-Key+Business+Functions

Topic 2 - Key Business Functions - Vocabulary List Operations function - the physical production of a good or service. Prime function - the main, or core task that a bs perfroms. Employment relations function - the relationship between the owners of a bs and the people who work for them. Marketing function - Finding out what consumers want and need and linking this to the bs's product. Accounting & finance function - Providing financial information needed for sound and viable decision-making. Strategic planning - development of a long-term plan of action outlining the future direcion of the bs. Tactical planning - short-term plans to focus on the smaller steps to achieve the long-term strategic goals. These are developed by middle managers. Operational planning - plans for the day-today running of the bs. Market research - collecting & interpreting information about the market that enablkes a bs to provide the type & quality of the product that the market demands. Feedback controls - Controls that take place after the good has been sold or the service provided eg: surveys. Organisational structure - links together the tasks, processes and bs functions involved in producing the products. Division of labour - jobs broken down into series of smaller, specialised steps to make up the whole project. Chain of command - a flow of authority from the top of the pyramid down to the lowest level. Span of control - the number of workers that one manager controls directly. Intermediate good - used by other bs's in the next stage of manufacturing as an input for further processing. Service - an intangible product that is performed for someone by another person eg: dentist Lead time - The time between the supplier's receipt of a request for goods until the delivery of those goods to the purchaser. Supply chain - a firm's purchasing system Rostering - arranging staff in order to complete tasks within the organisation. Family-friendly programs - Workplace initiatives that seek to accommodate employees' family commitments while ensuring they are able to fulfil their work responsibilities Multiskilling - acquiring additinal skills, usually through training. Scheduling - determining the time each task will take and identify the order of steps that need to be taken. Gannt chart - Records the number of ytasks in each project and the estimated time needed for each task. Critical Path Analaysis (CPA) - A scheduling tool used if the exact time each task will take. Program evaluation review technique (PERT) - a scheduling tool appropariate where there is less certainty of the time taken for each task. Productivity - how efficiently goods and services are produced. Wholesalers - Internediary bs's that purchase goods from manufacturers in bulk quantities to resell to retailers. Compuer Aided Design (CAD) - computer technology that allows architects, engineers and designers to draw and adjust designs using a computer. Benchmarking - The process of measuring performance against established standards. Quality control - checking resources & products in all stages of the production process eg: free-forward. Total Quality Management (TQM) - Relies on continuous improvement in all aspects of the bs. Quality circles - regular meetings of a group of employees from different sections of the bs to discuss workplace issues. World's best practice - comparison of a firm's performance with the highest standards achieved worldwide. Efficiency - Achieving maximum otput with minimal input. Acquisition - A stage in the h r cycle that involves identifying staff needs, recruitment & selection. Remuneration - the pay and entitlements to be provided to the person employed to do the job. recruit - the bs selests an applicant from a pool of potential candidates for a job. Induction - introduces new employees to the bs. raining - activities to improve an employees present and future performance. Perfromance appraisal - a formal assessment of how well a person is working. award - a legal document which specifies the minimum working conditions of an employee. Target market - The focus of the firms marketing strategy.