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LC Business > Management Activities > Flashcards

Management Activities Flashcards

1
Q

Planning Definition

A

Planning is the setting down of specific goals and objectives and the putting in place of strategies that allow you to achieve the stated goals and objectives of the business

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2
Q

Swot analysis

A

Strengths - Advantage e.g excellent staff

Weaknesses - disadvantage e.g. Not enough money

Opportunities - external factors (positive) e.g. New countries join EU

Threats - external factors (negative) e.g. Competition from new countries EU joining EU

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3
Q

Types of planning

A
  1. Manpower planning
  2. Mission statement
  3. Tactical plans
  4. Strategic plans
  5. Operational plans
  6. Contingency plans
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4
Q
  1. Manpower planning
A

Ensuring that the business had the right amount of employees with the rights skill throughout the business

Step 1 - Forecast future Demand
Step 2 - Calculate existing supply
Step 3 - Recruit or make redundant

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5
Q
  1. Mission statement
A

Sets out the reasons for the business’ existence

What the business does and plans and what values they believe in

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6
Q
  1. Tactical plan (1-2 years)
A
  • Short term plan
  • Stepping stone for longer term plan

E.g Ryanair, new routes, marketing, cost cutting.

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7
Q
  1. Strategic plan (5+ years)
A
  • Long term plan
  • Sets out whole vision of business
  • Decided by the board of directors

E.g Irish business wants to export all their products to the USA by 2030

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8
Q
  1. Operational plan
A
  • Short term
  • Projecting future sales
  • Once projected managers can make sure the correct quantity of goods are available
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9
Q
  1. Contingency plan
A

Back up or emergency plan in the case of unexpected circumstances

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10
Q

Advantages/Importance of planning

A
  1. Helps raise finance
    - business plan
  2. Provide greater unity
    - mission statement
  3. Forces mangers to think about the future
    - strategic planning
  4. Identifies the business weaknesses
    - SWOT
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11
Q

Effective planning

A

Specific

Measured

Agreed

Realistic

Timed

(Effective plan is a smart plan)

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12
Q

Organising Definition

A

Involves arranging all the resources of the business into the most suitable form to achieve its objectives

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13
Q

Functional organisational structure

A

Managing director

Marketing manager - sales representatives

Finance manager - accountants

Production - Factory workers

Human resource - Personal assistants

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14
Q

Functional organisational structure Advantages/Disadvantages

A

Adv

  1. Specialisation
  2. Accountability

Disadv

  1. Isolation
  2. Co-ordination
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15
Q

Product organisation structure

A

CEO

Cadburys flake manager - 
Marketing manager
Finance manager
Production manager
Human resource manager
Cadburys crunchier manager - 
Marketing manager 
Finance manager 
Production manager
Human resource manager
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16
Q

Product organisation structure Advantages/Disadvantages

A

Adv

  1. Specialisation
  2. Accountability
  3. Clarity

Disadv

  1. Isolation
  2. Negative competition
  3. Duplication of work
17
Q

Geographical organisation

A

CEO

Manager vodafone UK - 
Marketing manager
Finance manager
Production manager 
Human resource manager 
Manager vodafone Ireland 
Marketing manager
Finance manager 
Production manager 
Human resource manager
18
Q

Geographical organisational structure

Advantages/Disadvantages

A

Adv

  1. Serve local needs better
  2. Competition
  3. Lower costs

Disadv

  1. Duplication
  2. Conflict
19
Q

Matrix organisational structure (working in temporary projects)

A

Managing director

Marketing department
Finance department
Production department

Team A
Team B

20
Q

Matrix organisational structure (Advantages/Disadvantages)

A

Adv

  1. Motivation
  2. Better relationships
  3. Shared skills and expertise

Disadv

  1. Two bosses
  2. Only one voice is heard
  3. Talking shop - all talk no action
21
Q

Span of control

A

Number of employees that speak directly to the manager. The number of employees that a manger can effectively supervise

22
Q

Types of span of control

A

Wide - Supervise a lot of employees effectively at the same time
Narrow - supervise only a few employees effectively at the same time

23
Q

What does a managers span of control depend on?

A
  • Managers experience and ability
  • Employees experience and ability
  • The type of work that has to be done
  • Outside pressure on the manager
  • Location of employees
24
Q

What is a chain of command?

A

Shows how orders flow from management to workers

25
Q

What is delayering?

A

The process of stripping away layers of middle management. Speeds up communications.

26
Q

Advantages/Importance of organising

A
  1. Everyone in the business knows who to go to with a problem
  2. Makes it more effective
  3. Saves time
  4. Work gets done quicker
27
Q

Controlling Definition

A

This involves the manger making sure that that the business stays on target to achieve the objectives that were set during planning

28
Q

Stock control

A

Keeping optimum stock levels leading to efficiencies because you have the right stock in the right place at the right time to meet production requirements and satisfy consumer demands

29
Q

Advantages/Importance of stock control

A

Lower insurance costs
less theft
Improved public relations

30
Q

Just in time

A

Stock control technique/system.
It involves buying from a supplier who delivers the exact right amount of perfectly made stock at exactly the time when it is going to be used by the business

31
Q

ISDN

A 
Integrated Services Digital Network
Eliminates costs associated with too much stock i.e.
-Storage costs
-Deterioration
-Pilferage
-Tied up capital
32
Q

Quality control

A

Is concerned with inspecting work done to ensure it meets the required standards.High level of quality is needed at every stage of production

33
Q

How is quality control implemented in a business

A
  1. Inspection (Random or trained inspector) e.g Val Halen put random things in clause
  2. Quality circles - employees spotting problems and coming up with suggestions
  3. ISO 9000 - award for consistent high quality - Will Increase exports
34
Q

Advantages of quality control

A
  1. Lower costs - no returns
  2. Increased sales
  3. More motivated employees
35
Q

Credit control definition

A

To ensure all customers pay their bills in full and on time

36
Q

How is good credit control implemented in a business

A
  1. Set a credit limit - max amounts of goods a consumer can buy on credit
  2. Run a credit check - creditworthy (talk to other suppliers to find out)
  3. Discounts for early payments - As an incentive
  4. Have a procedure for collecting bad debts
    - E-mail
    - Call
    - Solicitor
37
Q

Advantages of credit control

A
  1. Ensures that a business receives its money

2. Reduces costs. Avoids losing money on bad debts

38
Q

Advantages/Importance of controlling

A
  1. Makes sure that the business achieves its objectives
  2. Reduces costs (less faulty products)
  3. Improves cash flow
  4. Increases sales

LC Business (4 decks)

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