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1 - Chapter

What is the definition of an organisation? Organisations are social arrangements for the controlled performance of collective goals
What are the 3 aspects of an organisation? Social arrangement controlled performance collective goals
Why do we need organisations To share knowledge and experience to specialise to pool resources
What does 'synergy' mean? Organisations can achieve more than individuals could on their own.
List the different types of organisation. Sole trader Partnership Limited liability company
What are the 2 types of limited company? Public limited company Private limited company
What is a 'not for profit'organisation? Nfps do not see profit as their primary objective, instead they seek to satisfy the needs for which they have been set up
What is the difference between public sector and private sector? Public sector can offer shares to the public as a means to raiding capital whereas private sector organisations can't.
What are the 2 types of non governmental organisations? Operational Campaigning
What is a cooperative? A cooperative is owned and democratically controlled by its members, sharing profits.
Define 'Mission' Mission is an organisations expression of its reason for being.
What are the 4 elements of mission? Purpose Strategy Policy and Culture Values
Define 'Vision' Vision is how an organisation sees themselves in the future.
What is the difference between 'Mission' and 'Vision'? Mission is present based whereas vision is future based.
What is an objective? SMART specific measurable achievable relevant time constrained
What is a stakeholder? Anyone who has anything to do with an organisation.
How can value for stakeholders be created? Control and coordination of resources efficient production of goods and services facilitating innovation
What is a control? Activities undertaken that will increase the chance of an organisation reaching its objectives.
List some typical controls. Supervision of staff planning processes targets
What is coordination? The bringing together of all the activities of an organisation.
What are the benefits of efficient production of goods and services? Minimised wastage of resources.
What is innovation aimed to achieve? Reduce costs provide a basis for differentiation
Created by: Geminimeg