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VCE business management > Glossary > Flashcards

Glossary Flashcards

1
Q

Shareholder

A

Shareholders are individuals that have a vested interest in the profit, sales revenue, dividends and asset values of an organization

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2
Q

Performance indicators

A

A set of measure that indicates how well an organization is performing in a set area in terms of achieving organizational objectives. P.I could be in forms of a qualitative measure such as level of staff satisfaction or a quantitative measure such as no.of sales.

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3
Q

Finance department

A

A functional department that focuses on managing and maintaining all financial/monetary aspects of business and determining how much money needs to be made to break even.

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4
Q

Employees

A

Are workers of an organization with a vested interest in pay, job security and working conditions

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5
Q

Autocratic management style

A

An autocratic management style is a management style where manager makes all decisions with little/no inputs from employees. It has a strict, top down communication where managers make the decision and pass it down to employees. Authority and control are centralized where managers have all control over employee and employees simply follow their manager’s rule.

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6
Q

Management structure

A

Management structure is the way in which parts of an organization is formally arranged to link management, employees, and functions together to achieve organizational objective.

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7
Q

Matrix structure

A

A matric structure is a horizontal and vertical organizational structure where teams are formed across departmental lines to work on a project or solve a problem

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8
Q

Inputs

A

Inputs are resources are required to produce the desirable output. These resources include components and raw material, technology, human resource and capital, plant and equipment.

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9
Q

Locke’s theory of motivation

A

Locke’s theory states that motivation is derived from the setting of clear, achievable, measurable and challenging goals, collaboratively alongside with positive and appropriate feedback regarding the performance of employee in the achievement of goal.

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10
Q

Driving force

A

Driving force is a force that pushes in support of change, encourages and foster the change

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11
Q

Downsizing

A

Downsizing is the reduction in a company’s workforce through the elimination of jobs, generally made to improve organisation’s profit and maintain a competitive edge. Downsizing is most common in flatter organizational structure.

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12
Q

High Risk Practices

A

High risk practices are those strategies that may work in short term to ensure compliance but has a negative consequences in the longer term for the organization (e.g. the use of threats)

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13
Q

Productivity

A

Productivity is a measure of efficiency of the production process. It can be expressed as the ratio of outputs to inputs used in production process. The aim is to produce an output with a lower cost but better quality.

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14
Q

Collective agreement

A

A collective agreement is part of a decentralized employee relations system where pay and working conditions are negotiated at the workplace between a group of employees and their employer with or without union involvement.

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15
Q

Problem solving

A

the systematic approach of producing a range of solutions and implement a course of action to correct an unsatisfactory situation

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16
Q

Communication

A

the process of creating and exchanging information between people that produces the required response.

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17
Q

Restraining force

A

Forces acting to restraining or decrease the driving force for change. These may include apathy, hostility and poor maintenance of equipment.

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18
Q

Ethics

A

a set of moral values that an organisation needs to establish anf follow

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19
Q

Social responsibility

A

is a corporate responsibility for the business to fulfill its role as a corporate citizen by considering the welfare of communities involve. It takes in account the social, environmental and financial impact on communities.

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20
Q

Market share

A

market share is the percentage or share of the market held by an organisation based on sales revenue.

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21
Q

Total quality management

A

Is a quality management philosophy that involves continuous improvement, a strong customer focus, defect prevention and employee’s participation, attempting to improve quality at every stage of the production process

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22
Q

Quality assurance

A

involves the use of an external organisation that audits against international or national standards. If standards are met,organisation can display certification. e.g. ISO standards

aims at building quality into work processess, thereby avoiding errors before they occur (proactive)

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23
Q

Quality assurance process /steps

A
  1. Consultant
  2. Adjustments
  3. Certification
  4. Right to use certification
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24
Q

Quality Control process

A
  1. Establish quality benchmark
  2. Carry out inspections (analysis/sampling)
  3. Compare with established standards
  4. Corrective action when necessary.
25
Q

Quality Control

A

Quality Control is a reactive process of checking quality standards of work done . It involves the use of inspections at various points in the production process to check for problems and defects.

26
Q

Quality managerment

A

refers to the coordination of activities to ensure degree of excellence of goods and services.

27
Q

Selection process

A
  1. Receipt of applicants
  2. screen and short list
  3. Interview
  4. Testing
  5. Reference checking
  6. Offer job to best candidate
28
Q

Define selection

A

selection is the process of choosing the most suitable applicants form the pool of applicants that would assist organisation in achieving its corporate objectives.

29
Q

Training

A

the process of providing an employee with knowledge of specific skills required to perform a job

30
Q

Development

A

Process designed to develop skills necessary for future work activities and responsibilities. ( e.g. leadership skills)

31
Q

Operations management

A

the area of expertise and responsibility covering planning, organizing a, leading and controlling of a production process. It involves the coordination of resources to achieve efficient outputs of goods or services.

32
Q

Divisional management structure

A

employees are grouped according to product, service, customer or geographical region or type of business entity,

33
Q

Characteristics of a consultative management style

A
  1. two way communication
  2. employee’s contribution; however final decision lies with manager
  3. less centralized than persuasive and autocratic
34
Q

Characteristics of Locke’s goal theory

A
  1. goals should be challenging and specific. If goals are specific, it would then motivate employees to complete them
  2. set goals in conjunction with organisational objective
  3. feedback
  4. reward and recognition - sense of achievement
  5. SMART principles
  6. lead to increased effort , task focus and persistence

focuses on the setting and attainment of goals as well as receiving feedback regarding achievement.

35
Q

Customers

A

Customers are the buyers and users of products of LSO and their changing preferences and demands must be adhered to, to ensure success.

36
Q

Force field Theory

A

The force field theory, suggested by Kurt Lewis involves looking at forces that are either driving movement towards a goal or blocking movement towards a goal or change.

37
Q

Employee relations

A

The relationship between employees and employers encompassing all aspects of their working lives, including wages and conditions of employment in order to obtain an optimum working conditions

38
Q

Trade unions

A

An organisation formed by a group of employees, usually from the same industry to protect and represent the rights of workers in the particular sector

39
Q

Negotiations

A

is the process of discussions and bargaining to bring two or more disputing parties, with the aim of resolving and arriving at mutually beneficial outcome.

40
Q

Time management

A

the ability to prioritize , set deadlines, review progress and delegate.

41
Q

Negotiation process

A
  1. Preparation - gather info, establish objective, choose strategy
  2. set limit for compromise
  3. establish positive working atmosphere
  4. record information and confirm atmosphere
  5. know when to compromise
  6. seal the deal
42
Q

Similarities in a centralized and decentralized approach to employee relations

A

Similarities

  1. both uses awards as minimum conditions for the entire industry. centralized approach uses awards as the primary form of establishing terms and conditions. Decentralized approach only uses award as a minimum safety net,
  2. unions play a significant role in both approaches
  3. both deal with setting conditions of employment and the resolution of disputes in relation to these conditions
  4. both has agreements that lasts for a set amount of time
  5. agreements has to be approved by the Fair Work conditions6.
43
Q

Differences in a centralized and decentralized approach to employee relations

A

Differences
Centralized
1. less flexible
2. in forms of industry wide awards
3. determined and supervised by a central body , AIRC
4. Dispute is resolved in industrial court and tribunals through conciliation and arbitration
5. greater union involvement
6. everyone receive the same pay rise - consistency
7. less time consuming

decentralized

  1. Flexible
  2. in forms of collective agreements, individual contracts or modern awards
  3. determined between employees and employer without government influence
  4. Disputes are resolved between involving parties without third party involved
  5. lesser union involvement
  6. pay rises are linked with productivity levels/gains
  7. time consuming - negotiations
44
Q

Benefits of technology

A
  1. optimize operations - produce quality outputs with a lower cost
  2. reduce human errors
  3. produce standardized and consistent output
  4. increase efficiency and flexibility
  5. minimize waste
  6. respond quicker to customer requirement- gain competitive edge
45
Q

Limitations of technology

A
  1. redundancy of many staff position - decrease staff morale, lower job security
  2. expensive to buy
  3. impersonal
  4. workers will need to be up skilled- training, costly in both time and money
  5. high maintenance cost
46
Q

Interpersonal skill

A

Interpersonal refers to having people and social skills such as communication and emotional intelligence etc to operate effectively in a social setting

47
Q

Infomational

A

refers to obtaining and gathering the required knowledge and being effective in communication of this knowledge.

48
Q

Decision making

A

is the ability to identify and evaluate possible available options in response to a situation, and choose a course of action that is most appropriate and effective.

49
Q

Qualities of a effective leader

A
  1. informational
  2. interpersonal
  3. leadership
  4. decision making.
  5. emotional maturity
50
Q

Define Kotter’s management theory

A

refers to an 8 step theory that helps an organisation to efficiently and effectively implement change by providing the use of low risk strategies and maximizing driving force.

51
Q

Define planning

A

Planning is a multi step process whereby managers identify an objective, analyse present situation, develop strategies, select and implement and monitor to see whether targets are being met.

52
Q

Human resource planning

A

is the process undertaken by human resource managers to ensure adequate supply of competent and motivated people are available to perform duties and tasks required to meet organisational objective

53
Q

Human resource management

A

is the management of a wide range of responsibilities relating to the human function within an organisation in order to increase both employee and organisational efficiency

54
Q

job analysis

A

the systematic study of a specific position’s duties, tasks and work environment

55
Q

job description

A

a ritten statement that outlines the employee’s duties, tasks and responsibilities associated with that job

56
Q

job qualification

A

a list of key qualifications needed to perform a particular job in terms of education, skills and experience.

57
Q

Define Policy

A

A policy is a written statement that outlines the processes, procedures, rules and regulations that are used to guide, mandate and constrain the action of people within organisation

It reflects the organisation’s mission and objectives.

58
Q

Policy development process

A
  1. Identify issue
  2. Research and analyse- gather information
  3. Gather Input from stakeholder - hold meetings
  4. Draft policy
  5. Send to all stakeholders - feedback and comment
    6 make final draft and send it to management for approval
  6. Evaluate effectiveness

VCE business management (2 decks)

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