Operations
The business processes that involves transformation / production
Operations
a system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.
What is marketing?
The 5 objectives of financial management
Profitability
Growth
Efficiency
Liquidity
Solvency
A third party specialist is contracted to perform a business function
What is outsourcing
LIFO
FIFO
JIT
What is inventory management
The creation of added value in the production process
Value adding
Consumer laws
Deceptive and misleading advertising, price discrimination, implied conditions, warranties
The sources of finance available to a business
Internal - retained profits
External - debt or equity
The 3 leadership styles in Human Resource management are:
What are authoritarian/autocratic
participative /democratic
delegative/laissez faire
The number, kind and variety of tasks a worker is expected to carry out
What is job design
The 8 influences on operations
Globalisation
Technology
Quality expectations
Cost-based competition
Government policies
Legal regulation
Environmental sustainability
Corporate Social Responsibility
Investigating and studying interested buyers
What is market research
The best financial control to monitor a business assets and liabilities is
What is known as a balance sheet
The 4 processes of HRM
acquisition
development
maintenance
separation
Boom or bust
What is the economic cycle / influence
The 3 main stages of the operations process
Inputs
Transformation processes
Outputs
The 5 aspects of global marketing
Global branding
Standardisation
Customisation
Global pricing
Competitive positioning
Comparative ratio analysis
What is used to assess business performance
– corporate culture
– benchmarking key variables
– changes in staff turnover
– absenteeism
– accidents
– levels of disputation
– worker satisfaction
What are the indicators of HR management
Formal procedures written in to an award or agreement to resolve workplace disputes
What are grievance procedures
The 9 operations strategies a business can apply to achieve their goals
Performance objectives
New product or service design and development
Supply chain management
Outsourcing
Technology — leading edge, established
Inventory management
Quality management
Overcoming resistance to change
Global factors
When a business charges the lowest possible price to achieve a large market share
What is penetration pricing
The 4 methods of long term borrowing are:
Mortgage
debentures
Unsecured notes
Leasing
An individual or group that has a common interest in a business
What is a stakeholder
When employees refuse to perform any additional duties
What is work to rule