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Business Management Unit 3/4 > U4: AOS2: Implementing change > Flashcards

U4: AOS2: Implementing change Flashcards

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1
Q

Leadership

(In Change)

A

The ability to influence or motivate individuals to achieve business objectives

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2
Q

How can managers demonstrate Leadership?

A

-Build a shared vision
-Provide ongoing communication
-Provide ongoing support

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3
Q

Effective Leaders Will..

A

-Build trust and confidence
-Organise and plan thoroughly
-Provide clear goals
-Negotiate effectively
-Provide enthusiasm

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4
Q

Characteristics of strong leadership

A

-Communicate with a clear vison
-Listen
-Resolve conflicts
-Motivate stakeholders on the benefits of change
-Support
-Focus on the needs of employees and the business
-Get all on the same page working towards the same goal

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5
Q

Main Qualities Of Leading

A

-Vison and strategy
-Creating value
-Influence and inspiration
-Have followers
-Leading people
-People focused
-Characteristic style
-Risk and change seekers
-Appeal to the heart
-Proactive
-Sets direction
-Raising expectations
-Ask question

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6
Q

Main Qualities Of Managing

A

-Polices and Procedure
-Counting value
-Power and control
-Have subordinates
-Managing work
-Work focused
-Authoritarian
-Risk averse and stability
-Appeal to the head
-Reactive
-Plan details
-Maintains status quo
-Gives directions

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7
Q

Qualitites of both Leading and Managing

A

-Accomplish a goal
-Explain a vision
-Organisational figureheads
-Motivate others
-Mobilise resources

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8
Q

What are management strategies used for?

A

To respond to KPIs and seek new business

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9
Q

What must businesses do to analyse KPIs?

A

-Collect information
-Store information in a usable format
-Ensure records are accurate
-Analyse any trends

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10
Q

List 10 management strategies

A

1- Staff training and development
2- Change in management styles or skills
3- Investment in technology
4- Improved quality
5- Lean production
6- Cost cutting
7- Redeployment of resources
8- Innovation
9- Global sourcing of inputs
10- Overseas manufacturing

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11
Q

Why should a business seek growth

A

-Responding to strong competition
-Gaining higher profit margins
-Attracting new customers
-Capitialising on business success
-New opportunities or markets developing

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12
Q

Staff training and developing

Management Strategy

A

Business should aim to equip the staff with the skills and knowledge required to do the job.
-Can reduce staff absenteeism due to to improved job satisfaction
-Can increase No. of Sales due to improved sales skills of staff
-Can improve rate of productivity due to increased skills of staff

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13
Q

Staff Motivation

Management Strategy

A

About implementing strategies that seek to drive staff to work towards the achievement of business objectives.
-Reduce staff turnover, staff absenteeism due to improved job satisfaction and engagement
-Productivity growth

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14
Q

Change in management styles and skills

Management Strategy

A

Refers to managers altering their way of directing and interacting with staff
-The strategies used will be influenced by the management style, the manager’s skills etc..

EXAMPLE: If a manager uses a more participative management style it can reduce staff turnover, reduce staff absenteeism, improve rate of productivity growth.

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15
Q

Increase investment of technology

Management Strategy

A

An implementation of automated and computerised process for production and operations.
-No. of sales, rate of productivity growth, market share, competitive advantage

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16
Q

Improving quality in production

Management Strategy

A

-Implement process to increase time percieved value of a product
-Effort needs to be made to ensure customers perceive quality in products.
-Quality products can lead to higher profit, reduced waste and increased productivity.

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17
Q

Initiating lean production techniques

Management Strategy

A

Adopting approaches that reduce waste in production and increasing the value of goods.
-Includes eliminating waste, minimising inventory avoiding excess motion, reducing defects, eliminating waiting times and avoiding over production.
-Improves rate of productivity and net profit figures

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18
Q

Cost cutting

Management Strategy

A

The process of reducing costs in production for the business
-It is important that businesses analyse their operations thouroughly in order to ascertain the best way to reduce cost.
-Can include making employees redundant, reducing energy, sourcing cheaper supplies.

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19
Q

Redeployment of resources

Management Strategy

A

Includes moving staff to different jobs, and/or locations - LABOUR
May include moving some of the business operations to a different location - CAPITAL
-Can improve net profit figures, reduce staff absenteeism

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20
Q

Innovation

Management Strategy

A

Important to have strong management strategies to support innovation
-Could lead to competitive advantage
Examples include:
-market research
-Competitors analysis
-Research and development

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21
Q

Overseas manufacturing, global sourcing of inputs, global outsourcing

Management Strategy

A

Can reduce costs by finding cheaper raw materials.
-Procurement strategy required

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22
Q

Strategies to develop Corporate Culture

A

-Revising and Embedding vision and values statements
-Changing management structures
-Changing management styles
-Revising business policies and procedures
-Recruiting and developing employees
-Proserving the stories, narratives and rituals

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23
Q

When is it important to have a strong postive corporate culture?

A

During change to ensure success

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24
Q

Revising and Embedding vision and values statements

Corporate culture strategy

A

A business should revisit its vision and values statement.
-Setting out the new vision will provide a stronger framework for the business.

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25
Changing management structures | Corporate culture strategy
-Important that the structures change to support the new operations -Impact on communication channels, employee empowerment and decision making process
26
Changing management styles | Corporate culture strategy
-Reflecting on the current style -Many businesses use a participative style as employees expect to be involved in decision making
27
Revising business policies and procedures | Corporate culture strategy
-Ensuring expected behaviours within a business -Policies can support the changes. -E.G. anti bullying, equal opportunity, greivance procedures
28
Recruiting and developing employees | Corporate culture strategy
-Recruiting staff who fit in with the desired culture -Training may focus on diversity, learning core values and skill development through the change.
29
Proserving the stories, narratives and rituals | Corporate culture strategy
-Creating narratives about significant events and/or people is important as changes are made -Celebrates business and bridges gap between old and new culture
30
St Patrick's Ballarat To Melbourne | Senge's Learning Organisation
Systems Thinking Personal Mastery Building shared vision Team Learning Mental models
31
What defines a learning organisation?
-Facilitates growth -Transforms itself to adapt to changing environments
32
Benefits of Senge
-Boosts level of creativity, innovation -Adaptive, flexible -Staff motivation should increase, boosts skills -Improving corporate image by becoming more people oriented
33
Limitations of Senge
-Requires cultural change which can take time -Large businesses can struggle to share ideas and knowledge between all members
34
Systems Thinking
-Management as a whole and the interrelationship between its parts -Long term over short term -Is the overarching discipline
35
Personal mastery
-Continually clarifying and deepening personal vision -Individual development and learning through business activities -Business should promote a learning environment
36
Mental Models
-Deeply held assumptions and generalisations that need to be challenged -Needs self reflection to adjust -Similar to organisational inertia
37
Building Shared Vision
-Having all employees participating in one shared view of the picture -Can encourage and inspire employees to innovate
38
Team Learning
-Involves all members of the team developing the team's capacity to create results for all
39
Role of the leader in Senge's Learning Organisation
-Advocate, facilitator and teacher -Responsible for creating an organisation that is responsive to change and where individuals are able to continuously learn and embrace change
40
Low Risk Strategies
-Gradual management approaches that encourage employees to accept and participate in change. -Creates a supportive environment during the change process
41
Examples of Low Risk Strategies
**Communication**- reduces employee resistance by ensuring they understand **Empowerment**- giving sense of ownership **Support**- overcoming sense of fear and stress **Incentives**- Providing them with rewards
42
Advantages of Low Risk Strategies
-Increased trust- higher chance of long term change -Reduce employee fear -Employees feel valued
43
Disadvantages of Low Risk Strategies
-Empowerment may mean employees doing things that management didn't intend -Incentives could be seen as bribe -Not useful in crisis -Expenses
44
High risk strategies
-Autocratic management strategies -Used to influence employees to quickly adopt and implement changes -Potentially good for the short term however are unsuitable in the long term
45
Examples of High Risk Strategies
**Threats** e.g. dismissal, decrease wages- forcing employees to accept and follow change **Manipulation** e.g. provide incomplete or deceptive info
46
Advantages of High Risk Strategies
-Manager gets change they desire -Useful in crisis -Little financial cost
47
Disadvantages of High Risk Strategies
-Negative corporate culture -Compromised relationship -Low morale -Short term only
48
Principles of Three Step Change Model
1- Unfreeze the status quo 2- Move or change to the next phase or desired state/situation 3- Refreeze the new situation
49
Unfreezing the status quo | Lewin's Three Step Change Model
Preparing a business for change -Before any change, existing behaviours need to be challenged making it possible for new behaviours to be learnt. -Change identified and stakeholders are prepared to undergo change
50
Moving or changing to the next desired state | Lewin's Three Step Change Model
-Once a behaviour has been unfrozen, efforts need to be made to action change. -Transforms the business to meet the new objectives. -Manage change to alleviate fear and confusion with employees -Provide support
51
Refreeze the new situation | Lewin's Three Step Change Model
-Stabilises the change and embeds its into the organisation -Stops a business from reverting to previous ways of operating -The behaviour of the individuals, groups and broader business match the desired outcome
52
Effects of change on Managers
-Implement change, learn new skills -Financial and non financial rewards -Increased workload -Changes in their position -Loss of job
53
54
Effects of change on Employees
-New role can increase job satisfaction and long term security -Better conditions -Loss of job
55
Effects of change on Customers
-Better products -Decreased price -Increase CSR policies -Increase prices -Decreased quality -Changes in product
56
Effects of change on Suppliers
-Gain new contracts and increase demand -Increase profit -May lose business due to changes in a process -Changes in specifications may also require suppliers to adapt their own business operations
57
Effects of change on General Community
-Community needs to allocate more resources for increase traffic -Strong contribution to social causes -Create more jobs in the local community -Decision to close can take people away from a particular location or lead to unemployment -Decrease sales
58
CSR Considerations when implementing change
CSR must be integrated within day-to-day activities
59
Advantages of CSR Considerations when implementing change
-better business reputation -brand loyalty -employer of choice -motivated employees -benefits society, health and welfare
60
What can evaluating change using KPIs do?
-give an indication of whether or not the change has had its desired effect -detect trends in the business -Track performance over time
61
Disadvantages of CSR Considerations when implementing change
-Financial cost -Diverts time away from core business
62
In what areas can KPIs be assessed?
-Operations (Inv in tech, quality, lean production, cost cutting) -HR (Training, motivation, management styles+skills) -Financial performance (% of market share, sales) -CSR (Staff turnover, sourcing)

Business Management Unit 3/4 (6 decks)

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