Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management 3/4 > Important Definitions - EXAMS > Flashcards

Important Definitions - EXAMS Flashcards

1
Q

What is outsourcing?

A

The contracting of some organisational operations to outside suppliers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the internal environment?

A

The internal environment includes all those things over which the organisation has some degree of control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the external environment?

A

The external environment includes those things over which the business has little control. It may be divided into an operating environment and a macro environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an operating environment?

A

An organisation’s operating environment refers to the outside factors with which the organisations directly interacts in the course of conducting its business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is downsizing?

A

Downsizing involves workplace staff reductions, with the elimination of jobs and positions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a mission statement?

A

The mission statement expresses why an organisation exists, its purpose and how it will operate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the macro environment?

A

The macro environment is made up of the broad factors in the economy and society within which the organisation operates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is effectiveness?

A

Effectiveness is the degree to which an organisation has achieved its stated objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is efficiency?

A

Efficiency refers to how well an organisation uses resources to achieve objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are performance indicators?

A

Performance indicators are specific criteria used to measure the efficiency and effectiveness of the organisation’s performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is net profit? (PI)

A

What remains when expenses are deducted from the revenue earned. (revenue-expenses= net profit)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is number of sales? (PI)

A

Measures the number of products sold.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is percentage of market share? (PI)

A

the amount of customers who buy the product or service from the organisation out of the total customers who purchase the good or service in the industry, expressed as a percentage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is rate of productivity growth? (PI)

A

measures the change in productivity in one year compared to the previous year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a customer survey? (PI)

A

Results of a customer survey measures how satisfied customers are with the organisations performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a staff survey? (PI)

A

Results of a staff survey measures how satisfied staff are within the organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are customer complaints? (PI)

A

Customer complaints indicate whether or not customers are satisfied with the performance of the organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is level of wastage? (PI)

A

The level of wastage measures the amount of waste created by the production process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is number of workplace accidents? (PI)

A

The number of workplace accidents indicates how safe the workplace is for empoyees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are stakeholders?

A

Stakeholders are groups and individuals who have a vested interest in the organisation and its future success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is social responsibility?

A

Social responsibility is the obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders, and the the community as well as the environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is ethical management?

A

Ethical management refers to the process of abiding by moral standards and doing the ‘right’ thing in the interests of all stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are shareholders?

A

Shareholders are people who purchase shares in a company and become partial owners of that company. Shareholders receive a proportion of the profits called dividends.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are employees?

A

Employees manufacture or produce the product the organisation sells.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What are suppliers?

A

Suppliers provide raw materials that will be used in the organisations’s production process.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is profit?

A

A business makes a profit when the income earned (revenue) is greater than the costs of production (expenses)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is marketing?

A

The marketing department is responsible for the marketing mix, often referred to as the 4 p’s (product, price, promotion and place). Eg. to determine the right price for the organisation’s product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are human resources?

A

The division of a company that is focused on activities relating to employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is research and development?

A

Activities undertaken to improve existing products or create new products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is planning?

A

the process of defining objectives and determining methods or strategies that will be used to achieve those objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

what is organising?

A

process of arranging resources (including people) and tasks to achieve objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

what is leading?

A

process of influencing or motivating people to work towards the achievement of the organisations objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

what is controlling?

A

process of evaluating performance and taking corrective action to ensure the set objectives are achieved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

what is staff turnover?

A

measures the number of staff who are leaving the organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

what is a policy?

A

a set of broad guidelines to be followed by all employees when dealing with important areas of decision making

36
Q

what is operations management?

A

consists of all the activities in which managers engage to produce goods or services

37
Q

what are inputs?

A

resources used in the process of production

38
Q

what are processes?

A

the transformation of inputs into outputs

39
Q

what are outputs?

A

refer to the end result of an organisations efforts - the service or product that is delivered or provided to the customer

40
Q

What is productivity?

A

a measure of efficiency - the amount of output produced compared to the amount of input required in production

41
Q

what is business competitiveness?

A

the ability of an organisation to sell products in a market

42
Q

what is facilities design and layout? (optimising operations)

A

involves planning the layout of workspace to streamline the production process

43
Q

what is materials management? (optimising operations)

A

the strategy that manages the use, storage and delivery of materials to ensure the right amount of inputs is available when required in the operations system

44
Q

what is quality management? (optimising operations)

A

managing the degree of excellence of goods or services and their fitness for a stated purpose

45
Q

what is human resource management?

A

the effective management of the formal relationship between the employer and employees

46
Q

what are conditions of employment?

A

refer to what an employer has agreed to give the employee in return for the employees work

47
Q

what is a work-life balance?

A

about achieving the right amount of time for work and for personal or family life

48
Q

what is occupational health and safety?

A

the responsibility the employer has to ensure the workplace is safe for employees and that steps are taken to minimise harm

49
Q

what is job security?

A

the belief that the employee will not lose their job

50
Q

what is maslows hierarchy of needs theory?

A

the sequence of human needs in the order of their importance

51
Q

what is herzbergs two-factor (motivation-hygiene) theory?

A

the idea that satisfaction and dissatisfaction are caused by separate sets of factors

52
Q

what is Locke’s goal setting theory?

A

the idea that employees are motivated by clear goals and appropriate feedback regarding their achievement

53
Q

what is HR planning? (establishment phase)

A

the development of strategies to meet the organisations future human resource needs

54
Q

what is job analysis? (establishment phase)

A

evaluates what a certain job requires and is made up of a job description (what job entails in terms of tasks and responsibility) and job specification (the type of person they’re looking for)

55
Q

what is job design? (establishment phase)

A

the process of creating a new job position within an organisation including the tasks involved. There should be a variety of tasks to keep the employee motivated

56
Q

What is recruitment? (establishment phase)

A

the process of attracting qualified job applicants from which to select the most appropriate candidate

57
Q

what is selection? (establishment phase)

A

involves choosing the candidate who best matches the organisations requirements

58
Q

what is induction? (maintenance phase)

A

the process of aquatinting new employees with the organisation and the jobs they will perform

59
Q

what is training? (maintenance phase)

A

the process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills

60
Q

what is development? (maintenance phase)

A

activities that prepare staff to take on greater responsibility in the future

61
Q

what is recognition and reward? (maintenance phase)

A

aim at both acknowledging the work an employee has done and providing some sort of benefit, such as cash, in return for a job well done

62
Q

what is performance management? (maintenance phase)

A

improving both organisational and individual performance through relating organisational performance objectives to individual employee performance and objectives

63
Q

what is termination? (termination phase)

A

the ending of employment of an employee

64
Q

What is a corporation?

A

owned by shareholders and aims to make a profit

65
Q

what is a government business enterprise?

A

is government owned and operated

66
Q

What is a vision statement?

A

states what the organisation aspires to become

67
Q

What is a collective/enterprise agreement?

A

a negotiated agreement between an employer and a union or a group of employees that sets min wages and conditions for a group of employees within particular workplace

68
Q

What is an individual agreement?`

A

sets minimum wages and working conditions for a single individual

69
Q

What are industry wide awards?

A

sets minimum wages and working conditions for an industry or occupation

70
Q

What is a centralised system?

A

one in which central tribunals decide wages and employment conditions of all employees

71
Q

what is a decentralised system?

A

direct negotiations occur between an employer and individual or groups of employees or their reps

72
Q

what is organisational change?

A

the adoption of a new idea or behaviour by an organisaiton

73
Q

what are driving forces?

A

those forces that support the change

74
Q

what are restraining forces?

A

those forces that work against the change

75
Q

what is organisational inertia? (restraining force)

A

the unenthusiastic response from management to proposed change

76
Q

what is corporate social responsibility?

A

involves managing organisational processes in order to produce an overall positive impact on the community

77
Q

What is the establishment phase?

A

The establishment phase of the employment cycle is concerned with attracting and finding a suitable applicant for a position

78
Q

What is the maintenance phase?

A

The maintenance phase of the employment cycle is concerned with ensuring the motivation and enthusiasm of employees is held, and that employees are content with their jobs.

79
Q

what are outplacement services?

A

include interview skills workshops and other services that will assist the employees in finding a new job

80
Q

what are transition services?

A

when the organisation assists employees during their transition to being unemployed

81
Q

What is interpersonal qualities?

A

involves managements capacity to deal with people and build positive relationships with staff using skills such as communication and emotional intelligence

82
Q

What is informational qualities?

A

involves gathering and communicating or sharing data and knowledge

83
Q

what is negotiation?

A

the ability to resolve a dispute or to produce an agreement

84
Q

what is problem solving?

A

identifying a problem and then applying a course of action to correct that problem

85
Q

what is decision making?

A

identifying available options and choosing one course of action from alternatives

Business Management 3/4 (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions