Unit 3 Flashcards

Question

Finance - Define - Activities

Answer 1

An area of management concerned with controlling the activities concerned with receiving and spending money within the business - Budgeting, financial planning, managing day to day payments and receipts and auditing the business accounts

Answer 2

An area concerned with managing the employees and all aspects of their working relationship with the business - Recruitment, selection, training, motivation and eventual termination of employees, employment terms and conditions and labour laws

Answer 3

An area concerned with connecting the goods and services produced with their end consumers - Product features, pricing, promotion, distribution, customer service and after sales support

Answer 4

An area concerned with user-friendly assistance for individuals having technical problems with electronic devices - troubleshooting computer problems, office phones, website crashes, powerpoint problems etc

Answer 5

- Autocratic - Persuasive - Consultative - Participative - Laissez-faire

Answer 6

Where the manager tells staff what decision has been made Advantages - - Roles and expectations are defined and monitored - Decision making is quick - High regard for production and efficiency - Decisions are made by an experienced leader - Communication is direct Disadvantages - - Doesn't allow for open communication and feedback on ideas - Potential conflicts or disagreements as a result of being "kept in the dark" - A quick decision isn't always the best decision - Low motivation and job satisfaction Best used - - In high-risk or difficult decisions and in a crisis ``` Example - Mcdonalds Bill Gates (Microsoft) ```

Answer 7

Where the manager attempts to sell the decision made Advantages - - Gains trust and support - Workers feel values - Employees have a clear idea about what they have to achieve Disadvantages - - No input for employees, undervalues benefit of teamwork - Low motivation and job satisfaction - Low staff morale - Limited pool of ideas Best used - - Works best in high-risk decisions ``` Example - Gina Rinehart (Hancock prospecting) ```

Answer 8

Where the manager refers to employees before making any decisions Advantages - - Employees feel more valued and respected - Gains a variety of ideas and suggestions from employees which will lead to better decision making outcome - Higher level of motivation and job satisfaction Disadvantages - - Can be time consuming if many stakeholders are consulted - Employees may not understand the complexity of the problem being discussed - Employees may feel undervalued if their ideas have been overlooked Best used - Works best when there's a larger scale of stakeholders involved Example - Bunnings

Answer 9

Where the managers unite with staff to make decisions together Advantages - - Trusting / supportive relationship - Higher satisfaction - Employees feel a sense of ownership - Open communication within the business - Creates foo employee relations Disadvantages - - Can be time consuming - Conflicts arise when there are varying viewpoints - Lack of contribution by all employees, as some would rather not be involved in decision making ``` Example - Warren Buffet (Berkshire Hathaway) ```

Answer 10

Where employees are responsible for all workplace operations Advantages - - Sense of ownership - Outstanding work is produced - High employee independence - Strong motivation and job satisfaction - Good communication and open discussions Disadvantages - - Lack of guidance and sense of direction - Feeling of unsettlement by the freedom of this style - Doesn't suit employees who are unskilled or need structure and routine tasks or are unmotivated Best used - In jobs that require a lot of creation Example of a business - - Jeff Bezos (Amazon)

Answer 11

- Communicating - Delegating - Planning - Leading - Decision making - Interpersonal

Answer 12

The transfer of information from a sender to receiver Application - - Managers to employees - Emails - Meetings - Verbal or non-verbal

Answer 13

The transfer of authority and responsibility from a manger to an employees to carry out specific activities. The manger remains accountable for the work Application - - McDonalds - Time efficient

Answer 14

Involves the prior thinking that goes into considering how best to achieve a business objective Application - - Increase marketshare by 10% over one year SO.SAIM - Set Objectives. SWOT (strengths, weaknesses, opportunities, threats) analysis of the situation, Alternatives, Implement, Monitor

Answer 15

Involves guiding the business towards achieving its objectives. Leadership involves establishing a clear vision with others, and coordinating and balancing the conflicting interests of stakeholders Application - - Business leaders - Richard Branson

Answer 16

Ability to make a choice on a course of action from a variety of alternatives Application - - Set objectives - SWOT analysis

Answer 17

The skills used buy a person to interact with others properly. Generally refers to an employees ability to get along with others whilst getting the job done Application - - Group and personal feedback - Motivational factors - General/genuine concern for interests

Answer 18

Manager considers numerous variables to help determine the most appropriate management style to use

Answer 19

When communicating and making decisions, managers do so using a certain management style. For example, an autocratic management style uses only one-way communication, whereas participative management uses tow - way communication

Answer 20

Owners - Heavily invested in business, they are income and and reputation reliant Directors - Heavily involved in operations and they must be aware and act with honesty. Responsible for setting strategies and strategic objectives Employees - Expect fair wages, adequate training and ethical treatment, need long term job security Managers - Implement business strategies, expect to be fairly remunerated, ensure business is successful and needs to satisfy all stakeholders Customers - Expect quality products for reasonable prices, good customer service, and business needs to be aware of changing customer wants and needs Competitors - Compete for shares of market/s and business needs to be aware of competitors to ensure no market share is lost to them Government - They implement laws and regulations, impose taxes raise government revenue and they can offer grants for businesses to expand Community - Business reputation needs to be inline with community expectations and business needs to take into consideration of becoming more environmentally friendly Interest groups - Organisations that attempt to influence business activities Suppliers - Business needs to have a good relationship with them, suppliers need to ensure quality inputs at fair prices Potential conflicts - Employees want safe working conditions and customers want fair priced products. To increase workplace safety increases the operation costs and product prices

Answer 21

The shared values, ideas, expectations and beliefs of the individuals in a business. - The way people dress and behave - Language employees use and interactions - Slogans and logos - Rituals and celebration of events - Companies policies

Answer 22

- Official | - Real

Answer 23

The values and beliefs the company is trying to convey to the public Observable by - - Mission statements - Logos - Slogans External

Answer 24

The actual values and beliefs present in the company Observable by - - Dress - Behaviour - The way employees and managers relate to each other Internal

Answer 25

- Role modelling behaviour - Customer service training - Establishing Social gatherings, team bonding - Rewarding employees - Recruiting for these values

Answer 26

Business objectives are statements of desired achievements and provide the direction for the business and subsequent actions. Employees need to be managed effectively as they ate the ones who strive to achieve these objectives. For example a business may choose to provide incentives such as employee commissions, a sum of money that is paid to an employee upon the completion of tasks, as this will make employees more likely to achieve business objectives such as make a profit.

Answer 27

Abraham Maslow's representation of human needs in the form of a pyramid or hierarchy. Maslow believed that one level must be satisfied before moving onto the next Levels - -Physiological needs (food, water, warmth, rest) - Safety needs (security, safety) - Belongingness and love needs (intimate relationships, friends) Esteem needs (prestige and feeling of accomplishment) - Self-actualisation (achieving ones full potential, including creative activities) Advantages - - People are motivated by more than money - Workplace needs to be interesting and challenging Disadvantages - - Motivated by one level at a time - Manager can't control the needs

Answer 28

A process of motivation that focuses on the process of setting and attaining goals, which are clear and specific. Stages - - Establish goals - Undertake tasks using goals - Periodic feedback - Determine and evaluate outcomes - Evaluate if the goal has been achieved Advantages - - Easy to measure - Individualised Disadvantages - - Time consuming - Unrealistic goals

Answer 29

Identifies four basic motivational needs, the strength of each drive differs with each person Drives - - Drive to Acquire - Relates to an individual's desire to attain goods and services in life - Drive to Bond - Relates to an individual's desire to form long term relationships - Drive to Defend - Relates to an individual's desire to defend themselves and those for whom they care - Drive to learn (comprehend) - Relates to an individual's desire to continually learn new things Advantages - - Recognises different motivations - Emotionally intelligent Disadvantages - - Time consuming - Hard for managers to assess

Answer 30

- Abraham Maslow's hierarchy of needs - Locke and Latham's Goal setting theory - Four drive theory

Answer 31

- Goal commitment - Performance feedback - Situational constraints - Task complexity - SMART goals

Answer 32

- Performance related pay - Career advancement - Investment in training - Support - Sanctions

Answer 33

A salary or wages system based on how well an employee works or the number of sales - The motivation is directed towards the performance that earns the employee the reward. Therefore the setting of the performance objective is vital Advantages - - Very goal focused - If correctly set, objective can be very powerful and motivating Disadvantages - - Becomes very competitive and potentially conflicting / selfish - Hard to focus on team goals - Lose focus on broader objectives - One part of the business may be pitted against the other - Only works if employees are motivated by pay Short term effects - - Immediate motivation Long term effects - - May reach a plateau as the employee reaches a comfortable level

Answer 34

The prospect and opportunity of developing your career through being promoted or taking on new roles. Thos can motivate employees to perform well and acquire new skills and knowledge Advantages - - Very personal goal focused - Employee may develop broader skill and knowledge base which may help with long term opportunities Disadvantages - - Very selfish, can become very competitive - Hard to focus on team goals - Can be demotivating if career advancement opportunities are not available, employee may leave the business for better prospects - May lose focus on business objectives - Only works if employees are motivated by advancement, esteem and respect Short term effects - - Motivation until employee achieves goal or they give up Long term effects - - Culture of self interest

Answer 35

The business pays for training programs to develop the individual employees or group of employee skills and knowledge to make them more efficient and effective in their role Advantages - - Usually very targeted at business objectives - Often leads to productivity gains, quality improvements - Can allow for the team to train together to develop group cohesion and synergy Disadvantages - - Can be financially expensive, especially off-the-job training - If employee leaves they will take your investment with them Short term effects - - employee morale will go up - Productivity should increase Long term effects - - Builds skills and knowledge capabilities in staff

Answer 36

Involves the manager meeting with the employee and verbally instilling belief and aspiration in the employee and mentoring them to help overcome problems and seize opportunities Advantages - - Employees feel valued and respected by the business - Manager gets to be directly involved with motivational focus - Generally financially cheaper the training investment - The feeling of self-worth in the employee may transition benefits to other aspects of the business - Becomes cultural - Benefits the whole business Disadvantages - - May involve a lot of management time and meeting with and supporting the employee - May take a long time to see the benefits develop Short term effects - - Employee moral will increase Long term effects - - Will influence a positive culture within the business

Answer 37

Refers to punishment for failure to meet or comply with a business objective. Forms - - A pay penalty - Lost promotional opportunity - Requirement to complete task work again Advantages - - Can be very powerful for those employees motivated by fear - Can lead to focused and hopefully predictable responses Disadvantages - - Doesn't support employees to make mistakes, learn and develop - Very short term immediate focus, builds long term resistance or employees may leave the business - Builds negative, fearful culture Short term effects - - Fast, direct motivation from employees Long term effects - - Fear and resentment from employees - Employees may avoid risk taking

Answer 38

- On-the-job | - Off-the-job

Answer 39

Is focussed on an employees current job and is aimed at improving employees skills, knowledge, attitudes and behaviour to allow employees to do their jobs more efficiently and effectively Important for - - Business performance - Individual growth

Answer 40

Takes place in the normal work situation, learning from exisiting employees on an employees current job, how to perform this job more efficiently and effectively than before Advantages - - Reduced cost - Learn specific skills / knowledge directly related to the job - Motivational for coaches or mentor, they will feel more valued - Producing goods and services whilst training which adds to the business production Disadvantages - - May produce sub standard production in the short term - May learn bad tricks / short cuts from existing employees which are against the business policies - Unlikely to learn broader skills / knowledge - Unlikely to develop networks with other businesses

Answer 41

- Coaching - Mentoring - Job rotation - Job shadowing

Answer 42

Learning that takes place away from the normal work environment with a professional instructor to show how an employee can perform their job more efficiently and effectively than before Advantages - - Less likely to be distracted by work environment / colleagues - Develops employee morale to be selected for off-site training - May learn additional broader knowledge and social networks - May return with accredited skills / qualifications etc Disadvantages - - Increased cost / expense of training program - Cost in terms of employees absence from work - Upon return to work it may be difficult to integrate skills - Team employees may continue old practices in defiance of new approaches

Answer 43

- Conferences - Lectures - Stimulations - Role Plays - Workshops - Online tutorials - TAFE / University qualifications

Answer 44

Being taught by an existing employee in how to perform the job

Answer 45

Watching an existing employee perform the job and learn from their experience / advice

Answer 46

Completing a number of jobs in a field of the business to see how they all interconnect

Answer 47

Following an experienced worker for a few days, watching what they do and how they do it

Answer 48

A formal meeting of people with a shared interest

Answer 49

An educational talk to an audience

Answer 50

Visual games and case studies that are used to model real life

Answer 51

- Earn an income - Terms and conditions of employment - Job security - Develop skills and knowledge - Career advancement

Answer 52

- Management by objectives (MBO) - Appraisals - Self-evaluation - Employee observation

Answer 53

An assessment of employees present work performance and how this can be directed in the future to achieve both business and employee objectives

Answer 54

A strategy that aims to improve performance of a business by clearly defining objectives that are agreed to by both management and employees

Answer 55

Also referred to as performance review or a performance evaluation, it is a method by which the job performance of an employee is documented and evaluated against pre-determined standards Purposes - - Gives insight into an individual's performance - Standardised way to make comparisons among employees for salary or promotional based decisions - Provides information about its employees strengths and weaknesses, which can then be translated into individual or company-wide development initiatives

Answer 56

Get the employee / individual to reflect on their performance prior to a manger / employee discussion

Answer 57

In order to pre-empt the discussion between the manager and the employees present performance and how this could be developed, the employee could be observed and recorded either; - with their knowledge - pre-organised observation period - without their knowledge e.g mystery shopper survey

Answer 58

When the working relationship ceases

Answer 59

- Failure to follow correct procedures can result in disputes and litigation - Protected by Fair Work Act - Need to allow time for redundancies

Answer 60

Where the employee leaves the business and plans to no longer be part of the labour force Entitlements - - Employees paid a minimum of 9.5% superannuation during their time of employment - Superannuation accessible once they turn 65 years of age - Some may be entitled to a pension Transition - - Organisations need to help in the transition period by offering services such as counselling, superannuation, or investment advise and lifestyle planning - Employers may allow employee to reduce number of hours worked in lead up to retirement - Businesses should plan as if large number or workplace is retiring, many years of experience / skills also leave - hence succession planning is crucial to fill vacant roles

Answer 61

Where the employee decides to leave the business Reasons - - Unhappy with current job - Moving location - Better offer from another organisation - Starting own business - Change of career Entitlements - - Need to give notice, amount stipulated in the award or Enterprise Bargaining Agreement (EBA) Exit interview - Should be conducted to determine reasons why employees leave

Answer 62

When a job no longer exists and the people who held those jobs are retrenched (forced to leave the business) Types - Voluntary - Employees are given the option to leave (e.g thinking of retiring or leaving the business anyway) Involuntary - Occurs if there's still positions that need to be made redundant - employees told to leave and forced to leave Both receive the same payout Entitlements - - Receive redundancy package which is a financial payment based on how long they've been working at the organisation - Amount received outlined in workplace agreement - Entitled to time off work to attend job interviews or searching for employment Transition - - Major emotional change for employees - Organisations should offer support with such a transition such as counselling, career counselling, assistance with resume writing, extra training to enhance employability and outplacement services

Answer 63

Where the employee is forced to leave the business for reasons such as poor performance or serious breach of conduct Types - - Summary dismissal - On notice dismissal Entitlements - - Employees entitled to full pay for the work completed - Employees still receive their entitlements such as annual leave - Amount of notice is usually 1-5 weeks - Employees who have been employed by the business are entitled to apply for unfair dismissal

Answer 64

Where the employee can dismiss an employee without notice or warning for serious breach of conduct Reasons - - Theft - Harassment - Fraud - Breathing safety standards

Answer 65

Where the employer can dismiss an employee on notice due to breach of policy or underperformance Regulations - - Employees given warning on performance, it is recorded and they are given the opportunity to improve - Reoccurrences results in termination - How much notice is set out in workplace agreement

Answer 66

Where employees have been dismissed from their job in a harsh, unjust or unreasonable manner

Answer 67

- Human resource managers - Employees - Employer associations - Unions - Fair Work Commission

Answer 68

The person that manages the relationship between the business and employees. Roles - - Planning for future staff sourcing the best candidates for the job/s - Sourcing and developing staff through training, performance management, recognition, reward, etc - Negotiating with employees and/or their representatives on issues of pay and woking conditions - Act as a mediating group between interests of employers and employees - Develop grievance policies to solve disputes calmly and consistently - Ensuring legal minimums for wages, conditions and safety are met - Maintaining positive working conditions so that the opportunities for disputes to develop are reduced

Answer 69

Those that work for the business Roles - - Performing duties with proper care and diligence - Follow safety procedures - Obey a lawful, reasonable order within the terms of the contract of employment - Serve faithfully - Account for all money or property received - Not to misuse the confidential information acquired while at work - Employees are able to vote on the terms and conditions contained in the proposed agreement

Answer 70

Groups of employers who unite to promote their common interests as well as to share information, advice and support for each other Roles - - Offer advice or a representative employer during collective bargaining period Member services - - Business consulting - Policy development - Advocacy and education

Answer 71

An organisation formed to represent and protect the rights of employees in a particular industry.  Roles - - Unions often represent employee during new agreement negotiations Aims - - To get the best wages and conditions for its members without jeopardising the financial future of the business Further actions - If negotiations are not going well, union can recommend to its members to take industrial action Shop steward - locally elected union official who represents the union at the workplace as a first point of contact for employees for: representation, advice, contact, bargaining , united action.

Answer 72

Australia’s national workplace relations tribunal. Its role is to assist employees and employers to maintain fair and productive workplaces. The FWC is an independent body that operates under the Fair Work Act 2009 Roles - - Provides a safety net of minimum conditions, including minimum wages in awards. - Facilitating good faith bargaining and making enterprise agreements - Dealing with applications in relation to unfair dismissal - Regulating how industrial action is taken - Resolving a range of workplace disputes, through conciliation, mediation and in some cases public tribunal hearings In place to - 1. Approve enterprise agreements 2. Approve or disapprove industrial action 3. Resolve disputes 4. Provide a safety net of minimum conditions 5. Remedy unfair dismissal Fair work ombudsman - Provides advice to employers and employees on pay rates and other issues regarding our Workplace relations system. Roles in relation to determining new wages and conditions - - Bargain in good faith - Approve the agreement - “better off test” (ensure the agreement makes the employees better off then those who are in an award)

Answer 73

1. Maximum of 38 hours of work - plus reasonable additional hours 2. Requests for flexible working arrangements - in certain circumstances employees can request a change in their working arrangements 3. Parental leave and related entitlements - up to 12 months unpaid leave for each employee, plus a right to request an additional 12 months unpaid leave, plus other for of maternity, paternity, and adoption-related leave 4. Annual Leave - 4 weeks paid leave per year plus an additional week for certain shift workers 5. Personal carers leave / compassionate leave - 10 days paid personal / carers leave, 2 days unpaid carers leave as required, 2 days compassionate leave (unpaid for casuals) as required 6. Community service leave - Unpaid leave for voluntary emergency activities and up to 10 days of paid leave for jury service 7. Long Service leave - a transitional entitlement for employees as outlined in an applicable pre-modernised award, pending the development of a uniform national long service leave standard 8. Public Holidays - a paid day off on each public holiday, except where reasonably requested to work 9. Notice of termination and redundancy pay - up to 4 weeks notice of termination and up to 16 weeks severance pay on redundancy, both based on length of service 10. The Fair Work Information statement is available from the Fair Work Ombudsman. This must be given by employers to all new employees and outlines their rights at work.

Answer 74

Provide pay rates and conditions of employment for a particular industry or occupation. - There are currently 122 modern awards of general application. - Acts a safety net as employees can not be paid under the award Advantages - - Wage equality and transparency across an industry - Stability and predictability in negotiation process - Employees can be represented by people skilled in negotiations, including unions Disadvantages - - Less flexible to needs of individual businesses - Hard to build individualised productivity incentives - Some strong unions can exert enormous influence - No incentives for local employee - employer relations Examples - - Fast food industry award - Building and construction

Answer 75

Contracts made at a business / enterprise level between employers and employees about terms and conditions of employment. Features - Agreements can be tailored to meet the needs of particular businesses. An agreement must leave an employee better off overall when compared to the relevant award or awards. Fair work commissions role - The Fair Work commission can provide information on the process of making enterprise agreements, as well as assess and prove agreements. They can also deal with disputes that occur about the terms of agreements. Advantages - - More flexible to needs of individual businesses - Easier to build individualised productivity incentives - Large incentive for good employee - employer relations Disadvantages - - Less wage equality and transparency across industry - Less collective employee strength in bargaining

Answer 76

wages and conditions negotiation conducted at workplace level

Answer 77

Similarities - - Both set out minimum conditions for employees - Both contracts are legally binding - Both overseen by the Fair Work Commission (FWC) - Both include the 10 National Employment Standards (NES) - Both have a dispute resolution process Differences Awards - - Wages and conditions are set out by the Fair Work Commission (FWC) which covers entire industries - An award sets out the minimum wages and conditions - Awards do not reward individual productivity gains Differences Agreements - - Wages and Conditions are negotiated between employees and employers at a workplace level - Have better wages and conditions than an award - Agreements reward productivity through rewards and improved conditions

Answer 78

An agreement between an employer and employee that sets out the terms and conditions of employment for an employee of the business

Answer 79

Industrial disagreement between employees and employers

Answer 80

- Strike - Lockout - Picket lines - Work bans - Work-to-rule - Go-slow

Answer 81

Withdrawal of labour by employees in pursuit of improvements in their employment

Answer 82

When employers refuse employees work

Answer 83

Protests that take place outside the workplace - usually associated with a strike

Answer 84

A refusal to work overtime, handle certain products or equipment or refusal to work with particular individuals

Answer 85

Employees refuse to perform duties that are additional to their usual work

Answer 86

Employees adopt a practice that restricts, limits or delays the work performance resulting in poor productivity

Answer 87

Purpose - To try and force the other part to concede (admit or agree), either in full or part Methods - Grievance procedure > Mediation > Conciliation > Arbitration

Answer 88

A formal procedure where where internal disputes can be addressed, in the workplace Benefits - - Disputes resolved at workplace level - Clearly outlined for all employees - Handled in the same way - fair & equal Steps - 1. Employee and / or representative (shop steward) present complaint to manager 2. Employee and / or representative (shop steward) present complaint to employer 3. Matter is discussed with Human Resource Manager as mediator between parties 4. Matter is referred to Fair Work Commission for dispute resolution 5. Matter is referred for arbitration

Answer 89

A dispute resolution process where an independent third party aims to facilitate a resolution between disputing parties or Where an independent third party (mediator) will help the parties talk about the issue and arrive at their own agreement / resolution Benefits - - Come to a resolution themselves

Answer 90

Where and independent third party aims to facilitate a resolution between disputing parties, however the third party can make suggestions on how to move forward or Where an independent third party will help the parties talk about the issue and make suggestions about how it can be solved Benefits - - If an agreement is reached, both parties have agreed to the outcome

Answer 91

Where an independent third part hears arguments from both disputing parties and makes a binding decision on the outcome or A method of industrial dispute resolution where an independent third party listens to both sides of a dispute and then makes a decision based on the arguments which is legally binding on both parties Benefits - - Outcome is guaranteed Disadvantages - Final decision is taken out of the hands of disputing parties, possibly resulting in party/ies being unhappy with the outcome

Answer 92

One central body in control of setting wages and employment conditions of all employees in Australian workforce 1904 - 1990s

Answer 93

allows for contracts to be negotiated in each workplace | Late 1980s

Answer 94

To make a profit by aiming to maximise effectiveness and efficiency. It is the operations manager’s role to achieve this, therefore everything to do with operations contributes to the achievement of business objectives.

Answer 95

- Inputs - Processes - Outputs

Answer 96

Resources used in the production process. Types - - Raw materials - Component parts - Utilities - Labour - Capital resources - Entrepreneurial resources - Information and knowledge - Time

Answer 97

Transformation of inputs into outputs, to create the end good or service

Answer 98

The completed good or service The final product presented to the consumer either as goods or services Are the end results of the business’s efforts

Answer 99

Unprocessed resources taken directly from the environment such as; unprocessed minerals or farm products Examples - Bread - water, flour, yeast

Answer 100

Processed materials usually purchased from another producer or manufacturer Examples - Car - windscreens, engine parts, tyres

Answer 101

Basic services used in the production process Examples - Gas, water, electricity

Answer 102

Work, efforts and skills of people utilised during production Examples - Human resources

Answer 103

Human made objects that contribute to the production of finished products Examples - Machinery, vehicles, buildings

Answer 104

People known as entrepreneurs who posses the skills required to successfully start and manage a business

Answer 105

Specialised knowledge and skills required in order to enact the operations system and produce the final products Examples - Knowledge of computer programs

Answer 106

A non renewable resource, which, if wasted will add to production costs and cause productivity to fall

Answer 107

Tangible outputs, that can be stored, touched and handled. Production and consumption occur separately. The product can be easily standardised and hand minimal customer contact during production

Answer 108

Intangible output, that cannot be stored, however there can be records of service. More labour intensive processes, the product can be customised with the production and consumption closely linked

Answer 109

The management of resources and functions within a business to achieve efficient output of finished goods or services in a way that adds value to customers and creates a profit margin for the business

Answer 110

- Automated production lines - Computer aided design - Computer aided manufacturing - Website development

Answer 111

Process where raw materials enter and leave with little to no human intervention. What it is - Its a series of workstations linked via an electric control system (ECS). Hard automation - Uses machines/robots built for specific purposes. Soft automation - Uses re-programmable machines/robots, that can produce various outputs

Answer 112

Computer program that facilitates the creation and modifications of a design. It speeds up process of product design and increases accuracy

Answer 113

Use of software to control the manufacturing process. Faster and more efficient, and allows for products to be more consistent

Answer 114

Implementing new technology to quicken or lower production costs. Improves communication with customers and makes info readily available

Answer 115

Goods - - Tangible - Production and consumption occur separately - Stored as inventory - Can be standardised and mass produced - Minimal customer contact - Produced capital-intensive production process Services - - Intangible - Production and consumption often occur simultaneously - Difficult to store - Can be customised to meet individual client/customer requirements - High degree of customer contact - Performed labour-intensive production process

Answer 116

- Forecasting - Master production schedule - Materials requirement planning - Just in time

Answer 117

Prediction of future supply demands based off of historical data and seasonal fluctuations to plan for future demand

Answer 118

Statement of what business intends to produce in what quantities over a set period of time. It sets out production and breaks it into stages

Answer 119

Computer based inventory management system designed to assist the operations manager with scheduling and planning orders for materials. It ensures sufficient amount of supplies and minimises inventory costs

Answer 120

Involves small quantities of inputs being delivered more frequently for manufacturing goods as they’re needed. It reduces the need for storage and helps employees to identify wasteful practices

Answer 121

- Quality control - Quality assurance - Total quality management

Answer 122

The degree of excellence in a good or service and its ability to satisfy the customer

Answer 123

The equipment and knowledge available to assist a business to function and create products

Answer 124

Involves inspections at various points in the production to check for defaults. If defaults are detected there will need to be a product recall. It identifies problems early on so that they can be rectified quickly

Answer 125

Business achieves a standard quality of goods and services assessed by an independent body, set for their industry in order to receive quality assurance.

Answer 126

Concept whereby all staff in the business are responsible for it’s processes and outputs. Aims- It aims to improve performance as a whole by using continuous improvement, employee empowerment and customer focus.

Answer 127

- Lean management Focus on waste reduction, address high raw material prices, rising costs of hazardous waste treatment and disposal

Answer 128

establishment of systems that aim to eliminate waste and inefficiencies in operations and maximise customer value Steps - 1. Identify what customers will pay for product 2. Identify all steps taken in the operations system 3. Make everyone responsible for identification of areas of waste 4. Implement improvements 5. Empower workers, make them responsible 6. Partner with suppliers

Answer 129

The commitment made by organisations to conduct their business in an ethical manner, to take responsibility for the economic, social and environmental consequences of their activities, and to be accountable to a wide range of stakeholders In relation to operarations system - Inputs - prompt payment and fair negotiation, simplifying supply chains and using local suppliers and using renewable energy. Processes - efficient use of resources, ethical waste disposal and job rotation to motivate employees Outputs - Honest marketing, ethical dealings with customers and minimise packaging and make it environmentally friendly

Answer 130

- Global sourcing of inputs - Overseas manufacture - Global outsourcing - Supply chain management

Answer 131

Sourcing inputs from overseas countries Why businesses may do this - - Makes sense if the quality is better and also cheaper. - Something may not be able to be manufactured or grown in the country of the business hence needing to source from elsewhere - Machinery and equipment may be brought over to improve productivity

Answer 132

Producing products internationally Why businesses may do this - As the costs of manufacturing in Australia is high, many businesses move their manufacturing overseas.

Answer 133

Where a business uses organisations from overseas to undertake some of the businesses functions, both manufacturing and service organisations can do this

Answer 134

Meeting consumer demands for goods and services while making the most efficient use of input and resources in both the production process and the distribution of the finished product to the customer or Managing a range of suppliers from which inputs are obtained. It concerns the flow of materials from suppliers through the workplace and on to the end customer

Answer 135

The process of increasing interdependence between countries. - It involves the increasing integration of business and economies. - It removes economic boundaries, which creates free international trade and movement of capital between countries

Unit 3 Flashcards

(159 cards)