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thing I dont know business Flashcards

1
Q

Business objective to increase marketshare

A

the proportion of total share in a given market or industry that is controlled or held by a business calculated for a specific period of time

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2
Q

Business objectives to meet shareholder expectations

A

Shareholders expect to make a return on their investment. They expect the business that they have invested in to make a profit as they receive a proportion of the sales

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3
Q

Manager

A

The person who has the responsibility for successfully achieving the objectives of the business

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4
Q

Suppliers

A

Businesses or individuals who supply materials and other resources to a business so that it can conduct it operations

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5
Q

Conflicting interests between employees and owners

A

Employees require safe working conditions and reasonable wages but this may reduce the business is profit and dividends to owners

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6
Q

Conflicting interests managers and customers

A

Management could attempt to maintain profit and hide evidence to satisfy shareholder by raising the prices of the products, but this will upset customers who expect a reasonably priced products

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7
Q

Conflicting interests between management and the general community

A

Manager in my decide to cut costs by neglecting maintenance which could possibly put members of the community in danger

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8
Q

Inflicting interests between management and suppliers

A

Management wishes to keep costs down to improve profit but suppliers providing ethical materials require higher prices to cover their costs

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9
Q

Competitive advantage

A

Occurs when a firm/industry has a lower cost price structure that’s arrivals in this situation goods and services can be sold more cheaply undercutting competitors and expanding domestic and foreign sales

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10
Q

Management style

A

The behaviour and attitudes of a manager when making decisions, when directing and motivating staff and when implementing plans to achieve business objectives

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11
Q

Management skill planning

A

And the ability to define business objectives and determine methods or strategies that will be used to achieve those objectives

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12
Q

management skill Interpersonal skill

A

The ability to deal or liaise with people to build stronger relationships

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13
Q

Corporate culture, vibe

A

Values ideas expectations and beliefs shared by members of the business

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14
Q

Vision statement

A

States what the business aspires to become

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15
Q

Human resource management

A

The effective management of the formal relationship between employer and employees

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16
Q

Human resource manager

A

Coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from a businesses human resources

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17
Q

Productivity

A

A measure of performance that indicates how many inputs it takes to produce an output

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18
Q

Lock and Latham’s goal setting theory

A

They concluded that employees are motivated by clear goals and appropriate feedback regarding their achievement
5 principles:
clarity
challenge
task complexity
commitment
feedback
ADVANTAGES
goals that are clear and specific challenging but not overwhelming will motivate employees to improve their performance contributing to business objectives
DISADVANTAGES
goals that are too vague can lead to poor performance and can become demotivating

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19
Q

Four drive theory

A

They identified what they believe are the four main drives that shape the way all humans THINK and BEHAVE.
They saw as the four basic human drives to the business world, they hoped to be able to identify what motivates a range of stakeholders including employees customers and competitors.
FUNDAMENTAL TO ALL HUMAN BEHAVIOUR

DRIVE TO ACQUIRE DRIVE TO BOND DRIVE TO LEARN DRIVE TO DEFEND

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20
Q

Drive to acquire

A

Includes the desire to own material goods and encompass the desire for status, power and influence

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21
Q

Drive to bond

A

Includes the strong need to form relationships with other individuals and groups
belonging
Management will seek ways to develop corporate culture and improve relationships between management and employees

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22
Q

Drive to learn

A

Includes our desire to satisfy our curiosity to learn new skills and to explore the world around us

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23
Q

Drive to defend

A

The desire to remove threats from our society and security and to protect what is regarded as ours work environment being safe and non threatening
Managers treat all employees fairly and are seen to do so consistently.

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24
Q

For drive theory strengths and weaknesses

A

Strengths
For a drive theory is very adaptable to complicated and intricate environments or situations
Weaknesses
Other drives besides the four outlined may exist these do not necessarily explain all the individual characteristics of may motivate one

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25
Q

maslows hierarchy of needs

A

Abraham Maslow a psychologist believed that all people have needs to be satisfied, and they will work towards satisfying those needs.

A need is what a person requires.

Maslow proposed that needs could be arranged according to their importance in a series of steps known as the hierarchy of needs.

lowest to highest
physiological - the need for food, food, pay/money and health
safety - the need for safety, job security,shelter, stability
social - the need for love, belonging, team work supportive management and inclusion
Esteem - the need for self-esteem power responsibility promotion
Self actualisation- the need for development, creativity, growth opportunities for advancement

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26
Q

strengths and weaknesses of maslows

A

strengths
Allows management to develop an understanding for individual needs

allows management to be aware that employees will be at different stages of development

weaknesses
Maslow’s hierarchy of needs is only a theory and it is not supported by any empirical evidence

Manager making use of the theory may struggle to identify which stage and individuals at this may make it difficult to determine an appropriate strategy to motivate employees

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27
Q

Compare Maslow’s hierarchy of needs to lock in Lathams

A

Similarities
the successful achievement of a goal in lock and Latham’s goal setting theory is similar to meeting esteem or self actualisation needs in Maslow’s
Recognition and feedback are significant in both theories
Differences
Maslow’s theory is an ongoing long-term process there is theories of steps was with lock and Latham’s theory is more short-term and is achieved within one goal that ends the process
Maslow’s concentrates on internal needs of employees will lock in Latham’s concentrate on setting of goals that are external to the employee

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28
Q

Compare lock and Latham’s and Lawrence and Nohrias

A

Similarities
The rewards that come from the achievement of a goal in lock and Latham’s theory can be linked to Lawrence and Norias drive to acquire
In both theory it is important that the manager understands the needs of employees

Differences
lock and Latham’s theory a person is usually pursuing one specific goal at any given time while Lawrence and Norah’s theory assumes that a person needs to satisfy all 4 needs simultaneously

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29
Q

Compare Maslow’s with Lawrence and Nohrias

A

Similarities
both theories were originally devised as a means of explaining human behaviour in general and have been adapted for application as theories of workplace motivation
the drive to acquire can be compared to Maslow’s physiological needs
Differences Maslow’s theory has five different levels of needs in a hierarchical structure while Lawrence on the rise for drives I will consider to be equally significant

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30
Q

Performance related pay
motivational strategies

A

The monetary compensation provided to an employee relative to how their performance is assessed according to a set standards
eg pay increases, bonuses and commission

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31
Q

Career advancement
motivational strategies

A

The assignment of more authorities or responsibilities to an employee or the promotion of an employee to a position that brings rewards such as increased salary fringe benefits and increase responsibilities

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32
Q

Support
motivational strategies

A

The assistance or services provided to a employee by a business to help cope with difficulties of being paid their work performance

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33
Q

Management by objectives
performance management strategy

A

A process by which management and employees agree on a set goals for each employee, with these goals all contributing to the objectives of a business as a whole

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34
Q

Appraisal
performance management strategy

A

A formal assessment done on how efficient and effective a employee is performing their role in the business
eg essay method (a manager keeps a journal on each employee being apprised)

35
Q

Self evaluation
performance management strategy

A

A process whereby employees carry out self assessments, based on a set of agreed criteria

36
Q

Employee observation
performance management strategy

A

Strategy where I variety of opinions on the performance of employees is sought with the aim of arriving at a more comprehensive picture of the past and current performance

37
Q

Termination management
resignation

A

The voluntary ending of employment by the employee quitting their job

38
Q

Termination management
dismissal

A

Occurs when the behaviour of an employee is unacceptable and a business terminate their employment

39
Q

Entitlement considerations

A

The rights to benefits that employees have when leaving the workplace either on involuntary or involuntary basis
for example accured annual leave or long service leave

40
Q

Transition considerations

A

Issues relating to the process of changing from one job to another or from one set of circumstances to another
for example the advice and support provided to employees

41
Q

Workplace relations

A

The interactions between employers and employees, or their representatives, to achieve a set of working conditions that will meet the needs of employees, as well as allowing the business to achieve its objectives

42
Q

role of Human resource managers

A

Training of staff and other managers, dealing with disputes, implementation of the agreement, in negotiation of employment agreements with employees and their representatives

43
Q

Employer associations

A

Organisations that represent and assist employer groups

44
Q

Trade unions

A

Organisations formed by employees in an industry, trade or occupation that represent them in efforts to improve wages and working conditions of their members

45
Q

Fair work commission

A

Australia’s national workplace tribunal that has a number of responsibilities under the fair work act 2009
The Fair Work Commission is Australia’s workplace tribunal. they create awards, approve enterprise agreements and help resolve issues at work.

46
Q

Award

A

And award is a legally binding document sent by the fair work commission the outlines safe working conditions and the minimum wage for a specific industry
+
Less costly for a business less time-consuming
-
Provides less flexibility may not attract the most talented candidates

47
Q

Enterprise agreement

A

And agreed on pay and conditions of work made at the workplace level and negotiated between groups of employees and employers
+
Very flexible greater effort and contribution to productivity improvements by employees
-
Time consuming to negotiate and can be expensive

48
Q

Strike

A

Employees withdraw their labour for a period of time in pursuit of improvements of the employment conditions

49
Q

lockout

A

Occurs when employers close the workplace for a period of time as a means of applying pressure to employees during the period of industrial conflict

50
Q

Negotiation

A

A method of resolving disputes whereby discussions between the parties result in a compromise and a formal or informal agreement about the dispute

51
Q

inputs

A

Inputs are the resources used in the process of production
Natural resources and materials includes raw materials, components and parts consumed

Physical resources includes the plant, machinery, equipment and property necessary to conduct operations.

Human resources refers to people involved in the operations function.

Financial resources refers to the funds/money

Information from a variety of sources contributes to the transformation process.

Time

52
Q

processes/ transformation

A

processes the inputs (resources) undergo to become the output (goods or services) — transformation process.

53
Q

outputs

A

outputs are the result of a business’s efforts — the final good or service that is delivered or provided to the consumer

54
Q

automated production line

A

An automated production line consists of machinery (often robotics) and equipment arranged in a sequence, usually on a conveyor belt

55
Q

robot

A

Robotics is the combination of science, engineering and technology that produces machines, called robot

56
Q

Computer-aided manufacturing (CAM)

A

refers to the use of software and machinery that allow computers to direct and control the manufacturing process.

57
Q

Artificial intelligence (AI)

A

is the ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans

58
Q

A master production schedule (MPS)

A

is a plan that describes what is to be produced, in what quantities, how and when.

59
Q

Materials requirement planning (MRP)

A

is completed after the business has a clear understanding of the quantities to be produced and the time frame involved. It involves producing an itemised list of all materials involved in production to meet the specified orders

60
Q

The Just in Time (JIT)
materials management

A

system of inventory control is a common strategy used by many businesses in Australia. This approach makes sure that the right amount of materials and parts arrive just as they are needed for production

61
Q

Quality control

A

is used by businesses to ensure efficiency and effectiveness in their operations processes.

Quality control relies on a business setting benchmarks and standards for quality

quality control uses inspections and checks

Quality control is considered a reactive approach to quality, as it detects faults in products, goods and services that have already been produced.

62
Q

Quality assurance

A

Quality assurance involves the use of a system that will assure customers that the products of a business are fit for purpose. It does this by achieving set standards throughout the production process, thereby preventing quality issues before they occur
proactive strategy

63
Q

Total Quality Management (TQM)

A

is a commitment to excellence that emphasises continuous improvement in all aspects of a business’s operation by sharing responsibility among all the members of the business. Quality becomes both a commitment and the responsibility of every employee in the business.

64
Q

Reducing
waste minimisation

A

is achieved by creating less waste. In doing so, a business is able to decrease its costs, which improves efficiency. Lower costs of production can often lead to an increase in profits and so operations become more effective

65
Q

reuse

A

Reusing is taking old or unwanted items you might otherwise throw away and finding a new use for them. Once an item has been used for its intended purpose, it may be possible to repurpose it and reuse it in another way.

66
Q

Recycling

A

is the most common and well-known waste minimisation strategy. Recycling is changing discarded materials into new products in order to avoid using more virgin resources.

67
Q

lean management
PULL

A

Pull — this relates to avoiding overproduction and stockpiling. By enabling customer demand to dictate the rate at which products are delivered, a business is more likely to minimise waste as it will only be producing the outputs that will be sold.

68
Q

lean management
ONE PIECE FLOW

A

— this largely relates to eliminating waiting time or idle time. One piece flow involves a piece of production moving through the operations process one at a time

69
Q

lean management
TAKT

A

— this refers to the rate of production needed to meet customer demand. Takt time is the average time that passes between production starting on one unit of a product and the start of production of the next unit, in order to meet demand.

70
Q

lean management
ZERO DEFECTS

A

this is all about the business striving for perfection. Errors or defects need to be identified as closely as possible to where they occur.

71
Q

CSR environment when using inputs

A

Environmental sustainability refers to a business making decisions that will allow it, and the rest of society, to interact with the environment both now and into the future

72
Q

overseas manufacture

A

is also referred to as offshoring, meaning a good is produced in a country that is different to the location of the business’s headquarters

73
Q

Lewis force field analysis

A

Identify and giving a ranking to current driving in restraining forces

Rank the top driving forces to strengthen them and rank the top restraining forces to weaken them

List the actions required and implement a response

evaluate the response

74
Q

senses learning organisation

A

businesses should aim to become ‘learning organisations’ to excel in the future. He suggested that businesses must be dynamic entities, as they constantly have to adapt and improve in an effort to develop into the business they aspire to be, as outlined in their mission and vision statements.

5 aspects
Team learning personal mastery mental models building a shared vision and systems thinking

75
Q

Systems thinking

A

The ability to see the bigger picture and to focus on what is not only occurring at the time and to focus solutions to problems that suit the long-term vision

76
Q

Personal mastery

A

refers to the practice of individuals undertaking personal growth and learning.

77
Q

Mental models

A

are ‘deeply ingrained assumptions, generalizations, or even pictures and images that influence how we understand the world and how we take action’

78
Q

Team learning

A

is described as ‘the process of aligning and developing the capacities of a team to create the results its members truly desire

79
Q

Leader as a steward, teacher and designer

A

steward- Commitment to the vision and responsibility the idea to understand and implement other people’s opinions and change their own
teacher - the ability to not only teach but to foster learning within a business
designer - design ideas about the purpose vision and core values of a business

80
Q

high risk Strategies

A

manipulation the skilful or devious exertion of influence over someone to get them to do what you want, often by providing incomplete or selective information

threat the suggestion that some sort of negative consequence will occur if employees fail to follow a requested change

81
Q

there step change model

A

Lewin suggested that change could occur at a structural or systemic level. The business could undertake change that resulted in a new management structure or new systems that allow the business to operate more efficiently
unfreeze - involves preparing the business for change
change - moving the business from the current situation to the new situation
refreeze - putting strategies in place to make sure that the change is stabilised and institutionalised, or made sustainable

The model provides clear steps for proceeding with a change and this can be communicated to all stakeholders

82
Q

employees when implementing change CSR

A

A business will need to make sure that any change introduced does not negatively impact on the health and wellbeing of staff. For example, any new technology or production processes should be regularly and completely maintained to ensure the health of managers and employees.

83
Q

CUSTOMERS CSR CONSIDERATIONS

A

During a time of change, a business will need to make sure that the goods or services it produces remain at the required quality, and that they continue to be safe and reliable

84
Q

TIMWOOD lean management

A

lean management is an approach that improves efficiency and effectiveness by eliminating or lessening waste and improving quality.
lean = no excess

transportation, inventory, motion, waiting time, overproccessing, over production and defects

everything (19 decks)

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