Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
business
| Term | Definition |
|---|---|
| Leadership | Is the ability of a manager to INFLUENCEand MOTIVATE individuals to achieve business objectives |
| The skills needed by a leader to apply effective change in an organisation | Communication - clear, direct, motivating and influencing Organisation and time managment skills (no room to fit in 2) |
| The skills needed by a leader to apply effective change in an organisation 2 | Planning Skills - day to day (Operations) Tactical (e.g. 1-5 years) and strategic (Long Term) Interpersonal skills - The way you communicate with the change and the challenges. Empathy! (no room to fit in 1) |
| Managment stragegies to respond to KPI's and/or seek new business opportunities. This may include | Staff Training, Staff motivation, change in managment styles ot skills. |
| Staff training | The process of developing employees knowledge and skills. On the Job and Off the Job |
| Autocratic | involves a manager making decisions and directing employees without any input from them. |
| Persuasive | involves a manager making decisions and communicating the reasons for those decisions to employees without their input. |
| Consultative | involves a manager seeking input from employees on business decisions but making the final decision themselves. |
| Participative | involves a manager sharing information with employees so that employees can participate in decision-making. |
| Laissez Faire | involves a manager communicating business objectives to employees and giving them freedom to make decisions independently. |
| Communication | is the skill of effectively transferring information from one party to another. |
| Delegation | is the skill of assigning work tasks and authority to other employees who are further down in a business’s hierarchical structure. |
| Planning | is the process of determining a business’s objectives and establishing strategies to achieve these aims. |
| Leadership | is the skill of motivating others in order to achieve a business’s objectives. |
| Decision making | is the skill of selecting a suitable course of action from a range of plausible options. |
| Interpersonal skills | is the skill of creating positive interactions with other employees, to foster beneficial professional |
| Staff Motivation | Is the need or willingness or desire of an employee to expand effort or energy in doing a job or task |
| Examples of Investment in Technology | Automated production lines, Robotics, Computer-aided design (CAD),Computer-aided manufacturing (CAM), Artificial Intelligence (AI) and Online services |
| Quality | is a good or service’s ability to satisfy a customer’s need. |
| Lean managment | is the process of systematically reducing waste in all areas of a business’s operations system whilst simultaneously improving customer value. |
| Cost Cutting | is the process of reducing business expenses. |
| Redeployment of resources | involves reallocating natural, labour, and capital resources to different areas of the business to improve productivity and effectiveness. |
| Innovation | is the process of altering and improving or creating new products or procedures. |
| overseas manufacturing | involves a business producing goods outside of the country where its headquarters are located. |
| Global sourcing of inputs | involves a business acquiring raw materials and resources from overseas suppliers. |
| Global Outsourcing | involves transferring specific business activities to an external business in an overseas country. |
| Quality Control | involves inspecting a product at various stages of the production process, to ensure it meets designated standards, and discarding those that are unsatisfactory. |
| Quality assurance | involves a business achieving a certified standard of quality in its production after an independent body assesses its operations system. |
| Total Quality Management (TQM) | is a holistic approach whereby all employees are committed to continuously improving the business’s operations system to enhance quality for customers. |
| Pull | is a lean management strategy that involves customers determining the number of products a business should produce for sale. |
| One-piece flow | is a lean management strategy that involves processing a product individually through a stage of production and passing it onto the next stage of production before processing the next product, continuing this process throughout all stages of production. |
| Takt | is a lean management strategy that involves synchronising the steps of a business’s operations system to meet customer demand. |
| Zero defects | is a lean management strategy that involves a business preventing errors from occurring in the operations system by ensuring there is an ongoing attitude of maintaining a high standard of quality for the final output. |
| Automated production lines | involve machinery and equipment that are arranged in a sequence, and the product is developed as it proceeds through each step. |
| Robotics | are programmable machines that are capable of performing specified tasks. |
| Computer-aided design (CAD) | is digital design software that aids the creation, modification, and optimisation of a design and the design process. |
| Computer-aided manufacturing (CAM) | involve the use of software that controls and directs production processes by coordinating machinery and equipment through a computer. |
| Artificial intelligence (AI) | involves using computerised systems to simulate human intelligence and mimic human behaviour. |
| Online services | are services that are provided via the internet. |
| Corporate Culture | The shared values and beliefs of a business and employees |
| Corporate Social Responsibility | is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions. |
| Official Corporate Culture | Is the shared views and values that a business aims to achieve, often outlined in a written format like policies |
| Real Corporate Culture | Is the shared valued and beliefs that develope organically within a business and are practiced on a daily basis by its employess |
| Systems Thinking | Comprehend and address the whole and examine interrelationships between parts. |
| Mental Models | Deeply ingrained assumptions, images generalizations that influence how we act. Ability to reflect in and on actions |
| Shared Vision | People excel and learn not because they are told to but because they want to |
| Personal Mastery | Continually clarifying and deepening our personal vision |
| Team Learning | Process of aligning and developing capacities of a team to create results they truley desire to see |
| Lewins Three step Change Model's three steps are | Unfreeze, ensuring that employees are ready for change, Change, Execute the change, Refreeze, ensures that the change becomes permanent. |
| Steps of Unfreeze | Identify what is necessary to change, prepare stakeholders for change, employees, customers, community. Outline the benefits of change. Give A Timeline, provide support for change. |
| Steps of Change | Move the business to a desired state, implement the new practices. increase support to employees who have confusion, dear, or concerns. provide ongoing training. Implement high/Low risk strategies here. |
| Steps of Refreeze | embed change into everyday operations, Update Policies and Job Description. Evaluate how successful the change is by checking KPI's |
| Who are Stakeholders? | Owners, Managers, Employees, Customers, Suppliers and general community |
| Managers Positives of the affect of change | can provide opportunities for a manager to develop new skills or advance their career. Recieve rewards |
| Managers Negatives of the affect of change | Increased workloads can lead to stress impacting their health and wellbeing. Could lose job if change is unsuccessful |
| Managers want | to be recognised for the achievement of a business objective, Recieve appropriate wages and working conditions. |
| Employees Positives of the affect of change | A business may require employees to undergo training developing skillset helping provide future job opportunities, new operations can improve job satisfaction |
| Employees Negatives of the affect of change | Business change can result in redundancies decreasing job and financial security, increas stress levels can decrease job satisfaction |
| Employees wants | Long term job security, recieve fair pay and working conditions, work in a non-dicrimatory and ethical workplace. |
| Customers Wants | Recieve high quality goods and serices at affordable prices, Engage with businesses that are ethical and sustainable |
| Customer Postives of the effect of change | Customer satisfaction increases if the change allows for a business to lower prices for its goods or services. Could result in a higher quality goods or service incresing customer satisfaction |
| Customer Negative of the affect of change | Customers may be dissatisfed if a business change increases the price of its products, Quality may decrease lowering customer satisfaction. |
| Suppliers Wants | Increase their revenue, Earn a profit from the raw materials and resources they supply, Long term contracts |
| Supplier Postive of the affect of change | Supplier demand may increase if a business requires reater amounts of resources to meet its production needs |
| Supplier Negative of the affect of change | A business change may require its suppliers to involuntary adjust their processes to meet the new demands of the business |
| Community Wants | Increase local employment rate and boost local economy, observe business practices that lead to improvments in the local community and enviroment, a business is ethical and socially responsible. |
| Community positive of the affect of change | A buiness change may create job opportunities leading to an increase in local employment rates which can improve teh overall wellbeing of society. |
| Community Negative of the affect of change | A business change that results in redundancies may increase local unemployment rates and poverty levels thus negatively impacting societal wellbeing |
| Owners wants | to recieve a return on investment, through business growth, increase share price, dividends or profit. Foster positive relationships with other stakeholders to enhance business reputation and performance |
| Owners Positive of the affect of change | A successful business change can provide a owner increased return on their investment |
| Owners Negative of the affect of change | If unsuccessful a business owner may experience personal or financial impacts. |
| Corporate social Responsibility | Is the ethical conduct of a business beyond legal obligations and the consideration of social, economic, and enviromental impacts. |
| Positive impacts of CSR | can develope a good brand reputation increasing customer amount and market share, Customers may be willing to pay more for ethically produced goods. |
| Negative impacts of CSR | May be expensive to implement, may decrease productivity. |
| CSR in the community | Choose local suppliers, redeploy employees instead of firing them, spource from businesses that have good pay and workin gconditions |
| CSR in the enviroment | Purchase tech that reduces the numbers of errors in production reducing waste, choose local suppliers to minimise carbon emissions and supporting the local economy. |
| KPI's are | a criteria that measures how efficient a business is at achieving different objectives. |
| Porters generic Strategies | Lower cost and Differentiation |
| Why would a business use Porters Generic Strategies? | So a business can gain a competitive advantage over competitiors. Can only focus on one Generic strategy at a time. |
| Porters Lower Cost Strategy | Lower costs of production by offering high amounts of standardised products, continually checking and reviewing all elements of the supply chain to ensure the prices are kept low. This makes you a cost leader |
| Porters Differentiation strategy | A business aims to create a point of differenciation their product or service by: introducing new technology, Implementing innovations like new flavours, Improve durability, Advertise a brand image that portrays status, selling niche goods. |
| Lower cost Advantages | High market share, You become a brand leader, Might become a household name, business operations are optimised and must remain efficient to maintain low costs of production |
| Lower cost Disadvantages | Must always have lower prices than your competitors to be a cost leader, may gain an image of being cheap or low quality, lower customer loyalty. |
| Differentiation strategy Advantages | Higher customer loyalty meaning quicker sales, Customers will pay a more premium price for your item, customers may choose your product for the innovation |
| Differentiation stratefy Disadvantages | You must continue to find ways to keep your differentiation, Operating costs may increase, New employees may require additional training. |
| Limited Liability | Is when shareholders are only liable to the extent of their original investment |
| Unlimited Liability | is the persoanl legal responsibility business owner has for an unincorporated business debt |
| Sole Trader | business owned by one person (hairdresssers, butchers, resturants) |
| Advantages of a sole trader | has full control over the business easy to register. Owner keeps all Net Profits. Less government regulations. |
| Disadvantes of a sole trader | Unlimited Liability. More difficult to gain finance for initial investment. Heavy reliance on owners skills. Takes all the risks personally. |
| Partnership | is a business structure that is owned by 2 to 20 owners and is unincorporated |
| Advantages of Partnership | Simple and inexpensive to set up, Workload can be shared among partners greater pool of experience to draw information from Financial risk is shared. |
| Disadvantages of Partnership | Unlimited reliability, all partners are 100% liable Profits shared among partners potential disagreements between partners May be difficult to remove. |
| Private Limited Company | Is in Incorporated business structure that has at least one director and a maximum of 50 shareholders |
| Advantages of a Private limited Company | Limited Liability, investers are liable only to their initial investment. Greater ability to raise capital Potential tax benefits Life of the company can live longer through the directors. |
| Disadvantages of a Private limited Company | complex and expensive to establish more reporting requirments to the owner and government shares cant be freely traded Less liquidity for shareholders compared to Publicly Listed Companies. |
| Public listed Companies | Incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX |
| Advantages of a Public Listed Company | Limited Liability Greater ability to raise capital Life of company can live longer than the director greater liquidity for shareholders (easier to sell shares) |
| Disadvantages of Publicly listed Companies | Very Complex and expensive to establish, Greater reporting and compliance required no control over who owns the company |
| Social enterprise | Is a business that has a primary aim to address and improve a social or community cause. The profits generated are often primarily used towards the social isssue they are aiming to improve. |
| Government Business Enterprise (GBE) | is an enterprise owned by the government |
| Business objective: to make a profit | When a business makes more revenue than expenses |
| Business objective: to increase market share | When a business wishing to increase the percentage of total sales within an industry |
| Business objective: to meet shareholders expectations | shareholders expect a return on theor original investment through dividends and capital gains |
| Business objective: to fulfil a market need | When a business fills a gap in the market which involves addressing customerneeds that are currently unmet or underrepresented in the same industry. |
| Business objective: to improve efficientcy | improve how productive a business uses its resources when producing a good or service |
| Business objective: to improve effectivness | improve the extent to which a business achieves its stated goals. |
| Managers intrests and issues | Wanting to be involved in goal setting, pay that matches responsibility to be involved in the decision making and work towards the business objective |
| Employees intrests and issues | long term job security their intrest recieve pay and good working conditions career opportunities |
| customer intrests and issues | recieve effective customer service want to support Australian businesses |
| Suppliers intrest and issues | increase their revenue and maintain a positive and professional relationship with the business. Long term contracts |
| Community intrests and issues | increase the local employment rate and boost local economy. Ethical and enviromentally friendly businesses. |
| Owners intrests and issues | recieve a return on their investment through business growth or increased share price |
| communication | is the skill of selecting a suitable course of action from one party to another, can be inperson, email or phone. |
| delegation | is the skill of assigning work tasks and authority to other employees who are further down in a business hierarchical structure |
| Planning | is the process of determining a business's objectives and establishing strategies to achieve these aims. |
| Leadership | is the skill of motivating others in order to achieve a business objective. Builds trust with employees |
| interpersonal | Is the skill of creating positive interactions with other employees to foster benificial, professional relationships. |
| Decision making | is the skill of selecting a suitable course of action from a range of plausible options. |
| Corporate Culture | is the shared values and beliefs of a business and its employment. |
| Official Corporate Culture | involves the shared views and values that a business aims to achieve ofteh outlined in a written format. |
| Real Corporate Culture | Involves the shared values and beliefs that develop organically within a business and are practiced on a daily basis by its employees. |
| productivity | the ratio of outputs produced from the inputs required |
| motivation | the ability for someone to apply effort in completing a certain task. |
| Order of Maslows hierarchy of needs | 1. Physiological needs 2. safety and security needs 3. social needs 4. esteem needs 5. self actualisation |
| Physiological need | Jobs/employment, income |
| safety and security needs | pay, occupational health and safety, job security |
| social needs | teamwork, social activities i.e. staff functions |
| esteem needs | recognition, delegation, empowerment i.e. 'employee of the month' |
| self actualisation | opportunities for advancment, promotion |
| Key principles of Maslow's heirarchy of needs key principles | each stage or level must be satisfied before progressing lower order needs must be met before a person can be motivated to satisfy a subsiquent need. Once satisfied it is no longer a motivator. |
| Theories of Motivation | Maslows Heirarchy of needs, Locke and Lathams Goal setting theory, Lawrence and Nohria Four Drive Theory |
| Advantages of Maslows Heirarchy of Needs | Can give managers a clear path to motivate employees Employees who reach Self-actualisation can improve business performance to a higher degree. |
| Disadvantages of Maslows Heirarchy of Needs | Can be difficult to measure if employee needs are being met. Not all employees have the same needs to be satisfied at once. Assumes all employees are motivated in the same order. |
| Lawrence and Nohria's Four Drive Theory include | Drive to acquire, Drive to bond, Drive to learn, Drive to defend. |
| Lawrence and Nohria's Four Drive Theory Drive to acquire | Is an employees drive to achieve rewards and high status. Can be financial like bonuses and wage increases. Can be non-dinancial like promotion and increased responsibility |
| Lawrence and Nohria's Four Drive Theory Drive to Bond | Is the desire to participate in socia; interactions and feel a sense of belonging. can include celebrations like birthdays, change managment styles to be more inclusive i.e. a managment style that involves two-way communication. |
| Lawrence and Nohria's Four Drive Theory Drive to Defend | Is the desire to protect personal security as well as the values of the business. May include defending Job contracts, workplace policies. |
| Key principles of Lawrence and Nohria's Four Drive Theory | All drives can be worked on simultaniously. Attempts to understand the process by which motivation occures |
| Advantages of Lawrence and Nohria's Four Drive Theory | Fulfilling drive to bond can improve corporate culture and teamwork. If all drives are met, satisfaction/motivation is likely to increase. |
| Disadvantages of Lawrence and Nohria's Four Drive Theory | It may be difficult for a manager to work on all 4 drives at once. Determining suitable drives for all employees can be time consuming. Drive to acquire may be expensive |
| Locke and Latham's Goal Setting Theory: Goals should... | Clarity, commitment, challenge, task complexity, feedback |
| Locke and Latham's Goal Setting Theory Clarity | Goals should be specific and easy to measure. Employees should be able to clearly understand what is expected of them |
| Locke and Latham's Goal Setting Theory Commitment | Employees should be involved in their goal setting. Employees should incorporate the personal intrests of the employee |
| Locke and Latham's Goal Setting Theory Challenge | The goals should be difficult enough to encourage employees to improve in order to achieve said goal |
| Locke and Latham's Goal Setting Theory Task complexity | The goals should not overwhelm employees and should be achievable. Employees should recieve adequate training and time to achieve their goals |
| Locke and Latham's Goal Setting Theory Feedback | Managers hsould provide regular support employees and adjust goals as needed. Managers should constantly monitor the progress of employees to keep them on track. Clarify misunderstandings and encourage them to achieve their goals. |
| Key Principles of Locke and Latham's Goal Setting Theory | Goals are set with managers and employees. Goals should involve the 5 principles After a goal is reached a new more challenging goal should be set |
| Advanatges of Locke and Latham's Goal Setting Theory | Goals are individualised and made with employees so they 'buy in' after a goal is set, its success can be measured quickly. If goals are made in with the business objectives, they can contribute to reaching said objectives |
| Disadvantages of Locke and Latham's Goal Setting Theory | Setting goals individually is time consuming. Too many goals can be stressful and confusing. It may be difficult to align personal goals with business goals. |
| Disadvantage to on the job training | Business may lack experienced staff to train other employees Employees may learn bad habits off other employees |
| Advantages of On the Job Training | Employees can perfrom their role while training, minimising productivity loss. Employees can quickly become familiar with the equipment they'll use |
| Disadvantages of Off the Job Training | Employees may struggle to apply new knowledge to the workplace. THe business workflow may be disrupted if employees are away for training lowering productivity |
| Advantages of On the Job Training | Can give meployees new perspective on how tp perform their job to a higher standard. Employees can perform training in a distraction free enviroment increasing the quality of the training |
| Managment by objectives | Involves both managers and employees collaborating to set individual employee goals that contribute to the achievment of broader business objectives |
| Performance managment strategies | Managment by Objective, Performance Appraisals, Self-Evaluations and employee Observation |
| Advantages of Managment by Objective | The achievemnt of employee and business objectives can create a positive working enviroment and strengthen corporate culture. Employees gain a sense of achievemnt increasing motivation |
| Disadvantages of Managment by Objective | Employees may cut corners to reach their objective, Failure to reach objective can cause employees to become demoralised |
| Performance Appraisals Are? | Involve a manager assesing the performance of an employee against a range of criteria, providing feedback, and establishing plans for future improvments. |
| Advantages of Performance appraislas | Can increase communication between employees and managers can give employees clear directions on how to improve their performance |
| Disadvantages of Performance Appraisals | Can be time consuming for a business to implement. Employees may lose motivation if they recieve multiple bad performance reviews. |
| Self-Evaluation is? | Where employees assess their own performance against pre-determined goals |
| Advantages of Self-Evaluation | Encourages employees to take ownership of their performance allowing them to identify areas for growth |
| Disadvantages of Self-Evaluation | Evaluations may not be objective, Employees may not have the ability to understand an objective assessment |
| Termination is? | The process whereby a business ends its employment contract with an employee |
| Forms of termination | Retirment (Voluntary), Resignation(voluntary), Redundancy(involuntary), Dismissal(involuntary). |
| When employees leave they are eligable fot the following entitlments | Annual/long service leave, redundancy pay, notice of termination. |
| Transitional issues | employees may recieve, assistance with resume writing, Allow for flexible working hours. |
| Human Resource Managers | Are individuals who coordinate the relationship between employees and managment within a business |
| What do Human Resource managers do? | Negotiate with employees and representatives, ensures legal requirments are met and agreements are implemented properly. |
| Employees are? | Individuals who are hired by a business to complete work tasks and support the achievments of its objective. |
| Employer Associations | Are advising bodies that assist employers in understanding and upholding their legal business obligations. |
| What does an Employee association do? | Share relevant information to an industry, Provide advice and support, Respectmemployers during negotiations with employees. E.G. Master Builders AUS |
| Unions | Are organisations composed of individuals who represent and speak on behalf of employees in a particular industry to protect and improve their wages and working conditions |
| What do Unions do? | Respect and negotiate on behalf of employees, Protect job security |
| Fair Work Commission | FWC is an Australian independant workplace relations tribunal that has a range of responsibilities outlined by the Fair Work Commission |
| What does the Fair Work Commission do? | Set the national minimum wage, Establish awards |
| Individual Employment Contracts (Agreements) are | A legal document which outlines the wages and working conditions of employees NOTE: These agreements cannot contain anything less than the NES or other relevant agreements. |
| Advantages of an Individual Employment Contract | Individualised so employees are happy with the personalisation |
| Disadvantages of an Individual Employment Contract | Time consuming because they are done with each employee |
| Enterprise Agreements | Are legal documents that outline the wages and conditions of employees and are applicable to a particular business or group of businesses. the FWC must approve these agreements |
| Advantages of Enterprise Agreements | More individualised than an award (increased flexibility) better working conditions than an award |
| Disadvantages of Enterprise Agreement | More expensive than an aware, Takes time to establish the agreement |
| Awards are | Legal Documents that outline the minimum wages and conditions of work for employees across an entire industry. There are 122 industry and occupation awards, examples may be Hospitality and fast food awards |
| Advantages of Awards | Consistent across the industry so it is fair for all employees, Cheaper than an enterprise agreement, Better working conditions than the NES |
| Disadvantages of Awards | More expensive than NES, a business may need to administer several different awards within a business, Provides less flexibility for employees. |
| National minimum Wages and EMployment Standards | NES, National Employment Standards |
| Grievance Procedures | Is a formal set of steps that an employer can follow to resolve workplace disputes |
| Mediation | Involves an impartial third party facilitating discussion between disputing parties to help each side of the conflict reach a resolution themselvse |
| Arbitrarion | Involves an Independant third party hearing arguments from both disputing parties and making a legally binding decision to resolve the conflict for both parties. |
| Indutrial Action | Strikes, Passive resistance, Picket line, Work to rule, Lock out |
| Strike | Employees withdraw their labour and production ceases, Initiated by employees |
| Passive Resistance | General lack of cooperation by employees to complete tasks, taking days off (Adbsenteeism) Initiated by Employees |
| Picked Lines | Employees physically demonstrate outside the premises of their employeer. It is aimed at stopping production by deterring other employees and supervisers from crossing the picket line, Initiated by employees |
| Work to Rule | Workers refuse to do anything more than the bare minimum required and follow every rule to the letter, Initiated by employees |
| Lock Out | Employer/managment does not allows workers to enter a plant ot building to peform their work, Initiated by a business. |
| Productivity | Is the number of goods or services that are produced compared to the number of resources used in the production process |
| Efficiency | Is how productively a business uses its resources when producing a goods or service |
| Effectivness | Is the extent to which a business achieved its objectives |
| Competitivness | is the ability of a business to deliever better value to customers than competitors |
| Inputs are | The resources used by a business to produce goods or services |
| Processes are | The actions performed by a business to transform inputs into outputs |
| Outputs are | The final goods or services produced as a result of a business operations |
| Manufacturing businesses | Utilise their operation systems to produce physical goods, They are tangible goods |
| Service businesses | Utilise their operations systems to produce intangible products. They are provided by individuals with spcialised expertise |
| Similarities between manufacturing and service businesses | Both aim to optimise their operations to produce high quality outputs at low cost of production, Both deal with suppliers during the process of managing operations, both can utilise technology in their operations systems |
| Forecasting | is a materials planning tool that predicts customer demand for an upcoming period using past data and market trends |
| Forecasting Advantages | Informed decisions about the quantity of materials required can improve a business's ability to meet customer demand |
| Forecasting Disadvantages | If a business is too reliant on forecasting, it may be unable to meet unexpected increases in demand |
| Master Production Schedule (MPS) and Materials Requirement Planning (MRP) | Is a plan that outlines what a business intendes to produce, in specific quantities, within a set period of time |
| Advantages of a Master Production Schedule (MPS) and Materials Requirement Planning (MRP) | Improves a business's reputation by having a reduced impact on the enviroment. A master production schedule prevents the business from producing and excessive amount of products, Therefore reducing waste |
| Disadvantages of a Master Production Schedule (MPS) and Materials Requirement Planning (MRP) | Businesses that are constantly changing the details of their operation systems may find a Master Production Schedule unhelpful as it is not a flexible program. |
| Just In Time | Is an inventory control approach that delievers the correct type and quantity of materials needed for production. |
| Advantages of Just In Time | Reduces storage costs and expenses associated with waste, meaning this money can be used in other areas of a buisness |
| Disadvantages of Just In Time | Delievery costs may increase due to more frequent delieveries |
| Proactive Change | Using KIP's to iniciate the alteration of behaviours, policies and practices of a business before a negative trend of data is shown before a threat or opportunity occurs |
| Reactive Change | Altering the behaviours ploicies and practices of a business after data (KPI) have show a negative trend after a threat or opportunity has occured. |
Created by:
Fortniteslay-x
Popular Business sets