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Business Management > Unit 4; Outcome 2- Implementing Change > Flashcards

Unit 4; Outcome 2- Implementing Change Flashcards

1
Q

Staff Training

A

Training is the process of improving an employee’s skills and knowledge.

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2
Q

Staff Training- Impact on KPI’s

A
  • Improved productivity, and sales
  • Less workplace accidents
  • Decreased staff absenteeism
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3
Q

Staff Motivation

A

Motivated employees work harder towards the achievement of business objectives.

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4
Q

Staff Motivation- Impact on KPI’s

A
  • Improved productivity growth
  • Lowered staff absenteeism
  • Lowered staff turnover rates
  • Reduced customer complaints
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5
Q

Change management styles or skills

A

The management style or skills can influence the performance of a business and its culture.

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6
Q

Increase investment in technology

A

Technology can be used in numerous ways to improve the business. Can be implemented into all areas of a business.

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7
Q

Increase investment in technology- Impact on KPI’s

A
  • Improving rate of productivity growth
  • Reduce the level of wastage
  • Increase net profits
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8
Q

Improve quality of production

A

Improving the quality of production, improves the quality of the end good or service.

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9
Q

Improve quality of production- Impact on KPI’s

A
  • Increased % of market share
  • Increased number of sales
  • Reduced number of customer complaints
  • Reduced level of wastage
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10
Q

Cost Cutting

A

Businesses will look to reduce costs without having a significant impact on the overall value to customers.

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11
Q

Cost Cutting- Impact on KPI’s

A
  • Increased net profit
  • Improved productivity growth
  • Reduced wastage
  • Increased sales (if cost savings are passed onto customers)
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12
Q

Initiate lean production techniques

A

Lean Production is about minimising the waste produced in a business while improving the value to the end customer.

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13
Q

Initiate lean production techniques- Impact on KPI’s

A
  • Reduced level of wastage
  • Increased net profit
  • Improved productivity growth
  • Increased sales and market growth
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14
Q

Redeployment of resources

A

The transfer of resources from one place in the business to another. Allows a business to make better use of their resources.

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15
Q

Redeployment of resources- Impact on KPI’s

A
  • Improved productivity growth
  • Reduced staff turnover
  • Reduced level of wastage
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16
Q

Innovation

A

Involves the business either creating a new good, service or process, or significantly improving an existing one.

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17
Q

Innovation- Impact on KPI’s

A
  • Increased % of market share
  • Increased net profit
  • Increased rate of productivity growth
  • Reduced level of wastage
  • Reduced number of customer complaints
  • Reduced number of workplace accidents
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18
Q

Global sourcing of inputs

A

The practice of seeking the most cost-effective materials and other inputs.

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19
Q

Global sourcing of inputs- Impacts on KPI’s

A
  • Increased % of market share
  • Increased number of sales
  • Reduced number of customer complaints
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20
Q

Overseas Manufacturing

A

A good being produced in a country that is different to the location of the business’s headquarters.

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21
Q

Overseas Manufacturing- Impact on KPI’s

A
  • Increased % of market share
  • Increased number of sales
  • Reduced number of customer complaints
22
Q

Global Outsourcing

A

Some part of a business’s operations is transferred to an external person or business in another country.

23
Q

Global Outsourcing- Impact on KPI’s

A
  • Increased rate of productivity
  • Increased % of market share
  • Increased number of sales
  • Reduced number of customer complaints
24
Q

Senge’s Learning Organisation

A

A business that is flexible, adaptive, and productive.

25
Q

Senge- Systems Thinking

A

The ability to see the big picture rather than see things in isolation..

26
Q

Senge- Personal Mastery

A

Where the people within the business undertake continual learning.

27
Q

Senge- Mental Models

A

The deeply ingrained assumptions, generalisations and images of how people understand the world.

28
Q

Senge- Shared Vision

A

Being able to develop a vision that the people within the business believe in.

29
Q

Senge- Team Learning

A

The process of aligning and developing the capacities of a team to create the results its members truly desire.

30
Q

Low Risk Strategies (LRS)

A

Actions taken that are likely to generate positive outcomes in the short and longer terms.

31
Q

LRS- Communication

A

Being open and honest about the change so employees fully understand the direction of the business and its impact.

32
Q

LRS- Empowerment

A

Involving employees in the change process can help them get on board with the change.

33
Q

LRS- Support

A

Those affected by change need to be supported through the process.

34
Q

LRS- Incentives

A

Providing something that encourages employees to embrace the change.

35
Q

High Risk Strategies (HRS)

A

Actions taken that may succeed in the short term but run the risk of generating negative outcomes in the longer term.

36
Q

HRS- Pros/Cons

A

+ Can allow a manager to overcome resistance quickly.
+ Little financial cost, immediate implementation: rapid success.
- A greater risk they will result in negative consequences.
- Negative corporate culture, feelings; resentment, nervous, undervalued.

37
Q

HRS- Manipulation

A

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

38
Q

HRS- Threat

A

Forcing employees to embrace the change or receive retribution.

39
Q

Lewin’s Change Model- Unfreeze

A

1) Determine what needs to change
2) Ensure there is strong support from upper management
3) Create the need for change
4) Manage and understand the doubts and concerns

40
Q

Lewin’s Change Model- Change

A

1) Communicate often
2) Dispel rumours
3) Empower action
4) Involve people in the process

41
Q

Lewin’s Change Model- Refreeze

A

1) Anchor the changes into the culture
2) Develop ways to sustain the change
3) Provide support and training

42
Q

Effect of change on- Owners

A
  • Partners and sole traders more likely to be impacted directly
  • Improved finance results in increase or steady return on investment
  • A shareholder that is not comfortable with the change may sell
  • Change may result in an owner losing the value of their share
43
Q

Effect of Change on- Managers

A
  • Change of management style
  • Change of processes that managers need to carry out
  • Increase/decrease of roles
  • Loss of employment
44
Q

Effect of Change on- Employees

A
  • Loss of employment through downsizing
  • Changes such as new technology can; alter an employee’s job, improve safety and productivity.
45
Q

Effect of Change on- Customers

A

Effect can be positive e.g. improved quality or lowered price.
It could also be negative e.g. stop producing a product, change the product, or how the product is accessed.

46
Q

Effect of Change on- Suppliers

A

A business may decide to operate in a more socially responsible manner, impacting the types of suppliers they deal with.
A business may decide to move their operations overseas, and use a different supplier.

47
Q

Effect of Change on- General Community

A

Businesses may decide to take part of their business offshore to reduce costs, which could result in increased unemployment in the local community.
Businesses can also have a positive impact if they expand into a new location, and stimulate the local economy in the community.

48
Q

CSR Considerations- Restructure/Downsizing

A

When a business looks to restructure it should consider the impact on the employees and the community.
Considering reducing the amount of job losses.
Implement strategies to find new employees.

49
Q

CSR Considerations- Suppliers

A
  • Purchasing supplies from local suppliers
  • Should consider the working conditions of employees in overseas suppliers
  • Look to support their suppliers to ensure their ongoing success
50
Q

CSR Considerations- Changes in Technology

A
  • Support and training should be considered to ensure employees feel confident using the technology
  • Impact of technology on the environment should be considered
51
Q

CSR Considerations- Impact on Environment

A
  • Changes that could increase pollution or can harm wildlife habitats should be considered
  • Implement changes that improve the impact on the environment

Business Management (6 decks)

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