1
Q
Correlation definition
A
The strength of a relationship between two variables
2
Q
What is used to measure correlation?
A
A scatter diagram
3
Q
What are the three types of correlation?
A
- Positive correlation
- Negative correlation
- No correlation
4
Q
Disadvantages of using correlation:
A
Danger of believing there is a causal link between two variables when they are not related
Business Studies (Final)
flashcards
Decks in class (143)
# Cards
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1.1a - Business Objectives3
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1.1b - Costs5
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1.1c - Revenue and Profit2
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1.2a - Sole Traders3
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1.2b - Limited Companies15
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1.2c - Shareholding15
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1.2d - Public and Private Sector8
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1.2e - Non-Profit Organisations12
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1.3a - Demand5
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2.1a - Managers and Leaders8
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2.1b - Leadership Models7
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2.2a - Decision Making7
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2.2c - Opportunity Cost1
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2.2d - Decision Trees9
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2.3a - Stakeholder Perspectives4
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2.3b - Communication1
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3.1a - Marketing Objectives9
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3.2a - Primary Market Research19
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3.2b - Secondary Market Research5
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3.2c - Analysing Market Data9
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3.2d - Sampling14
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3.2e - Extrapolation7
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3.2f - Correlation4
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3.2g - Price Elasticity of Demand8
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3.2h - Price Elasticity of Demand (2)2
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3.2i - Income Elasticity of Demand8
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3.2j - Using Technology to Collect Marketing Data1
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3.2k - Collecting Data to Make Marketing Decisions4
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3.3a - Market Mapping3
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3.3b - STP: Market Segmentation4
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3.3c - STP: Market Segmentation (2)2
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3.3d - STP: Targeting and Positioning14
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3.4a - The Marketing Mix13
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3.4b - New Product Development4
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3.4c - Product (Boston Matrix)12
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3.4d - Product Life Cycle11
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3.4e - Pricing Decisions14
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3.4f - Promotional Mix22
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3.4g - Place10
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3.4h - The Extended Marketing Mix4
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3.4i - Influences on an Integrated Marketing Mix2
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4.1a - Understanding Operational Objectives20
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4.2a - Unit Costs1
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4.2b - Capacity12
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4.3a - Labour vs Capital7
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4.3b - Labour Productivity18
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4.3c - Technology13
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4.4a / 4.4b - Quality / Managing Quality17
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4.4c - Suppliers9
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4.4d - Improving Flexibility28
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4.4e - Inventory Control12
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5.1a - Financial Objectives18
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5.2a - Contribution4
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5.2b - Break Even10
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5.2d - Cash Flow9
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5.2e - Working Capital7
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5.2f - Setting Budgets14
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5.2g - Variance Analysis8
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5.3a - Sources of Finance31
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5.4a - Improving Cash Flow5
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5.4b - Analysing Profitability7
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5.4c - Methods of Improving Profit8
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5.5a - Making Financial Decisions2
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5.5b - Internal/External Influences on Financial Objectives1
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6.1a - Understanding HR Objectives14
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6.2a - Analysing HR Performance14
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6.3a - Organisational Design31
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6.3b - HR Flow26
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6.4a - Motivational Theories16
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6.4b - Financial vs Non-Financial Rewards29
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6.4c - Job Design8
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6.5a - Employer/Employee Relations24
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7.1a - Mission Statements8
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7.1b - SWOT5
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7.1c - Strategy4
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7.2a - Balance Sheets23
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7.2b - Income Statements10
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7.2c - Assessing Financial Performance6
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7.2d - Ratios (ROCE)10
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7.2e - Ratios (Current Ratio)6
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7.2f - Ratios (Gearing)9
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7.2g - Ratios (Efficiency)13
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7.3a - Using Non-Financial Data to Analyse Performance1
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7.3b - Core Competences2
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7.3c - Assessing Short and Long-Term Performance5
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7.3d - Kaplan and Norton9
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7.3e - Elkington4
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7.4a - Political and Legal (Scope and Effects of Competition Law)15
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7.4b - Political and Legal (Scope and Effects of Labour Market Law)18
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7.4c - Political and Legal (Scope and Effects of Labour Market Law)10
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7.4d - Political and Legal (Enterprise)5
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7.4e - Political and Legal (Regulation, Impact of Policy on Infrastructure and Trade)16
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7.5a - Economy (Macroeconomics and the Business Cycle)21
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7.5b - Exchange Rates7
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7.5c - Inflation13
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7.5d - Government Economic Policies19
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7.5e - Economy (International Trade)24
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7.6a - The Social Environment (Ethics)23
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7.6b - The Social Environment (Environment and CSR)18
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7.6c - The Social Environment (Ethics)7
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7.7 - Technology6
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7.8 - The Competitive Environment (Porter's Five Competitive Forces)13
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7.9a - Investment Appraisal (Payback)9
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7.9b - Making Investment Decisions (ARR)7
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7.9c - Making Investment Decisions (NPV)6
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7.9d - Making Investment Decisions (Qualitative Factors and Making Decisions)4
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8.1a - Ansoff Matrix18
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8.2a - Porter's Generic Strategies15
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8.2b - Bowman's Strategic Clock15
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8.2c - Competitive Advantage5
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9.1a - Growth and Retrenchment17
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9.1b - Mergers and Takeovers13
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9.1c - Ventures8
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9.1d - Franchising8
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9.1e - Economies of Scale11
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9.1f - Diseconomies of Scale8
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9.1g - Other Issues With Growth12
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9.1h - Greiner's Growth Model7
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9.2a - Innovation15
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9.2b - Methods of Innovation16
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9.2c - Protecting an Innovation11
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9.3a - Internationalism4
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9.3b - Off-shoring and Re-shoring7
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9.3c - Methods of Entering International Markets15
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9.3d - Influences on Buying, Selling and Producing Abroad28
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9.4a - Digital Technology (E-Commerce)5
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9.4b - The Impact of Commerce on Functional Areas7
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9.4c - Other Uses of Data Technology11
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9.4d - The Value of Digital Technology and its Impact on Functional Areas of a Business2
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10.1a - Causes and Pressures For Change9
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10.1b - Lewin's Force Field Analysis2
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10.1c - Flexible Organisations13
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10.1d - Value of Knowledge and Information Management3
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10.1e - Kotter and Schlesinger11
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10.2a - What is Culture?4
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10.2b - Handy's Cultural Model11
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10.2c - Hofstede's Cultural Model11
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10.2d - Influences on Culture3
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10.3a - Strategic Implementation4
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10.3b - Network Analysis11
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10.3d - CPA (Interpretation)4
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10.4a - The Value of Strategic Planning11
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10.4b - Why Strategies Fail12
