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Bus Man Year 10 > Understanding Business Book 3 > Flashcards

Understanding Business Book 3 Flashcards

1
Q

Waste Minimisation

A

Reducing the amount of resources that are missed or discarded by the business during operations

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2
Q

4 Resources of waste

A

Physical, capital, human, time

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3
Q

Solution to waste

A

lean management

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4
Q

Lean management

A

business wide approach that aims to eliminate waste and inefficiencies in operations

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5
Q

Generic Waste management strategies

A

Reduce, Reuse, Recycle

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6
Q

Lean Management principles

A

7 sources of waste, pull, one-piece flow, Zero defects

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7
Q

7 sources of waste

A

Transportation, inventory, motion, wait times, overproduction, over-processing, defects (TIMWOOD)

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8
Q

Transportation

A

inefficient movement of materials or products - waste of time and resources

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9
Q

Inventory

A

supplies that are not used OR lay idle for long period of time - waste of materials

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10
Q

Motion

A

Excess movement of people, machines materials or the product between production stages - waste of time

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11
Q

Wait times

A

lag time between process OR waiting between production and distribution to sellers - leaves employees idle = waste of labour

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12
Q

Overproduction

A

producing more than consumers demand

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13
Q

Over-processing

A

performing processes that do not add value

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14
Q

Defects

A

errors either need to be fixed (waste time) or discard (waste)

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15
Q

Lean management pull

A

products produced based on ACTUAL demand rather than forecasting (selling and then look for buyers)

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16
Q

Lean Management one-piece flow

A

A single product moving through all stages of production one at a time (reducing time product spent at each stage)

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17
Q

Lean Management zero defects

A

preventing defects from occurring in the production process (reducing products being discarded or time and labour spent fixing)

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18
Q

What is Employee motivation

A

the factors which drive an employee to strive to achieve in the workplace

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19
Q

Maslows motivation theory

A

Needs are ranked with the most basic needs situated at the bottom then progressing to higher levels needs. Once a particular need is satisfied it is no longer a motivation (achieved in sequential order)

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20
Q

Maslows Hierarchy of needs

A

physiological needs, safety needs, social needs, esteem needs, self-actualisation

21
Q

physiological needs

A

Basic requirements for human survival (food, water and shelter) fulfilled in the workplace through minimum pay and working conditions. Not being met = employees lacking entry level To implement = increase hours for those who are considered ‘underemployed’

22
Q

Safety & Security

A

Physically safe at work and sense of job security. Not being met = organisation not abiding by OH&S employees not yet ongoing/long term contracts, threat of redundancies/organistaion closing To Implement = create job security, ensure employees have safe and healthy work conditions, superannuation and insurance

23
Q

Belongingness and social needs

A

having strong workplace relationships, feeling like they belong to organisation. not being met = lack of collaborative work, employees not socialising with each other, employees feel uncomfortable, lack sense of ownership To implement = organise group of staff to work on projects or tasks, organise staff gatherings

24
Q

Self-esteem needs

A

invokes employees gaining recognition of performance from others and feeling sense of pride in their work as a result they feel important valued and respected. Not being met = employee effort and performance lacks acknowledgement from management, employees lack sense of accomplishment. To implement = performance pay, recognition for work, being made the example, promotions

25
Q

Self-actualisation

A

Achievement of own potential which can only be fulfilled through intrinsic motivation ( a drive from within the individual Not being met = employees not being challenged, lack interest in their work, not being provided with significant autonomy. to implement = participation in design making, provide employees with challenging projects, delegate specific project to employee which involve working with autonomy

26
Q

Pros/cons of Maslow Hierarchy of needs

A

PROS: clear sequential order and model, clear framework, motivation occurs quickly

CONS: theory assumes all employees will work in sam sequential order, can be difficult to measure if employees needs are being met, time consuming

27
Q

Human Resource management

A

Human resource management is the effective management of the formal relationship between the employer and employees, and involves the recruitment, selection, training, development, appraisal and dismissal of staff

28
Q

How does human resource management help achieving business objectives?

A

higher skilled/qualified employees = better quality service/products = increased potential for revenue HOWEVER = higher wages

29
Q

Responsibility for staffing

A

Human resource management involves all aspects of the employment cycle (attract, develop, maintain, terminate) includes initial planning through recruitment, selection, induction, performance management, eventual termination of employment

30
Q

4 stages of employment cycle

A

Attract, develop, maintain, terminate

31
Q

Attract

A

starts before organisation is looking for new employee. it looks at organisations brand, what shapes potential employees overall perception of the company, brand marketing, word of mouth plays large role in shaping the public opinion and facts as strong motivation or detracter

32
Q

Develop

A

career development opportunities are essential to keep employee engaged with the company over time, after employee has established themselves at company and determine their long term objectives, human resource department must try and help to meet their goals if realistic (includes professional growth, training to secure their future this provides motivation, commitment and loyalty form employee

32
Q

Develop

A

career development opportunities are essential to keep employee engaged with the company over time, after employee has established themselves at company and determine their long term objectives, human resource department must try and help to meet their goals if realistic (includes professional growth, training to secure their future this provides motivation, commitment and loyalty form employee

33
Q

Maintain

A

focus energy on keeping your top employees and ensuring they are happy and sufficiently challenged in their respective roles, influence of company can go along waif organisation is poor, leads to high employee turn over, facing replacement

34
Q

Employee turnover

A

employee turnover refers to the total number of workers who leave a company over a certain time period, including those who exit voluntary and involuntary (fired or laid off)

35
Q

Terminate

A

upstanding why employees leave is a key part of retaining the best people going forward. having convos early about their choices in exit process also promotes a positive atmosphere and helps leave door open for good employees to return and intimately recommend to others

36
Q

4 ways to terminate

A
  1. terminated (fired/dismissed) - only for gross misconduct
  2. Resigned - employee got a new job elsewhere
  3. Retried - employee is leaving the labour force
  4. Redundant - business can no longer provide the employee with a position
37
Q

Corporate social responsibility (CSR)

A

Refers to the action taken by a business which go above and beyond its legal obligations/requirements (t/f - anything that IS a legal requirement IS NOT a CSR)

38
Q

Pros and cons of CSR

A

PROS: organisation reputation can be enhanced, free publicity can be gained, enhanced perceived quality of products

CONS: can be expensive in terms of costs and expenses not directly related to the change, time and resources are spent managing the change that isn’t required by law, does it compromise the function of the product

39
Q

CSR: areas of management responsibility

A

operations, Human Resources, sales and marketing

40
Q

what is operations in CSR

A

production of the product, souring recycled or renewable materials, producing quality and long lasting products to reduce landfill, reducing impact on environment through the manufacturing process, selecting ethic ill and responsible suppliers

41
Q

what is Human Resources in CSR

A

offering staff benefits, paying above legal minimum wage, offering employees opportunities to skills up and grow in the business, allowing flexible work hours

42
Q

what is sales and marketing in CSR

A

sustainable packaging, not selling excess product which will increase landfill, ensure marketing is transparent, informative and honest

43
Q

what is corporate culture

A

Shared values and beliefs of the people in an organisation. these can be real of offical (culture = personality of business)

44
Q

offical corporate culture

A

the desired culture a business wishes to establish ( i.e. what the business says it stands for) visible through documents, logos, slogan ect.

45
Q

Real corporate culture

A

the actual or prevailing culture that exists within a business i.e how things ACTUALLY operate.

46
Q

Indicators of culture

A

OFFICAL: mission statements, policies (e.g. environment, equal opportunity), stated probity areas in annual reports, CEO management statements

REAL: physical structure, relations among staff, management style, budgets, rituals and celebrations, heroes - who people look up to, constancy e.g style of dress and language

47
Q

Organisational Culture

A

the culture of the business affects the way in which the business operates:
decision making, organisational structure, communication, leadership styles, attitude towards work

48
Q

Strategies for developing corporate culture

A

Develop formal statements (mission - define purpose of organisation, vision - sets out the aspirations of organisation, values - what organisation wants to recognise)
implement of policies (set rules and regulations that must be observed)
communicate desired values (through policies, leading by example, training)
recruiting in line with desired values (assuming that there is a position avaliable)
Training (develop common understanding and constant approach, offical corporate culture)
reward and recognition (ensure they align with values in organisation)
considering/altering management style (consultive, autocratic)

Bus Man Year 10 (5 decks)

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