Transformation of a business topic 2

Question 1

What is change management

Answer 1

Change management is a broad expression which refers to the process of managing a Business transition from its present state to a different, desired position. it is a tactical, structured approach that aims to enhance a company’s performance and maintain its competitiveness

Question 2

what is Corporate culture (Drivers of change)

Answer 2

Corporate culture is the values and beliefs embedded in a business and its employees distinguishes different companies from one another. this is known as corporate culture. Business Leaders are responsible for creating corporate culture by implementing procedures and rewards schemes that reflect the business employees and a strategic plan

Question 3

Management styles

Answer 3

Management styles within a organisation can be a driving force of change because the approach that management adopts in response to change influences the business outcomes. Management is responsible for instigating change and must motive stakeholders, communicate clearly and manage employees who are resisting to the change.

Question 4

What are the four principal management styles

Answer 4

1. Autocratic
2. Persuasive
3. Consultative
4. Participative

Question 5

what are organisational structures

Answer 5

a company’s organisational structure details the duties of employees and the management hierarchy within a business. Changes to a Business organisational configuration may include altering the structure of employee positions, the chain of command, or the management framework. These modifications may be necessary when a business expands internationally, downsizes, merges with another company, or acquires another company

Question 6

what is competition examples to a business

Answer 6

1.new rivals entering
2. Existing competitors modifying their pricing or advertising strategy
3. Introducing new products
4. adopting updated technology

Question 7

What is legislative compliance

Answer 7

Federal state or local legislative changes can necessitate change within businesses, as failure to comply could lead to fines or other consequences. the introduction of new laws can also compel businesses to alter their practices to ensure compliance. Hence legislative conformity is a driver of change.

Question 8

What is performance management

Answer 8

When management assess the performance of a company and its employees to optimise the achievement of its objectives it is known as performance management. Strategies to enhance the performance of employees can be identified by performance management, while overall productivity can also be improved by reviewing to the business’s process

Question 9

What are the four stages of performance management

Answer 9

1. Set objectives
2. Measure performance
3. Provide feedback
4. Identifying needs

Question 10

What is the Lewin’s force field Analysis

Answer 10

Kurt Lewin’s force field analysis is utilised to detect and examine the driving forces and restraining forces for the implementation of a suggested change

Question 11

What are strategies for overcoming resistance to change

Answer 11

1. Leadership and management play a large role in overcoming resistance to change. the following are some strategies that can be implemented to assist this.
2. Communication is a crucial low-risk strategy for overcoming resistance to change. Honest, effective communication throughout the transformation phase is essential to ensure that stakeholders are supportive of and dedicated to change

Question 12

What are examples of communication methods

Answer 12

1. Emails
2. Reports
3. In-person conversations
4. Formal or informal meetings

Question 13

What are consultants

Answer 13

Consultants are external professionals appointed by business to offer advice on particular issues within business and analyse efficiency and effectiveness. They may assist post-mature businesses by identifying techniques to minimise expenses, developing strategies to recoup market share, or pinpointing expansion opportunities

Question 14

what is professional service providers

Answer 14

Professional services providers are specialists in their field and offer external expertise to businesses.
In contrast to consultants, professional service providers are more accountable for their work-related activities due to the imperative nature of the knowledge they provide. Lawyers and accountants are examples of professional services providers.

Question 15

what is Force field Analysis and change management

Answer 15

Lewin’s force field analysis is a common change management approach used by businesses to implement change. According to the force field analysis concept, situations are maintained by an equilibrium between driving forces and restraining forces, and the former must be strengthened or the latter weakened for he situation to shift and the change to occur. This change management technique maximises the probability that the change will be successful as it assists businesses to identity obstacles and overcome them.

Question 16

Strategies for overcoming resistance to change and HR management

Answer 16

Implementing strategies for overcoming resistance to change is a form of HR management as its relates to managing employee-related issues within a business. The five primary strategies, including communication, participation, negotiation, manipulation and threat, all focus on managing employees to counteract resistance and foster support for the change, which constitutes HR management

Question 17

Strategic planning and vision for change management

Answer 17

A vision for change is the position that a business hopes to be in after a change has been introduced.
It communicates why the change should occur and what the change will result in. A strategic plan is the strategy developed by a business detailing how the change will be executed. Strategic planning occurs after the vision for change has been formed. The relationship between vision for change and strategic planning is that completing both of these concepts leads to the change.

Question 18

Drivers of change and transformation or renewal

Answer 18

drivers of change prompt and/or support a change occurring within a business. The relationship between the transformation/renewal of a business and drivers of change is pretty similar to what we discussed previously with change, however transformation/renewal suggests a significant overhaul of the business’s current practices, whereas change can be more minor.

Question 19

Performance management, change management, and business transformation

Answer 19

Change management is the process of managing a change, and performance management is the
Topic 2 - Transformation of a business process of ensuring a company and/or its employees are reaching performance requirements. Performance management may assist businesses to identity the need for transformation due to, for instance, failure to attain organisational and/or employee objectives. Meanwhile, change management can guide this transformation as it occurs.

Question 20

What is Lewin’s force field analysis

Answer 20

Kurt Lewin’s force field analysis is utilised to detect and examine the driving forces and restraining forces for the implementation of a suggested change. Drivers of change refer to the factors that prompt and/or support a change occurring, while restraining forces obstruct change.
When conducting a force field analysis, driving and restraining forces must be identified before being assigned a score representing each force’s level of influence, where 1 is the least influential and 5 is the most. These scores are tallied to determine whether the driving or restraining forces are stronger. Based on the information gained from the analysis, a strategy can be developed to successfully implement the change, involving either strengthening the driving forces or weakening the restraining forces. Alternatively, it may be ascertained that the change is unviable and thus should not be pursued. Refer to the analytical tools’ chapter on page 4 for an example force field analysis.

Question 21

what analytical tools will be on the exam

Answer 21

1.SWOT
2. STEEPLE
3. Porter’s 5 forces
4. Power Interest Grid

Question 22

what is a SWOT analysis

Answer 22

it is a framework for identifying and analysing an organisation’s strengths, weaknesses, opportunities and threats.

Question 23

what is a STEEPLE analysis

Answer 23

STEEPLE is a tool for scanning your external environment. It helps the business understand phenomena and imagine new opportunities. STEEPLE stands for social, technological, economic, environmental, political, legal, and ethical.

Question 24

what is Porter’s Five Forces

Answer 24

Porter’s Five Forces include Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry.

Question 25

what is the power-interest grid

Answer 25

A power-interest grid is a technique used to categorise stakeholders based on their power or influence and interest in a project.

Question 26

what is Kotter’s 8 Step Change Management

Answer 26

Kotter’s 8 Step Change Management Model is a process designed to help leaders successfully implement organisational change. This model focuses on creating urgency in order to make a change happen. It walks you through the process of initiating, managing, and sustaining change in eight steps

Question 27

what is Lewin’s theory

Answer 27

Lewin’s theory proposes that individuals and groups of individuals are influenced by restraining forces, or obstacles that counter driving forces aimed at keeping the status quo, and driving forces, or positive forces for change that push in the direction that causes change to happen.