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Business > Unit 3: management activities > Flashcards

Unit 3: management activities Flashcards

1
Q

planning

A

occurs when management looks to the future amd sets specific goals for the business. the manager puts strategies into place to achieve these goals. planning gives a business purpose and direction and reduces risk/uncertainty

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2
Q

SMART plan

A

specific
measurable
achievable
relevant
timed

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3
Q

steps in the planning process

A
  1. assess the current situation
  2. set a goal
  3. create a plan
  4. implement the plan
  5. review the plan
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4
Q

SWOT analysis

A

strengths
weaknesses
opportunities
threats

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5
Q

mission statement

A

short written statement that sets out the firm’s overall goal for the lifetime of the business

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6
Q

strategic plan

A

1-5 years, senior management. breaks down the mission statement into long term business plans

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7
Q

tactical plan

A

1-2 years, middle management. breaks down strategic plan into short term plans. helps business achieve strategic plan

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8
Q

operational plan

A

0-1 year, all management levels. plans day to day running of the business

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9
Q

contingency plan

A

0-1 year, all management levels. back up plans used to deal with unforeseen events or emergencies

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10
Q

HR/manpower plan

A

0-1 year, HR manager. ensures the business has the correct number of employees, with the correct skills and qualifications, at the correct time

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11
Q

financial plan

A

0-1 year, finance manager. businesses prepare cash flow forecasts to predict the amount of income they will receive and spend in a particular period of time

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12
Q

investors and planning

A

financial planning shows investors that business can repay loans. also shows projected profits (increased dividend)

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13
Q

employees and planning

A

HR planning indicates future promotion opportunities, motivates them to work harder to apply to these vacancies

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14
Q

suppliers and planning

A

strategic and tactical plans indicate that business intends to expland, gives supplier opportunity to sell more raw materials

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15
Q

benefits of planning

A
  1. anticipates problems
  2. identifies SWOT
  3. benchmarking (comparing planned progress with actual results)
  4. improves motivation
  5. finance
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16
Q

Organising

A

occurs when the manager coordinates all business resources, e.g. employees, capital, raw materials, into the most effective format to achieve organisational goals

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17
Q

functional organisation structure

A

firm divided into departments based on the function they perform, e.g. finance, marketing, production. each department has a manager responsible for achieving departmental goal

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18
Q

advantages of functional structure

A
  1. employee motivation
  2. expert knowledge
  3. responsibility
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19
Q

disadvantages of functional structure

A
  1. focus on departmental goals
  2. slow communication
  3. lack of teamwork
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20
Q

geographic organisation structure

A

business divided into geographical areas, e.g. region, country, continent

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21
Q

advantages of geographic structure

A
  1. local managers
  2. friendly competition
  3. promotion
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22
Q

disadvantages of geographic structure

A
  1. duplication of work
  2. conflict between management
  3. communication
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23
Q

product organisation structure

A

business divided into units based on the type of product it provides to consumers

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24
Q

advantages of product structure

A
  1. consumer demand
  2. monitor product performance
  3. expert knowledge
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25
Q

disadvantages of product structure

A
  1. duplication
  2. product competition
  3. poor communication
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26
Q

matrix organisation structure

A

employees work in various departments, e.g. finance, marketing, and then come together to work jn cross functional teams to complete business projects. employees report to department manager and project manager

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27
Q

advantages of matrix structure

A
  1. increased motivation
  2. improved communication
  3. improved decision making
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28
Q

disadvantages of matrix structure

A
  1. multiple managers
  2. training costs
  3. lack of trust
29
Q

span of control

A

relates to the number of employees who directly report to a manager. can be wide or narrow

30
Q

factors affecting span of control

A
  1. trust
  2. employee skills
  3. tasks
  4. managerial workload
31
Q

delayering

A

involves removing one or more management layers in an organisation structure

32
Q

advantages of delayering

A
  1. improved communication
  2. reduced costs
33
Q

disadvantages of delayering

A
  1. decreased motivation
  2. managerial span of control
34
Q

advantages of organising

A
  1. clear chain of command
  2. improved communication
  3. management workload
  4. employee motivation
35
Q

controlling

A

management activity that measures how well an organisation achieves the goals and objectives that it has set. involves settting standards, measuring actual performance against standards, and taking necessary corrective action

36
Q

steps in controlling

A
  1. set standard
  2. measure performance
  3. compare performance with standard
  4. take corrective action
37
Q

stock control

A

aims to keep optimum stock levels so that organisation doesn’t have too much or too little stock

38
Q

types of stock

A
  1. raw materials
  2. work in progress
  3. finished goods
  4. merchandise
39
Q

lead time

A

time from when an order is placed to the stock arriving at firm’s stockroom

40
Q

manual stock take

A

employees physically count and record business stock.

41
Q

EDI

A

electronic data interchange.
enables firm to communicate info e.g. orders, invoices, payments electronically

42
Q

benefits of EDI

A
  1. quicker reordering process
  2. lower costs
  3. lead times
  4. shorter processing times
43
Q

JIT

A

just in time.
business holds min. stock level and receives regular deliveries from suppliers. buys from reliable suppliers that provide exact quantity and quality of stock when needed.
reduces business costs such as storage, insurance and security

44
Q

benefits of stock control

A
  1. increased efficiency
  2. feedback
  3. reduced costs
  4. theft
45
Q

quality control

A

a set of procedures used to check work completed to ensure it meets the standards set

46
Q

inspections

A

trained inspectors carry out tests on finished goods (all or sample). if it fails batch is scrapped

47
Q

quality circles

A

group of factory floor employees meets regularly to identify and discuss quality issues at the firm. recommends solutions to management

48
Q

benefits of quality circles

A
  1. employee motivation
  2. reduced costs
  3. improved quality
49
Q

quality awards

A

awards given by independent orgs. when business achieves agreed quality standard

50
Q

Q mark

A

irish quality award given by EIQA (excellence ireland quality association)

51
Q

Bord bia quality mark

A

awarded to firms that produce and process food in Ireland that meet bord bia standards

52
Q

ISO 9000 series

A

international quality award system: firms must meet very high standards of quality control and are subject to regular spot checks.

53
Q

benefits of quality awards

A
  1. consumer trust
  2. marketing
  3. exports
  4. pricing
54
Q

TQM

A

total quality management.
system of quality management where the whole business seeks to improve quality in all areas of the firm

55
Q

benefits of quality control

A
  1. consumer satisfaction
  2. quality awards
  3. reduced costs
56
Q

credit control

A

ensures that customers who use credit facilities pay their bills in full and on time

57
Q

debtor

A

person who owes the business money

58
Q

credit control system

A
  1. set credit limits
  2. check creditworthiness
  3. efficient administration
  4. debt collection procedure
59
Q

set credit limits

A

maximum amount of credit that a business should provide to a customer

60
Q

check creditworthiness

A

firm assesses ability of customer to repay amount owed

61
Q

liquidation

A

when an org. unable to pay bills as they fall due

62
Q

bankruptcy

A

org. declared by law as being unable to pay debts

63
Q

efficient administration

A

firm must ensure documents e.g. invoices are accurate and sent on time

64
Q

debt collection procedure

A

e.g. sending reminders, offering discounts on early payments, charging interest on late payments

65
Q

credit controller

A

person in firm who decides amount of credit given to customer and who is responsible for debt collecting

66
Q

benefits of credit control

A
  1. lower risk of bankruptcy
  2. reduces bad debts
  3. increased sales/profits
67
Q

financial control

A

aims to ensure the business is profitable and liquid

68
Q

methods of financial control

A
  1. cash flow forecast
  2. ratio analysis
  3. budget allocation
69
Q

importance of control

A
  1. identify issues/ achieve business goals
  2. maximise resources
  3. employee motivation
  4. increased sales/profits

Business (10 decks)

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