8 Business Functions – Risk, Expansion and Quality

These flashcards cover key concepts related to the 8 business functions, focusing on risk, quality, and expansion strategies.

Balanced Scorecard

A tool to monitor financial control, service delivery, and staff performance.

TQM (Total Quality Management)

An approach that ensures managers continuously monitor and improve operations.

Benchmarking

Comparing suppliers against delivery, price, and quality standards.

Value Chain Analysis

A method to improve operational efficiency and reduce bottlenecks.

SWOT Analysis

A framework used to assess internal weaknesses and market threats.

ROI (Return on Investment) analysis

An evaluation of the profitability of an investment before opening new establishments.

Performance Appraisals

A review process to evaluate employee performance and support career growth.

CSR (Corporate Social Responsibility)

A business model in which companies integrate social and environmental concerns in their operations.

Digital Admin Systems

Technological solutions designed to improve accuracy and speed in business administration.

Liquidity Ratio Analysis

A financial assessment to manage short-term obligations and cash flow.