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VCE BUSINESS MANAGEMENT UNITS 3/4 (2024) > GLOSSARY > Flashcards

GLOSSARY Flashcards

1
Q

Appraisal

A

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

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2
Q

Arbitration

A

A means of dispute resolution involving an independent third party (such as a commissioner of the Fair Work Commission) hearing both arguments in a dispute and determining the outcome.

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3
Q

Assets

A

Items of value owned by a business.

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4
Q

Autocratic management style

A

One where the manager tells staff what decisions have been made.

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5
Q

Automated production line

A

Comprises machinery and equipment arranged in a sequence with components added to a good as it proceeds through each step, with the process controlled by computers.

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6
Q

Award

A

A legally binding document determined by the Fair Work Commission that sets out minimum wages and conditions for whole industries or occupations.

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7
Q

Business

A

Any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society, as well as making profit.

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8
Q

Business change

A

The adoption of a new idea or behaviour by a business.

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9
Q

Business competitiveness

A

The ability of a business to sell products in a market.

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10
Q

Business transformation

A

The new form or structure of a business after a change has been introduced.

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11
Q

Career advancement

A

The assignment of more responsibilities/authority to employees or the promotion of employees to positions that bring rewards, such as increased salary, fringe benefits and increased responsibilities.

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12
Q

Change

A

Any alteration in the internal or external environments.

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13
Q

Collective bargaining

A

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

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14
Q

Common law individual employment contract

A

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

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15
Q

Communication

A

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

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16
Q

Competitive advantage

A

Occurs when a firm, industry or economy has a lower cost price structure than its rivals. In this situation, goods and services can be sold more cheaply, undercutting competitors, and expanding domestic and foreign sales. The concept can also be extended to product quality range and flexibility in adapting to new trends in the market.

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17
Q

Competitors

A

Other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business.

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18
Q

Computer-aided design (CAD)

A

A computerised design tool that allows a business to create product possibilities from a series of input parameters.

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19
Q

Computer-aided manufacturing (CAM)

A

The use of software to direct and control manufacturing processes.

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20
Q

Conciliation

A

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

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21
Q

Consultative management style

A

One where the manager consults employees before making decisions.

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22
Q

Contingency management theory

A

Stresses the need for flexibility and the adaptation of management styles to suit the situation.

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23
Q

Continuous improvement

A

An ongoing commitment to achieving perfection.

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24
Q

Corporate culture

A

The values, ideas, expectations and beliefs shared by members of the business.

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25
Q

Corporate 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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26
Q

Customers

A

The people who purchase goods and services from the business, expecting high quality at competitive prices.

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27
Q

Decision-making

A

The ability to identify the options available and then choose a specific course of action from the alternatives.

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28
Q

Delegation

A

The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities.

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29
Q

Development

A

The process of preparing employees to take on more responsibilities in the future, acquiring better knowledge and skills, and gaining more experience.

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30
Q

Directors

A

(of a company) the people who have overall responsibility for managing the company’s business activities.

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31
Q

Dismissal

A

Occurs when the behaviour of an employee is unacceptable and a business terminates their employment.

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32
Q

Dispute

A

A result of disagreements or dissatisfaction between individuals and/or groups.

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33
Q

Driving forces

A

Those forces that support a change.

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34
Q

Effectiveness

A

The degree to which a business has achieved its stated objectives.

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35
Q

Efficiency

A

How well a business uses resources to achieve objectives.

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36
Q

Employee observation

A

A strategy where a variety of opinions on the performance of employees is sought with the aim of arriving at a more comprehensive picture of past and current performance.

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37
Q

Employees

A

The people who work for the business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production.

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38
Q

Employer associations

A

Organisations that represent and assist employer groups.

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39
Q

Enterprise agreement

A

An agreement on pay and conditions of work made at the workplace level and negotiated between groups of employees (or represented by their union) and employer.

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40
Q

Entitlement considerations

A

The rights to benefits that employees have when leaving the workplace, either on a voluntary or an involuntary basis.

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41
Q

Environmental sustainability

A

A business making decisions that will allow it, and the rest of society, to continue to interact with the environment.

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42
Q

Fair Work Commission

A

Australia’s national workplace tribunal that has a number of responsibilities under the Fair Work Act 2009.

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43
Q

Force Field Analysis

A

Outlines the process of determining which forces drive and which forces resist a proposed change.

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44
Q

Forecasting

A

A materials planning tool that relies on data from the past and present and analysis of trends to attempt to determine future events.

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45
Q

Global outsourcing

A

The contracting of a specific business operation to an external person or business in another country.

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46
Q

Global sourcing

A

The practice of seeking the most cost-efficient materials and other inputs, including from countries overseas.

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47
Q

Globalisation

A

The movement across nations of trade, investment, technology, finance and labour brought about by the removal of trade barriers.

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48
Q

Government business enterprise (GBE)

A

A type of business that is government owned and operated.

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49
Q

Hierarchy of Needs

A

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

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50
Q

High-risk strategies

A

Actions taken that may succeed in the short term but run the risk of generating negative outcomes in the longer term.

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51
Q

Human resource management

A

The effective management of the formal relationship between the employer and employees.

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52
Q

Human resource manager

A

Coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from a business’s human resources.

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53
Q

Incorporation

A

The process that businesses go through to become a registered company and a separate legal entity from the owner/shareholder.

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54
Q

Industry

A

The classification of groups of businesses related to the particular good or service they produce.

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55
Q

Innovation

A

A process that occurs when something already established is improved upon.

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56
Q

Inputs

A

Resources used in the process of production.

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57
Q

Intangibles

A

Services that cannot be touched.

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58
Q

Interpersonal skills

A

The ability to deal or liaise with people and build positive relationships with staff.

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59
Q

Inventory

A

Goods and materials held as stock by a business.

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60
Q

Inventory control

A

Ensures that costs are minimised and that the operations system has access to the right amounts of inputs when required.

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61
Q

Investment in training

A

The direction of finances, or resources such as time, into the teaching of skills to employees.

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62
Q

Just in Time

A

A materials management strategy that ensures that the right amount of material inputs will arrive only as they are needed in the operations process.

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63
Q

Key performance indicators (KPIs)

A

Specific criteria used to measure the efficiency and/or effectiveness of a business’s performance.

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64
Q

Laissez-faire management style

A

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

65
Q

Leadership

A

The ability to influence or motivate people to work towards the achievement of business objectives.

66
Q

Lean management

A

An approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality.

67
Q

Level of wastage

A

The amount of unwanted or unusable material created by the production process of a business.

68
Q

Limited liability

A

Refers to when the shareholders in a company will not be held personally responsible for the debts of that business.

69
Q

Liquidation

A

The process of selling off the assets of a business in order to repay creditors, with any assets remaining to be distributed among shareholders.

70
Q

Lockout

A

Occurs when employers close the workplace for a period of time as a means of applying pressure to employees during a period of industrial conflict.

71
Q

Log of claims

A

A list of demands made by workers (often through their union) against their employers. These demands cover specific wages and conditions. Employers may also serve a counter-log of claims on the union.

72
Q

Low-risk strategies

A

Actions taken that are likely to generate positive outcomes in the short term and longer term.

73
Q

Management by objectives

A

A process by which management and employees agree on a set of goals for each employee, with these goals all contributing to the objectives of the business as a whole.

74
Q

Management skills

A

The abilities or competencies that managers use to achieve business objectives.

75
Q

Management style

A

The behaviour and attitude of the manager when making decisions, when directing and motivating staff, and when implementing plans to achieve business objectives.

76
Q

Manager

A

The person who has the responsibility for successfully achieving the objectives of the business.

77
Q

Manipulation

A

The skilful or devious exertion of influence over someone to get them to do what you want, often by providing incomplete or selective information.

78
Q

Market share

A

The proportion of total sales in a given market or industry that is controlled or held by a business, calculated for a specific period of time.

79
Q

Master production schedule

A

A plan that details what is to be produced and when.

80
Q

Materials handling

A

The physical handling of goods in warehouses and at distribution points.

81
Q

Materials management

A

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

82
Q

Materials requirement planning

A

Involves developing an itemised list of all materials involved in production to meet the specified orders.

83
Q

Mediation

A

The confidential discussion of issues in a non-threatening environment, in the presence of a neutral, objective third party, who helps the parties in dispute to work towards an agreement, but does not offer suggestions or solutions.

84
Q

Mission statement

A

Expresses why the business exists, its purpose and how it will operate.

85
Q

Motivation

A

The individual, internal process that directs, energises and sustains a person’s behaviour.

86
Q

Need

A

A personal requirement.

87
Q

Negotiation

A

A method of resolving disputes whereby discussions between the parties result in a compromise and a formal or informal agreement about a dispute.

88
Q

Net profit figures

A

The measurement of a company’s profit once operating costs, taxes, interest and depreciation have all been subtracted from its total revenues.

89
Q

Niche market

A

A narrowly selected market segment within a larger market.

90
Q

Number of customer complaints

A

The number of customers expressing their dissatisfaction with the business, in either spoken or written form.

91
Q

Number of sales

A

A measure of the amount of goods or services (products) sold.

92
Q

Number of workplace accidents

A

Indicates how safe the workplace is for employee.

93
Q

Objective

A

A desired outcome or specific result that a business intends to achieve.

94
Q

Off-the-job training

A

Occurs when employees learn skills in a location away from the workplace. It usually involves sending individuals or groups of employees to a particular specialised training institution (such as a university or TAFE college).

95
Q

On-the-job training

A

Occurs when employees learn a specific set of skills to perform particular tasks within the workplace. This training usually occurs in the working environment, and uses the equipment, machinery and documents that are present in that workplace.

96
Q

Operational planning.

A

Specific details about the way in which the business will operate in the short term.

97
Q

Operations management

A

All the activities in which managers engage to produce goods or services.

98
Q

Organisational inertia

A

An unenthusiastic response from a business to proposed change.

99
Q

Outputs

A

The end result of a business’s efforts — the service or product that is delivered or provided to the consumer.

100
Q

Overseas manufacture

A

The production of a good in a country that is different to the location of the business’s headquarters.

101
Q

Participative management style

A

One where the manager unites with staff to make decisions together.

102
Q

Partnership

A

A business owned by two or more people (generally a maximum of 20).

103
Q

Penalty rates

A

Additional wages paid to employees who work outside of normal working hours.

104
Q

Percentage of market share

A

The business’s share of the total industry sales for a particular good or service, expressed as a percentage.

105
Q

Performance management

A

A focus on improving both business and individual performance through relating business performance objectives to individual employee performance objectives.

106
Q

Performance-related pay

A

The monetary compensation provided to employees relative to how their performance is assessed according to set standards.

107
Q

Persuasive management style

A

One where the manager attempts to ‘sell’ decisions made.

108
Q

Planning

A

The ability to define business objectives and decide on the methods or strategies to achieve them.

109
Q

Private limited company

A

An incorporated business that has a minimum of one shareholder and a maximum of 50 non-employee shareholders, and whose shares are offered only to those people whom the business wishes to have as part owners.

110
Q

Proactive

A

Initiating change rather than simply reacting to events.

111
Q

Procurement

A

The process of researching and selecting suppliers, establishing payment terms, negotiating contracts, and the actual purchasing of resources that are vital to the operations of the business.

112
Q

Product differentiation

A

The use of factors such as brand names, delivery methods and advertising to establish differences between substitutable products.

113
Q

Production plan

A

An outline of the activities undertaken to combine resources (inputs) to create goods or services (outputs)

114
Q

Productivity

A

A measure of performance that indicates how many inputs (resources) it takes to produce an output (goods or services).

115
Q

Profit

A

What is left after business expenses have been deducted from money earned from sales (revenue).

116
Q

Protected industrial action

A

Action taken by either party to a dispute that has been approved by the Fair Work Commission.

117
Q

Public listed company

A

An incorporated business with a minimum of one shareholder (and no maximum), and whose shares are openly traded on the Australian Securities Exchange.

118
Q

Quality

A

The degree of excellence of goods or services and their fitness for a stated purpose.

119
Q

Quality assurance

A

The use of a system so that a business achieves set standards in production.

120
Q

Quality circles

A

Groups of workers who meet to solve problems relating to quality.

121
Q

Quality control

A

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

122
Q

Rate of productivity growth

A

The change in productivity in one year compared to the previous year.

123
Q

Rate of staff absenteeism

A

The number of workers who do not turn up for work when they are scheduled to do so.

124
Q

Reactive

A

Waiting for a change to occur and then responding to it.

125
Q

Redeployment

A

The assignment of resources, including natural, labour and capital resources, to another area of the business.

126
Q

Redundancy

A

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

127
Q

Remuneration

A

Payments made to the employee for work or a service performed.

128
Q

Resignation

A

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

129
Q

Restraining forces

A

Those forces that work against a change.

130
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.

131
Q

Revenue

A

The income that a business earns from the sale of goods and services to customers.

132
Q

Robotics

A

Highly specialised form of technology capable of complex tasks.

133
Q

Sanction

A

A form of penalty or discipline imposed on an employee for poor performance.

134
Q

Self-evaluation

A

A process whereby employees carry out self-assessment, based on a set of agreed criteria.

135
Q

Shareholders

A

(or members) the owners of a company.

136
Q

Social enterprise

A

A business with the objective of fulfilling a social need.

137
Q

Sole trader

A

A business owned and operated by one person.

138
Q

Staff turnover

A

The number, or the rate, of employees who are leaving the business over a specific period of time, and need to be replaced by new employees.

139
Q

Stakeholders

A

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

140
Q

Strategic planning

A

Long-term planning, usually over two to five years.

141
Q

Strategies

A

The actions that a business takes to achieve specific objectives.

142
Q

Strike

A

Occurs when employees withdraw their labour for a period of time in pursuit of improvements in their employment conditions.

143
Q

Suppliers

A

Businesses or individuals who supply materials and other resources to a business so that it can conduct its operations.

144
Q

Support

A

The assistance or services (such as counselling and mentoring) provided by the business to help employees cope with difficulties that may impede their work performance.

145
Q

SWOT analysis

A

The identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment.

146
Q

Tactical planning

A

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

147
Q

Tangibles

A

Goods that can be touched.

148
Q

Termination

A

The ending of the employment of an employee.

149
Q

Threat

A

The suggestion that some sort of negative consequence will occur if employees fail to follow a requested change.

150
Q

Total Quality Management

A

An ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation.

151
Q

Trade unions

A

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.

152
Q

Training

A

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

153
Q

Transformation process

A

The conversion of inputs (resources) into outputs (goods or services).

154
Q

Transition considerations

A

Issues relating to the process of changing from one job to another or from one set of circumstances to another.

155
Q

Unfair dismissal

A

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

156
Q

Unlimited liability

A

Refers to when the business owner is personally responsible for all the debts of their business.

157
Q

Vision statement

A

States what the business aspires to become.

158
Q

Waste minimisation

A

A process involving the reduction of the amount of unwanted or unusable resources produced by a business in an attempt to improve the efficiency and effectiveness of operations.

159
Q

Workplace relations

A

The interactions between employers and employees, or their representatives, to achieve a set of working conditions that will meet the needs of employees, as well as allowing the business to achieve its objectives.

VCE BUSINESS MANAGEMENT UNITS 3/4 (2024) (10 decks)

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