Operations
Two strategic roles of operations are...
Cost leadership and goods/service differentiation
Formula for gross profit
Revenue(sales) - COGS
The 4 Ps are...
Price, product, promotion, place
What is the strategic role of human resources?
Manage the total relationship between employee and employer to achieve business goals by having the right staff, well trained, to complete tasks.
Length of the HSC Exam
3 hours
What is Economies of Scale?
The cost advantages that can be created because of an increase in the scale of business operations
TWO long term sources of borrowing are...
mortgage, debentures, unsecured notes, leasing
The promotion mix consists of (name 3)
What is advertising, personal selling & relationship marketing, sales promotion and publicity/PR
Name 4 stakeholders of HRM
stakeholders – employers, employees, employer associations, unions, government organisations, society
Business reports must have:
1.
2.
executive summary, headings
3 Advantages and 3 Disadvantages of outsourcing
Advantages: simplification, efficiency, cost saving, accountability, access to skills/resources, building competencies
Disadvantages; communication, lost of control, loss of corporate knowledge, organisational change, loss of quality, information technology, CSR
Define liquidity
The extent to which a business can meet its financial commitments in the short term (less than 12 months)
The three approaches to marketing
production, selling and marketing
THREE legal influences on HRM are... AND they are generally enforced by....
legal – the current legal framework
– the employment contract – common law (rights and obligations of employers and employees), minimum employment standards, minimum wage rates, awards, enterprise agreements, other employment contracts
– work health and safety and workers compensation
– antidiscrimination and equal employment opportunity
ENFORCED: Fair Work Commission
Name the sections of the exam in order
MCQ, SAQ, Bus Report, Extended response
Four Vs (name and describe)
Volume
Variety
Variation in demand
Visibility
list 4 financial strategies
Profitability management
Working capital management
Cash flow management
Global financial management
Identify the 3 'extra' Ps' and describe them
Physical evidence:
Processes:
People:
Name the HRM process in their correct order
acquisition
development
maintenance
separation
How long should you spend on MCQ at a minimum?
20 minutes
What are performance objectives?
quality, speed, dependability, flexibility, customisation, cost
Identify and explain TWO limitations of financial reports
– normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to the financial statements
Identify 3 legal and 2 ethical influences on marketing.
consumer laws
– deceptive and misleading advertising
– price discrimination
– implied conditions
– warranties
ethical – truth, accuracy and good taste in advertising, products that may damage health,
engaging in fair competition, sugging
There is talk that APHS may start outsourcing their teaching to robots.
- Identify the change in TWO indicators for HRM that may result
- Identify TWO stakeholders affected
- Identify ONE strategy to implement
Indicators: corporate culture worsens, increasing staff turnover, absenteeism increases, levels of disputation increase, worker satisfaction decreased
Stakeholders: employees, unions, government organisations, society, employers
Strategy: resolve the workplace dispute through – negotiation, mediation, grievance procedures, involvement of courts and tribunals
How many marks are there in the paper?
100