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T227 MTA
T227
28
Business
Undergraduate 3
01/07/2023

Additional Business Flashcards

 


 

Cards

Term
Every Employee should be encouraged to see themselves as an agent of ______
Definition
Change
Term
Motivation and Creativity lead to ____
Definition
Innovation
Term
Organisation are made up of people with different _______ , _________ , __________ & _________
Definition
attributes
needs
motivation
aspiration
Term
__________ is about doing something new or doing something in a new way that creates value for an
organization, group or wider society
Definition
Innovation
Term
__________ can evoke strong defensive reactions. To seek to secure something familiar is a common response
Definition
Change
Term
The Coping cycle has 5 phases, list them
Definition
1- Denial
2- Defense
3- Discarding
4- Adaptation
5- Internalization
Term
Leaders and agents who are involved in introducing change need to be aware of fluctuations in _________, ________ & _____________
Definition
self-confidence, self-esteem & motivation
Term
What are the drivers of change? list 5
Definition
  • Fast and frequent technological change
  • Globalization of production of goods and services,
    markets and competition
  • Cheaper communication and distribution
    supported by the revolution in information and
    communication technology
  • Government deregulation, including privatization
    and legislation to promote competition
  • Changes in society and demography
  • The competition for scarce natural resources
  • Ecological concerns
  • Competition
  • Mergers, acquisitions and restructuring activity
Term
List the 4 zones of The Changing Organizational Context:
Definition
  • Zone 1 is the inner circle: you and your immediate working environment.
  • Zone 2: the other departments, management
    structure, human, physical and financial resources.
  • Zone 3: customers, suppliers and local factors.
  • Zone 4: social trends, the national and international economic climate, national government policy, global marketplace, technological innovation and environmental and ethical factors.
Term
Strategic planning has 3 stages
Definition
1- Strategic analysis: Carrying out analysis of the organisation’s external context and it’s internal conditions and the resources as its disposal
2- Strategic choices: Identifying and developing different strategic choices and evaluating their benefits to the organization
3- Strategic implementation: Implementing the preferred strategy
Term
The 4 Key Questions of strategic planning:
Definition
Question 1: Where are we now?
Question 2: Where do we want to be?
Question 3: How will we get there?
Question 4: How can we measure progress and stay on track
Term
A mission statement describes the purpose of the organization and should answer the following questions:
Definition
Why does our organization exist?
What sort of business are we in?
What values and guiding principles support what we do?
Term
Zone 3 & Zone 4 uses STEEPLE or SWOT?
Definition
STEEPLE
Term
What are STEEPLE, SWOT analysis?
Definition

STEEPLE: Social, Technological, Economic, Environmental, Political, Legal and ethical analysis

SWOT: Strength, Weaknesses, Opportunities and Threats

Term
The three major criteria are:
Definition
  • Suitability – do the proposals address the circumstances in which the organization is operating?
  • Acceptability – do the proposals offer a good return on the investment (ROI) and present an acceptable level of risk and will stakeholders
    react favourably?
  • Feasibility – can the proposed outcomes of the change program actually be achieved? Are the necessary resources and capabilities
    available?
Term
What is Project?
Definition
Project: is a temporary endeavour involving a connected sequence of activities and a range of resources, which is designed to achieve a specific outcome, which operates within time, cost and quality constraints and which is often used
to introduce change.
Term
All projects may be evaluated against the three generic criteria of ______ , _______ & _______ .
Definition
time cost and quality
Term
Project Life cycle is
Definition
  • Initiation & definition - the development of the initial goal and technical specifications.
  • Planning & organization – all detailed specifications, schedules, schematics, and plans are developed.
  • Execution & implementation – the actual “work” of the project is performed.
  • Monitoring and review – checking progress against agreed schedules and costs.
  • Closure & evaluation – project is transferred to the customer, resources
    reassigned, project is formally closed out.
Term
Process refers to?
Definition
Refers to ongoing day to day activities in an organization.
Use existing systems, properties, and capabilities in a continuous, fairly repetitive manner.
Term
What Determinates the project success ?
Definition

Time

Budget 

Performance 

Client acceptance

Term
What are the project manager responsibilities?
Definition
 Selecting a team
 Developing project objectives and a plan for
execution
 Performing risk management activities
 Cost estimating and budgeting
 Scheduling
 Managing resources
Term
ToR is referred to ?
Definition
Terms of Reference
Term
Three main ideas must be contained in the ‘Terms of Reference’ document?
Definition
What is project about?
How the project will be delivered?
Project feasibility
Term
What are the project stakeholders?
Definition
people and groups who have an interest in and are affected by the project and its outcomes.
Term
Stakeholder types are:
Definition
Customer
Project Sponsor
Project Manager / Leader
Team Member
Supplier
Other Stakeholder
Term
SMART is a reference to ?
Definition
Specific
Measurable
Achievable
Result oriented
Time related
Term
What are sources of risk?
Definition
Timing
Technology
People related
Finance
Customer
Term
What are the strategies of managing risks?
Definition
1- Risk Avoidance: refusing a contact because the risk is too high for the benefit that could result
2- Risk Reduction: Regular reviews can help to reduce the risk associated with particular stage of project
3- Risk Protection: taking out insurance against particular events the risk might happen in
4- Risk Management: Uses written agreements in areas of potential disagreement
5- Risk Transfer: passing the responsibility for a difficult task to another organisation
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