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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
Senge- Systems Thinking
The ability to see the big picture rather than see things in isolation..
26
Senge- Personal Mastery
Where the people within the business undertake continual learning.
27
Senge- Mental Models
The deeply ingrained assumptions, generalisations and images of how people understand the world.
28
Senge- Shared Vision
Being able to develop a vision that the people within the business believe in.
29
Senge- Team Learning
The process of aligning and developing the capacities of a team to create the results its members truly desire.
30
Low Risk Strategies (LRS)
Actions taken that are likely to generate positive outcomes in the short and longer terms.
31
LRS- Communication
Being open and honest about the change so employees fully understand the direction of the business and its impact.
32
LRS- Empowerment
Involving employees in the change process can help them get on board with the change.
33
LRS- Support
Those affected by change need to be supported through the process.
34
LRS- Incentives
Providing something that encourages employees to embrace the change.
35
High Risk Strategies (HRS)
Actions taken that may succeed in the short term but run the risk of generating negative outcomes in the longer term.
36
HRS- Pros/Cons
+ 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
HRS- Manipulation
Gaining support from employees by the selective use of facts or deception.
38
HRS- Threat
Forcing employees to embrace the change or receive retribution.
39
Lewin's Change Model- Unfreeze
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
Lewin's Change Model- Change
1) Communicate often 2) Dispel rumours 3) Empower action 4) Involve people in the process
41
Lewin's Change Model- Refreeze
1) Anchor the changes into the culture 2) Develop ways to sustain the change 3) Provide support and training
42
Effect of change on- Owners
- 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
Effect of Change on- Managers
- Change of management style - Change of processes that managers need to carry out - Increase/decrease of roles - Loss of employment
44
Effect of Change on- Employees
- Loss of employment through downsizing - Changes such as new technology can; alter an employee's job, improve safety and productivity.
45
Effect of Change on- Customers
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
Effect of Change on- Suppliers
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
Effect of Change on- General Community
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
CSR Considerations- Restructure/Downsizing
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
CSR Considerations- Suppliers
- 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
CSR Considerations- Changes in Technology
- Support and training should be considered to ensure employees feel confident using the technology - Impact of technology on the environment should be considered
51
CSR Considerations- Impact on Environment
- 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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