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implementing change Flashcards

1
Q

leadership

A

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

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2
Q

things successful leaders do during transformation

A
  • preparation and planning
  • communication
  • support
  • collaboration
  • accountability
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3
Q

new business opportunities

A

new activities that a business could become involved in as a means of responding to the data from KPIs.

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4
Q

management strategies

A
  • staff training
  • staff motivation
  • change in management styles or management skills
  • increased investment in technology
  • improving quality in production
  • cost cutting
  • initiating lean production techniques
  • redeployment of resources
  • innovation
  • global sourcing of inputs
  • overseas manufacture
  • global outsourcing
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5
Q

redeployment of resources

A

the assignment of resources from one area of the business to another area of the business.

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6
Q

innovation

A

a business creating a new good, service or process or significantly improving an existing one.

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7
Q

learning organisation

A

businesses where managers and staff continually seek to expand their capacity to achieve the results they desire.

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8
Q

five principles of learning organisations

A
  • systems thinking
  • personal mastery
  • mental models
  • building shared vision
  • team learning
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9
Q

systems thinking

A

understanding that the whole business needs to work together in order to achieve success.

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10
Q

personal mastery

A

continuous learning and self development.

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11
Q

mental models

A

reevaluating change and processes.

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12
Q

building shared vision

A

idea that commitment is better than compliance.

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13
Q

team learning

A

group collaboration where employees and managers work and grow together.

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14
Q

low risk strategies

A

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

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15
Q

low risk strategies for employee resistance

A
  • communication
  • empowerment
  • support
  • incentives
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16
Q

communication

A

management transferring information about the changes to employees, keeping them informed about what is occurring.

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17
Q

empowerment

A

involving employees in the change process, providing them with greater responsibility and decision making power.

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18
Q

support

A

management providing employees with assistance in moving from the current state to the new, allowing employees to feel comfortable and not isolated during change.

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19
Q

incentives

A

any financial or non financial rewards provided to employees to encourage them to embrace a change.

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20
Q

advantages of low risk strategies

A
  • employee involvement and two way communication can allow employees to put forward ideas
  • fears and anxieties are likely to be reduced as situations are explained, no misunderstandings
  • positive employee employer relationships
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21
Q

disadvantages of low risk strategies

A
  • change process is time consumming to involve all employees
  • low risk strategies such as support and incentives can be expensive
22
Q

high risk strategies

A

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

23
Q

high risk strategies for employee resistance

A
  • manipulation
  • threats
24
Q

manipulation

A

the skillful or devious exertion of influence over someone to get them do what is desired.

25
threat
the suggestion that some sort of negative consequence will occur if employees fail to follow a requested change.
26
advantages of high risk strategies
- enables immediate implementation of change - appropriate for critical situations where speed is important - generally involve little financial cost
27
disadvantages of high risk strategies
- likely to foster negative corporate culture - poor employer employee relationship - can leave employees feeling nervous, undervalued and resentful
28
three step change model
- unfreeze - change - refreeze
29
unfreeze
preparing the business for change.
30
change
moving the business from the current situation to the new situation.
31
refreeze
putting strategies in place to ensure changes are stabilised and institutionalised.
32
benefits of adopting three step change model
- structured approach to change - provides clear steps for proceeding with change - stakeholders can monitor impact of change
33
positive effect of change on owners
- improved financial performance can increase or lead to a steady return on investment - owners involved in daily operation will learn new skills
34
negative effect of change on owners
- may not be comfortable with change, selling their share of the business - owners involved in day to day operations will be out of their comfort zones - change can result in loss of business, or shareholders losing value of shares
35
positive effect of change on managers
- more employee centric management style can improve morale and motivation - managers can receive performance related rewards based on success of business - opportunity for career advancement in case of restructure
36
negative effect of change on managers
- might be uncomfortable usinf different management styles, more stressful - managers may lose their jobs due to restructuring or business downsizing - reduced roles or responsibility for managers due to change
37
positive effect of change on employees
- employees may be happy with redeployment for new opportunities to learn - employees can learn new skills which can increase job satisfaction - may enjoy better employment conditions
38
negative effect of change on employees
- lose their jobs to restructure, new tech, business downsizing - stressed or nervous about moving to new areas of the business to keep their job - employees need to undergo retraining - may need to work longer hours, take on greater responsibility - may not like new teams
39
postive effect of change on customers
- may be pleased with a bsuiness decision to discontinue or change a good or service - improved quality in a business can result in increased customer satisfaction - fall in the price of business' good or service can increase customer satisfaction
40
negative effect of change on customers
- customers may not like a business' decision to discontinue or change a good or service - fall in quality or decline in customer service will reduce customer satisfaction - increase in price of goods or services can reduce customer satisfaction
41
positive effect of change on suppliers
- changes can result in increases in amount of resources need -> increasing sales - changes in contracts can enable suppliers to adjust production processes, creating opportunities for suppliers
42
negative effect of change on suppliers
- decreases in amount of resources needed due to change means suppliers can experience reduced sales - businesses switching to a different supplier
43
positive effect of change on general community
- creation of jobs - relocation of business or expansion can increase customer traffic and other bsuinesses increasing sales - more renewable resources reducing pollution - successful change can result in businesses making a greater contribution to social needs
44
negative effect of change on general community
- change can result in loss of jobs - relocation of business or reduction in size can lead to fall in customer traffic and other businesses losing sales - change may use non renewable resources
45
corporate social responsibility (CSR)
the obligations a business has over and above its legal responsibilities to the wellbeing of employees, customers, shareholders, the community and the environment.
46
CSR of the environment
reducing impact on pollution, wildlife and the world's resources
47
CSR of employees and managers
no negative impact on the ehalth and wellbeing of staff
48
CSR of customers
goods and services produced remain the same at the require quality and they should continue to be safe and reliable
49
CSR of suppliers
preferential treatment is not provided that offer gifts or entertainment or to select suppliers based on personal friendships
50
business transformation
the new form or structure of a business after a change has been introduced.
51
CSR of general community
mindful of negative impacts on general community

exam business management (5 decks)

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