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Business > UNIT 4 AOS 2A > Flashcards

UNIT 4 AOS 2A Flashcards

1
Q

The need to review KPIs

A

Businesses need to ensure that KPIs and data are monitored over time and any trends are measured and tracked
This allows a business to establish useful trends and patterns that can be followed and reviewed
Also provides the business with a sound foundation to make any necessary changes in the future

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2
Q

Staff training and development KPIS and impacts

A
  • level of staff turnover
  • number of customer complaints
  • number of workplace accidents
  • Rate of staff absenteeism
  • better knowledge in employees
  • better skills
  • feeling valued
  • improved customer service
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3
Q

Staff motivation KPIs and impact

A
  • level of staff turnover
  • Rate of staff absenteeism
  • Rate of productivity growth
  • willingness to work harder and contribute additional effort
  • feel valued
  • improved productivity and customer service
  • better quality production
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4
Q

Change in management styles or skills KPIs and impact

A
  • level of productivity growth
  • level of staff turnover
  • rate of staff absenteeism
  • employees feel valued and can voice their opinions
  • employees highly engaged and wanting to be at work
  • quicker resolution of problems
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5
Q

Increase investment in technology KPIs and impact

A
  • rate of productivity growth
  • level of wastage
  • net profit
  • number of sales
  • number of workplace accidents
  • increase speed of production → greater volumes of production → lower cost per unit
  • 24/7 access via website development (higher sales)
  • higher quality and accuracy via CAD/CAM → less wastage
    Replace dangerous tasks with robotics
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6
Q

Improving quality of production KPI’s and impact

A
  • net profit
  • number of sales
  • percentage of market share
  • level of wastage
  • rate of productivity growth
  • better customer reputation → sales increase
  • quality control measures → higher quality and accuracy
  • less productive wastage via TQM principles → customers focus, continuous improvement
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7
Q

Cutting costs KPIs and impact

A
  • rate of productivity growth
  • net profit
  • Number of sales
  • percentage of market share
  • level of wastage
  • Lowering salary costs (redundancy, outsourcing, replacing labour with technology)
  • reduction in prices → more competitive
  • reduce wastage → lower cost on inputs
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8
Q

10 rules of lean production: (know 3)

A 
Eliminate waste 
Minimise inventory 
Maximise flow 
Pull production from customer demand 
Meet customer requirements 
Do it right the first time 
Empower workers 
Design for rapid changeover 
Partner with suppliers 
Create a culture of continuous improvement (Kaizen)
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9
Q

Lean production techniques KPIs and impact

A
  • level of wastage
  • number of customer complaints
  • Rate of productivity growth
  • Number of sales
  • focus on effectively delivering value to customers → increase efficiency, effectiveness and quality of processes
  • improve customer satisfaction and sales
  • lower costs of production, lower levels of wastage
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10
Q

Redevelopment of resources

A

Natural : (timber, water, solar) using existing resources of different purpose
Labour : (employees) moving employees to different department-replacing with robots with dangerous
Capital : (machinery, buildings) moving production machinery overseas to take advantages of cheaper labour rates

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11
Q

Redevelopment of resources KPIs and impact

A
  • level of wastage
  • Rate of productivity growth
  • Level of staff turnover
  • natural : save costs, wastage reduced
  • labour : better safety, increased staff moral, reputation retained
  • capital : better efficiency over time
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12
Q

Domestic opportunities

A 
Research and development                                                    Multiple brand strategy
Franchising
market niche
new technologies
innovation
product differentiation
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13
Q

Global opportunities

A 
Exporting products and services
New and emerging technologies 
Online shopping 
market niche
research and developmentInnovation
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14
Q

Exporting (global)

A

Function of international trade for exchange of goods and services
It allows Australian businesses to reach new markets as they can sell their product to new audience

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15
Q

Innovation (3) (both)

A

Involves importing or investing in something that extends a business or provides a new product to the economy
Identify a gap in the market and developing products or services to fill it, can often lead to success

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16
Q

Research and development (both)

A

A way of creating new products and services, or improving existing ones

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17
Q

New and emerging technologies (both)

A

The way consumers shop is constantly changing and the ability to deliver products in different ways can set businesses apart
Businesses should keep eye on technological development to ensure they are not left behind

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18
Q

Senge’s learning organisation :

A

that all businesses are learning organisations that have to constantly change and improve to expand and in order to achieve the results they desire.
Supporting employees during the time of change is essential as the business should have processes in place to assist employees during the change period.

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19
Q

5 key principles of Senge’s learning organisation :

A
  • systems thinking
  • personal mastery
  • mental models
  • building a shared vision
  • team learning
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20
Q

Systems thinking

A

the idea that managers should look at the business holistically when implementing a change to ensure no one is working in isolation and that employees need to work together for change to happen and be successful.

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21
Q

Personal mastery

A

The ongoing commitment of an individual to undertake continuous learning. By learning they become less resistant to change and in the long run they achieve their own personal goals as well as the businesses goals.

22
Q

Mental models

A

This is about creating a business culture of openness, inquiry and trust where employees are encouraged to challenge old assumptions and mindsets in order to feel empowered to create something new and better than before.

23
Q

Building a shared vision

A

About creating a vision that everyone believes in
Having all people working towards a common goal that they truly believe in promotes commitment to the cause rather then simple compliance

24
Q

Team learning

A

Process of aligning and developing the capacities of a team to create the results its members truly desire

25
Q

Advantages and disadvantages of learning organisation

A
  • Adaptable and flexible, where the business responds quicker to issues in the future
  • Staff motivation should increase, boosts skills and empowerment
  • Requires cultural change which can take time
  • Large businesses can struggle to share ideas and knowledge between all the members
26
Q

Low risk strategies

A

participative approach to implementation of change, use of communication, empowerment, work groups and support for those who are impacted upon

27
Q

two -way communication

A

Between management and employees
Being open and honest about change so that employees fully understand the direction of the business and its impact
Allowing employees to voice their concerns and have their questions answered

28
Q

Empowerment of employees to make decisions

A

If employees are involved in the process, they are more likely to take ownership of the change
It may include empowering employees in the implementation of the changes that have been introduced

29
Q

Support

A

Sometimes employees may need support to manage the change as it can have a negative impact on employees and their health and wellbeing

30
Q

Incentives

A

Giving something with the aim of persuading or mentoring people to accept the change

31
Q

Possible drawbacks

A

Using low-risk strategies can often be time consuming which can increase the time it takes to implement the change
Some strategies may also cost more (offering incentives and support such as training)

32
Q

High-risk strategies

A

Autocratic approach to implementing change, involving use of force threats and manipulation of situation

33
Q

Threats

A

Forcing employees to embrace the change or receive retribution
This may include threatening employees with the loss of their job or a demotion
This can get employees to embrace the change quickly
However this can cause resentment and harm relationship

34
Q

Manipulation

A

Gaining support from employees by the selective use of facts or deception

35
Q

Possible drawbacks

A

Using high-risk strategies can come with some negative consequences because they can harm the relationship within the business
Employees may resent managers if they have been threatened or if they find out they were manipulated
This can cause even more resistance to future change due to loss of trust
Can also harm the culture within the business

36
Q

a successful leader will need to (3)

A

Market and promote the change in a way that will achieve the acceptance of employees.
Resolve conflicts which often arise when change is implemented.
Keep an open mind, try to find out new ideas and freely share information.

37
Q

Staff training and development

A

Focused on an employees current job and is aimed at improving employee skills, knowledge attitudes and behaviours to allow employees to do their jobs more effectively and efficiently then before (coaching, mentoring, workshops, lectures)

38
Q

Staff motivation

A

Concerned with the desire to do things. Where staff are happy at work and are motivated to complete their tasks will contribute in a positive way

39
Q

Change in management style or skills

A

The management style used by leaders can have an influence on the performance of a business.
If a manager uses a more consultative or participative management style, then there is the expectation that decision making is shared between management and employees.
If on the other hand a manager uses an autocratic style this will indicate that the business may be in a situation where there is a deadline or serious incident.
Managers should adopt the management style that cohears with the situation

40
Q

Increase investment in technology

A

A major driver of change. Due to the rapid rate of technology development, businesses need to have strategy that allow them to take advantage of new technologies

41
Q

Improving quality of production

A

In addition, effort needs to be made to ensure customers perceive quality in products.
Should strive to have better quality products/services than a rival so you have competitive advantage over them

42
Q

Cutting costs

A

It’s important that businesses analyse their operations thoroughly in order to discover the best way to reduce costs.

43
Q

Redevelopment of resources

A

Can include moving employees to a different job or sending them to work in a different place or division within a business.
This helps save the business money by not providing redundancy packages, minimises bad publicity, keep employees who already know the culture and reduces the impact on staff morale (with fewer staff leaving)

44
Q

Management strategies to respond to KPI’s

A
  • staff training and development
  • staff motivation
  • change in management style
  • increased investment in technology
  • improving quality production
  • cutting costs
  • lean production
  • redevelopment of resources
45
Q

Multiple Branding Strategy

A

This is where a business sells multiple brands in the same market. While customers feel as though they have a wide variety of choice in the product, their money is generally directed towards a few major businesses because most brands are owned by one or two businesses

Advantages
One business holds more shelf space, leaving less space for competitors products
Provide cheaper options
Caters for customers who like to experiment with different brands

46
Q

Product differentiation

A

A business will use brand names and advertising to establish key differences between their product and suitable products

Advantages
Product differentiation can allow a business to make their product stand out as the product is designed or marketed in a manner that involves a brand name that makes it different to the existing products in the market

47
Q

Franchising

A

Allows one business to operate under the trading name of another business established brand and sell its products or services for a period

Advantages
Allows the business to expand its operations and market share without the need to borrow large amounts of capital, manage new stores, hire new staff or be involved in the day to day operations of the business

48
Q

Market Niche

A

When businesses are able to offer something that not every business is able to offer. This allows for the businesses to stand out.

49
Q

Strategies that are used by management to keep their employees positive and improve motivation levels. (3)

A

Employee recognition and rewards
Policies to support a safe workplace will also assist in keeping employees motivated
bonuses
job promotion

50
Q

Leading the learning organisations

A

He sees leaders as designers and teachers. These people are responsible for building businesses where people are able to expand their knowledge, to understand complex issues and are responsible for learning within the business.

51
Q

leadership definition

A

The process of positively influencing and encouraging individuals to set and achieve objectives

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