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Vce Business Management Final Exam Questions With 100% Correct Answer
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Vce Business Management Final Exam Questions With 100% Correct Answer
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Vce Business Management Final ExamQuestions With 100% Correct Answers
CSR Process - - OH&S (beyond legal requirements) improved outcomes for staff, less time lost
through injuries, but can be costly through rewriting of procedures
- Training - benefits staff by upscaling, increasing motivation, however loss of time whilst
training employees
- Efficient uses of resources - minimising waste, and ensuring waste is disposed of in a manner
that reduces impacts on the environment
CSR Outputs - - Create good products that support the reduction of waste - fit for intended purpose
and so there is reduced chance of returns, defective products of those that may cause injury to
consumers
- Packaging decisions - aim to minimise packaging the reduce environmental footprint while
still considering perishable items and hygiene
Inputs - The resources used in the production process to achieve a final output. They include:
- Raw Materials
- Capital equipment
- Labour
- Money
- Time
Processes - Refers to the actions performed on the inputs to transform and convert the into the
finished product or service
Outputs - The finished product or completion of a service
Global sourcing of inputs - Refers to the practice of selecting and using suppliers from an
overseas location to obtain the most cost-effective materials and other inputs
,Overseas manufacturing - Refers to goods being produced in a country that is different from a
business's headquarters.
-Focuses on reducing labour costs
Global outsourcing - Where a business uses organisations from around the world to undertake some
of the business functions.
-This is done to reduce costs, improve quality or improve productivity
Supply chain management - The range of suppliers from which a business purchases its inputs.
- includes the resources involved in moving a product or service from suppliers to manufactures
and then on to consumers
The concept of business change - A business planned or unplanned response to both internal or
external pressures. It can take the form of radical or incremental change.
Bench marking - Setting a standard to measure against
e.g: measuring performance against past years performance
Key performance indicators - - Percentage of market share
- Net profit figures
- Rate of productivity growth
- Number of sales
- The rate of staff absenteeism
- The level of staff turnover
- The number of customer complaints
- The level of wastage
- The number of workplace accidents
Percentage of market share - Refers to the business's share of the total industry sale for a
particular good or service, expressed as a percentage
, Net profit figures - The difference between revenue and expenses and is used by business
owner as a means of determining the financial performance of a business. What determines a
business's long term success
Rate of productivity growth - Measures the change in the amount of output per unit of input in
one year compared to the previous year. The growth in the rate of productivity helps a business
measures how efficiently they are using their resources
Number of sales - Measures the number of goods or services (products) sold in a given period of - it
and can reflect the number of customer buying products
- quantity or $ value
Rate of staff absenteeism - Measures the number of workers who neglect to turn up for work when
they are scheduled to do so. High rates can be a reflection of a number of factors including job
dissatisfaction, ongoing personal or health issues
The level of staff turnover - Refers to the number of staff who the business over a given period of
time and need to be replaced. Similar to absenteeism a high rate can indicate that employees have a
low job satisfaction
The number of customer complaints - Where customer contact the business and express their
displeasure with the business or its product.
- indicate whether or not customers are satisfied with the performance of the business.
(through quality, customer service, price)
The level of wastage - Refers to the amount of materials or products that are discarded by the
business
- can occur due to a reasons such as poor quality, overstocking, poor processes, overproduction
or poorly trained employees
The number or workplace accidents - Looks at the amount of people that are injured at work and is
a measure of workplace safety.
Lewin's Force Field Analysis - A decision making tool for business that is used to compare
forces against change so that an informed decision can be made.
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