and methods in a business

253
Q

Driving forces

Societies attitudes

A

Changes in society attitudes including changes in opinion, values and lifestyle

254
Q

Restraining forces

Managers

A

may be afraid, may not have the skills or experience or it may threaten their current role.

255
Q

Restraining forces

Employees

A

They are scared to learn new skills or move into new territory
Change is difficult and they may not be emotionally equipped to deal with changes

256
Q

Restraining forces

Time (most important for restraining)

A

Often businesses feel that they don’t have time to make the change but if they don’t make a change they will fall way behind their competitors

257
Q 
Restraining forces 
Organisational inertia (important for restraining)
A

The lack of ability for a business to react to internal and external pressures for change and business continues to do what is has always does

258
Q

Restraining forces

Legislation

A

There are instances where a government body might actually stop change from happening.

259
Q

Restraining forces

Financial considerations

A

Business may conduct a cost benefit analysis to determine whether the change is reeling going to be worthwhile

260
Q

Porter’s generic strategy

A

Is a decision making tool/measure for management about how best to bring in effect of change. This theory contends that there are two major pathways for an enterprise to choose but not both

261
Q

Cost Leadership Strategy/low cost

A
  • is gained by decreasing or altering costs of the business
  • Focuses on low cost production, developing better economies of scale, investing in new technology, pressing supplier for better products
262
Q

Cost Leadership Strategy/low cost

advantages/disadvantages

A

advantages

  • Increased market share
  • Increased profit and productivity

disadvantages

  • Low customer loyalty
  • May cause changes in reputation
263
Q

Differentiation strategies

A

is a method that shows how a product is unique, this ensures the product is attractive to customers

264
Q

Differentiation

advantages/disadvantages

A

advantages
- a different product would set you up as a leader.

disadvantages
- differentiation you would need money planning and time

265
Q

Leadership

A

The process of positively influencing and encouraging individuals to set and achieve objectives

266
Q

The need to review KPIs

A

Managers and leaders need to determine which KPI’s the business wishes to implement and review of a time.

267
Q

Management strategies include

Staff training and development

A

Focused on an employees current job and is aimed at improving employee skills, knowledge attitudes and behaviours to allow employees to do their jobs more effectively and efficiently then before

268
Q

Management strategies include

Staff motivation

A

Motivation is an individual factor, What makes one person motivated is at times not suitable for another

269
Q

Management strategies include

Change in management styles or skills

A

Managers should adopt the management style that coheres with the situation

270
Q

Management strategies include

Increase investment in technology

A

Due to the rapid rate of technology development, businesses need to have strategy that allow them to take advantage of new technologies

271
Q

Management strategies include

Improving quality of production

A

Business should strive to improve the quality of their products and gain a competitive advantage over rivals also produces less wastage

272
Q

Management strategies include

Cutting costs

A

It’s important that businesses analyse their operations thoroughly in order to discover the best way to reduce costs

273
Q

Management strategies include

Lean production techniques

A

Involves a systematic process of eliminating waste so the customer gets the most value from their perspective with fewer resources

274
Q

Management strategies include

Redevelopment of resources

A

Can include moving employees to a different job or sending them to work in a different place or division within a business

275
Q

Global strategies

A

Expanding on the global market allows a business to become well known on the international field and it provides further opportunities for a business to become more successful and increase its market share

276
Q

Global strategies

Online shopping

A

many businesses offer customers the ability to browse available goods and services via the internet, order goods, purchase goods, pay online, and organise shipment of goods.

277
Q

Global strategies

Exporting

A

allows Australian businesses to reach new markets as they can sell their product to new audience.

278
Q

Global strategies

Staffing

A
  • Relocating employees to the foreign country since they already have a detailed understanding of business operations and activities.
  • On the other hand the business may lack local knowledge therefore it will be more expensive to relocate employees instead of hiring locally
279
Q

Global strategies

Innovation

A

Identify a gap in the market and developing products or services to fill it, can often lead to success

280
Q

Global strategies

New technologies

A

Businesses should keep eye on technological development to ensure they are not left behind

281
Q

Global strategies

Developing a market niche:

A
  • When businesses are able to offer something that not every business is able to offer
  • This allows for the businesses to stand out.
282
Q

Global strategies

Research and development

A

A way of creating new products and services, or improving existing ones

283
Q

Domestic strategies

A

New business opportunities can arise from the existing domestic market in which a business operates. A manager must seek new business opportunities to increase market share and develop strategies to take advantage of this.

284
Q

Domestic strategies

Multiple Branding Strategy

A

This is where a business sells multiple brands in the same market.

285
Q

Domestic strategies

Product differentiation

A

The ability to come up with a unique product that will stand out in the market and will be able to give the business and opportunity to create a niche in the market

286
Q

Domestic strategies

Franchising

A

Allows one business to operate under the trading name of another businesses established brand and sell its products or services for a period

287
Q

Senge’s learning organisation

A
  • In situations of rapid change only those businesses that are flexible, adaptive and productive will be successful
288
Q

Personal mastery

A
  • The ongoing commitment of an individual to undertake continuous learning and development
  • can be achieved through training and development, performance appraisal and career advancement
  • if employees are able to continuously improve the business will to and will also be less resistant to change and may initiate the change
289
Q

Mental models

A
  • creating a business culture of openness, inquiry and trust
  • employees are encouraged to challenge old assumptions and mindsets in order to feel empowered to create something new and better than before
  • are assumptions, generalisations and images of how people understand the world
  • building from your own life experiences as well as learning from the business allows both employee and business to move forward in the right direction
290
Q

Building a shared vision

A

People who work within the business and adopt the shared vision will be able to see the long term picture of the business and will make a commitment to the business so it can develop even further

291
Q

Team learning

A
  • Is about bringing people together in a group to work at their best and continually find ways to create good results
  • if teams and groups within a business are able to have open communication then greater learning will take place thus business will achieve better results
292
Q

Systems Thinking

A
  • Learning organisation’s use this method of thinking to evaluate the performance of the business as a whole, rather than separate units
  • the ability to see the big picture and to look beyond what is happening, not just within the business
293
Q

Advantages and disadvantages

Senge’s learning organisation

A

advantages

  1. Boosts levels of creativity, thinking, innovation and business competitiveness
  2. Continuously striving to improve staff motivation, corporate image and skills

disadvantages

  1. Requires cultural change which can take time
  2. Large businesses can struggle to share ideas and knowledge between all the members`
294
Q

Low risk strategies

definiton

A

They are strategies that don’t put the employees at any risk but try to encourage the employees to accept the change

295
Q

two -way communication

A
  • Being open and honest about change so that employees fully understand the direction of the business and its impact
  • usually between mangement and employees
  • employees can voice their concerns
296
Q

Support

A

Sometimes employees may need support to manage the change as it can have a negative impact on employees and their health and wellbeing

297
Q

Incentives

A

Giving something with the aim of persuading or mentoring people to accept the change

298
Q

low risk strategies

advantages/disadvantages

A

advantage

  • Better relationship with management
  • Employee will feel empowered and motivated to do their work or even go beyond

disadvantages

  • often be time consuming which can increase the time it takes to implement the change
  • cost more (offering incentives and support such as training)
299
Q

High-risk strategies

A

Are methods of introducing change that are likely to be resented by employees and other stakeholders. Better for short term as they may have a negative consequences in the long term

300
Q
  1. Threats
A
  • include threatening employees with the loss of their job or a demotion
  • can get employees to embrace the change quickly
  • However this can cause resentment and harm relationship
301
Q
  1. Manipulation
A
  • Gaining support from employees by the selective use of facts or deception
  • tends to push the employee into a situation that they do not want to be in.
302
Q

High-risk strategies

advantages/disadvantages

A

advantages
- Jobs get done quicker as there is a possibility of losing job

disadvantages

  • harm the relationship and culture within the business
  • can cause even more resistance to future change due to loss of trust
303
Q

kurt Lewin believed..

A
  • that change takes place at many levels within a business. He has suggested that change should take place at a structural or systemic level
  • In order for change to take place it has to go through these three steps
304
Q

Step 1. Unfreeze

A
  • in order to identify what needs to change, a business needs to identify what types of things need to change and more so employees need to know that support from management is always readily available.
  • involves removing resistance to change and motivating and preparing stakeholders to embark on the change
  • strong support from upper management
305
Q

Step 2. Change

A
  • Lewin was aware that change is not an event, but rather a process, and he called that process a “transition”
  • lines of communication are open so that employees are able to seek guidance on what is taking place as they may be fearful of the change
  • Some support, counselling and training systems may need to be implemented to assist with the smooth transition.
306
Q

Step 3. Refreeze

A
  • is about returning the business to a new sense of stability
  • It is important that the business consolidates the changes into the culture of the business.
  • can be done by rewriting policies, celebrating achievements and more importantly maintaining support and encouragement for all staff as this will eliminate all possible resistance to change.
307
Q

Importance of leadership in Lewin’s three step change model

A
  • has to take on a supportive role
  • Should adopt a consultative or participative management style to promote more communication and constant communication with employees
  • Role becomes really important as leaders need to connect with employees
308
Q

The effect of change on stakeholders

Mangers

A
  • change of mangement style
  • change of processes
  • change of employment
309
Q

The effect of change on stakeholders

Employees

A
  • introduction of new technology (retraining)

- business is taken over or merges with another

310
Q

The effect of change on stakeholders

Customers

A

Customers may not like the change, hoping that the business will revert back to what it was. Others will embrace the change and may even promote the change to others.

311
Q

The effect of change on stakeholders

Suppliers

A

Change can bring new methods of production, training programs for employees and new suppliers for a business. But these new methods of production may lead to outsourcing.

312
Q

The effect of change on stakeholders

General community

A

slow decrease in the workforce as they down size. local community suffers as the employees are losing income, reducing their spending and causing local business to loos sales.

313
Q

The effect of change on stakeholders

Shareholders

A
  • If a business is affected in a negative manner then the shareholder dividends will go down and they may decide not to invest in the businesses anymore.
  • however a business makes positive changes such as reducing expenses and increasing profit the shareholders may benefit from it.
314
Q

CSR Definition:

A

Involves managing business processes in order to produce an overall positive impact on the community

  • offering back to the community
  • Should be considered in all policies and procedures
315
Q

Corporate Social Responsibility considerations

Change of supplier

A
  • If supplies are sourced overseas, ensure workers are not exploited, are paid fairly and have decent working conditions
  • Ensure suppliers uphold the same social responsibility standards
316
Q

Corporate Social Responsibility considerations

Introducing new technology

A
  • Ensure technology does not add to pollution or create additional waste
  • Ensure workers are given the opportunity to retrain and operate technology
317
Q

Corporate Social Responsibility considerations

Downsizing

A

Employees are kept informed of changes and processes for redundancies (if needed)

318
Q

Corporate Social Responsibility considerations

Merger or takeover

A

Existing employees are treated appropriately by the new management team and all legal obligations are honoured

319
Q

The impact of CSR on stakeholders

Employees and mangers

A
  • May find that the task and jobs are modified.
  • Need to up skill qualifications
  • Managers may need to make long and short term decisions
320
Q

The impact of CSR on stakeholders

Shareholders and owners

A
  • Development of policies that are socially responsible

- Financial support through initiatives to improve the community

321
Q

The impact of CSR on stakeholders

Customers

A
  • May find that they prefer purchasing goods and services from a business that have a CSR outlook
  • Customer may purchase products where profits are passed on to charities
322
Q

The impact of CSR on stakeholders

Suppliers

A
  • Some suppliers may have to change their policies and processes to ensure they can meet the demands of the business
  • May have to source from elsewhere so that they can meet the businesses CSR priorities
323
Q

The impact of CSR on stakeholders

Community

A
  • If the business have a poor record in terms of impact on the environment and do not contribute beyond their core business will find that their reputation will decline and communities won’t support them
  • business will have to work hard to ensure community is aware of the businesses positive doings
324
Q

Advantages and disadvantages of CSR

A

Advantages

  • Better business reputation
  • Benefits society health & welfare
  • Impact on sustainable future

Disadvantages

  • Financial cost
  • Diverted time away from core business
325
Q

By reviewing our initial KPIs a business can

A
  • Analyse the size and extent of any transformation
  • can identify the areas they had the most success in and the ones which require additional effort or time to be achieved
  • Consider an alternative management strategy if they didn’t achieve the results they were looking for

business revision 2018 (10 decks)

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