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BUSINESS MANAGEMENT > 5 > Flashcards

5 Flashcards

1
Q

leadership in change management

A

is the ability to positively influence and motivate employees towards achieving business objectives during transformation.

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2
Q

leadership in change management
Demonstrates :

A
  • Build a shared vision by informing employees prosof change, as well as consof not changing.
    • Provide ongoing communication with clear instructions to employees of the change
    • Provide ongoing support eg. counselling
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3
Q

managers strategies to respond to KPIS P1

A

staff training
staff motivation
change in management styles or skills
increased investment in technology
improving quality in production
Initiating lean production techniques

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4
Q

staff training

A

employees with the knowledge and skills respond to perform work tasks.

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5
Q

how staff training impacts KPI

A

⬇️
number of customer complaints
number of workplace accidents
⬆️
number of sales
rate of productivity growth

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6
Q

staff motivation

A

is managers implenting strategies that seek to drive employees to work towards the achievement of business objectives.

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7
Q

how staff motivation impacts KPI

A

⬇️
level of staff turnover
rates of staff absenteeism

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8
Q

change in management styles or skll

A

is manages altering their way of directing and interacting with staff.

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9
Q

how change in management styles or skills impact KPIS

A

⬇️
Level of staff turnover
rates of staff absenteeism
⬆️
rate of productivity growth
net profit figures

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10
Q

increased investment in technology

A

is the implementation of automated and computerised processes for production and operations.

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11
Q

how increased investment in technology impact KPI

A

⬆️
number of sales
net profit figures

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12
Q

improving quality in production

A

is the implementation of processes that increase the perceived value of a product or service..

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13
Q

how improving quality in production impacts KPI

A

⬇️
number of customer complaints
⬆️
number of sales
net profit figures
percentage of market share

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13
Q

Imitating lean production techniques

A

is adopting approaches that reduce waste in production while increasing the value of goods to the customer.

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14
Q

how initiating lean products impacts KPI

A

⬆️
rate of productivity growth
net profit figures
⬇️
level of wastage

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15
Q

management strategies to respond to KPIS - 2

A

cost cutting
redeployment of resources

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16
Q

cost cutting

A

is the process of reducing business expenses.

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17
Q

A business can cut costs by:

A

• merging staff roles to reduce the number of employees required.
• shutting down business locations that do not add significant value.

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18
Q

how cost cutting impacts KPI

A

⬆️
net profit figures
rate of market percentage
⬇️
levels of wastage

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19
Q

redeployment of resources

A

is the reallocation of natural, labour and capital materials to different areas of the business to improve their effectiveness and productivity.

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20
Q

redeployment as resources

A

Redeployment of labour resources is the transfer of an employee to another job within the business or an associated entity.

Redeployment of capital resources is using money or other assets for a different purpose than the one they were originally intended for.

Redeployment of natural resources is reusing and repurposing of raw materials.

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21
Q

how redeployment of resources impacts KPI

A

⬆️
net profit figures
rate of productivity growth
⬇️
levels of wastage

21
Q

new business opportunities s

A

new locations
online sales
Differentiation
exporting

22
Q

new locations

A

A business can build new business opportunities by opening new branches or outlets in new locations.

23
Q

online sales

A

A business can potentially increase their domestic and global sales by selling their products online.

24
Q

Differentiation

A

can gain new business opportunities
domestically by differentiating their products or services.
globally if it is combined with either new locations, online sales or exporting.
Differentiation is the strategy of offering unique products or services that meet the needs of customers that are currently unmet or under-served.

25
Q

Differentiation There are several ways a business can differentiate products or services including:

A

• introducing technological improvements
• implementing innovations such as new flavours

26
Q

exporting

A

is a specific method a business can use to grow globally. Instead of opening new
overseas locations, the goods or services can be sold through local distributors and retailers.

27
Q

Senge’s learning organisation

A

systems thinking
mental models
shared vision
personal mastery
team learning

28
Q

system thinking

A

is the ability to understand the interrelationships between different areas of a business.

29
Q

system thinking in senge’s viewpoint

A

Is a principle where a manager analyses a business as a whole rather than separate parts. Is understanding that a business is connected to structures outside of it, such as their own industry or the wider economy.

30
Q

mental models

A

is challenging the pre-existing assumptions and beliefs that people have
about a business and its practices.

31
Q

mental models in senge’s viewpoint

A

is a principle challenges current beliefs, behaviours and values. This can encourage employees to be more open to change and improve the business’s ability to implement change successfully.

32
Q

shared vision

A

is an aspirational description of what a business and its members would like to achieve.

33
Q

shared vision in senge’s viewpoint

A

is applied when a manager develops and promotes a mission that all employees can believe in.

34
Q

personal mastery

A

is encouraging individual development and learning through
business activities.

35
Q

personal mastery in senge’s viewpoint

A

Opportunities for self-assessment to determine strengths and weaknesses could be provided to employees who can then choose which areas they would like to improve.

36
Q

team learning

A

encourages individuals to combine their strengths and abilities to continuously grow together.

37
Q

team learning in senges viewpoint

A

people working together develop skills faster. Allowing employees to combine their knowledge and skills, mainly effective decisions.

38
Q

LOW-RISK STRATEGIES TO OVERCOME EMPLOYEE RESISTANCE

A

Low-risk strategies
Communication as a low-risk strategy
Empowerment as a low-risk strategy
Support as a low-risk strategy
incentives as a low-risk strategy

39
Q

Low-risk strategies

A

are gradual management approaches that encourage employees to accept and participate in a business change.

40
Q

Communication as a low-risk strategy

A

is managers initiating open and honest two-way communication with employees so they are fully aware of the reasons, impacts and their roles in an upcoming change.

41
Q

Empowerment as a low-risk strategy

A

is managers providing employees with increased
responsibility and authority during times of change.

42
Q

Support as a low-risk strategy

A

s providing employees with assistance as they move from
current to new practices.

43
Q

Incentives as a low-risk strategy

A

is managers providing financial or non-financial rewards
to encourage employees to support change.

44
Q

high risk strategies to overcome employee resistance

A

manipulation
threat

45
Q

high risk strategy

A

are autocratic management approaches used to influence employees to quickly accept and follow a business change.

46
Q

manipulation as a high risk strategy

A

is influencing employees to follow a proposed
change by providing incomplete and deceptive information about the proposed change.

47
Q

threat as a high risk strategy

A

is forcing employees to follow a proposed change by stating
that they may or will cause harm to them if they fail to follow the change.

48
Q

threat as a high risk strategy extended

A

Examples of threat include:
• dismissal
• reduction of wages or paid working hours
• poor employer references
• physical harm
• loss of promotion

49
Q

LEWIN’S THREE STEP CHANGE MODEL

A

unfreeze step
change step
refreeze step

50
Q

unfreeze step

A

moves a business to a state where stakeholders are prepared to undergo change.

51
Q

change step

A

moves the business towards the desired state.

52
Q

refreeze step

A

ensures the change is sustained within the business for the long term.

BUSINESS MANAGEMENT (5 decks)

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