todays terms

Question 1

personal mastery

Answer 1

an individual committed to self improvement and becoming a life long learner.
the discipline of self growth and learning aligned with ones values and purpose

Question 2

senges learning organisation

Answer 2

An organisation that facilitates the growth of its members and continuously transforms to adapt to the changing environments

A learning organisation is a place that members are continually expanding their capacity to create the results that everyone desires

Question 3

systems thinking

Answer 3

Systems thinking is the ability to see the big picture — to look beyond what is occurring just within a business.
Management approach that considers the interrelated parts of a whole

Question 4

team learning

Answer 4

team working together learn together.
problem solving capacity larger and improved ideas that can be shared with trust
Team learning is described as ‘the process of aligning and developing the capacities of a team to create the results its members truly desire’

Question 5

mental models

Answer 5

the deeply ingrained assumptions held by individuals in a business that make up the way that we feel and behave. in a learning organisation these models need to be challenged to create things and idea better then the past.

Question 6

building a shared vision

Answer 6

‘it’s the capacity to hold a shared picture of the future we seek to create’
Having a shared vision will motivate all members of the business. It will encourage risk-taking and experimentation, and foster innovation.

focus and energy

Question 7

strengths and weaknesses
senge learning orgsnisation

Answer 7

STRENGTHS
continuously learning and taking risk
being adaptable and flexible = change
quality at all levels is improved
WEAKNESSES
approach takes a culture change with takes time
large businesses will struggle to implement due to time and the intricacies

Question 8

senges theory and change

Answer 8

all 5 principles in senges learning organisation positively contribute to a business is culture of learning and willingness to pursue transformation
having a positive culture for change encourages
- taking risks and pursuing opportunity
desire to build skills and capabilities to evolve an transform

Question 9

management by objectives - PMS
+ AND -

Answer 9

It is a process by which management and employees agree on a set of goals for each employee, with these individual goals all contributing to the objectives of the business as a whole.
+
Can highlight the area/s where an employee has training needs, which can lead to career development.
Can improve communication and result in employees being more aware of a business’s objectives.
-
time consuming and staff who meet objectives may expect a pay rise

Question 10

+ and - of appraisals

Answer 10

Advantages
Facilitates communication and allows positive relationships to develop between management and employees.
Feedback can help employees improve their performance. Employees can be provided with clear areas for improvement.

Disadvantages
Can be time consuming, particularly if the cycle becomes shorter
Can be stressful for both managers and employees.
Staff who meet performance standards may expect a pay rise or promotion

Question 11

workplace relations

Answer 11

Workplace relations refers to the interaction 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 strategic, tactical and operational objectives

Question 12

dispute resolution method
mediation

Answer 12

in that it involves the assistance of a third party. The third party helps the parties in dispute to work towards their own agreement, but will usually not offer suggestions or solutions, preferring to allow the parties to develop the agreement in their own terms

Question 13

dispute resolution method
arbitration

Answer 13

Arbitration is a means of dispute resolution involving an independent third party hearing submissions from the parties in dispute and then making a decision in favour of one or the other. This decision will be binding on the parties

Question 14

human resource management
human resource manager

Answer 14

Responsibility for maintaining the relationship between employees and the business

Human resource management involves effectively managing employees in a business and the relationship between employees and the business, as well as the motivation of employees, with the aim of ensuring the business objectives are successfully met.

coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from a business’s human resources

Question 15

CAD computer aided design - technological developments
+ and -

Answer 15

a computerised design tool that allows a business to create product possibilities from a series of input parameters
+
2D AND 3D versions
produce at faster rates without the need to redraw

Question 16

computer-aided manufacturing (CAM)
+ and -

Answer 16

the use of software to direct and control manufacturing processes
+
Allows a business to produce at faster rates at reduced cost
Allows a business to produce with greater consistency
-
Computer software can crash, resulting in production stopping.
CAM-enabled machinery is generally designed for a specific task, and is typically not versatile.

Question 17

AI

Answer 17

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

Question 18

materials management

Answer 18

the strategy that manages the use, storage and delivery of materials to ensure the right amount of inputs is available when required in the operations system

Question 19

forecasting
+ and -

Answer 19

a materials planning tool that relies on data from the past and present and analysis of trends to attempt to determine future events
+
Ensures that a business maintains an appropriate level of materials for the operations system without overproducing
Ensures that a business does not find itself underproducing
-
Making use of historical data does not necessarily guarantee that past events will continue into the future

Question 20

materials requirement planning

Answer 20

involves developing an itemised list of all materials involved in production to meet the specified orders
+
allow a business to avoid overproducing
MRP improves efficiency in the location of production resources, providing accurate estimates of materials requirements and delivery dates, allowing the business to control costs.
-
Both strategies rely on accurate information — if incorrect information is used, it is likely that errors will occur in the materials planning process.
Once materials are ordered and employees are scheduled to work, it can be difficult to interrupt the process and make changes.

Question 21

inventory control

Answer 21

inventory control ensures that costs are minimised and that the operations system has access to the right amounts of inputs when required

Question 22

Just in Time

Answer 22

a materials management strategy that ensures that the right amount of material inputs will arrive only as they are needed in the operations process
+
Holding less stock in storage reduces storage costs — improves efficiency and effectiveness.
Reduces the risk of any waste occurring in storage
-
Supplier deliveries must be reliable
Materials must be received at the appropriate time — failure to do so can bring a production line to a halt.

Question 23

quality control

Answer 23

the use of inspections at various points in the production process to check for problems and defects
relies on a business setting benchmarks and standards for quality
Quality control relies on inspections or checks on goods and services
Quality control is considered a reactive approach to quality, as it detects faults in products, goods and services that have already been produced

Question 24

quality assurance

Answer 24

the use of a system so that a business achieves set standards in production
assure customers that the products of a business are fit for purpose
Many businesses make use of external organisations that audit the operations of the business against national and international standards.

Question 25

Total Quality Management

Answer 25

an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation
Quality becomes both a commitment and the responsibility of every employee in the business.
Total Quality Management can be expensive and time consuming.
This strategy relies on the full participation of all employees, but it is possible that its introduction may be resisted as employees are required to change their way of thinking and attitude.

Question 26

overseas manufacture

Answer 26

overseas manufacture the production of a good in a country that is different to the location of the business’s headquarters

Question 27

global outsourcing

Answer 27

the contracting of a specific business operation to an external person or business in another country
+
improved quality due to wider access to expertise knowledge and skill
costs reduced
-
management have less control over production
less communication

Question 28

business change

Answer 28

the adoption of a new idea or behaviour by a business

Question 29

proactive

Answer 29

initiating change rather than simply reacting to events

Question 30

Force Field Analysis

Answer 30

outlines the process of determining which forces drive and which forces resist a proposed change
1. identify the forces that are currently driving or restraining the change. For each force, assign a score relative to the perceived strength of the force. This score can be referred to as a ‘weighting’.
2.Prioritise, or rank, the top 3 to 5 most restraining forces and the top 3 to 5 most driving forces.
3.Using the action plan template, list the actions that are required to be completed to meet the proposed change and assign responsibility for each action
4. a process of review and evaluation.

Question 31

force field analysis + AND -

Answer 31

+
Businesses are able to weigh up the factors ‘for and against’ and whether the change is worth undertaking.
It allows a business to identify and strengthen the driving forces supporting the change and to take action to reduce or eliminate the restraining forces.
-
The weightings of the forces are subjective
The identification of the driving and restraining forces may omit some forces. They may not be clearly identifiable

Question 32

porters generic strategies

Answer 32

The theory attempted to explain how businesses may seek future growth by pursuing a competitive advantage over other businesses.

Question 33

2 generic strategies approach

Answer 33

cost advantage. A competitive advantage is gained through reducing the costs of the business, allowing it to operate with larger profit margins compared to its market rivals.
differentiation advantage. Businesses gain a competitive advantage through differentiating their good or service from others in the market.

Question 34

Some strategies that a business could use to achieve lower cost include:

+ and -

Answer 34

reducing direct and indirect costs — by reducing wages (minimising wage costs)
improving efficiency — by minimising idle stock on shelves
controlling areas of management responsibility

+
A business may become more profitable, as profit per unit can increase.
A business may be able to prevent competitors from increasing their market share if they can’t match costs or prices.
-
Sales may fall as customers may perceive a product as being of poor quality.

Question 35

Some strategies that a business could use to differentiate its product include:
+ and -

Answer 35

high-quality products
multiple branding — by providing different brands or more brands in the same market. This would involve providing similar products with very subtle
innovation/research and development
+
Differentiation is a way to improve the way a business connects with customers, and can develop customer loyalty.
-
Rival businesses can copy the differentiated approach, negating any gains.

Question 36

leadership

Answer 36

the ability to influence or motivate people to work towards the achievement of business objectives

Question 37

management strategy
Staff training

Answer 37

Staff training - Training refers to the process of teaching staff how to do their job efficiently, boosting their knowledge and skills. It can be completed on the job or off the job.

Staff motivation - performance-related pay, career advancement, investment in training, support, teamwork and goal setting

Change in management styles or management skills

Question 38

management strategy
staff motivation

Answer 38

Staff motivation - performance-related pay, career advancement, investment in training, support, teamwork and goal setting

Question 39

management strategy
Change in management styles or management skills

Answer 39

The management style that a manager uses refers to their behaviour and attitude when making decisions, directing and motivating staff, and implementing plans to achieve business objectives.

Typical management styles include autocratic, persuasive, consultative, participative and laissez-faire.

Management skills are the abilities or competencies that a manager will use to achieve business objectives.

To complete a given task, a manager will make use of skills including communicating, delegating, planning, leading, decision-making and interpersonal skills.

Question 40

management strategy
Increased investment in technology

Answer 40

All businesses will make use of technologies such as automated production lines, computer-aided design, computers, software and mobile technology. Directing finances into new technology will allow a business to operate its processes and practices more efficiently and effectively, cutting costs and improving productivity

Question 41

management strategy
Improving quality in production

Answer 41

Quality refers to the degree of excellence of goods or services and their fitness for a stated purpose. The quality of a business’s products can be measured using key performance indicators such as the number of customer complaints, number of sales and level of wastage.

Question 42

management strategy
cost cutting

Answer 42

A business will need to examine all of its activities and decide where costs in the production of its good or provision of its service can be cut

Question 43

management strategy
Innovation

Answer 43

Innovation is a way that a business can seek new opportunities. It involves the business either creating a new good, service or process, or significantly improving an existing one

Question 44

Global sourcing of inputs
management strategy

Answer 44

Global sourcing refers to the practice of seeking the most cost-efficient materials and other inputs, including from countries overseas.

Question 45

management strategy
‘Overseas manufacture

Answer 45

Overseas manufacture is a strategy that only manufacturing businesses will employ to seek new opportunities. It refers to a good being produced in a country that is different to the location of the business’s headquarters

Question 46

management strategy
global outsourcing

Answer 46

Global outsourcing
Global outsourcing means that some part of a business’s operations is transferred to an external person or business in another country

Question 47

three step change model

Answer 47

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 -
Step 1 — Unfreeze
The unfreeze step involves preparing the business for change. Businesses often become too comfortable in their current position, so change, or the pressure to change, can be difficult to accep
Step 2 — Change
The change step involves moving the business from the current situation to the new situation. With the business in this unfrozen state
Step 3 — Refreeze
The refreeze step involves putting strategies in place to make sure that the change is stabilised and institutionalised, or made sustainable.