Business Foundations
What is a partnership?
Business type that has 2-20 owners.
What is resignation?
Voluntary termination that occurs when an employee leaves the workplace, usually to go to another job.
What are processes?
All the activities that help transform inputs into outputs.
What are net profit figures?
The amount remaining after all operating expenses and tax have been deducted from the business’s total revenue.
What is leadership?
The skill of a manager to influence and motivate employees towards the achievement of business objectives.
What is a stakeholder?
An individual or group that has a direct or vested interest in the activities of a business.
What is mediation?
An independent third party facilitates discussion between two parties to help them reach their own agreement.
What is efficiency?
How well a business has used its resources to achieve its stated objectives.
What is proactive change?
A change that is planned and occurs before a business is affected by pressures in their environment.
What is support?
Designed to show care, encouragement and acknowledgement for employees’ work.
What are ways to determine the appropriateness of a management style?
Nature of task, Time, Experience of employees, Manager preference.
What is Locke and Latham's goal-setting theory?
The process of setting and attaining goals, with each goal needing a combination of clarity, challenge, commitment, feedback and complexity.
What is reduce?
Decrease use of resources, activities, labour and time to decrease waste production.
What are driving AND restraining forces?
Employees, managers and legislation.
What is refreeze?
Reinforce change and embed it into the policies, procedures and culture so that it can remain for the long term.
What is fulfilling a social need?
Role of a business in the community and how they can improve the lives of others or the environment.
What is an Enterprise Agreement?
Results from negotiations between an employer and union and is ratified by the Fair Work Commission, setting out the terms and conditions of employment at a workplace.
What is robotics?
Integrates computer science and engineering in the design, construction and use of machines to perform manual tasks.
What is ranking?
Considerations or forces are placed in order from the most important to the least important.
What is team learning?
The process of aligning and developing the capacities of a team to create the results its members truly desire.
What is real corporate culture?
Can be identified through observation of what actually occurs and the real relationships and interactions between people.
What are performance appraisals?
Measures how well an employee has performed their job, provides feedback to employees and establishes plans to improve performance.
What is Materials Requirements Planning?
An itemised list of materials that are required to meet specific orders.
What is a lower-cost strategy?
A strategy that allows a business to achieve a competitive edge by reducing production or delivery expenses.
List five management strategies to respond to key performance indicators and/or seek new business opportunities.
staff training
staff motivation
change in management styles or skills
increased investment in technology
improving quality in production
cost cutting
initiating lean production techniques
redeployment of resources
innovation
global sourcing of inputs
overseas manufacture
global outsourcing