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A set of brief notes of areas to study before you take your final Unit's 3 and 4 VCE Business Management Exam.
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The planning process1. Outline the Objective2. Analyse the Environment3. Develop & Evaluate Alternatives4. Implement an Alternative5. Monitor & Review
SWOT – used to analyseStrengths – inside the organisationWeaknesses – inside the organisationOpportunities – outside the organisationThreats – outside the organisation
The organising process1. Determining the Tasks2. Classifying and Grouping Tasks3. Assigning Work and Delegating Authority
Procedures1. Identify an Issue or Problem2. Research & Analyse Environments3. Consult Stakeholders4. Develop a Draft Policy for Review by Stakeholders5. Revise the Policy6. Approve & Distribute the new Policy7. Monitor & Evaluate the new Policy
Management ControlAutocraticPersuasiveConsultativeParticipativeLassez-Faire
Problem Solving1. Identify the Problem and Causes2. Gather Revelant Information3. Develop Alternate Solutions4. Analyse the Aternatives5. Choose one Alternative and Implement it6. Evaluate the Solution
Master Production Schedule1. Quantity of each item2. Type of each item3. How production takes place4. When production takes place5. Where production takes place6. Labour required
Maslow’s Need Hierarchy1. Self Actualistation2. Self Esteem3. Belonging4. Safety5. Physiological
Negotiating AgreementsAware of awards and national employment standardsTable relevant informationConsult widely
Keep an open mindRemember the ‘big picture’Exercise careLodge the agreement
Kotter’s Theory of Change Management1. Establish necessity2. Establish a guiding group3. Create a vision4. Communicate the vision5. Empower people6. Recognise & reward7. Consolidate improvements8. Institutionalise the change
Hertzberg’s Two Factor TheorySome things stop people becoming dissatisfied (Environment) and other things motivate people (Motivators)Environment - extrinsic to the workerMotivator - intrinsic to the worker
Locke’s Goal Setting TheorySet GoalsFeedbackMotivationImprove Performance
Employment CycleMaintainingTerminatingEstablishing
HR PlanningHow many workers are needed?What qualifications & skills are needed?When and where workers are needed?
Job Description is a written statement of tasks, duties and responsibilities.Job Specification is a list of key qualifications, skills and expertise required for a job.Job Analysis is a systematic study of each employee’s studies, tasks and work environment.
Job DesignWhat tasks?Who, how and when performed?
The Selection ProcessShort list applicationsTestsInterviewsBackground ChecksSelect (better) candidate
Remuneration PackageWageSalaryBenefitsSalary Sacrifice
Benefits of TrainingTo the Worker:
Opportunities – promotion & self improvementSatisfaction – performing tasks betterChallenge – learning new thingsAdaptable – able to adapt to changeTo the Organisation:Improve work qualityIncreases work productivityBetter able to initiate and cope with changeAchieve objective more easilyReduce costs
TrainingJob Rotation moving around the organisationMentoring using another person as a ‘coach’ for guidance and supportFormal Training undertaking specific management training such as an MBA (Masters in Business Administration)
Rewards & RecognitionMotivationEquitableClearDefensibleConsistentRelevantCost EffectiveIntegrated with Objectives
Performance AppraisalProvide feedback to workersA measure for promotion, pay rises etc.Helps the organisation monitor its workersIdentify training & development needsIdentify new objectives & plan future performance
Centralised SystemThe government controlled the system and all wages & conditions were the same for all workers in the same areas of work.
Decentralised SystemIndividual organisations control their own system and decide the pay and conditions (above the legal standards) for their own employees.
AwardsIn the past contained the terms and conditions of employments which applied to particular industries.Today are a set of 10 minimum agreements that apply where no enterprise agreement has been reached.