Management Strategies (Respond to KPI's)

Question 1

Staff Training

Answer 1

Process of improving an employee’s skills + knowledge

Question 2

Staff motivation

Answer 2

Employees work harder towards the achievement of business objectives

Question 3

Change in management skills + styles

Answer 3

Both can influence the performance of a business and its culture

Question 4

Cost cutting

Answer 4

Businesses will look to reduce costs without having a significant impact on the overall value to consumers

Question 5

Increased investment in technology

Answer 5

Can be used in numerous ways to improve the business, may be implemented into multiple areas

Question 6

Improved quality in production

Answer 6

Improves the quality of the end good or service that reaches the consumer
- Quality strategies (QC, QA, TQM)

Question 7

Initiating lean production techniques

Answer 7

All about minimising the waste produced in a business while improving the value to the end customer

Question 8

Redeployment of resources
( Natural, human, and capital)

Answer 8

The transfer of resources from one place in the business to another
- Allows a business to better use its resources

Question 9

Innovation

Answer 9

The process of altering and improving or creating new products or procedures

Question 10

Global sourcing of inputs

Answer 10

Involves a business acquiring raw materials and resources from overseas suppliers

Question 11

Overseas manufacture

Answer 11

Involves a business producing goods or services outside of the country where its headquarters are located

Question 12

Global outsourcing

Answer 12

Involves transferring specific business activities to an external business in an overseas country