Business Operations - Methods and Manpower

Vocabulary flashcards covering Module 4: Business Operations, focusing on Methods (Manufacturing, Service Delivery, Distribution, Payment) and Manpower (Job Descriptions, Candidate Selection, and the 8Rs of Human Resources).

4Ms of Operations

The key operational components of a business comprising Manpower, Method, Machine, and Materials.

Methods

Systems and processes that provide the entrepreneur with information and control, representing the day-to-day operations of a business across all facets.

Manufacturing of Goods

The process of translating raw materials into finished goods that meet customer standards.

Service Delivery Process

The sequence of operational steps in a service business where customer satisfaction relies on their memory of a pleasant experience due to the intangible nature of services.

Distribution

The process of bringing products or services to customers.

Payment Process

The options and terms provided for customer transactions, including cash, credit cards, installment plans, or simple accounts receivable (pautang).

Penetration Pricing

A strategy involving setting a relatively low initial price to attract customers and gain market share quickly.

Price Skimming

A strategy where a company launches a product at a very high price and gradually lowers it over time.

Manpower

The human workforce aspect of business operations, which initially relies on the entrepreneur, partners, or family members to handle all business tasks.

Job Description

A document enumerating the duties and responsibilities of a potential employee, including the scope, limitations, and terms and conditions of employment.

Job Title

The heading of a job description that summarizes the role and duties of an employee.

Compensation and Benefit Range

The section of a job description detailing the potential salary and benefits an employee will receive.

Employee Qualifications

The criteria used to evaluate job candidates, which include educational background, work experience, specific skills or knowledge, and work attitude.

Headhunters

External entities or platforms, such as Jobstreet, Jobfinders, or Jobseekers, that assist companies in finding candidates suited for their requirements.

Manpower Agencies

Agencies that recruit temporary employees under short-term contracts, typically for a $6\text{-month}$ period.

Job Offer

The stage where a job contract is prepared once the hiring manager or entrepreneur is convinced of a candidate's credentials and interview performance.

Employee Development

The ongoing process of training staff, which represents one of the largest investments made by an entrepreneur.

Recruiting (HR)

An HR function focused on hiring candidates based on attitude and character, followed by developing their technical competence.

Routing (HR)

An HR process assessing employee potential to build flexibility, enabling workers to take on multiple roles over time.

Reviewing (HR)

An HR process that measures and evaluates individual performance against clear organizational targets.

Rewarding (HR)

An HR function providing fair compensation, benefits, and recognition for employee contributions and loyalty.

Retooling (HR)

An HR practice of training and updating the skills of both new and veteran staff to satisfy performance standards.

Recycling (HR)

An HR practice offering workers new career paths, internal job shifts, or fresh professional opportunities.

Retaining (HR)

An HR practice focused on keeping valuable, high-performing employees within the organization.

Resonating (HR)

An HR function that creates shared values and goal alignment between employees and management.