BUSINESS STUDIES

What is creative thinking?

creative thinking refers to thinking differently and looking at something in a new way; a process of putting facts together in new and original ways.

What are conventional solutions?

Solutions that are believed and followed by everyone, focusing on being relevant to a situation.

What are non-conventional solutions?

Solutions that are often interrupted or changed by better ideas, applying diverse approaches to problems.

How can businesses create an environment for creative thinking?

Encourage staff to come up with new ideas, promote alternative ways of doing things, and provide a distraction-free working environment.

What are some benefits of creative thinking in the workplace?

Solving complex business problems, generating better ideas, and improving staff morale.

What is problem solving?

A process of finding the correct strategy to respond to a problem, involving analytical and creative skills.

What is the Delphi Technique?

A technique used to solve new and complex problems without experts needing to meet face to face.

How can businesses apply the Delphi Technique?

Contact experts individually, summarize their responses in a feedback report, and reach consensus on the best solution.

What is Force Field Analysis?

A planning and implementation tool used to manage change, helping to overcome resistance.

How can businesses apply Force Field Analysis?

Describe the current and desired situation, identify priorities, and develop an action plan.

What are the advantages of working with others to solve problems?

Achieving greater results, solving problems faster and easier, and reducing individual workloads.

How is stress defined?

A state of emotional or mental strain that can affect memory and lower the morale of employees.

What are some causes of stress in the business environment?

Heavy workload, long working hours, taking work home, and job insecurity.

Why is stress management important in the workplace?

To prevent it from causing health issues, curb absenteeism, and maintain a productive environment.

What are ways employees can manage stress in the workplace?

Following a balanced diet, practicing time management, and ensuring enough sleep and relaxation.

What is a crisis?

A sudden and potentially disastrous event, representing a time of intense difficulty.

What are examples of crises in the workplace?

Conflict, lawsuits, accidents, and supply shortages.

How can businesses deal with a crisis in the workplace?

Identify and prioritize actions, provide accurate information, and contain the situation.

What does change mean in a business context?

A process that takes individuals and organizations from the present to a desired future state with new methods.

What are internal causes of change?

New management, restructuring, retrenchment, and new equipment.

What are external causes of change?

Social factors (e.g. unemployment), legal factors (e.g. new laws), and economic factors (e.g. interest rate increase).

What major changes do businesses deal with?

Unemployment, retrenchment, and globalization.

What strategies can businesses use to deal with globalization?

Investigate overseas markets, create unique products, and adapt to new operational complexities.

What strategies can businesses apply for affirmative action?

Inform employees about implementation and have acceptable affirmative action programs.

How can businesses manage change in the workplace?

Stay committed to the original plan, involve employees, and respect differences.

What is ethical behavior?

Moral principles that govern a person's behavior, focusing on a moral compass in decision making.

What is professional behavior?

The competence expected of a professional, involving pride in actions and maintaining standards.

What are the principles of professionalism?

Communicating clearly, caring about work quality, and responding quickly to customer requests.

What are the principles of ethics?

Confidentiality, avoiding conflicts of interest, and environmental stewardship.

What theories of ethics apply to the workplace?

The rights approach, consequential approach, and common good approach.

What defines a good decision in business?

A decision that enables businesses to achieve profit.

What defines a bad decision?

A decision that may not be ethical and could result from misinformation.

How should professional, responsible, ethical, and effective business practices be conducted?

Through regular tax payment, a code of ethics, and adequate internal controls.

What are the benefits of ethical business ventures?

Competitive advantage, building customer trust, and maintaining staff morale.

What is a code of ethics?

A document outlining the mission and values of a business.

What are the requirements for a good code of ethics?

Regular identification of ethical risks, employee induction, and alignment with disciplinary codes.

How is a code of ethics implemented?

Ensuring employees understand breaches are punishable, hiring the right people, and training on ethical principles.

What are different perspectives on ethics?

Different cultures have various rules of conduct.

Creative Thinking

thinking differently and looking at something in a new way

Conventional Solutions

solutions that are believed and followed by everyone

Non-Conventional Solutions

often interrupted or changed by better ideas; diverse solutions may be applied to problems or challenges

Meaning of Problem Solving

A process of finding the correct strategy to respond to a problem

Meaning of the Delphi Technique

technique that is used to solve new and complex problems where the group of experts panel never meet face to face.

Meaning of Force Field Analysis

often used for planning and implementing change in a business and useful to overcome resistance to change

Meaning of Stress

a state of emotional or mental strain that can affect memory and lowers the morale of employees

Definition of Crisis

refers to the sudden and potentially disastrous events and a time of intense difficulty

Definition of Change

a process that takes people, employees and organizations from the present to a future desired change; new ways to get things done

Meaning of Ethical Behaviour

Moral principles that govern the behaviour of a person or a group and focuses on developing a moral compass that can be used in decision making

Meaning of Professional Behaviour

The competence or skill expected of a professional person; involves taking pride in your actions and never compromising standards

Meaning of Good Decisions

A good decision enables businesses to make a lot of profit.

Meaning of Bad Decisions

Bad decisions are not always ethical; they can be the result of wrong information.

Meaning of Code of Ethics

Outlines the mission and values of the business or organization