unit three key words

organisations

process of engaging two or more people and resources together, to work together in a structured way to achieve common goals

goal/objective

the purpose a business strives to achieve, the managers will devise effective strategic plans to ensure these are achieved

manager/ment

process of combining human and physical resources by leading, communicating and motivating employees towards the aim of achieving common goals by planing organising and controlling all activities

effectiveness

this is the firm success in achieving it goals

efficiency

using the minimum amount of resources to achieve the correct results

time management

effectively prioritising and scheduling tasks, so as to ensure the most efficient use of their time at work

skill

the ability to do something expertly, it something someone has learnt overtime , therefore skills are transferable

leadership

the ability to positively influence the behaviour of others, so they or the group contribute voluntarily to achieve an objective , leader must inspire staff and create loyalty

delegation

assigning authority to a subordinate by giving specific tasks to them, this will increase motivation levels, develop the employee skill set.

motivation

the factors that increase our commitment levels and energise us to increase our work rate to achieve goals

communication

process of transferring information, messages, ideas and facts effectively between people , from the sender to the receiver so instructions are understood and goals are achieved

downward communication

communication that flows down the chain of command, eg a superior delegation to a subordinant

upward communication

communication that flows up the chain of command, such as intrepreneurship where workers communicate their ideas up to management

oral communication

communicating verbally, through the medium of speech by sender to receiver effectively so messages are understood

business meetings

gatherings of management and staff to exchange and discuss information, to help ensure effective decisions are made and goals are achieved

AGM

annual general meeting, opened to all directors and shareholders in a company/club

board meeting

regular meetings by the board of management to set goals and devise strategic and tactical plans

EGM

extraordinary general meetings, held to discuss very crucial matters or emergencies/ items that cannot wit until the AGM

Ad Hoc meeting

off the cuff/ unplanned meetings to deal with immediate problems

committees

groups given responsibility for some task necessary for running a firm

the chairperson

responsible for the efficient running of the meeting, sets the agenda

agenda of meeting

a summary list of all the items to be dealt with at the meeting

quorum

the minimum amount of people required to be present for the meeting to occur

the minute secretary

responsible for notifying all participants about the meeting and taking minuets

minutes

are a written account of what has been said at the meeting, their are the important points of the meeting in a summarised format

written communication

the transference of information through the medium of the written word form sender to receiver, so the information is transferred and understood

memorandum

a concise written note, used to relay short, specific forms of information within a business

reports

written documents about a specific topic or issue, sent to a specific person or group , they form the basis to decision making

terms of reference

refer to the reason why the report has been commissioned / the purpose of the report

business letters

a written document widely used by businesses to communicate to stake holders, they provide a written record

visual communications

the transfer of information by the means of graphs, diagrams, pictures and charts so the message is received and clearly understood

electronic dara interchange

enables the firm to transfer its standard business documents, form its computers directly to other firms

the internet

the worlds largest network of interconnected computers allowing the transmission of data

e- business

refers to businesses online transaction and communications that occur through computers , this includes buying and selling goods and services

e-mail

internet allows the business to trance information using e-mail. messages and info can be transferred between people

spreadsheets

interactive computer application

computer aided design

allows managers to swiftly make changes to new prototypes and examine the impact of these changes on the prototype without major costs being occurred

computer aided manufacturing

large scale production can occur by use of robotics and quality control can be using CAM in the production process of the good

the data protection act

2018

personal data

data that relates to or can identify a living person, either by itself or together with other available information

broadband

the connection to business and school is through a much wider pipe allowing a faster and greater flow of information

planning

selecting organisational goals and writing down ways to achieve these goals by devising effective long term strategic plans to set future direction

SWOT test

firms self evaluation of its existing position in the market, ensures potential future opportunities are realised , realistic goals

internal strengths

identification of the firms internal efficiencies, these give the firm a competitive advantage and must be maximised

internal weaknesses

identification of the firms areas of inefficiency, eg outdated systems these must be minimised

opportunities

these are longterm goals that the firm identifies and the best idea will be selected and plans will be made to achieve

external threats

these could cause plans to fail, eg competition, taxes, these must be identified and defended against

missions statment

a visionary document which outlines the reason for the firms existence, the type of business it will engage in, its aspirations for it future

strategic plan (5-10 years)

longterm plans crafted by top level management , they determine the future direction of the firm, ensure survival

tactical plans (1-2 years)

medium term plans implemented by the frontline managers , these ensure the strategic plan is achieved , they are the strategic plans broken down into more manageable parts

operational plans

these are short term, daily/monthly/weekly they tend to relate to particular tasks and everyday jobs of the business that need to be achieved to realise the tactical and strategic plans

contingency plans

back up plans, to deal with emergencies or unexpected circumstances, they help the firm prevent disruptions to activities and failure

organisation

engaging to or more people and the firms resources in a structure way so activities are co-ordinated to achieve goals

organisational structure

the agree system by which its activities are co-ordinated so the firm is in the best position to achieve its goals

functional structure

means bringing together in one department staff engaged in the one activity, it allows the breakdown of a complex task into smaller components

matrix structure

a team orientated approach, department and team

geographical structure

as a firm expands into new geographical markets, it will specialise its focus on satisfying the costumers in each of it distance global regions.

product structure

separates the organisation into different sections focused in the production of separate products

chain of command

outlines the employees and employers role in the firm

span of control

number of subordinates reporting directly to the manager

wide span of control

manager has many direct subordinates , (unskilled workers)

narrow span of control

when a manger has few subordinates reporting to them, (school teacher)

specialisation

grouping staff together in detailed departments, employees increase their efficiency by concentrating on a specific area

control

managerial process of ensuring, that actual performance conforms to planned performance so goals are achieved

quality control

focuses on checking, reviewing and inspecting CRI all work done meets the high standards the business has set

quality circles

voluntary groups of workers, who meet regularly to discuss, figure out how to solve problems that apply to quality

Qmark

national quality standard

stock control

business must set maximum and minimum stock levels, so that the business has the right level of goods to meet consumer requirements

just in time

a stock ordering system which minimises wastage, through linking store room computers to suppliers, ensuring stock is ordered only when it is needed

credit control

involves monitoring the amount of credit given to debtors and the payment timeframe given to them to pay their bills in full

budgetary control/ financial

the firm uses financial control to ensure the businesses liquidity and profitability are secure