Unit 4 Outcome 2 Business Management Vocabulary

Vocabulary flashcards covering corporate culture, key performance indicator evaluation, leadership skills, management strategies, resource redeployment, and high- and low-risk strategies for overcoming employee resistance.

Corporate Culture

The values, ideas, beliefs and expectations that employees hold within a business.

Official Corporate Culture

The culture that the business wishes to achieve, which is set in policies and procedures and can be seen externally from the outer of a business.

Real Corporate Culture

The culture that actually occurs within a business, despite policies and procedures, which can be observed in how employees interact with one another and how communication and social aspects are carried out.

Reviewing Key Performance Indicators

Evaluating performance metrics after a change to identify whether a business change has achieved its desired objectives or if further changes are required to address unintended consequences.

Leadership in Change Management

The ability to positively influence and motivate employees towards achieving business objectives during transformation.

Delegation

A management skill where a manager allocates the responsibility of business tasks to specific employees.

Interpersonal Skills

A management skill where a manager interacts with employees in a positive manner to build long-term relationships.

Planning

A management skill where a manager establishes business objectives and prepares strategies that will achieve those objectives.

Decision-Making

A management skill where a manager chooses a business option over other available options.

Leading

A management skill where a manager influences employees to work towards business objectives.

Communicating

A management skill where a manager conveys and receives information to and from employees.

Cost-cutting

The process of reducing business expenses to maximise profitability and increase the amount of revenue retained as profit.

Redeployment of Resources

The reallocation of natural, labour, and capital materials to different areas of the business to improve their effectiveness and productivity.

Redeployment of Labour Resources

The transfer of an employee to another job within the business or an associated entity so their knowledge and skills are retained when their previous role becomes redundant.

Redeployment of Capital Resources

Using money or other assets, such as machinery and equipment, for a different purpose than the one they were originally intended for.

Redeployment of Natural Resources

The reusing and repurposing of raw materials, such as land or raw inputs, so they can be put to better use.

Labour Resources

The mental and physical abilities of workers that can be used to produce goods and services.

Capital Resources

Man-made goods used in the production of final goods and services, including machinery, vehicles, or tools.

Natural Resources

Raw materials used in the production of goods and services, such as land, water, or coal.

Manipulation

A high-risk strategy where managers influence employees to follow a proposed change by providing incomplete and deceptive information about the change.

Threat

A high-risk strategy where managers force employees to follow a proposed change by stating that failure to follow the change may or will cause harm to them.

Communication (Low-Risk Strategy)

A low-risk strategy where managers initiate open and honest two-way discussion with employees so they are fully aware of the reasons, impacts, and their roles in an upcoming change.

Empowerment

A low-risk strategy where managers provide employees with increased responsibility and authority during times of change.

Support

A low-risk strategy where managers provide employees with assistance, such as counselling, consultation, or training, as they move from current to new practices.

Incentives

A low-risk strategy where managers provide financial or non-financial rewards to encourage employees to support change.