Business Foundations
This type of business is owned and operated by a single person.
What is a sole trader?
This theory of motivation focuses on satisfying the drive to acquire, bond, learn, and defend.
What is Lawrence and Nohria's Four Drive Theory?
This term refers to the area of management responsible for transforming inputs into outputs to produce goods and services.
What is operations management?
These are forces that initiate, encourage, and support change in a business, including factors such as competition, technology, and globalisation
What are driving forces in business change?
developed by Kurt Lewin involves three steps: unfreezing the current state, making the change, and then refreezing to consolidate the changes.
What is Lewin's Three-step Change Model?
A business aims to achieve this when it wants to fulfill the expectations of its investors.
What is meeting shareholder expectations?
This type of management is essential for aligning employee performance with overall business objectives.
What is human resource management?
While manufacturing produces these tangible items, service businesses provide intangibles that cannot be touched.
What are goods?
This change management theory by Kurt Lewin involves examining the driving and restraining forces for change and requires an action plan.
What is the Force Field Analysis?
Developed The five disciplines in the learning organisation are:systems thinking, personal mastery, mental models, building shared vision, team learning.
Who is Peter Senge?
This management style involves the manager uniting with staff to make decisions together.
What is the participative management style?
This strategy involves providing monetary incentives, such as bonuses and pay increases, based on performance standards.
What is performance-related pay?
This computerised tool is used to design products and allows businesses to modify product possibilities with ease.
What is computer-aided design (CAD)?
This key performance metric measures how well a business uses resources to achieve its objectives, often analyzed through key performance indicators.
What is efficiency?
Communication, Support and Empowerment
What are low risk strategies?
A business's obligations that go beyond legal responsibilities, including the wellbeing of employees, the community, and the environment.
What is corporate social responsibility?
This type of training occurs within the workplace using the same tools and machinery employees will use in their roles.
What is on-the-job training?
This inventory control method ensures that materials arrive just in time for production, minimizing storage costs.
What is the Just in Time (JIT) system?
This key performance indicator measures the number of employees who fail to show up for work as scheduled and can indicate underlying issues in employee satisfaction or workplace conditions.
What is the level of staff absenteeism?
The principles of the Three-step Change Model
What is unfreeze, change, refreeze?
These individuals or groups have a vested interest in the activities of a business, such as employees, managers, and customers.
What are stakeholders?
This occurs when an employee leaves a business voluntarily or involuntarily, ending their employment relationship.
What is termination?
This principle of lean management aims to eliminate defects and improve product quality through a continuous focus on perfection.
What is zero defects?
This strategy, one of Michael Porter's Generic Strategies, involves businesses using factors like branding and advertising to distinguish their products from competitors in the marketplace.
What is product differentiation?
During times of change, this group may require retraining or redeployment, or face redundancy.
What are employees?