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business exam corrections > mgt activities > Flashcards

mgt activities Flashcards

1
Q

benefits of functional organizational structure

A

•clear chain of command
•spécialisation
•better decision making

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2
Q

clear chain of command
(benefits of functional organizational structure)

A

•staff have clear lines of authority
•know who reports to who
•person in charge of each department, improving coordination, as employed know what’s expected of them and when

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3
Q

spécialisation
(benefits of functional organizational structure)

A

•employees from similar disciplines (eg. engineers) working together brings expertise together
•can learn from each other & become highly skilled
•benefits productivity & aids staff development

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4
Q

better decision making
(benefits of functional organizational structure)

A

•staff can consult with experienced colleagues. varying lvls of skills in each dept
•allows staff to make most informed decision leading to better results

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5
Q

problems of span of control too wide

A

•errors made as lack of supervision
•poor morale
•mgt burnout
•poor reporting structure

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6
Q

errors made because of lack of supervision
(problems of span of control too wide)

A

•mistakes may occur as managers can’t adequately supervise employees
•employees may make decisions they’re not trained to make
•complex and detailed work may not be completed correctly

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7
Q

poor morale
(problems of span of control too wide)

A

•less personal contact with employees
•may lack guidance & become frustrated

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8
Q

mgr burnout
(problems of span of control too wide)

A

•mgr may become overwhelmed due to work overload resulting in our decision making/may make snap decisions/ mgt have less time for planning

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9
Q

poor reporting structures
(problems of span of control too wide)

A

•poor communication could result in problems not being reported on time resulting in serious difficulties

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10
Q

implications for business changing from functional to matrix

A

•training/staff development required
•duplication of duties
•greater complexity in chain of command
•staff conflict/power struggles

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11
Q

training/staff development required
(changing from functional to matrix)

A

•training costs involved for mgr and staff which takes time to complete
•productivity may decline in short term
•staff development may result as employees have greater knowledge & learn how business is run
•multi skilled staff

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12
Q

duplication of duties
(changing from functional to matrix)

A

•several teams may have marketing mgr, production mgr
•essential that these mgrs communicate to avoid conflicting approaches to projects

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13
Q

greater complexity in chain of command
(changing from functional to matrix)

A

•staff have 2 mgrs to report to (generally dept mgr and project mgr)
•can lead to divided listeners & there could be a conflict of interest between both

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14
Q

staff conflict/power struggles
(changing from functional to matrix)

A

•staff may resist working outside their own depts
•staff may dislike working outside their comfort zones
•may be difficult for project manager to manage staff from different depts

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15
Q

contingency plan

A

•a back up plan to take account of a possible future event orunforeseen event to prevent the closure of a business or disruption to supply

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16
Q

strategic plan

A

•long term planning did major objectives of business usually 5-10yrs
•written by snr mgt
•to ensure long term profitability & ultimate existence of business
•break mission statement into long term objectives
•e.g ryan air enter transatlantic flights

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17
Q

tactical plan

A

•strategic plan broken into short term plans usually 1-2yrs
•written by middle mgt
•these plans achieve operating which make the overall strategic plans possible
•eg. ryan air increasing the number of flights to particular places during busy periods

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18
Q

manpower planning

A

•plan for the human resources of business
•ensures enough staff are employed with the right skills to achieve goals of business

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19
Q

how manage bad debts

A

•credit worthiness
•credit limits
•discounts
•penalty

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20
Q

credit worthiness
(manage bad debts)

A

•check credit worthiness in advance
•eg. ask for bank references, trade references

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21
Q

credit limits
(manage bad debts)

A

•set appropriate credit limits & periods
•draw up clear terms & conditions controlling the amt of credit & ensuring payments are made on time

22
Q

discounts
(manage bad debts)

A

•offer incentives like a cash discount for early or prompt payment

23
Q

penalty
(manage bad debts)

A

•policy for late/partial payments
•agree on penalties for late payments and implement them
•eg. charging interest on overdue accounts

24
Q

benefits of matrix

A

•innovation- ppl from various depts come together, bring new ideas/ways of thinking
•employee development- employees can learn new skills of each other, share skill & expertise, motivation
•better coordination- mixing of staff from different depts, better understanding if importance/role of each

25
Q

matrix disadvantages

A

•two bosses- employees report to two managers, could lead to confusion & clash of loyalty between own dept and project team
•increased cost- training costs for mgr, extra secretarial and admin costs
•slower decisions- training takes time, consult & listen to team members

26
Q

planning

A

•the setting down of specific goals and objectives and the putting in place of strategies that allows a business to achieve business goals and objectives

27
Q

strengths
(SWOT)

A

•internal attributes and resources that support a successful outcome
•business it good at it and can be developed into a comp adv
•eg skilled workforce

28
Q

weaknesses
(SWOT)

A

•internal sources of a business that’s underdeveloped & could damage the success of the business
•eg poor credit control

29
Q

opportunity
(SWOT)

A

•external factors that business could use to its advantage to benefit business
•eg falling exchange rate

30
Q

threats
(SWOT)

A

•external factors that could jeopardize the business and have neg impact
•eg shortage of raw mats

31
Q

steps involved in planning

A

•SWOT analysis
•set objectives- use results of SWOT to set objectives. eg Aer Lingus- swot, price too high, objective to become low cost airline
•devise strategies- plans of action that set out how to achieve objectives
•implement plan & review regularly

32
Q

basic strategies in planning

A

•low cost strategy
•differentiation strategy
•niche strategy

33
Q

low cost strategy

A

•succeed by keeping costs low as possible so products are cheap
•eg Lidl

34
Q

differentiation strategy

A

•different product than competitors, customers prepared to post more (increasing sales & profits)
•using brand name eg. Apple

35
Q

niche strategy

A

•tailoring product to suit specific needs of small group of customers
•increases sales & profits

36
Q

advs of planning

A

•secures capital
•motivated employees & mgrs
•reduces risk & uncertainty
•guide to success
•strengthens business
•benchmarking

37
Q

secures capital
(advs of planning)

A

•needs to prove can repay, business plan sets out market size, how going to target them, projected sales & profits
•convinced investors to invest

38
Q

motivates employees & mgrs
(advs of planning)

A

•strategic and tactical- set objectives to be achieved within given time, everyone has target, achievement of target brings satisfaction

39
Q

reduces risk & uncertainty
(advs of planning)

A

•anticipating problems & taking straps to eradicate
•putting contingency plans in place thus avoiding business failure

40
Q

guide to success

A

•focus on future
•strategies to achieve success, map

41
Q

strengthens business
(advs of planning)

A

•SWOT- can eliminate weaknesses and become stronger

42
Q

benchmarking
(advs of planning)

A

•monitoring progress, taking corrective action

43
Q

organizing

A

•arranging all resources (human, financial, physical) in most suitable form to achieve business goals

44
Q

advs of organizing

A

•solve problems quickly
•improve efficiency
•copen with change
•minimize waste

45
Q

solves problems quickly
(advs of organizing)

A

•clear structure employees & customers know who to go to to solve issues

46
Q

improved efficiency
(advs of organizing)

A

•functional structure, experts, fast

47
Q

cope with change
(advs of organizing)

A

•matrix and functional- adapt for project & still run org as normal, adapt in emergencies

48
Q

minimises waste
(advs of organizing)

A

•proper assignment of jobs avoids overlap, makes best use of resources
•avoids duplication if done properly

49
Q

line organisation

A

•directly responsible for making & selling business products eg marketing, etc

50
Q

staff organisation

A

•those who provide expert advice to line depts eg IT dept, legal dept

51
Q

controlling & steps

A

•staying on target, taking corrective action
1.set goals- 10% increase in sales in next yr
2.measure performance regularly- 1 month in sales fallen
3.measure deviations and investigate- look at fall & why sales fell
4.take corrective action- more advertising & price reduction

business exam corrections (25 decks)

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