Introduction to business Flashcards
What is an organisation?
A social arrangement for the controlled performance of collective goals, with a boundary between it and the environment.
How do organisations differ?
Ownership
Control
Activity
Profit/non-profit
Size
Legal status
Technology
What is a business?
An organisation who’s primary objective is to maximise shareholder wealth
What are bot-for-profit organisations focussed on?
Providing goods and services to beneficiaries at minimised cost
What is a stakeholder?
A person with interest in the organisation
What is competitive pressure, profit satisficing and maximising revenue?
Mitigating need to focus on maximising wealth
Choosing to achieve a satisfactory level of profit
Increasing market share and discouraging competition
What is the planning and control system order?
Objectives
Plans and standards
Actual performance
Comparison with plans/standards
On target
What is a mission?
How the business will satisfy their shareholders
What are the elements of a mission?
RSVP
Reason (purpose) - why it exists
Strategy - what we do/how we do it
Values - principles
Policies
What is a vision?
Where we see ourselves in the future
What is a goal?
Intentions behind decisions
What should objectives be?
SMART
Specific
Measurable
Achievable
Relevant
Time-bound
What 3 plans and standards are there?
Physical, cost, quality
What is sustainability?
Ability to meet needs of present without compromising future generation
What 3 categories can sustainability be considered under?
Social, environmental, economic
What is the triple bottom line?
People, planet, profit
What are the 3 scopes of GHG emissions?
1: directly produced by organisation
2: indirectly produced
3: indirectly responsible for
What are the 17 UN sustainable development goals?
No poverty
Zero hunger
Good health and wellbeing
Quality education
Gender equality
Clean water
Affordable clean energy
Decent work and economic growth
Industry, innovation and infrastructure
Reduced inequality
Sustainable cities
Responsible consumption and production
Climate action
Life below water
Life on land
Peace, justice and strong institutions
Partnerships for the goals
What are the 4 R’s of recycling?
Reduce
Reuse
Recycle
Replace
What are the steps of mitigation from IEMA?
Compensate those affected
Substitute with low carbon
Reduce waste
Eliminate impact from happening
