U4: AOS1 (Reviewing Performance) Flashcards

1
Q

1) What is the concept of Business change?

2) Examples

A

1) Transitioning employees, functions, or the entire business to a new state of operation.

2)

  • Creating different products
  • Offshoring
  • Implementing new motivation strategies
  • New managers/suppliers
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2
Q

Why might a Business change?

A
  • Better tailor to customer’s needs
  • Improve business
  • Avoid redundancy
  • Achieve competitive edge
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3
Q

1) What is Market Share?

2) How is it calculated?

A

1) The percentage of an industry or market’s total sales that is earned by a particular business.
2) Calculated by dividing company’s sales by total sales of industry.

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4
Q

1) Why might Market Share decrease?

2) How can this be overcome?

A

1)

  • Customers dissatisfied with product
  • Competitors gaining competitive edge
  • Prices are too high/production too costly

2)

  • Implement Quality strategies
  • Innovate/change products
  • Reduce labour costs
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5
Q

1) What are Net Profit Figures?

2) How is it calculated?

A

1) The amount of money a company has earned after all expenses have been deducted.
2) Calculated by subtracting expenses from revenue.

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6
Q

1) Why might Net Profit Figures decrease?

2) How can this be overcome?

A

1)

  • Customers dissatisfied (not buying)
  • Prices are too high/production too costly

2)

  • Implement Quality strategies
  • Lean production techniques (no wastage, reduce costs)
  • Innovate/change products
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7
Q

1) What is Rate of Productivity Growth?

2) How is it calculated?

A

1) The efficiency of a company’s production process to effectively create quality products.
2) Calculated by dividing outputs by the amount of inputs used.

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8
Q

1) Why might Rate of Productivity Growth decrease?

2) How can this be overcome?

A

1)

  • Machinery is outdated and failing
  • Manual labour is not effective
  • Delays in input arrivals is blocking productivity

2)

  • Investment in new technology
  • Increase staff training/motivation
  • Improve suppliers/supply chain
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9
Q

1) What are Number of Sales?

2) How is it calculated?

A

1) The total quantity of products/services sold.

2) Adding the total number of products which have been sold to customers.

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10
Q

1) Why might Number of Sales decrease?

2) How can this be overcome?

A

1)

  • Customers dissatisfied with product
  • Price of product is too high
  • Product has not been advertised well

2)

  • Implement Quality strategies
  • Lower product price and production costs
  • Improve marketing techniques
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11
Q

1) What are Rates of Staff Absenteeism?

2) How is it calculated?

A

1) The total number of days employees are absent from work in a specific period.
2) Number of days absent divided by total number of working days

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12
Q

1) Why might Rate of Staff Absenteeism increase?

2) How can this be overcome?

A

1)

  • Job dissatisfaction
  • Ongoing personal/medical problems

2)

  • Increase employee motivation/training
  • Staff support (counselling, health practices)
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13
Q

1) What are Levels of Staff Turnover?

2) How is it calculated?

A

1) The amount of employees leaving the business in a particular period of time.
2) Calculated by dividing the number of departed employees by the average number of employees working at one time.

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14
Q

1) Why might Levels of Staff Turnover increase?

2) How can this be overcome?

A

1)

  • Dissatisfaction w/ job
  • Alluring jobs w/ competition

2)

  • Increase employee motivation/training
  • Provide support, transitional help (retirement/dismissal)
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15
Q

1) What are Levels of Wastage?

2) How is it calculated?

A

1) The amount of stock (raw materials/equipment) used in processing which gets discarded.
2) Calculation of total weight/volume of waste materials

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16
Q

1) Why might Levels of Wastage increase?

2) How can this be overcome?

A

1)

  • Insufficient storage
  • Production process is inefficient

2)

  • Total Quality Management/recycling practices
  • Lean management
  • Use new technology
17
Q

1) What are Number of Customer Complaints?

2) How is it calculated?

A

1) The recorded number of individuals who report a fault, issue or defect with the good/service they received.
2) Calculated by adding the total number of complaints.

18
Q

1) Why might Number of Customer Complaints increase?

2) How can this be overcome?

A

1)

  • Quality of product is declining
  • Customer service is declining
  • Invest in technology

2)

  • Implement Quality strategies
  • Staff training/motivation
19
Q

1) What are Number of Workplace Accidents?

2) How is it calculated?

A

1) The recorded number of worker/customer related injuries that occur in a business.
2) Calculated by adding the total number of accidents.

20
Q

1) Why might Number of Workplace Accidents increase?

2) How can this be overcome?

A

1)

  • Lack of safety training
  • Dangerous environment
  • Dangerous equipment

2)

  • Staff training
  • Investment in safety technology
21
Q

What is the concept behind Lewin’s Force Field Theory?

A

Change is ever present in business. Lewin’s theory determines which forces in the workplace drive and which forces resist proposed changes.

22
Q

1) What are driving forces?

2) Examples

A

1) Forces which initiate, encourage, and support change to assist the business in achieving its goals.

2)

  • Managers
  • Employees
  • Competitors
23
Q

1) What are restraining forces?

2) What are some examples?

A

1) Forces which work against change, creating resistance and hindering the achievement of business goals.

2)
- Managers
- Employees
- Time