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Business Management Unit 3/4 > U4: AOS2: Implementing change > Flashcards

U4: AOS2: Implementing change Flashcards

1
Q

Leadership

(In Change)

A

The ability to influence or motivate individuals to achieve business objectives

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2
Q

How can managers demonstrate Leadership?

A

-Build a shared vision
-Provide ongoing communication
-Provide ongoing support

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3
Q

Effective Leaders Will..

A

-Build trust and confidence
-Organise and plan thoroughly
-Provide clear goals
-Negotiate effectively
-Provide enthusiasm

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4
Q

Characteristics of strong leadership

A

-Communicate with a clear vison
-Listen
-Resolve conflicts
-Motivate stakeholders on the benefits of change
-Support
-Focus on the needs of employees and the business
-Get all on the same page working towards the same goal

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5
Q

Main Qualities Of Leading

A

-Vison and strategy
-Creating value
-Influence and inspiration
-Have followers
-Leading people
-People focused
-Characteristic style
-Risk and change seekers
-Appeal to the heart
-Proactive
-Sets direction
-Raising expectations
-Ask question

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6
Q

Main Qualities Of Managing

A

-Polices and Procedure
-Counting value
-Power and control
-Have subordinates
-Managing work
-Work focused
-Authoritarian
-Risk averse and stability
-Appeal to the head
-Reactive
-Plan details
-Maintains status quo
-Gives directions

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7
Q

Qualitites of both Leading and Managing

A

-Accomplish a goal
-Explain a vision
-Organisational figureheads
-Motivate others
-Mobilise resources

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8
Q

What are management strategies used for?

A

To respond to KPIs and seek new business

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9
Q

What must businesses do to analyse KPIs?

A

-Collect information
-Store information in a usable format
-Ensure records are accurate
-Analyse any trends

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10
Q

List 10 management strategies

A

1- Staff training and development
2- Change in management styles or skills
3- Investment in technology
4- Improved quality
5- Lean production
6- Cost cutting
7- Redeployment of resources
8- Innovation
9- Global sourcing of inputs
10- Overseas manufacturing

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11
Q

Why should a business seek growth

A

-Responding to strong competition
-Gaining higher profit margins
-Attracting new customers
-Capitialising on business success
-New opportunities or markets developing

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12
Q

Staff training and developing

Management Strategy

A

Business should aim to equip the staff with the skills and knowledge required to do the job.
-Can reduce staff absenteeism due to to improved job satisfaction
-Can increase No. of Sales due to improved sales skills of staff
-Can improve rate of productivity due to increased skills of staff

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13
Q

Staff Motivation

Management Strategy

A

About implementing strategies that seek to drive staff to work towards the achievement of business objectives.
-Reduce staff turnover, staff absenteeism due to improved job satisfaction and engagement
-Productivity growth

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14
Q

Change in management styles and skills

Management Strategy

A

Refers to managers altering their way of directing and interacting with staff
-The strategies used will be influenced by the management style, the manager’s skills etc..

EXAMPLE: If a manager uses a more participative management style it can reduce staff turnover, reduce staff absenteeism, improve rate of productivity growth.

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15
Q

Increase investment of technology

Management Strategy

A

An implementation of automated and computerised process for production and operations.
-No. of sales, rate of productivity growth, market share, competitive advantage

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16
Q

Improving quality in production

Management Strategy

A

-Implement process to increase time percieved value of a product
-Effort needs to be made to ensure customers perceive quality in products.
-Quality products can lead to higher profit, reduced waste and increased productivity.

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17
Q

Initiating lean production techniques

Management Strategy

A

Adopting approaches that reduce waste in production and increasing the value of goods.
-Includes eliminating waste, minimising inventory avoiding excess motion, reducing defects, eliminating waiting times and avoiding over production.
-Improves rate of productivity and net profit figures

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18
Q

Cost cutting

Management Strategy

A

The process of reducing costs in production for the business
-It is important that businesses analyse their operations thouroughly in order to ascertain the best way to reduce cost.
-Can include making employees redundant, reducing energy, sourcing cheaper supplies.

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19
Q

Redeployment of resources

Management Strategy

A

Includes moving staff to different jobs, and/or locations - LABOUR
May include moving some of the business operations to a different location - CAPITAL
-Can improve net profit figures, reduce staff absenteeism

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20
Q

Innovation

Management Strategy

A

Important to have strong management strategies to support innovation
-Could lead to competitive advantage
Examples include:
-market research
-Competitors analysis
-Research and development

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21
Q

Overseas manufacturing, global sourcing of inputs, global outsourcing

Management Strategy

A

Can reduce costs by finding cheaper raw materials.
-Procurement strategy required

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22
Q

Strategies to develop Corporate Culture

A

-Revising and Embedding vision and values statements
-Changing management structures
-Changing management styles
-Revising business policies and procedures
-Recruiting and developing employees
-Proserving the stories, narratives and rituals

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23
Q

When is it important to have a strong postive corporate culture?

A

During change to ensure success

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24
Q

Revising and Embedding vision and values statements

Corporate culture strategy

A

A business should revisit its vision and values statement.
-Setting out the new vision will provide a stronger framework for the business.

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25
Q

Changing management structures

Corporate culture strategy

A

-Important that the structures change to support the new operations
-Impact on communication channels, employee empowerment and decision making process

26
Q

Changing management styles

Corporate culture strategy

A

-Reflecting on the current style
-Many businesses use a participative style as employees expect to be involved in decision making

27
Q

Revising business policies and procedures

Corporate culture strategy

A

-Ensuring expected behaviours within a business
-Policies can support the changes.
-E.G. anti bullying, equal opportunity, greivance procedures

28
Q

Recruiting and developing employees

Corporate culture strategy

A

-Recruiting staff who fit in with the desired culture
-Training may focus on diversity, learning core values and skill development through the change.

29
Q

Proserving the stories, narratives and rituals

Corporate culture strategy

A

-Creating narratives about significant events and/or people is important as changes are made
-Celebrates business and bridges gap between old and new culture

30
Q

St Patrick’s Ballarat To Melbourne

Senge’s Learning Organisation

A

Systems Thinking
Personal Mastery
Building shared vision
Team Learning
Mental models

31
Q

What defines a learning organisation?

A

-Facilitates growth
-Transforms itself to adapt to changing environments

32
Q

Benefits of Senge

A

-Boosts level of creativity, innovation
-Adaptive, flexible
-Staff motivation should increase, boosts skills
-Improving corporate image by becoming more people oriented

33
Q

Limitations of Senge

A

-Requires cultural change which can take time
-Large businesses can struggle to share ideas and knowledge between all members

34
Q

Systems Thinking

A

-Management as a whole and the interrelationship between its parts
-Long term over short term
-Is the overarching discipline

35
Q

Personal mastery

A

-Continually clarifying and deepening personal vision
-Individual development and learning through business activities
-Business should promote a learning environment

36
Q

Mental Models

A

-Deeply held assumptions and generalisations that need to be challenged
-Needs self reflection to adjust
-Similar to organisational inertia

37
Q

Building Shared Vision

A

-Having all employees participating in one shared view of the picture
-Can encourage and inspire employees to innovate

38
Q

Team Learning

A

-Involves all members of the team developing the team’s capacity to create results for all

39
Q

Role of the leader in Senge’s Learning Organisation

A

-Advocate, facilitator and teacher
-Responsible for creating an organisation that is responsive to change and where individuals are able to continuously learn and embrace change

40
Q

Low Risk Strategies

A

-Gradual management approaches that encourage employees to accept and participate in change.
-Creates a supportive environment during the change process

41
Q

Examples of Low Risk Strategies

A

Communication- reduces employee resistance by ensuring they understand
Empowerment- giving sense of ownership
Support- overcoming sense of fear and stress
Incentives- Providing them with rewards

42
Q

Advantages of Low Risk Strategies

A

-Increased trust- higher chance of long term change
-Reduce employee fear
-Employees feel valued

43
Q

Disadvantages of Low Risk Strategies

A

-Empowerment may mean employees doing things that management didn’t intend
-Incentives could be seen as bribe
-Not useful in crisis
-Expenses

44
Q

High risk strategies

A

-Autocratic management strategies
-Used to influence employees to quickly adopt and implement changes
-Potentially good for the short term however are unsuitable in the long term

45
Q

Examples of High Risk Strategies

A

Threats e.g. dismissal, decrease wages- forcing employees to accept and follow change
Manipulation e.g. provide incomplete or deceptive info

46
Q

Advantages of High Risk Strategies

A

-Manager gets change they desire
-Useful in crisis
-Little financial cost

47
Q

Disadvantages of High Risk Strategies

A

-Negative corporate culture
-Compromised relationship
-Low morale
-Short term only

48
Q

Principles of Three Step Change Model

A

1- Unfreeze the status quo
2- Move or change to the next phase or desired state/situation
3- Refreeze the new situation

49
Q

Unfreezing the status quo

Lewin’s Three Step Change Model

A

Preparing a business for change
-Before any change, existing behaviours need to be challenged making it possible for new behaviours to be learnt.
-Change identified and stakeholders are prepared to undergo change

50
Q

Moving or changing to the next desired state

Lewin’s Three Step Change Model

A

-Once a behaviour has been unfrozen, efforts need to be made to action change.
-Transforms the business to meet the new objectives.
-Manage change to alleviate fear and confusion with employees
-Provide support

51
Q

Refreeze the new situation

Lewin’s Three Step Change Model

A

-Stabilises the change and embeds its into the organisation
-Stops a business from reverting to previous ways of operating
-The behaviour of the individuals, groups and broader business match the desired outcome

52
Q

Effects of change on Managers

A

-Implement change, learn new skills
-Financial and non financial rewards
-Increased workload
-Changes in their position
-Loss of job

53
Q
A
54
Q

Effects of change on Employees

A

-New role can increase job satisfaction and long term security
-Better conditions
-Loss of job

55
Q

Effects of change on Customers

A

-Better products
-Decreased price
-Increase CSR policies
-Increase prices
-Decreased quality
-Changes in product

56
Q

Effects of change on Suppliers

A

-Gain new contracts and increase demand
-Increase profit
-May lose business due to changes in a process
-Changes in specifications may also require suppliers to adapt their own business operations

57
Q

Effects of change on General Community

A

-Community needs to allocate more resources for increase traffic
-Strong contribution to social causes
-Create more jobs in the local community
-Decision to close can take people away from a particular location or lead to unemployment
-Decrease sales

58
Q

CSR Considerations when implementing change

A

CSR must be integrated within day-to-day activities

59
Q

Advantages of CSR Considerations when implementing change

A

-better business reputation
-brand loyalty
-employer of choice
-motivated employees
-benefits society, health and welfare

60
Q

What can evaluating change using KPIs do?

A

-give an indication of whether or not the change has had its desired effect
-detect trends in the business
-Track performance over time

61
Q

Disadvantages of CSR Considerations when implementing change

A

-Financial cost
-Diverts time away from core business

62
Q

In what areas can KPIs be assessed?

A

-Operations (Inv in tech, quality, lean production, cost cutting)
-HR (Training, motivation, management styles+skills)
-Financial performance (% of market share, sales)
-CSR (Staff turnover, sourcing)

Business Management Unit 3/4 (6 decks)

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