general business Flashcards
(33 cards)
environmental scanning
in environmental scanning, the process of finding and interpreting relevant data to identify opportunities and threats in the field. Three important general business and economic environment metrics are the number of competitors, market share, and customer demographics.
market share
An organization’s market share can be found by taking the total sales of the organization over a fixed period and dividing it by the total sales of all organizations in that industry. also helps to identify most powerful competitors
pest analysis
This analysis is a macro-environmental analysis that looks at four external factors affecting the organization: Political, Economic, Social, and Technological.
These factors combine to create the organization’s legal and regulatory environment and help to define the rules under which the organization must operate.
benchmarking
To benchmark within an industry, an organization finds the top companies in that field, determines their business processes and results, and compares those practices with its own organization: Which practices are producing the best results? How do those practices differ from our organization’s current policies? In this way, the organization can benefit from the success of others by adopting best practices from across the field.
labor supply
available pool of workers
labor force
The labor force refers to the number of employed and unemployed workers in a given region. The U.S. Bureau of Labor Statistics provides labor force information. In a sense, labor is a business resource and also falls under the rules of supply and demand.
social capital
the community’s relationship with, and attitude toward, the organization.
title I ADA
applies to employers with fifteen or more employees and outlines legal protections for qualified employees with disabilities, including their legal right to reasonable accommodation in the workplace as long as it does not place an undue hardship on the
employer
mission statement
focuses on the work of the organization on a day-to-day basis and answers the following questions: What do we do now? Why are we doing it? What makes us different from other companies?
vision statement
vision statement focuses on the organization’s future goals and answers the following questions: What do we want to accomplish? Where do we aim to be in the future?
values
Just as organizations decide on a mission statement and vision statement, they also must develop a core values statement. This tells what the organization stands for and guides standards of expected employee behavior.
types of organizational structure
One type is a functional structure, in which positions are grouped according to similar job roles (defined by skill, expertise, or resources) in a hierarchical chain. This type of structure separates distinct job tasks and creates a clear line of job advancement.
A matrix structure combines elements of both functional and divisional structures. A flat structure seeks to eliminate much of the hierarchy and bureaucracy that exists in traditional companies, while a network structure outsources many key tasks to outside organizations.
divisional structure. This often applies to larger companies, and uses a department-based organizational style, where employees who work on similar projects are grouped together. The divisions may be separated by region, product type, or specific customer needs.
after reviewing a bill
They can decide to simply ignore, or table, the bill. They can assign it to a subcommittee for further research, after which they (the original committee) will consider the bill again. They can move forward by reporting the bill to the House or Senate floor.
after reviewing a bill
They can decide to simply ignore, or table, the bill. They can assign it to a subcommittee for further research, after which they (the original committee) will consider the bill again. They can move forward by reporting the bill to the House or Senate floor.
pocket veto
governance
governance refers to how senior executives direct and control an organization.
SOX
SOX established new regulations for corporate accounting and created the Public Company Accounting Oversight Board (PCAOB). Some of its other major elements include auditor independence (to prevent conflict of interest) and executive responsibility for corporate financial reports (to increase overall corporate responsibility for accurate accounting).
GRM
Governance and compliance are often grouped together with risk management under the term GRM (governance, risk management, compliance). Avoids redundancy in procedures
ethical standards
Three ways to do so are establishing a values statement, establishing a code of conduct, and conducting HR audits. Similar to a values statement (as explained above), a code of conduct also guides employee behavior, but with greater detail. The
organizational branding
An organization communicates a unified message about its identity through organizational branding. Branding weaves together an organization’s purpose, values, and strengths to give employees and customers a clear image of the organization’s character.
business case
is a document that shows the reasoning behind a business change, such as initiating a new project.
managing change
classic 1961 text The Planning of Change tackles this question. The book outlines three strategies for managing change: the empirical-rational strategy, the normative-reductive strategy, and the power-coercive strategy. (the power-coercive strategy would be useful for changes with clear legal or financial liabilities, such as when an organization must follow new government regulations).
organization’s principal risks
generally workplace health, safety, security, and privacy.
cba + sensitivity analysis
CBA usually includes a sensitivity analysis, which determines how much a change in uncertain variables will affect the CBA. This sensitivity analysis takes into account the expected conditions (what will happen if everything proceeds according to the status quo?) as well as worst-case conditions (what will happen if all possible problems arise in this situation?). analysis involves level of risk in situation. can be short term / long term
enterprise risk mgmt
method of managing unknowable risks by anticipating potential risks, focusing on those with the greatest likelihood or potential impact, and planning a response strategy for when risks become realities. 4 ways to approach - reduce the effects of the risk, share it, avoid it, or accept it.
