Implementing Change Flashcards Preview

VCE Business Management 3/4 2017 > Implementing Change > Flashcards

Flashcards in Implementing Change Deck (64):
1

(Def) Leadership

Leadership is the process of positively influencing and encouraging individuals to set and achieve objectives

2

(Def) Key Performance Indicators

Key Performance indicators are a specific criteria used to measure the efficiency and effectiveness of a businesses performance

3

(Def) Market Leader

A market leader is a business that has a reputation for being the best in a market, or leading the market in terms of innovation, sales, profit or marketshare.

eg Apple in Technology

4

(Def) Learning organisation

A Learning organisation is the business term given to a company that facilitates the learning members ad continuously transforms itself.

5

(Def) Systems Thinking

Systems thinking is the ability to see the big picture to look beyond what is occurring just within a business

according to Senge systems thinking is the "corner-stone of the learning organisation"

6

(Def) Mental Models

according to Senge Mental Models are "Deeply ingrained assumptions, generalisations, or even pictures and images that influence how we understand the world and how we take action"

for things to change individuals and the business must look inside themselves and scrutinise what they do, their systems and processes and then act upon what they learn

7

(Def) Net Profit Figures

What can a manager do?

Net Profit Figures is what remains when expenses are deducted from the revenue earned

To improve the net profit of a business a manager can increase revenue or decrease expenses of the business

8

(Def) Percentage of Marketshare

What can a Manager do?

The percentage of marketshare refers to a business portion of total industry sales for a particular good or service, expressed as a percentage.

- A Strong Advertising Campaign

- Developing new lines of stock

research and development is able to allow a business to gain a reputation for quality or as a market leader

9

(Def) Rate Productivity Growth

What can a Manager do?

Rate of Productivity growth measures the change in output in one year compared to a previous year.


- A cut cutting method- eg outsourcing

- Improving production methods- eg- increase speed of production through an automated production line,

-Minimisation of Wastage- Lean Production strategies eg recycling

- Staff Training-

10

(Def) Number of Sales

What can a Manager do?

Number of Sales is a measure of the number of goods or services purchased

- Change Suppliers- reduces transport costs, may be cheaper product making it more approachable to the consumer. but this may decrease the quality of the product - may reduce the amount of sales?

- Staff Training

- Sales and Promotions

11

(Def) Rate of Absenteeism

What can a Manager do?

Rate of Absenteeism Measures the number of workers who neglected to turn up to work when scheduled to do so


- Changing Management Style: eg autocratic to Participative. - increases staff morale.

- Introducing Workplace uniform

- Developing a new vision statement

- Holding staff events

12

(Def) Level of Staff Turnover

What can a Manager do?

Level of Staff Turnover measures the amount of employees leaving the business

- Conducting performance appraisal interviews

- Staff Satisfaction Survey

- Exit Interviews

- Opening a suggestion box

13

(Def) Level of Wastage

What can a Manager do?

Level of wastage measures the amount of rubbish produced by a business by the production process

- Introduce Material management system such as Just In Time

- Introduce Quality Management System such as Quality Control

- Implement Lean Production

14

(Def) Number of Customer Complaints

Number of Customer Complaints indicates whether or not the people who buy the product are satisfied with the businesses performance

- enrol staff in Training Programs

- Improve the quality of the products being produced or provided.

- reduce price of the product or service.

15

(Def) Number of Workplace Accidents

Number of Workplace accidents indicate how safe the work environment is for employees

- ensure it is complying with all workplace laws and requirements

- consulting staff about improvements to facilities

- scheduling regular maintenance of equipment

- conducting audits of the workplace

16

(Def) Manipulation (High Risk)

Manipulation is the skilful or devious exertion of influence over someone to get them to do what you want

17

(Def) Communication

Communication is the transfer of information from a sender to a receiver, and to listen to feedback

18

(Def) Lewin's Three Step Model

Lewin's Three Step Model is the process that identifies the best approach for a business to manage change.

19

(Def) Change Agent

A Change Agent is a person or group of people who act as a catalyst, assuming responsibility for managing the change process.

20

unfreeze- Lewin 3 Step

When a structure has been in a place for a while, habits and routines have naturally settled in.

21

Change - Lewin 3 Step

Once Team members have opened up their minds , change can start.

22

Refreeze- Lewin 3 Step

Change will only reach its full effect if it is permanent.

23

(Def) Training

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

24

(Def) Motivation

Motivation refers to the individual, internal process that directs, energises and sustains a persons behaviour

25

(Def) Management Style

Management Style refers to the behaviour and attitude of the manager when making decisions, directing and motivating staff and when implementing plans to achieve business objectives.

26

(Def) Management Skills

Management Skills are the abilities or competencies that managers use to achieve business objectives

27

(Def) Quality

Quality is the degree of excellence of goods or services and their fitness for a stated purpose.

28

(Def) Lean Management

Lean Management is an approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality.

29

(Def) Strategies

Strategies are the actions or activities that a business takes in order to achieve specific objectives.

30

(Def) Multiple branding

Multiple Branding is a strategy where a business sells multiple brands in the same market.

31

(Def) Product Differentiation

Product Differentiation is a strategy where a business is will use brand names and advertising to establish some key differences between their product and substitutable products.

32

(Def) Franchising

Franchising allows one business to operate under the trading name of another business's established brand and sell its products and/ or services for a specified period.

33

(Def) Business Victoria

Business Victoria is a government department that provides assistance to businesses across Victoria and is currently providing specific programs and funding under certain areas.

34

(Def) Low Risk Strategies

Low Risk Strategies can assist a business with overcoming any resistance to change

35

(Def) High Risk Strategies

High Risk Strategies are actions that may generate negative outcomes for the business.

36

What are the High Risk Strategies

Manipulation
Threat

37

What are the Low Risk Strategies

Empowerment
Communication
Support
Incentives

38

(Def) Incentives

Incentives encourage employees to move forwards in their roles and embrace change.

39

(Def) Empowerment

Empowerment allows employees to feel they have the opportunity for input into those decisions that have a direct effect on what they do or how they operate within the business.

they can do this through a change agent

40

(Def) Support

Support are given to those that are affected by a change and need to be assisted throughout the process

eg- given advice.

41

(Def) Threat

A manager who will nor or cannot invest the time and effort required for the other tactics may resort to the use of power to force change resistors to conform

42

(Def) Triple Bottom Line

Triple Bottom Line refers to the social, economic and environmental performance of the business.

43

(Def) Business Ethics

Business Ethics is the application of moral standards to business behaviour.

44

(def) Ecological sustainablility

Ecological sustainability occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.

45

(def) Sustainability Report

Sustainability Report is a comprehensive document of what a business has done, and is doing with regard to social issues that affect it.

Aus Post:" Everyone, Everywhere, Everyday,"

46

(def) Stakeholders

Stakeholder are groups and individuals who interact with the business and have a vested interest in its activities.

47

(def) Shareholders

Shareholders purchase shares i a company, so they are partial owners of businesses.

48

(Def) Directors

The Directors of a company are the people who have overall responsibility for managing the companies activities.

49

(Def) Management

Management are the people who have the responsibility for successfully achievin the objectives of the business.

50

(def) Employees

Employees are the people who work for the business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production.

51

(Def) Goverment

Government is the group of people with the authority to govern a community.

52

(def) competitors

Competitors are other businesses or individuals who offer rival, or competing goods or services to the ones offered by the business.

53

(def) Interest Groups

Interest Groups are organisations who attempt to directly influence or persuade a business to adopt or change particular activities, processes or policies.

54

(def) Customers

Customers are the people who purchase goods and services from the business, expecting high quality at competitive prices.

55

(Def) Suppliers

Suppliers are businesses or individuals who supply materials and other resources to a business so that it can conduct its operations.

56

(Def) Techonology

Technology is a common operations management strategy used by businesses to increase efficiency and productivity.

57

What are the 5 Principles of Learning Organisations

- Systems thinking
- Personal Mastery
- Mental Models
- Building a Shared Vision
- Team Thinking

58

Senge Quote on Personal Mastery

"organisations learn only through individuals who learn. individual learning does not guarantee organisational learning. but without it no organisation learning occurs"

59

Senge Quote on Building a Shared Vision

According to Senge, Building a shared vision is "the capacity to hold a shared picture of the future we seek"

60

Senge Quote on Team Learning

Team learning is describes as "the process of aligning and developing the capacities of a team to create the results its members truly desire"

61

What are the three types of learning organisation to defeat the traditional-style leading.

Leader as a Designer

Leader as a Steward

Leader as a Teacher

62

How do you Lead as a Designer (Learning organisation)

To be a leader as designer it is paramount to redesign the governing ideas of the business - the purpose vision and core values by which the business operates. this includes their Policies, strategies and systems.

63

How do you lead as a Steward (Learning Organisation)

The notion of a leader as a steward is that stewardship involves a commitment to, and responsibility for the vision, but does not mean that the leader owns it. their task is to manage the vision for the benefit of others, therefore should listen to others visions.

64

How do you lead as a Teacher (Learning Organisation)

The concept of a leader as a teacher is not about "teaching people how to achieve their vision. it is about fostering learning for everyone. leaders have to create and manage tension, especially around the gap between vision and reality"