Stakeholder Conflict: Management & Customers

Management wants to make a larger profit, leading to high prices and upset customers.

Stakeholder Conflict: Suppliers & Community

Suppliers may use unethical practices to keep prices down, upsetting community members.

Management Skills: Communication

The ability to transfer information from a sender to receiver, and listen to feedback.

Management Skills: Delegation

Transfer of authority and responsibility from a manager to an employee to carry out tasks.

Management Skills: Planning

Ability to define business objectives and decide on methods and strategies to achieve them.

Management Skills: Leadership

Ability to influence and motivate people to work towards business objectives.

Management Skills: Decision-making

Ability to identify options and choose the best specific course of action.

Management Skills: Interpersonal

Skills used to interact with others and build relationships with staff.

Management Styles: Autocratic

Manager tells staff what decisions have been made; useful in times of crisis.

Management Styles: Persuasive

Manager convinces employees that decisions made are correct; retains decision-making power.

Management Styles: Consultative

Manager seeks input from employees before making decisions; more complex tasks.

Management Styles: Participative

Manager unites with staff to make decisions together; requires creativity.

Management Styles: Laissez-faire

Employees assume total responsibility for workplace operations; requires high creativity.

To make a profit, increase market share, improve effectiveness, fulfill a market need, and meet shareholder expectations.

System of shared values and beliefs of people within an organization, including official and real corporate culture.

Relationship between human resource management and business objectives. HRM involves managing a wide range of responsibilities to increase efficiency. Employees are vital assets for achieving business objectives.

On-the-job training: Learning from existing employees at the workplace. Advantages include reduced cost and learning specific skills. Disadvantages include potential substandard performance. Off-the-job training: Learning away from the business. Advantages include broader social networks and acquiring qualifications. Disadvantages include increased cost and potential absenteeism.

Human resource managers manage employer-employee relationships. Employees follow procedures and maintain confidentiality. Employer associations and unions protect rights and standards. The Fair Work Commission handles workplace relations.

Motivation is the willingness to expand energy to achieve an objective. Maslow's Hierarchy of Needs and Goal Setting Theory focus on setting and attaining goals. The Four Drive Theory identifies basic motivational needs.

Management by objectives involves measuring performance based on clear goals. Appraisals measure performance against standards. Self-evaluation involves self-assessment. Employee observation involves observing and recording performance.

Modern awards and enterprise agreements set minimum employment conditions. National Employment Standards are minimum standards. Awards provide pay rates, and agreements are contracts between employers and employees.

Motivation Strategies

Performance-related pay rewards above-standard work. Career advancement offers new roles. Investment in training develops skills. Support strategies link motivation and relationships. Sanction strategies involve punishments for non-compliance.

Retirement is voluntary workforce leave. Redundancy occurs when a job is no longer needed. Resignation is voluntary leaving. Dismissal is employer-initiated termination. Entitlement considerations include leave and service. Transition involves job search and resume writing.

Mediation involves a mediator facilitating discussion. It is not legally binding. Arbitration involves a third party making a legally binding decision based on arguments.

Operations Management

Coordination of resources within a business to achieve efficient and effective output of finished goods and services. Crucial for reaching business objectives and increasing productivity, quality, and availability of goods and services.

Operation Systems: Inputs

All the resources required for producing a good or service.

Operation Systems: Processes

The transformational stage where inputs are converted into outputs.

Operation Systems: Outputs

The final product presented to the customer as either a good or service.

Involves predicting what materials will be required and in what quantities to meet operations’ needs by analyzing past data and trends.

Master Production Schedule

Breaks down the whole production process into stages and determines exactly what is required, what needs to be produced, and by when.

Materials Requirement Planning

An itemized list of materials required to meet the master production schedule.

Where supplies arrive just as they are needed for production, and finished products are immediately dispatched to consumers.

Involves a systematic process for maximizing customer value while reducing waste. Creates greater customer value while using fewer resources.

Involves the use of a series of checks/inspections at different stages of the production process to ensure that goods and services meet standards.

A proactive process aiming to build quality into work processes and prevent errors, usually involving an external organization.

Total Quality Management

A holistic approach to quality where all employees are involved in the continuous pursuit of quality in everything they do, aiming to create zero defects.

Corporate Social Responsibility (CSR)

A business's ability to go above and beyond legal requirements for the benefit of stakeholders, society, and the environment.

The process of reducing the number of materials or goods discarded in the production process.

Global Sourcing of Inputs

A strategy where businesses source their inputs, such as raw materials, from countries outside its place of origin.

Business change is the adoption of a new idea of behavior by a business.

It is an alteration to a business and/or its work environment.

Proactive change approach

Initiates a change prior to the pressure being exerted; the type of change where they are prepared.

Reactive change approach

Making changes in response to the pressure; not prepared.

Force Field Analysis (FFA) Theory

A decision-making tool used during times of change in a business, looking at driving and restraining forces.

Driving forces in business

Forces that initiate, encourage, and support a change towards a new state.

Types of Businesses and Management Concepts Flashcards

Student preview

68 questions

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1.

FLASHCARD QUESTION

Front

Types of Businesses: Sole Traders

Back

Owned and operated by one person, responsible for all aspects of the business.

2.

FLASHCARD QUESTION

Front

Types of Businesses: Partnership

Back

A business structure involving 2-20 people who run a business together.

3.

FLASHCARD QUESTION

Front

Types of Businesses: Private Limited Companies

Back

A business with 2-50 shareholders, whose stocks cannot be bought or exchanged on the stock market.

4.

FLASHCARD QUESTION

Front

Types of Businesses: Public Listed Companies

Back

A business without a minimum of shareholders, whose shares are freely traded on the stock exchange.

5.

FLASHCARD QUESTION

Front

Types of Businesses: Social Enterprises

Back

Private sector business that distributes profits to benefit the community or social need.

6.

FLASHCARD QUESTION

Front

Types of Businesses: Government Business Enterprises

Back

A business that is government-owned and operates in the public sector.

7.

FLASHCARD QUESTION

Front

Stakeholder Conflict: Employees & Shareholders

Back

Employees want fair wages, reducing business profit and dividends shareholders receive.

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