business

Question 1

5 ways of HRM

Answer 1

1. Workforce planning
2. Recruitment
3. Training and development of staff
4. Performance management and apparaisal
5. Dismissal and redundancies

Question 2

What is labour turnover and formula?

Answer 2

Percentage of workforce that leaves organization in a period of time.
staff leaving/total staff x 100

Question 3

Reasons to leave job

Answer 3

Challenge
Location
Advancements
Money
Pride
Security

Question 4

Process of workforce planning

Answer 4

1. Analize demand for employees and internal and external supply of employees
2. Compare both
3. Apply plan

Question 5

What are dismissal and redundancy?

Answer 5

Dismissal: termination of contract because of misconduct or poor performance
Redundancy: no longer needed

Question 6

Internal factors affecting HRM

Answer 6

Structure and size of organization
Budget
Promotion
Corporate culture
Motivation

Question 7

What is flexi-time?

Answer 7

Flexibility for employees (hours, from home, teamwork, sharing jobs)

Question 8

External factors affecting HRM

Answer 8

Demographic change (population characteristics)
Immigration
New communication technologies
Economic changes

Question 9

Examples of demographic changes

Answer 9

Size and geography of population
Birth/Death rates
Average Age
Gender

Question 10

Examples of economic changes

Answer 10

Recession
Unemployment
Labour mobility
Temporary work

Question 11

What is GDP?

Answer 11

Gross Domestic product: measure of economic output of country in specific time.

Question 12

What are the 2 types of labour mobility?

Answer 12

Geographical mobility
Occupational mobility

Question 13

What is gig economy?

Answer 13

Job done for a specific amount of time.

Question 14

Reasons why employees don’t like change:

Answer 14

Self-interest
Low tolerance
Misinformation
Interpretations of circumstances

Question 15

Strategies for resistance of change

Answer 15

Participation
Communication
Planning
Negotiation
Coercion
Manipulation

Question 16

What is organizational structure?

Answer 16

How tasks are divided/coordinated
Who employees respond to
Role of each employee

Question 17

What is delegation?

Answer 17

Passing control of authority to others.

Question 18

What is span of control?

Answer 18

Number of subordinates that a manager controls.

Question 19

Advantages and disadvantages of narrow and wide span of control

Answer 19

Narrow
Advantages: control, familiarity, supervision, feedback
Disadvantages: expensive, slower decisions, isolation of top, discourages autonomy

Wide
Advantages: efficiency, less cost, quick decisions, flexibility
Disadvantages: less control, no familiarity, less coordination

Question 20

Degree of control granted to manager depends on:

Answer 20

Manager
Organizational culture
Subordinates
Tasks

Question 21

What is hierarchy? (mention line manager and subordinates)

Answer 21

Organizational structure based on ranking system. Line managers are above an employee in level and subordinates are below level.

Question 22

Hierarchy of HR

Answer 22

1. CEO
2. Board of directors
3. Middle management
4. Supervisors and team leaders
5. other employees

Question 23

Difference between tall and flat organizational structures

Answer 23

Tall: more levels of hierarchy, less span of control
Flat: less levels of hierarchy, more span of control

Question 24

What is chain of command?

Answer 24

Line of authority in which orders are passed down.

Question 25

What is bureaucracy?

Answer 25

Involves multiple layers of authority and complex approval processes.

Question 26

Difference between centralization and decentralization

Answer 26

Centralization: less people in decision Decentralization: more people in decision

Question 27

What is delayering?

Answer 27

Removing levels of hierarchy to flatten structure.

Question 28

Explain the matrix structure

Answer 28

The project-based organization is when team members report to multiple managers (project manager and functional manager).

Question 29

What are the functional departments?

Answer 29

Marketing, Human resources, Production, Finance

Question 30

By which factors can departments be divided?

Answer 30

By product, region and function.

Question 31

Explain Shamrock Organization and author

Answer 31

Charles Handy Core employees, contract employees, and temporary employees.

Question 32

What is a manager?

Answer 32

Functions: plan, command, control, organize Fixed schedule: 9-5 Administer day to day operations Focus on tasks and people are resources Follow rules

Question 33

What is the helicopter factor?

Answer 33

Allows managers to rise above situations to see bigger picture.

Question 34

What is a leader?

Answer 34

Ingredients: guiding vision, passion, integrity, trust, curiosity, daring 24 hours Remember why they do what they do Focus on people and their development Challenge status quo

Question 35

Name the leadership styles

Answer 35

Autocratic Paternalistic (+ or -) Democratic Laissez-faire (hands off) Situational

Question 36

What is SWOT analisis?

Answer 36

Strengths Weaknesses Opportunities Threats

Question 37

What do strength and weaknesses have in common?

Answer 37

They are in your control.

Question 38

What do opportunities and threats have in common?

Answer 38

They are not in your control.

Question 39

Unmotivated employees, loyal costumers, low-cost financing and changing consumer tastes. Mention which belongs to each section of SWOT.

Answer 39

Unmotivated employees: weakness Low-cost financing: opportunity Changing consumer tastes: threat Loyal consumers: strength

Question 40

Explain FFA and author

Answer 40

Psychologist professor: Kurt Lewin Force Field Analysis is a tool to examine driving forces of change and restraining forces against change. Managers/entrepreneurs can brainstorm reasons for and against change.

Question 41

What are economies and diseconomies of scale?

Answer 41

Economies of scale: reduced cost as the products rise Diseconomies of scale: increase of cost as production is too large

Question 42

What are the 2 components of FFA and their meaning

Answer 42

Driving forces: push for change Restraining forces: act against change

Question 43

4 stages of FFA

Answer 43

1. List driving and restraining forces of change 2. Wieght to forces (1weak-5strong) 3. Draw FFA diagram 4. Total scores

Question 44

What are offshoring and outsourcing?

Answer 44

Offshoring: move work to other country Outsourcing: contract work to other workers

Question 45

What is a business plan?

Answer 45

Official document with details of organization and proposals to reach goals.

Question 46

Elements of a business plan

Answer 46

COVER: name, logo, owners, date EXECUTIVE SUMMARY MISSION/VISION PROBLEM (you want to solve with product) SOLUTION (product description, legal structure, personnel, operating procedures) MARKET MARKETING SOURCES OF FINANCES BUDGET (list of expenses, breakeven) MILESTONES

Question 47

What is the difference between mission and vision?

Answer 47

Mission: what you do, how you do it and why you do it Vision: what company wants to achieve in long run

Question 48

Define profit, revenue, fixed costs, variable costs and breakeven

Answer 48

Profit: revenue - cost Fixed costs: salaries, platforms Variable costs: per unit Breakeven: revenues = costs