Final test yr11

Question 1

Efficiency

Answer 1

Ability to accomplish a job with low expenditure of time and effort

Question 2

Productivity

Answer 2

Getting good return for the effort put into a task

Question 3

Sustainabilty

Answer 3

Ability to maintain a task over a period of time

Question 4

Interrelationship between efficiency, sustainabilty and productivity

Answer 4

Efficiency increases business productivity, and the sustainability of a task will impact its ability to be efficient over time.

Question 5

Performance management

Answer 5

-Tool helping managers to monitor and evaluate employee quality of work.

-Often done by measuring employees against key performance indicators (KPIs).

Question 6

How Performance managment improves efficiency and performance

Answer 6

-Self reflection is undertaken allowing individuals to find errors in their work method

-Common errors across employees can result in the identification of specific training needs

-Expected standards can be communicated

-Good work can be recognised increasing employee satisfaction and thus efficiency

Question 7

Considerations for individuals in the workplace

Answer 7

Pay- Increased pay may influence longer hours or the fulfillment of higher roles with increased pressure

Conditions- Benefits such as long periods of leave or the covering of individual necessities may make a role more attractive

Question 8

Ethical considerations

Answer 8

Ethics- A set of rules to guide behaviour

Ethical considerations- Controversial issues faced due to ethics

Question 9

Code of conduct

Answer 9

A set of rules around behaviour designed to act accordingly to a code of ethics the business deems important.

-Usually created to deal with ethical considerations

Question 10

Functions of a code of conduct

Answer 10

-A set of internal values for employees to follow
-Define company culture
-Let customers understand the values behind a business

Question 11

Organisational restructuring

Answer 11

Action of a business changing its hierarchical model to improve efficacy and fit a market more effectively

Question 12

Reason for restructuring

Answer 12

-New consumer trends

-Innovations redefining the market

-Company market share decrease due to competitors

Question 13

Organisational restructuring can be difficult because of?

Answer 13

Deeply embeded structures in a business model

Question 14

RWE examples of organisational restructuring

Answer 14

Netflix introduced streaming services in 2007 to replace their DVD rental service

In 2013/14 Qantas restructured by updating planes and services, as well as looking more modern

Question 15

Workplace reform

Answer 15

Changes in labour laws to improve working conditions, can also influence a business to undergo organisational restructuring

Question 16

Organisational restructuring impacts on career development

Answer 16

-Privatisation of a business may result in staff cuts.

-Deregulation can make people working in smaller businesses redundant.

-Work place flexibility can make an employee multi-skilled thereby increasing job satisfaction.

Question 17

Work life balance

Answer 17

Ability to maintain harmonious relationship between work and personal life

Question 18

RWE of performance management

Answer 18

conventional approach that looks at performance management as the set of activities that examines an employees performance over the year, eg school reports for students

Question 19

RWE of unsustainable business model

Answer 19

Last Video Ezy stores shutdown in 2021 due to DVD rentals becoming an unsustainable business model compared to streaming services

Question 20

RWE of sustainable business model

Answer 20

Netflix is a sustainable business model due to the convenience of online streaming services which will be the most efficient method for an indefinite period time

Question 21

RWE of code of conduct

Answer 21

Members of the law society are expected to work respectfully and cooperatively, and refuse any attempts at bribery