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Business, Technology and Finance > Summary > Flashcards

Summary Flashcards

1
Q

What are the features of an organisation?

A
  • Social organisation
  • Collective goals
  • Controlled Performance
  • Boundary (physical and social)
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2
Q

What is the ‘mission’ of an organisation?

A

Its reason for existence. The most generalised type of objective

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3
Q

What are the mission statements?

A

Should communicate:

  • Purpose
  • Strategy
  • Policies
  • Values
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4
Q

What is the ‘vision’ of an organisation?

A

How does the organisation see itself in the future?

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5
Q

What are the ‘goals’ of an organisation?

A

The desired end result

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6
Q

How do you define the ‘objectives’ of an organisation?

A

Quantitative operation goals that should be: SMART

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-constrained
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7
Q

What are ‘aims’?

A

Qualitative operational goals

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8
Q

What are the plans?

A

What needs to be done to achieve the objectives

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9
Q

What are standards and targets?

A 
The desired level of performance
They could be:
- Physical standards
- Cost standards
- Quality standards
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10
Q

What is sustainability? What is business sustainability?

A

Sustainability: the ability to meet the need of the present without compromising the ability of future generations to meet their own needs
Business sustainability: how far a business goes to operate in a sustainable way

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11
Q

What are the four main types of manager?

A
  • Line manager
  • Staff manager
  • Functional manager
  • Project manager
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12
Q

What is power? What are some of the different types?

A 
The ability to get things done.
This includes:
- Reward power
- Coercive power
- Expert power
- Referent power
- Legitimate power
- Negative power
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13
Q

What is authority?

A

The right to do something or the right to request and expect another person to do something

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14
Q

What is responsibility?

A

The obligation a person has to fulfil a task assigned to them

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15
Q

What is accountability?

A

Liability to be called into account for the fulfilment of a task

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16
Q

What is delegation?

A

Giving a subordinate the responsibility and authority to carry out a given task

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17
Q

What are the different forms of culture?

A

Flexible vs controlled/inward-looking vs outward-looking

  • Internal process culture
  • Rational goal culture
  • Open systems culture
  • Human relations culture
18
Q

What is the organisational iceberg?

A
  • Overt/visible part of the organisation’s culture

- Covert/invisible behaviours of the organisation

19
Q

How do Human Resource Management remain effective?

A

The 4 C’s

  • Commitment
  • Competence
  • Congruence
  • Cost-effectiveness
20
Q

What does Taylor say about motivation?

A

Scientific management:

  • True science of work
  • Scientific selection of staff
  • Everyone can be treated the same way
  • Wages are main motivator
  • Little team or group work
  • Workers do as they are told
21
Q

What are Maslow’s hierarchy of needs?

A

Bottom to top:

  • Basic needs
  • Safety needs
  • Social needs
  • Ego needs
  • Self-fulfilment needs
22
Q

What are the four stages of group behaviour?

A
  • Forming
  • Storming
  • Norming
  • Performing
23
Q

What are Belbin’s group roles?

A
  • The leader
  • The shaper
  • The plant
  • The evaluator
  • The resource-investigator
  • The company worker
  • The team worker
  • The finisher
24
Q

What are Likert’s 4 leadership styles?

A
  • Exploitative/authoritative
  • Benevolent authoritative
  • Consultative
  • Participative
25
What are the 4 P's of marketing?
- Product (Basic, Actual, Augmented) - Price (Cost, Customers, Competition, Corporate Objectives) - Place (distribution) (Direct: Retailing, Internet sales, Direct mail order, Personal selling vs. Indirect: Distributor, Wholesaler, Retailers, Agents) - Promotion (Awareness, Interest, Desire, Action)
26
What are operations within operational management?
- Volume - Variety - Variation in demand - Visibility
27
What is research and development within operational management?
- Pure research - Applied research - Development
28
What is procurement within operational management?
- Quantity - Quality - Price - Lead times
29
Give an example of the Entrepreneurial organisational structure. What are the advantages and disadvantages?
Example: BOSS above everyone else Advantages: Fast decision making, more responsive to market, good control, close bond to workforce Disadvantages: Lack of career structure, may be too centralised, cannot cope with diversification/growth
30
Give an example of the Functional organisational structure. What are the advantages and disadvantages?
Example: Managing Director supported by a Production Manager, Finance Manager, and a Sales Manager Advantages: Economies of scale, standardisation, specialists more comfortable Disadvantages: Empire building, slow, conflicts between functions, cannot cope with diversification
31
Give an example of the Divisional organisational structure. What are the advantages and disadvantages?
Example: Board HQ functions supported by divisions Advantages: Enables growth, clear responsibility, training of general managers Disadvantages: Loss of control, lack of goal congruence, duplication, specialists may feel isolated
32
GIve an example of the Matrix organisational structure. What are the advantages and disadvantages?
Example: check notes Advantages: Advantages of both functional and divisional structures, flexibility Disadvantages: Dual command, dilution of functional authority, time consuming meetings
33
What are the pros of decentralisation?
- Senior management free to concentrate on strategy - Better local decisions due to local expertise - Better motivation - Quicker responses/flexibility - Training/career path
34
What are the cons of decentralisation?
- Loss of control - Dysfunctional decisions due to a lack of goal congruence - Poor decisions made by inexperienced managers - Training costs - Duplication - Extra costs re. information
35
What are the features of a tall structure?
- Narrow spans of control - More promotional opportunities - Smoother progression from one level to another
36
What are the features of a flat structure?
- Wider spans of control - Quicker decision making - Lower management costs
37
What are the features of a mechanistic vs organic organisation?
Mechanistic: formal, focuses on efficiency, power based on authority Organic: Informal, focuses on flexibility, power based on expertise
38
What are the advantages and disadvantages for a sole trader?
Adv: Keep all of the profit, little regulation Disad: Unlimited liability, continuity concerns
39
What are the advantages and disadvantages for a Partnership?
Adv: Partnership skills, little regulation Disad: Unlimited liability, potential disagreements
40
What are the advantages and disadvantages for Limited Companies?
Adv: Limited liabilities, ownership transferred by selling shares Disad: Regulation, Financial statements open to scrutiny
41
What are the different types of alliance?
- Joint ventures - Strategic alliances - Licensing - Franchising - Agency agreements

Business, Technology and Finance (15 decks)

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