Business Organisation And Thier Shareholders Flashcards
(17 cards)
What is the purpose of specialization and division of labour?
To be quicker than working alone and save time
Specialization helps in enhancing efficiency and productivity.
What are the sources that affect an organization’s operations?
Sources of finance, Technology, Liability, Performance measurement
These factors can influence decision-making and strategic planning.
What is the significance of grouping ideas in an organization?
To share skills and knowledge
Collaboration leads to innovation and improved problem-solving.
What are the two types of outputs produced by organizations?
Tangible (goods) and Intangible (services)
Understanding these outputs helps in assessing organizational performance.
What is a key characteristic of organizations regarding efficiency?
Efficient: more output with less input
Efficiency is crucial for maximizing resources.
How do organizations overcome limitations?
By overcoming physical and biological limitations
This allows them to operate effectively in various environments.
What is a common objective of organizations?
To attain objectives and have a boundary separating it from its environment
This boundary helps define the scope and focus of the organization.
According to Buchanan, what is an organization?
A social arrangement for the controlled performance of collective goals
This definition emphasizes the structured approach organizations take to achieve their aims.
What sectors do organizations operate in?
Agriculture, mining, finance, retail, service, transport, manufacturing, extractive
These sectors illustrate the diversity of organizational functions.
What does the term ‘performance oriented’ imply in the context of organizations?
Focus on achieving specific performance outcomes
Performance orientation drives organizations to meet their goals effectively.
What is one of the features of organizations?
Formal procedures
Formal procedures ensure consistency and accountability in operations.
What is a critical aspect of organizational ownership?
Ownership affects the legal status and control of the organization
Different ownership structures can lead to varying operational dynamics.
Fill in the blank: Organizations are created to satisfy _______.
[social needs]
This includes addressing community and societal requirements.
True or False: Organizations can only be profit-oriented.
False
Organizations can also be non-profit, focusing on social objectives.
What is a key benefit of pooling resources in organizations?
Synergy
Synergy allows for greater effectiveness than individual efforts.
What does it mean for an organization to have a variety of objectives?
It aims to achieve multiple goals and fulfill different stakeholder needs
This diversity can enhance resilience and adaptability.
