Intro To Business + Operations Flashcards

Question

What does setting objectives do

Answer 1

-greater sense of direction for the business -motivates employees -aid to controlling existing and future operations in business

Answer 2

how a business plans to achieve its aims/goals, often a long term approach

Answer 3

day-to-day objectives needed to ensure the strategic objectives are achieved

Answer 4

-specific -measurable -agreed -realistic -time-bound

Answer 5

-lack of finance to meet chosen objectives -poor communication within business -conflict of interests between departments -industrial dispute with the work force

Answer 6

-changes in law that affect business -state of economy -behaviour of competitors -opinions and behaviour of external stakeholders

Answer 7

gives a general idea of what the business exists to do and its purpose is to set this down for the benefit of all stakeholders

Answer 8

allows a business to assess it strengths and weaknesses in relation to its competitors across the whole of the business

Answer 9

looks at the opportunities open to a business and the threats which it faces in its external environment (PEST)

Answer 10

formal written document that explains in detail how a business is going to achieve its objectives

Answer 11

-gives business a sense of direction -forces evaluation of current strategic and tactical objectives -encourages communication and co-operation between departments and stakeholders

Answer 12

-spending longer on planning rather then implementing reduces enthusiasm -plan may be too rigid and leave little room for creativity -plan may be disregarded or altered by someone who doesn't like it

Answer 13

cost of the next be alternative

Answer 14

Back-up plan

Answer 15

-operational response -management response -communication response

Answer 16

-assessing crisis severity -contacting most senior executives of the business -overseeing implementation of contingency plan

Answer 17

-implementing contingency plan -minimizing impact on stakeholder

Answer 18

-contacting key stakeholders -media briefing-especially if business is large and crisis is severe

Answer 19

2 possibilities-something bad or nothing at all e.g. deaths, fire, flood, virus, theft

Answer 20

3 possibilities-something good, bad or nothing e.g. gambling and investing

Answer 21

-one of the equal parts into which a company's capital is divided entitling the holder to a proportion of the profits -external and short or log term -pros-limited liability, liquidity -cons-high risk, limited control

Answer 22

Reliable Good value for money Good after sale service Durable Consistency Good functionality

Answer 23

An approach that aims to achieve quality by organising every process to get the product ‘right first time’ and prevent mistakes ever happening. This is also known as a ‘zero defect’ approach

Answer 24

Lists are reduced because there is less wastage and re working of faulty products Improve motivation as workers have more ownership over their own work It can help break down the ‘us and them’ mentality between staff and management

Answer 25

A general approach to business improvement based on best practice in the industry, or another similar industry Enables a business to identify where it falls short of best practice and determine what action is needed to either match or exceed best practice Benchmarking can provide a useful quality improvement target for a business.

Answer 26

Limited access to trade secrets Difficult to find which business offers best practice Difficult for a business to implement improvements to reduce gaps between itself and best practice

Answer 27

TQM Quality benchmarking Training

Answer 28

Setting standards about how much variation is acceptable The aim is to ensure that a product is manufactured, or a service is provided, to meet the specifications which ensure customer needs are met The main objective of quality control is that a business is achieving the standards it’s set for itself

Answer 29

This approach means having specially trained inspectors rather than every individual being responsible for his or her own work. It is thought that inspectors may be better placed to find widespread problems across an organisation

Answer 30

Individuals are not necessarily encouraged to take responsibility for the quality of their own work Rejected product is expensive for a firm as it has incumed the full costs of the production but can not be sold as the manufacturer does not way it’s name associated with faulty products Improve motivation

Answer 31

Wool mark Investors in people Kite mark 150 9000 European standards Zero defects

Answer 32

The process of moving business processes or work functions to another country in order to save money and increase efficiency

Answer 33

Time zone issues Communication and language issues Cultural and social issues Quality benchmarking issues

Answer 34

Lowers salary costs Better control over operations Higher savings in operational costs

Answer 35

A business returning production or operations to the host country that had previously been moved to a different international location

Answer 36

May face job losses and economic downturns Struggle to recruit skilled workers

Answer 37

Increase reliability of the supply chain Reduced product emissions Faster speed to market Supports local suppliers + businesses

Answer 38

A business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company

Answer 39

Lack of flexibility Confidentiality and security may be at risk Management difficulties

Answer 40

Cost efficient Better time management Access to advanced technology

Answer 41

Is relevant to all major stakeholders Defines the markets or business in which the business wants to operate Differentiates the business from its competitors Excites, inspires, motivates and guides

Answer 42

Not always supported by the actions of the business Viewed as a public relations exercise Often vague and general or merely statements of the obvious Not supported whole heartedly by senior management

Answer 43

Corporate social responsibility- ethical code

Answer 44

What is the target market How much will it cost to make the product What investment is required What is the product / how is it unique What’s the selling point

Intro To Business + Operations Flashcards

(68 cards)