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Global Professional Human Resources 2015 > Strategic HRM > Flashcards

Strategic HRM Flashcards

1
Q

Incremental Budget

A

Utilising the prior budget as the basis for new funding

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2
Q

Formula Budgeting

A

Overall cost applied to calculate increases in the next budget

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3
Q

Zero-based Budgeting

A

New budget starts at zero and all expenditures are budgeted.

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4
Q

Operating Budget

A

Budget focuses on the income statement and its supporting components and schedules

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5
Q

Capital Budget

A

A budgeted plan to finance long-term assets, such as facilities and equipment.

The cost is normally written off or depreciated over a number of fiscal periods.

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6
Q

Balance sheet

A

Accounting report showing the financial position of an organisation

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7
Q

Income statement

A

Explanation of revenues, expenses, and profits over a period of time.

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8
Q

Accounts payable

A

Money the organisation owes to vendors or suppliers

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9
Q

Accounts receivable

A

Money customers owe the organisation

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10
Q

Gross profit

A

The difference between cost of goods sold and sales

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11
Q

Return on investment (ROI)

A

Benefits of a project (over a set period of time) divided by the amount invested in the project

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12
Q

Centralised organisational structure

A

Decisions made by upper management (corporate head quarters)

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13
Q

Decentralised organisational structure

A

Decisions made by lower levels of authority

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14
Q

Functional organisational structure

A

Organisational chart arranged by function/department (traditional)

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15
Q

Divisional organisational structure

A

Organisational chart separated by product, market, group, region, etc

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16
Q

Customer based organisational structure

A

Organisational chart based on customer needs

For example: wholesale sales, retail sales, international sales, etc

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17
Q

Matrix organisational structure

A

Hybrid organisational structure in which individuals from different functional areas are assigned to work on a specific project or task

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18
Q

International corporation

A

Domestic firms that use existing capabilities to move into international markets

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19
Q

Multinational enterprise (MNE)

A

A business having operating units located in foreign countries

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20
Q

Economic system

A

The social institutions which deal with the production, distribution, and consumption of goods and services in a particular society.

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21
Q

Capitalist/Market Economy

A

A competitive market where private owners carry out activities to make profits

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22
Q

Socialist/Command Economy

A

Production resources are owned by the state and production decisions are centrally controlled

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23
Q

Transition Economies

A

Countries in the process of changing from a Government controlled economic system to a capitalist system. Czech Republic, Hungary, Poland, Russia

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24
Q

Mixed economy

A

Combines aspects of capitalist and socialist economies

Health care and education may be run by the state

Business may be left to private ownership

Examples are Sweden, France, Denmark, Italy and India

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25
Q

Developed countries

A

Countries with mature economies, high gross domestic product (GDP) and international trade and investments.

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26
Q

Developing countries

A

Countries with economies that have grown extensively in the past two decades. (Hong Kong, Singapore, South Korea and Taiwan)

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27
Q

Less developed countries

A

The poorest nations - may have unstable political regimes, high unemployment, and low employee skills.

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28
Q

Global economy

A

People, skills, goods, services and ideas freely move across geographic borders

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29
Q

Participation strategies

A

Options organisations have for entering foreign markets

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30
Q

Stages of globalisation (Bartlett & Ghoshal)

A

Importing and exporting
Multi national enterprises
Global organisation

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31
Q

Importing and exporting

A

Buying and selling goods and services with organisations in other countries

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32
Q

Passive exporter

A

Foreign orders are treated and filled like domestic orders

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33
Q

Indirect exporter

A

An intermediary organisation is used to provide the knowledge and contacts necessary to sell in other countries

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34
Q

Direct exporter

A

Exporters make direct contact with customers in the foreign market

May have branch offices, sales representatives, distributors, or retailers in the foreign market

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35
Q

Foreign subsidiary

A

Sub unit of the multi national organisation that is located in another country

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36
Q

Sales subsidiary

A

Branch sales office in foreign market country

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37
Q

Mini-replica subsidiary

A

Small version of the parent organisation

Uses the same technology and products the same products

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38
Q

Maquiladoras

A

Mexican assembly plants owned by international companies to take advantage of the abundant labour supply and low wages

Most are owned by American, Japanese and Korean manufacturers

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39
Q

International Division

A

Responsible for overseeing foreign subsidiaries, managing exports, and international sales

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40
Q

Off-shoring (global sourcing)

A

The relocation of business processes (including production/manufacturing) to a lower cost location, usually overseas

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41
Q

Social dumping

A

The movement of work from one region to another where labour costs are more attractive to MNEs

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42
Q

In-shoring

A

The relocation of foreign business processes to the United States

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43
Q

Licensing

A

Contractual agreement between a domestic licensee and a foreign licensee

Foreign licensee provides royalties to the domestic licensee

Easiest lowest cost least risky way for companies to go international

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44
Q

International franchising

A

Domestic franchisor grants comprehensive licensing agreement to foreign franchisee for the use of the whole business operation

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45
Q

Contract manufacturers

A

Local foreign firm produces the international company’s product to be sold in its local market or other markets

46
Q

Turnkey operation

A

Multi national organisation makes a project fully operational and trains local managers and workers before the foreign owner takes control

47
Q

Greenfield venture

A

Starting a foreign operation from scratch

48
Q

Born global

A

Organisation started with global operations from the beginning

49
Q

Foreign direct investment (FDI)

A

Multinational organisation buys in part or in whole an operation in another country

Cross border mergers and acquisitions provide speed and access to foreign markets

50
Q

International strategic alliance

A

Cooperative agreement between two or more organisations from different countries to participate in business activities

51
Q

Shared management structure

A

Both parent companies contribute approximately an equal number of managers to the alliance organisation

52
Q

Split control management structure

A

Partners share strategic decision making but at the division level, partners make decisions independently

53
Q

Informal international cooperative alliance

A

A non legally binding agreement between international organisations to cooperate on a value chain activity

Usually limited in scope and time

54
Q

Formal international cooperative alliance

A

An alliance with formal contracts specifying each organisations contribution to the relationship

55
Q

International Joint Venture (IJV)

A

A separate legal entity owned by prentice organisations from different countries

Each parent organisation has an equity or ownership position in the new venture

56
Q

Independent management structure

A

Independent joint venture (IJV) managers have nearly complete decision making autonomy

57
Q

Dominant parent

A

The majority owner of a strategic alliance, or major contributor of critical resources, controls or dominates strategic and operational decision making

58
Q

Elephant and any complex

A

A strategic alliance where the international partner organisations are greatly unequal in size

59
Q

Anchor partner

A

An international strategic partner that hinders the development of a successful strategic alliance because it will not or cannot provide its share of the funding

60
Q

Global integration strategy

A

Strategy management and operations which take place in many different locations are integrated into production of goods and services to deliver value to clients worldwide

61
Q

Global local dilemma

A

Choice between a local responsiveness or global approach to foreign markets

62
Q

Global integration solution

A

Conducts business the same throughout the world regardless of individual markets

63
Q

Local responsiveness solution

A

Responds to the unique needs of the markets in each country

64
Q

Multi national or multi domestic strategy

A

International strategy through which the organisation seeks big global efficiency and local responsiveness

Strategic and operating decisions are decentralised to the business unit in each country

65
Q

Transnational corporation

A

Firm that attempts to balance local responsiveness and global scale via a network of specialised operating units

The next step from a multinational enterprise

66
Q

International organisation

A

Federation of local firms tightly controlled through sophisticated management systems and corporate staffs

67
Q

Global organisation

A

Corporation having business units in a number of countries

68
Q

Localisation

A

Turning sensitivity to local conditions into competitive advantage

69
Q

Think globally act locally

A

Business strategy in which multinational corporations are encouraged to build local roots

70
Q

Ethnocentric orientation

A

Organisations headquarters maintains strong control over international operations

71
Q

Geocentric/global orientation

A

Organisation seen as a single international business

72
Q

Polycentric orientation

A

Each subsidiary is treated as its own entity

Each country level operation is treated separately for HRM purposes

73
Q

Regio centric orientation

A

Organisation with more coordination within region than with headquarters

Region wise HRM policies are adopted

74
Q

Multinational human resources management orientation or philosophy

A

Ethnocentric
Geocentric / global
Polycentric
Regiocentric

75
Q

Cost leadership strategy

A

Organisational strategy to satisfy consumer needs for quality low cost products and services

76
Q

Product differentiation strategy

A

Organisational strategy to satisfy the customers desire for unique products and services

77
Q

Organisation life cycle

A

A business model which proposes that over the course of time business firms move through a fairly predictable sequence of developmental stages.

78
Q

Strategic planning

A

The process of identifying organisational objectives and the actions needed to achieve the objectives

79
Q

Mission

A

The basic purpose of the organisation

80
Q

Vision

A

What the organisation will look like in the future

81
Q

Values

A

What the organisation holds in high regard that governs its operations

82
Q

Goals

A

End result that the organisation wishes to achieve in support of its mission, usually long term

83
Q

Objectives

A

Major initiatives that the business will take on to achieve each goal, usually short term

Should be actionable and measurable

84
Q

Critical success factors (CSF)

A

Those activities that an organisation must perform extremely well in order to achieve its mission, goals and objectives

85
Q

Supply chain (value chain)

A

The distribution channel of a product from its sourcing to its delivery to the end consumer

86
Q

Upstream functions

A

From the provider to the customer

For example marketing efforts to sell the product

87
Q

Downstream functions

A

From the customer to the provider

For example, requesting a product from the supplier

88
Q

SWOT analysis

A

A process for auditing the overall strategic position of an organisation and its internal and external environment

89
Q

Core competency

A

Organisational capabilities or strengths what an organisation does best that differentiates it from competition

90
Q

Forecasting

A

Estimating the likelihood of an event taking place in the future, based on available data from the past

91
Q

Environmental scanning

A

The practise of monitoring a business’s external environment for changes that pose threats or opportunities for the business

92
Q

Economic environment

A

An analysis of the global market focuses on the nature and direction of the economy in which an organisation is in or wishes to compete in

93
Q

Political and legal environment

A

An analysis of the global market focuses on the effects of global governmental policies on an organisations competitiveness

94
Q

Socio - cultural environment

A

An analysis of the global market concerned with a society’s cultural attitudes and values

95
Q

Balance scorecard

A

A management tool that provides a concise picture of the overall organisation in four quadrants

Financial
Customer perspective
Internal processes
Learning and innovation

96
Q

Gross domestic product (GDP)

A

The value of the national goods and services produced excluding the value of net income earned abroad

97
Q

Consumer price index

A

An index measuring the change in the cost of a typical wage earners purchases of goods and services expressed as a percentage of the cost

98
Q

Disposable income

A

The amount of money consumers have available to spend after taxes have been paid

99
Q

Disposable income

A

The amount of money consumers have available to spend after taxes have been paid

100
Q

Inflation

A

An increase in the volume of money and credit relative to available goods and services resulting in a continuing rise in the general price level

101
Q

Deflation

A

A contraction in the volume of available money or credit that results in a general decline in prices

102
Q

Globalisation

A

The worldwide economic integration across borders hat allows businesses to expand beyond their domestic boundaries

103
Q

Global HRM GHRM

A

The development of global HR strategies to support the organisations short and long term business goals and corporate values

104
Q

Shared service centre

A

HR department serves as a professional services or consulting unit with pockets of expertise that a client units draw on to function effectively and profitably

105
Q

Cost benefit analysis

A

The process of assessing and comparing both the costs financial costs resources needed etc and the benefits of a course of action in order to determine if it is a desired course of action

106
Q

The Lexus and the olive tree

A

The tension between modern technological progress (the Lexus) and deep rooted cultural tradition (the olive tree)

107
Q

Kurt lewis theory of change

A

Unfreeze
Move
And refeeeze

108
Q

Stages of reaction to change by daryl r Connor

A 
Denial
Anger
Neutral
Depression and
Acceptance
109
Q

Social responsibility

A

An organisations long term investment in causes that do good in society while enhancing the company’s image/reputation with the company

110
Q

Budget

A

An estimate of the income and expenses needed to carry out programs for a specific period of time.

Global Professional Human Resources 2015 (2 decks)

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