key terms 3.6-Managing change

Question 1

what is organisational change?

Answer 1

a process in which a large company or organisation changes in its working methods or aims

Question 2

what is transformational leadership?

Answer 2

where new leadership such as a new CEO brings about to change with the purpose of improving business performance

Question 3

what is the management of change?

Answer 3

the process of organising and introducing new methods of working within a business

Question 4

what is a business continuity plan?

Answer 4

shows how a business will operate after a serious incident and how it expects to return to normal in the quickest time possible

Question 5

what is a risk assessment?

Answer 5

identifying and evaluating the potential risks that may be involved in an activity that a business proposes to undertake

Question 6

what is a risk mitigation plan?

Answer 6

identify, assess and priorities risks and plan responses t with the impact of these risks on the operation of the business

Question 7

what is scenario planning?

Answer 7

a strategic planning method designed to explore uncertainties, learn how to protect the business from their worst consequences and prepare how to exploit any opportunities that might present themselves

Question 8

what is succession planning?

Answer 8

identifying and developing people who have the potential to occupy key roles in a business in the future