Operations
Definition of Operations
What is the processes that involve the transformation or production?
Identify ONE cash flow management strategy
Revenue - Expenses
4 P's is referring to as
Marketing Mix
Management of the relationship between employer and employee
What is human resource management?
Length of the HSC Exam
The cost advantages that can be created because of an increase in the scale of business operations
What is Economies of Scales?
Long term source of borrowing
What is mortgage, debentures, unsecured notes, leasing?
Identify one PRICING STrategy and ONE Pricing Method
price including pricing methods – cost, market, competition-based
– pricing strategies – skimming, penetration, loss leaders, price points
Organisations formed to represent employees to improve conditions
What is trade unions?
First component of a business report
What is an executive summary?
2 Advantages and 2 Disadvantages of outsourcing
What is;
Advantages: simplification, efficiency, cost saving, accountability, access to skills/resources, building competencies
Disadvantages; cost, communication, lost of control, hierarchies, organisational change, vulnerability, information technology
Identfy ONE Cost control strategy
profitability management
– cost controls – fixed and variable, cost centres, expense minimisatio
The three approaches to marketing
What is production, selling and marketing?
The regulator of HRM laws
What is the Fairwork Commission?
4
How many sections are there in the exam?
List FOUR Influences on Operations Management
globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability
· corporate social responsibility
Identify TWO efficiency ratios
efficiency – expense ratio (total expenses ÷ sales), accounts receivable turnover ratio (sales ÷ accounts receivable)
Identify the THREE channel choices for 'Place'
channel choice – intensive, selective, exclusive
List THREE indicators of HR effectiveness from the syllabus
indicators
– corporate culture
– benchmarking key variables
– changes in staff turnover
– absenteeism
– accidents
– levels of disputation
– worker satisfaction
Define a Letter of Credit in international payments
guarantee from importers bank to pay once shipping conditions met
quality, speed, dependability, flexibility, customisation, cost
What are performance objectives?
Functions as the market operator, listing of companies, buying and selling of shares
What is Australian Securities Exchange?
SWOT Analysis and Product Life Cycle form part of this
Situational Analysis
Distinguish between a modern award and an enterprise agreement
A modern award sets industry‑ or occupation‑wide minimum employment conditions, while an enterprise agreement is a customised, legally binding agreement made between a specific employer and its employees that replaces the award if approved. Modern awards provide baseline rules for pay, hours and entitlements, whereas enterprise agreements tailor conditions to a particular business and must pass the Fair Work Commission’s “better off overall test”.
What does the 'assess' directive mean?
Assess’ requires you to make a judgement about something. You may be asked to assess: