U 3 AOS 1: Business Foundations
What are the interests of shareholders in a business?
Return on investment through dividends and capital gain
What is the lowest level of Maslow’s Hierarchy of Needs?
Physiological needs
What are the three key elements of an operations system?
Inputs, Processes, Outputs
What is a 'driving force' for change?
A factor that encourages and supports business change
What is the first step in Lewin’s Three Step Change Model?
Unfreeze
What is the main objective of a government business enterprise?
To make a profit
Define one performance management strategy
Management by objective
Performance appraisal
Self - evaluation
Employee observation
Which quality management strategies are internally controlled?
Quality control and Quality assurance
What is a Key Performance Indicator?
A measure used to evaluate the efficiency and effectiveness of a business
What is one low-risk and one high-risk strategy for overcoming employee resistance to change?
Low: Communication, empowerment, support, incentive
High: Manipulation, threats
What is the key feature of a public listed company?
It is listed on the Australian Stock Exchange (ASX)
Compare 2 motivation strategies
Performance related pay
Career advancement
Training
Support
Sanction
What is lean management?
A strategy aimed at maximizing customer value while reducing waste
List 3 of the restraining forces in Lewin's Force Field Analysis?
Managers, employees, financial considerations, time, and legislation
What is the purpose of Senge’s Learning Organisation?
To create a positive culture for ongoing change and learning within a business
Which management styles have centralised control?
State a similarity between 2 theories of motivation.
- Maslow : Lawrence & Nohria both = rewards, job satisfaction, ongoing, internal needs, bonding with colleagues
- Maslow : Locke & Latham = achieve one thing at a time, understanding employee needs
- Lawrence & Nohria : Locke & Latham = recognition, understanding employee needs
What does Just-In-Time inventory management aim to achieve?
Reduce inventory costs by keeping stock at minimum levels.
What is the lower cost strategy in Porter’s Generic Strategies?
A strategy where a business offers products at a lower price to gain a competitive advantage
Justify one management strategy for developing a positive corporate culture
- Rituals
- Management styles
- Motivation strategy
- Strategic recruitment of staff
What are potential conflicts between 2 stakeholders?
Conflicting interests, such as employees wanting higher wages while owners want to reduce costs.
Outline one entitlement and one transition consideration for a voluntary termination method.
- Resignation
- Retirement
Justify an operations management strategy that improves effectiveness.
effectiveness = to what degree a business has accomplished the objectives it set out to achieve
What is the purpose of Lewin’s Force Field Analysis and under what circumstances is change likely to succeed?
To analyse the forces that drive and resist change, ensuring successful implementation of change. Change is most likely to success if the collective weight of driving forces are stronger than the restraining forces.
What are the 5 principles of Senge's Learning Organisation?
Systems thinking, personal mastery, mental models, team learning, shared vision