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Business Management 3/4 > Unit 4 AOS 2 - Implementing Change > Flashcards

Unit 4 AOS 2 - Implementing Change Flashcards

1
Q

Change

A

Any alteration in the internal or external environments

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2
Q

Organisational Change

A

The adoption of a new idea or behaviour by an organisation

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3
Q

Leadership

A

The ability to positively influence and motivate employees towards achieving business objectives during transformation

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4
Q

Managers role in leadership

A
  • Build a shared vision
    The benefits and consequences of the change
  • Provide ongoing communication
    Clear instructions for the change
  • Provide ongoing support
    Counselling, training, consultation
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5
Q

The role of leaders

A
  • Leaders can cultivate effective teamwork, coaching and mentoring and develop talent within the organisation
  • If a leader does not posses these skills, then change is likely to be handled poorly, where employees and middle managers become resistant and cynical about the change
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6
Q

The need of KPI’s

A
  • KPI’s allow a business to assess their level of performance during and after business change
  • KPI’s can provide a business on how it is performing, in terms of its employees, products, services and efficiency of resources
  • Businesses should respond to KPI’s that highlight poor performance, through the use of appropriate management strategies
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7
Q

KPI’s

A
  • Percentage of market share
  • Net profit figures
  • Rate of productivity growth
  • Number of sales
  • Rates of absenteeism
  • Level of staff turnover
  • Level of wastage
  • Number of customer complaints
  • Number of workplace accidents
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8
Q

Staff Training and Development - Staff Absenteeism, Staff Turnover, Number of Workplace Accidents

A
  • Equipping employees with the relevant knowledge and skills required to perform work tasks
  • Improves employee’s skills, knowledge, attitude and behaviour to make them do jobs more efficiently and effectively
  • Staff training can improve the quality, productivity and safety of a business
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9
Q

Staff Motivation - Staff Absenteeism, Staff Turnover, Rate of Productivity Growth

A
  • Strategies that seek to drive employees to work towards the achievement of business objectives
  • A business needs to place emphasis on ensuring staff are highly motivated and treated well

Examples: performance related pay, career advancement, safe workplace

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10
Q

Management Styles and Management Skills - Almost every KPI

A
  • Managers altering their way of directing and interacting with staff
  • The complexity of the task, experience of staff, time and manager preferences should be considered
    Examples: communicating, delegating, interpersonal skills, planning
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11
Q

Increased Investment in Technology - Sales, Market Share, Level of Wastage, Productivity Growth

A
  • The implementation of automated and computerised processes of production and operations
  • When a business experiences low performance, technology can improve productivity, market share and profitability
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12
Q

Improving Quality in Production - Market Share, Sales, Number of Customer Complaints, Level of Wastage

A
  • The implementation of processes that increase the perceived value of a product or service
  • The use of this enables businesses to meet customer needs, remain competitive and increase efficiency in production
    Examples: Quality Control, QA, TQM, Benchmarking against industry leader, Standardising
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13
Q

Cost Cutting

A
  • Process of reducing business expenses
    Examples: Examining non-essential costs, Declaring employees redundant, Outsourcing non-core functions
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14
Q

Lean Production Techniques - Sales, Net Profit, Market Share

A
  • Adopting approaches that reduce waste in production while increasing the value of goods to the customer
  • Lean production can improve the efficiency, reduce costs and improve customer satisfaction
    Examples: JIT, Benchmarking
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15
Q

Redeployment of Resources - Level of Wastage, Net Profit, Level of Staff Turnover

A
  • The reallocation of natural labour and capital materials to different areas of the business to improve their effectiveness and productivity
    Types of Redeployment:
    Labour Resources, Capital Resources, Natural Resources
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16
Q

Opportunities for Growth

A
  • Exploring new business opportunities in the domestic and global markets
  • Finding a market niche
  • Researching and developing or improving a product or service
  • Taking advantage of new technologies
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17
Q

Strategy: exporting products and services

A
  • Expanding to the global market and global economy to increase market share and increase net profit
    Considerations:
    Legal Structure, Taxation, Staffing
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18
Q

Strategy: Innovation

A
  • a new idea or improvement, which will enhance or extend how a business can operate
19
Q

Innovation: Crowd Sourced Funding

A
  • the practice of funding a business venture by raising small amounts of money from a large number of investors, often via the internet
20
Q

Strategy: Developing a Market Niche

A
  • filling a gap in the market, which is either not being catered for at all or is being done poorly
    Questions to ask:
    1. How should the niche be developed?
    2. Exactly what will the business sell and to whom?
    3. What concerns and potential customers have?
    4. Plan the business and test in the market
21
Q

Strategy: Research and Development

A
  • allows businesses to come up with new ways to provide services and products
22
Q

Strategy: New Technologies

A
  • Businesses need to adapt and be prepared to develop or use new technologies in order to properly connect with their customers
23
Q

Senge’s Learning Organisation

A
  • In situations of rapid change, only businesses that are flexible, adaptive, and productive will be successful

Systems Thinking
Building Shared Vision
Mental Models
Personal Mastery
Team Learning

24
Q

Systems Thinking

A
  • The interrelationship that exists between all parts of an organisation
  • Managers have to understand that every action and consequence is correlated with another
25
Q

Building a Shared Vision

A
  • An aspirational description of what a business and its members would like to achieve
  • A strong and clearly communicated vision can provide a unified focus for employees and their work activities
26
Q

Mental Models

A
  • Deeply entrenched assumptions, generalisations, and images of how people view themselves and the world
  • Businesses should continually challenge their employees’ beliefs and break down existing mindsets
27
Q

Personal Mastery

A
  • The discipline of continually clarifying and deepening personal vision
  • Businesses can learn when their employees are committed to continuously developing themselves
28
Q

Team Learning

A
  • The discipline by which personal mastery and shared vision are brought together
  • People working together develop skills faster than they would individually
29
Q

Strengths and Weaknesses of Senge’s Theory

A

Strengths:
- Continuously striving to improve
- Boosts levels of creativity, thinking, innovation and competitiveness
- Improves corporate image
Weaknesses:
- Requires cultural change
- Can be difficult for large businesses to share ideas

30
Q

Three Step Model

A

Change Management Model:
1. Unfreeze the status quo
2. Move from the current situation
3. Refreezing

31
Q

Unfreeze the Status Quo

A
  • Moves a business to a state where stakeholders are prepared to undergo change
  • The way to change is to break or destabilise the equilibrium (unfreeze) before the old behaviour could be ‘unlearnt’ and new behaviour successfully adopted
32
Q

Move from the current situation

A
  • The change step moves the business towards the desired state
  • This is the time where managers need to provide ongoing support and training to employees
33
Q

Refreezing

A
  • Ensures that the change is sustained within the business for the long term
  • Involves changing corporate behaviour to ensure change is embraced
34
Q

Low-risk Strategies

A
  • Gradual management approaches that encourage employees to accept and participate in a business change
    Examples: two-way communication, empowerment of employees, support and incentives
35
Q

High-risk Strategies

A
  • Autocratic management approaches used to influence employees to quickly accept and follow a business change
    Examples: threats, manipulation of the situation
36
Q

Effect of Change on Managers

A

Positive effects:
- opportunities to develop new skills or advance careers
- financial or non-financial rewards
- increased authority or responsibility can improve skills

Negative effects:
- less authority and control due to less roles
- may be affected but still have to support employees

37
Q

Effect of Change on Employees

A

Positive Effects:
- new opportunities and responsibilities can improve satisfaction
- can improve job security

Negative Effects:
- may need to develop new skills
- may lose their job
- pay and conditions may be affected

38
Q

Effect of Change on Customers

A

Positive Effects:
- improves product quality can increase satisfaction
- can get a better price

Negative Effects:
- quality may be compromised
- prices may be increased
- may fail to meet the needs

39
Q

Effect of Change on Suppliers

A

Positive Effects:
- may increase the demand for resources

Negative Effects:
- businesses may decide to switch or lower orders
- may require adjustments in processes

40
Q

Effect of Change on the General Community

A

Positive Effects:
- creates more job opportunities
- greater ability to make donations and support social causes

Negative Effects:
- loss of jobs

41
Q

CSR

A

The moral and ethical decisions made by businesses

42
Q

Corporate Philanthropy

A
  • A way of businesses giving back to its community
  • Also includes donating expertise, time and goods and services
43
Q

Triple Bottom Line

A

Profit, People, Planet

44
Q

Stakeholder CSR Considerations

A
  • Employees
  • Shareholders
  • Customers
  • Suppliers
  • Community
  • Environment

Business Management 3/4 (2 decks)

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