2017 Business Management Definitions. Flashcards Preview

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Flashcards in 2017 Business Management Definitions. Deck (270)
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1

Arbitration- Conflict Resolution

Arbitration is the process that occurs when a judge hears both sides of the arguments in a dispute in a more formal court like setting

eg: A commissioner of the Fair Work Commission discussing an employee who has been unfairly dismissed due to an issue such as pregnancy.

2

Autocratic Management Style

An autocratic management style is where the manager tells staff of the decisions that have been made.

eg: Apple leader the late Steve Jobs was presumed to be a autocratic manager due to reportedly avoiding delegation to the workers.

3

Arbitration Advantages and Disadvantages

Advantages:
- it is permanent for it is legally binding
- An independent third Party is deciding the outcome and therefore it is less likely to have bias.

Disadvantages:
- a decision may be made through arbitration that does not satisfy either party
- it is difficult to satisfy both parties for the judge will reward the victor.
- those with less financial resources will be disadvantaged.

4

Autocratic Management Style Advantages and Disadvantages

Advantages:
- Fast acting due to the control being centralised therefore it is most appropriate to use during the emergencies.
- Directions and procedures are clearly defined; there is little uncertainty

Disadvantages:
- There is no employee input allowed for no ideas are encouraged not shared therefore employees cannot develop their skills. this can lead to employees feeling dissatisfied due to a lack of belonging and not feeling valued.
- Due to the decrease of employee job satisfaction there is a low levels of employee morale and a high level of staff turnover
- conflict, or potential for conflict increases due to employees competing for approval of managers

5

Automated Production Lines

An Autocratic Production line is comprises of machinery and equipment arranged in a sequence with components added to the goods as it proceeds through each step, with the process controlled by computers.

Eg: Yakut uses automated production lines to create their bottles with different machinery to create, clean and fill the bottles.

6

Award

An award is a legally binding agreement that sets out the minimum wages and conditions for groups of employees.

an example of an award would be the "Fast Food Industry Award" where a full time or part time worker in the fast food industry would have the minimum hourly pay rate of $20.08.

7

What are the National Employment Standards (NES)

1. maximum weekly hours
2. requests for flexible working arrangements
3. parental leave and related entitlements
4. annual leave
5. personal/carer's leave and compassionate leave
6. community service leave
7. long service leave
8. public holidays
9. notice of termination and redundancy pay
10. the Fair Work Information Statement.

8

Bonus- Performance Related Pay

A Bonus is a one off payment given to a particular employee or group of employees as a reward for meeting particular targets or for some other special effort.
eg. a "Christmas Bonus"

9

Business Change

Business Change/ Change is the adoption of a new idea or behaviour by a business

10

Business Ethics

Business Ethics is the application of moral standards to a businesses behaviour.

11

Change Agent

A Change agent is a person or group of individuals who act as a catalyst, assuming responsibility for managing the change process.

12

Change

Change is any alteration in the internal or external environments.

13

Collective Bargaining

Collective Bargaining is determining the terms and conditions of employment through direct negotiation between Unions and employers.

14

Collective/ Enterprise agreement

a Collective/ Enterprise agreement is a negotiated agreement between an employer and a union or group of employees.

15

Communication - Management Skill

Communication is the transfer or information from a sender to a receiver, and to listen to feedback.

eg. emails.

This is associated with a Consultative, Participative management style.

16

Competitive Advantage/ Edge

A Competitive Advantage/ Edge occurs when a firm, industry or economy has a lower cost price structure than its rivals.

17

Competitors- Stakeholders

Competitors are other businesses or individuals who offer rival products or services to the ones offered by the business.

18

Computer Aided Design- Technology (Manufacturing)

Computer Aided Design is a computerised design tool that allows a business to create product possibilities from a series of inputs parameters.

19

Computer Aided Manufacturing - Technology (Manufacturing)

Computer Aided Manufacturing is a software that designs and controls the manufacturing processes.

20

Computer Intergraded Manufacturing- Technology (Manufacturing)

Computer Integrated Manufacturing is a method of manufacturing in which the entire production process is controlled by a computer

21

Conciliation

Conciliation is the process that occurs when a third party participates in the resolution of a dispute and attempts to resolve the differences through discussion.

22

Consultative Management Style

Consultative is when the manager consults employees before making decisions.

23

Continuous Improvement- "Kaizen"

Continuous Improvement is an ongoing commitment to achieving perfection.

24

Corporate Culture

Corporate Culture is the views, ideas, expectation and beliefs shared by members of the business.

eg: Google created a corporate culture that encourages employees through providing facilities which stimulate creativity with laundry services, Gyms and a sleep pods..

25

Corporate Social Responsibility (CSR)

Corporate Social Responsibility is the obligations a business has over and above above the legal requirements to the wellbeing of its employees, shareholders, customers, the community and the environment.

eg: sourcing local materials so to decrease the pollution made by the business in transportation and to support the local economy .

26

Number of Customer Complaints- Key Performance Indicators

The number of customer complaints indicate whether or not the people who buy the products are satisfied with the businesses performance.

27

Customers

Customers are the people who buy the goods or service from the business who expect high quality at competitive prices.

28

Decision Making- Management Skills

Decision Making is the ability to identify the options available and then choose a specific course of action from the alternatives.

This is associated with a Autocratic manager, participative manager and a consultative manager.

29

Delegation- Management Skill

Delegation is the ability to transfer authority and responsibility from an manager to employees to carry out specific objectives.

Participative and Laize Fair Management Style.

30

Directors- Stakeholders

Directors are the people who have overall responsibility for managing the companies business activities

An example would be Christine Holgate who is on the board of directors of Australia Post and is now the CEO.