Key Definitions Flashcards
Define Operations
Operations is the area of the business where the goods or services are produced
Define Productivity
Productivity is a ratio that highlights the outputs obtained from a certain level of inputs. It measures how efficient the business uses inputs to create outputs
Define Efficiency
How well the business uses its resources to achieve objectives
Define Effectiveness
The degree to which a business has achieved its objectives
Define Competitive advantage
The ability of the business to outperform its rivals
Define Waste
Waste is any resource that is discarded after use or is useless, defective or of no use to the business
Define Lean management
Lean management are systems established by the business in order to eliminate waste and inefficiencies in the operations system to maximise customer value.
Define Business change
Business change is the planned or unplanned response to internal and external environmental pressures
Define Key Performance Indicators
They are the criteria that a manager can uses to assess the performance of a business in achieving their objectives
Define Training
Training is the process of teaching staff how to do their job more efficiently and effectively by improving their skills and knowledge
Define Termination
The conclusion of the working relationship between the business and an employee, either voluntarily or involuntarily
Define Fair Work Commission
They are Australia’s independent workplace relations tribunal that carry out a range of functions
Define Grievance procedure
An orderly system whereby the employee and employer can resolve disputes regarding wages, hours and working conditions
Define Unlimited liability (Reverse for Limited)
When all personal assets of the owner are at risk if the business is unable to settle their debt
Define Corporate culture
The shared values and beliefs within a business which determines how all employees act and behave
Define Leadership
The process of positively influencing and motivating employees to set and achieve objectives
Define Cost cutting
Cost cutting focuses on reducing expenses without compromising customer value
Define Redeployment of resources
The transfer of resources from one place in the business to another in order to improve efficiency and effectiveness
