SAC1A Flashcards
Operations
Is an area of management responsibility concerned with converting inputs into outputs in the production of goods and services.
Its activities involve ordering and sourcing stock, minimising waste, ensuring quality meets customer expectations, redesigning the sequence of production ect..
Finance
Is an area of management responsibility concerned with controlling the activities concerned with receiving and spending money within the business
It’s activities include budgeting, financial planning, managing day to day payments and receipts, and auditing the business accounts
Human resources
Is an area of management responsibility concerned with managing the employees and all aspects of their working relationships with the business
It’s activities include the recruitment, selection, training, motivation as ultimate termination of employees as well as employment terms and conditions and labour laws
Sales and marketing
Is an area of management responsibility concerned with connecting the goods and services produced with their end consumers
The activities include determining product features, pricing, promotion, distribution, customer service and after sales support.
Technology support
Is an area of management responsibility concerned with providing employees and customers with user friendly assistance for individuals having technical problems with electronic devices.
It’s activities involve trouble shooting computer problems, office phones, website crashes, PowerPoint presentation problems etc..
Shareholders
An individual, group or organisation that owns one or more shares in a company.
Private limited companies
These types ong company are incorporated, which means they have their own legal identity and can sue or own assets in their own right. The ownership of a limited company is divided up into equal parts called shares. Whoever owns one or more of these is called a shareholder.
Limited liability
More complex to start and run
Higher set up and running costs
EG. VISY
Public limited company
A company has memebers (shareholders) who own the company ans directors who run it. The company is listed on the stock exchange eg for members of the public who can trade shares in it.
Social enterprises
Is an organisation that applies commercial strategies to maximise improvements in human and environmental well-being. This may include maximising social impact alongside profits for external shareholders
Corporate social responsibility
Takes into account and approach that is both ethical and socially responsible. It expresses concern for how it’s practises affect the environment and society’s health and welfare, ethical concern for its workforce and families. This is beyond what is required by law.
Sole trader
A business owned and operated by one person. This person provides all the finance, makes all the decisions and takes all responsibility for the operation of the business.
Objectives
A statement of what an organisation expects to achieve over a set period of time. Different organisations have different objectives.
Stakeholder
Any group or individual that has an interest in or is affected by the activities of a business. A stakeholder may include employees of an organisation as they will be affected by the organisations success or failure.
Partnership
A partnership is a business structure that involves two or more persons who carry on a business together with profit motive. Each have shared control and management of the business.
Features of Partnership-
The essential features and characteristics of a partnership are:
1. Agreement: The partnership arises out of an agreement between two or more persons.
2. Profit sharing: There should be an agreement among the partners to share the profits of the business.
Government business enterprise
Government business enterprise a government business enterprise is a commonwealth entity or commonwealth company that unlike government departments aims to act under general business principles and am to make a profit. An example of this is the Australian postal corporation.
