business and technology

What are the three elements of the triple bottom line

People planet profit

Difference between aim and objective

Aim= broad goal Objective= specific measurable step

What is a flat organisational structure

Few layers fast communication

What is a tall organisational structure

Hierarchal with many narrow layers and clear chain of command

What is a functional structure

Group employee based on roles and functions

What is a Divisional structure

Organises departments based on products, services, or geographical locations.

Flat organisational structure

Few layers fast communication

What is centralisation

Decisions made by top management

Transformational leadership

Inspires and motivates employees through innovation

Transactional leadership

Results oriented leadership style motivates employees through rewards

Centralisation

Decisions made by top management

Decentralisation

Transfer of control of organisation to several different authorities rather than a single one

What is a gaant chart

Horizontal bar chart used to visualize tasks timelines and dependencies

Why use a gaant chart

To plan and track timelines

Why might a business choose decentralisation

Faster decisions more employees input

What is lean production

Maximizing customer value minimize waste streamline operations produce only what is needed when it’s needed

Advantage of lean production

Less waste = lower cost

Disadvantage of lean production

Risk of stock shortages

Why are KPI’s important

Measure business performance

What is hierarchical structure

A business structure with multiple layers and clear chains of command

What do internal auditors do

Check financial accuracy prevent fraud ensure compliance

What is vertical integration

When a business controls multiple stages of production

What is csr

A business acting ethically toward society and environment

Example of direct costs

Raw materials or labor

What is the purpose of a code of ethics

To guide employee behavior and ensure ethical decisions

Why is a code of ethics sometimes not enough on its own

Needs to be reinforced by management can be disregarded by employees

What is CRM

Systems used to manage customer relationships and data

3 functions of HR

Recruitment training and employee relations

What does a CFO do

Manages finances budgeting and financial reporting

What is an intangible asset

A non physical asset like brand reputation

Why are induction programmes important

Help new employees settle in and understand their role

What are economies of scale

Cost advantage from producing at a larger scale

What are the 4p’s

Product Price place promotion

One non-financial performance measure

Customer satisfaction

What is JIT

Just in time providing products and services exactly when needed

Give an example of liability

Accounts payable or loans

What is a fixed cost

A coat that does not change with output (rent)

What is a variable cost

A variable cost is a cost that changes with output like raw materials

What is employee turnover

The rate at which employees leave a business

Name 5 leadership styles

Autocratic democratic laissez-faire transactional and transformational

What is the purpose of a mission statement

To define businesses current goals and values

What does SWOT stand for

Strengths weaknesses opportunities and threats

What does pestle stand for

Political economic social technological legal and environmental

Explain what a break even analysis shows

Shows the volume of sales needed for total revenue to equal total cost