10 How do you analyse data in operation
capacity utilisation
capacity
labour productivity
unit costs and average costs
quality faults and complaints
10 How do you measure time periods most commonly
year on year
year to date
trends over a long period of time
monthly
10 How do you compare businesses
Benchmarks with competitors
Industry averages
Between branches or product lines
Geographically
10 What are some drawbacks of sole reliance on financial performance measures
short termism
internal focus
manipulation of results
doesn’t convey the whole picture
backward looking
10 What are financial performance metrics
still important to monitor financial performance, using ROCE, efficiency, profitability, liquidity, gearing
10 What are non-financial performance metrics
measures reflect the long term viability and health of an organisation
10 Why does HR measure performance
Main performance measure for staff was cost (a FPI).
Businesses view staff as a major asset and recognise that it is important to attract, motivate and retain highly qualified and experienced staff.
10 How does HR measure performance
Staff turnover and retention
Labour productivity; labour cost per unit of production
Absenteeism
Job satisfaction surveys
Health and safety data
Costs associated with employees
10 How does HR data impact the workplace- High rates of absenteeism
can indicate a workforce that lacks engagement and motivation, and this can damage competitiveness.
10 How does HR data impact the workplace- Higher than average labour turnover
additional costs to recruit and train new employees, as potential short-term decline in productivity.
10 What is the objective of HR
Provide an organisation with insights for effectively managing employees to build on strengths and eliminate weaknesses.
10 What are operations performance indicators
Productivity of labour and capital used in production
Measure of quality
Capacity utilisation
10 What are some Marketing performance indicators
High loyalty
Name awareness
Perceived quality
Other attributes such as patents or trademarks.
Customer awareness and consumer opinions
10 How can marketing data assess strengths or weaknesses
Historic and forecast data on specific markets
Information on key forces
Data on important issues affecting consumer behaviour in particular markets
Information relating to sales figures
10 Why is it difficult to interpret qualitative data
Decisions often appear to have been made on the basis of quantitative information
Only provides a limited or distorted image of what’s happening reality
10 Why is it difficult to use qualitative data
Information in the form of opinions is difficult to measure and interpret
May be incomplete.
Difficult to separate the impact of different factors.
Evaluating qualitative information is subjective.
The cost
Difficulties in measurement and interpretation
11 what are core competencies
The unique abilities that a business possesses that provide it with competitive advantage
11 Why are they so important
Take full advantage of opportunities to enhance performance and provide competitive advantage.
Helps it to add value.
Bring together businesses strengths with a gap in the market
11 How do you develop a core competency
Combined expertise, knowledge and experience of the leaders and founders of a business
Collective learning and technical expertise
Leads to a competitive advantage
Unique characteristics to a business
Difficult to imitate by others
11 How do you test a core competency (3Qs)
Do they provide access to a wide range of markets?
Do they contribute significantly to the end-product benefit received by the customer?
Are they difficult for competitors to imitate?
12 what is short termism
a tendency for business to focus on current performance rather than long term sustainability
12 What are some short term metrics
sales productivity
operating cost productivity measure
capital productivity measure
12 What is a medium term metrics
commercial health
cost structure health
asset health
12 what are long term metrics
anticipated change in consumer task
recognition of new tech
potential for joint ventures
relevance of core competencies
companies share price
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Formulae and key data11
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3.1.1 The nature and purpose of business24
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3.1.2 Different business forms81
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3.1.3 Businesses operate within an external environment44
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3.2.1 Management, leadership and decision making34
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3.2.2 Management decision making39
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3.2.3 The role and importance of stakeholders35
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3.3.1 Setting marketing objectives14
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3.3.2 Markets and customers77
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3.3.3 Segmentation, targeting, positioning46
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3.3.4 Using the marketing mix91
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3.4.1 Setting operational objectives36
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3.4.2 Analysing Operational Performance12
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3.4.3 Increasing efficiency and productivity54
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3.4.4 Improving quality13
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3.4.5 Managing inventory and supply chains27
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3.5.1 Setting financial objectives58
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3.5.2 Analysing Financial Performance68
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3.5.3 Sources of Finance36
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3.5.4 Improving Cash Flow and Profits7
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3.6.1 Setting human resource objectives19
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3.6.2 Analysing HR Performance31
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3.6.3 Improving organisational design and HR flow116
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3.6.4 Improving motivation and engagement56
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3.6.5 Improving employee-employer relations24
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3.7.1 Mission, Strategy, Corporate & functional objectives69
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3.7.2 Internal: Financial ratio analysis1
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3.7.3 Internal: Overall performance44
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3.7.4 External: Political and legal change91
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3.7.5 External: Economic change118
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3.7.6 External: Social and Technological86
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3.7.7 External: The Competitive Environment36
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3.7.8 Analysing strategic options: investment appraisal24
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3.8.1 Strategic direction: Markets and Products66
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3.8.2 Strategic positioning: Choosing how to compete45
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3.9.1 Assessing a change in scale132
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3.9.2 Assessing Innovation38
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3.9.3 Assessing Globalisation and Internationalisation49
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3.9.4 Assessing greater use of digital technology37
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3.10.1 Managing Change72
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3.10.2 Managing organisational Culture46
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3.10.3 Managing Strategic Implementation33
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3.10.4 Problems with strategy and why strategies fail22
