Management process Flashcards
What is the difference between goods and services in operations?
Goods are tangible outputs, while services are intangible and determined by knowledge and skills.
What are Simply Transformed Manufactured (STM) goods?
STMs are inputs that have undergone only a few steps in the production process.
Describe job production.
Job production involves creating unique products where no two outputs are the same, such as a designer wedding dress.
What are Elaborately Transformed Manufactured (ETM) goods?
ETMs involve many inputs and have undergone many changes during the production process.
What are the three main types of production processes?
Job production, batch production, and flow production.
What characterizes flow production?
Flow production is a continuous process where inputs are constantly transformed into outputs, such as on an assembly line.
What is batch production?
Batch production involves making outputs in groups or small amounts. Production adjusts based on demand.
What are the three main strategies in quality management?
Quality control, quality assurance, and Total Quality Management (TQM).
How does quality assurance differ from quality control?
Quality assurance involves establishing procedures to prevent quality problems before they occur, how a process is performed. Quality control is inspection
What is market segmentation?
Market segmentation divides the total market into smaller chunks based on characteristics like geographic, demographic, psychographic, and behavioral factors.
What is the goal of marketing in a business?
Marketing aims to connect businesses to customers by finding out what customers want and developing products to meet those wants.
What is the purpose of quality control?
Quality control involves establishing standards and measuring outputs against these standards to decrease defect rates.
What is Total Quality Management (TQM)?
TQM is a continuous improvement approach in all areas of a business, often involving quality circles to discuss solutions and improvements.
What is a target market?
A target market is a specific group of consumers that a business focuses its marketing activities on.
What is market research?
Market research involves analyzing data collected from a target group to achieve satisfaction and determine buying patterns.
What are some common methods for setting prices in marketing?
Cost of production method, demand pricing, competition-based pricing, prestige pricing, and loss leader pricing.
What are the 4 P’s of the marketing mix?
Product, Price, Promotion, Place.
What is a niche market?
A niche market is a small, specialized segment of the market.
What factors are considered in product positioning?
Product positioning considers the image and level of quality of a product compared to competitors
What is the role of promotion in marketing?
Promotion involves creating and maintaining awareness and interest in a product through various strategies such as sales promotions, advertising, direct selling, publicity, and product placement.
What are the three main types of distribution channels?
Intensive distribution, selective distribution, and exclusive distribution.
How is gross profit calculated?
Gross profit is calculated as revenue minus the cost of goods sold (COGS).
What is the main goal of finance in a business?
The main goal of finance is to ensure money is available for paying bills, expanding the business, and determining profitability, efficiency, and effectiveness.
What is a cash flow statement?
A cash flow statement measures cash inflows and outflows over a 12-month period, helping to maintain liquidity and prevent insolvency.
What information does a balance sheet provide?
A balance sheet provides a snapshot of a business’s financial position at a particular time, showing assets, liabilities, and owner’s equity.
What is an income statement?
An income statement summarizes all revenue and expenses, showing whether a business is profitable through the bottom line (net profit).
What are current and non-current assets?
Current assets are short-term assets (less than 12 months), such as cash and inventory, while non-current assets are long-term assets, such as land and equipment.
What are the stages of the human resource cycle?
Recruiting, training, maintaining, and separation.
What are the benefits of training in HR?
Training improves employees’ present and future performance, enhances job satisfaction, and increases productivity.
What is owner’s equity?
Owner’s equity represents the net worth of a business, including capital, undistributed profit, and drawings.
What is human resources (HR) management?
HR management involves the effective management of the formal relationship between the employer and the employees to achieve business goals.
What is recruitment in HR?
Recruitment involves seeking applicants and selecting the most suitable candidate for a position.
What is the Fair Work Act 2009 (Cth)?
The Fair Work Act 2009 (Cth) is Commonwealth legislation that covers all aspects of the employee/employer relationship, particularly wages.
What are the types of employment contracts?
Casual, part-time, full-time, and subcontracting.
What is intensive distribution?
Intensive distribution aims to make products available in as many outlets as possible, such as soft drinks and snacks.
What are the forms of voluntary separation in HR?
Retirement, resignation, and voluntary redundancy.
What is the purpose of quality assurance?
Quality assurance involves establishing procedures to prevent quality problems from occurring in the first place.
What is prestige pricing?
Prestige pricing sets prices based on the product’s ‘image’ as a luxury or exclusive item, established through product positioning.
What is involuntary separation?
Involuntary separation occurs when the employer terminates the employment contract due to reasons such as unacceptable behavior or redundancy.
What is the main goal of a cash flow statement?
The main goal of a cash flow statement is to maintain the business’s liquidity by tracking cash inflows and outflows.
What is quality control in operations management?
Quality control involves establishing standards and measuring outputs against these standards to decrease defect rates.
What is the significance of a target market in marketing?
A target market helps businesses focus their marketing efforts on specific groups of consumers most likely to buy their products.
How does Total Quality Management (TQM) benefit a business?
TQM promotes continuous improvement in all areas of a business, often involving employee participation in quality circles to discuss and solve problems.
What is selective distribution?
Selective distribution limits the number of retailers that can sell a product, such as makeup available only in certain pharmacies.
How does market segmentation benefit a business?
Market segmentation allows a business to tailor its marketing efforts to specific segments based on geographic, demographic, psychographic, and behavioral characteristics.
What are the benefits of staff training for an employer?
Benefits for the employer include higher productivity, efficient use of resources, meeting goals and objectives effectively, and reduced costs.
What is exclusive distribution?
Exclusive distribution allows only one retailer in a particular area to sell a product, often used for luxury items like Rolls Royce or Rolex.
How is net profit calculated on an income statement?
Net profit is calculated as gross profit minus expenses.
What is the difference between current and non-current liabilities?
Current liabilities are short-term obligations due within 12 months, while non-current liabilities are long-term obligations.
What are some types of training in HR management?
Types of training include training technology, formal off-the-job training, informal on-the-job training, competency-based training, and corporate university programs.
What is an employment contract?
A legally binding and formal agreement between an employer and an employee.
What are the characteristics of a casual employment contract?
Casual employees are paid on an hourly or daily basis, have infrequent shifts, and may receive extra loading to compensate for lack of benefits.
What are the key features of a full-time employment contract?
Full-time employees work full weekly hours and receive full weekly wages. They are typically awarded based on productivity and are entitled to full benefits.
Describe a part-time employment contract.
Part-time employees work regular hours and receive a flat rate of pay. They are entitled to benefits on a pro rata or proportional basis relative to their working hours.
What is subcontracting in employment?
Subcontracting involves hiring a full-time employee temporarily for a short duration, providing flexibility in workforce management (e.g., in construction).
What are Enterprise Agreements?
Enterprise Agreements are negotiated agreements between an employer and a union or a group of employees, establishing specific terms and conditions of employment.
What are the types of employment contracts in Australia?
Employment contracts in Australia include Awards, Enterprise Agreements, and Common Law Contracts, governed primarily by the Fair Work Act 2009 (Cth).
Define Awards in the context of Australian employment contracts.
Awards set out minimum wages and conditions that all employees with similar jobs are entitled to. They adhere to the National Employment Standards.
What are Common Law Contracts?
Common Law Contracts are employment agreements where terms regarding pay and conditions are negotiated between the employer and the employee.
What is the Fair Work Act 2009 (Cth) in Australia?
The Fair Work Act 2009 (Cth) is the primary legislation governing all aspects of the employer-employee relationship in Australia, particularly focusing on wages and conditions.
What is voluntary separation in employment?
Voluntary separation refers to an employee’s decision to end their employment contract. It can include retirement, resignation, or voluntary redundancy.
Define retirement in the context of employment.
Retirement is an employee’s decision to give up work. There is no official retirement age, and reasons can vary from personal choice to health considerations.
What is resignation in employment?
Resignation occurs when an employee chooses to leave their job, often due to personal reasons such as career change or relocation. The notice period may vary by industry.
Explain redundancy in employment.
Redundancy happens when a worker is no longer needed due to downsizing, restructuring, or technological advancements. It can be voluntary or involuntary.
What is involuntary separation in employment?
Involuntary separation occurs when an employer terminates an employment contract. It includes dismissal, which can be for reasons such as unacceptable behavior or redundancy.
Define dismissal in employment.
Dismissal is when an employer terminates an employee’s contract, often due to unacceptable behavior or redundancy. Legal protections against unfair dismissal exist to prevent discrimination.
