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LC Bus Mg Activities

LC Business Management Activities

TermDefinition
Management Activities Planning, Organising, Controlling
Management Skills Leadership, Communication, Motivation
Planning involves selecting organisational goals or objectives and seeking out ways to achieve them.
SWOT Analysis is a management technique used to assess a business in terms of its strengths, weaknesses, opportunities and threats
Mission Statement is a brief statement outlining the nature of the organisation, its overall objectives and where it seeks to excel.
SMART objectives Specific, Measurable, Achievable, Relevant and Timed
Tactical Plan this is a short term plan and is designed to achieve some stated short term goals.
Strategic Plan this is a long term plan for the business, to cover a five year period or more.
Operational Plan this is a short term plan (weeks and months) for a specific event.
Forecasting is the anticipation of a probable event, involving the use of foresight and judgement.
Contingency plan this is a plan to deal with a specific problem that might arise
Policies are the methods employed by an enterprise to achieve objectives
Organising involves arranging all the resources, people, equipment and finances into the most suitable form to achieve the objectives of the business.
organisation chart shows how an organisation expects to get things done
Functional Structure Is developed in order to enable an organisation to organise its activities so that it can be efficiently run.
chain of command is the line/path on which orders/instructions and decisions are passed down from top to bottom of the hierarchy and feedback is passed back up.
Span of Control It refers to the number of people that report directly to one manager/ supervisor in a hierarchy.
Matrix Structure Can be used to organise employees into teams. Teams may be formed to complete a project such as developing a new product
Wide Span of control A manager supervises a large number of employees
Narrow Span of control A manager supervises a small number of employees
Stock Control is monitoring of stock levels to ensure that there is enough stock to meet demand while keeping costs to a minimum
Minimum stock level least amount of a particular type of stock that a company needs to have at any one time
Maximum stock level highest amount of a particular item that a company wants to have at any time
Re order level when the quantity of the item falls to this level new stock is ordered
Re order quantity this is the quantity of a particular item that is re ordered each time
Lead time the number of days it takes for the stock to be delivered from the time of re ordering
Just in time production This minimises the stock of components and parts needed by ordering them just in time for assembly. The assembly operation itself is planned just in time for delivery to meet orders
Credit Control means controlling the amount of credit, the payment period given to customers and ensuring that payments are made on time.
Credit Controller the person in a business responsible for changing the credit given to debtors and the collection of those monies
Quality Control is concerned with checking work done to ensure it meets the required standards. Inspections are carried out during the production process to ensure that high quality standards are achieved
Quality Mark It represents a stamp of quality which can give companies a competitive advantage
ISO 9000 Series controls the worldwide quality control certification system
Finance Control This seeks to ensure that the business operates profitably and always has the money it needs to operate as planned.
Budget a financial plan for a specified period which is agreed in advance.
Selling goods on Credit The customer gets the goods immediately and pays for them later
Created by: MrFromholz
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