VCE Business Management Question Thread!

[Mafioso]

But how do they relate to strategies?

The study design recognises a few operations management 'strategies'. These strategies include: facilities design and layout, quality management, materials management and the use of technology.

When answering these types of questions, it is important to state that the business must make sure that the operations strategies chosen here reflect the objectives of the business. For example, lets say the business objective is to cut down expenses by 20% within the next year. Operations management, being one of the most important functions in the organisation, must aim to adhere to this overarching objective of the business. It can do this by using a product layout, which has a constant rate of output and because of the use of technology, it can capitalise on low unit costs. Here, the low cost products are strategically manufactured so that the business objective of cutting down expenses is met.

This is the link you must make between the strategies chosen and the objectives of the business. You can apply the same reasoning to the human resource function. Good luck!

[Fuze]

what's a good definition for ethics and srm?

[anna.xo]

what's a good definition for ethics and srm?

Ethics refers to a set of moral principles that an organisation needs to establish and follow OR Ethics refers to the application of moral standards in business activities.

Social responsibility is the extra efforts an organisation goes to for the wellbeing of its stakeholders, especially the environment and the community OR Social responsibility refers to a concept where an organisation considers the interests of society by taking responsibility for the impact of their activities on stakeholders.

Hope this helps

[academicbulimia]

what's a good definition for ethics and srm?

I swear I've written this definition like 1000 times in practice exams...haha anyway

Anna explained ethics well

This is definition of SR that I love: The obligations a business has above and beyond it's legal responsibilities to the well-being of its stakeholders, society and the environment. 

[Damoz.G]

I swear I've written this definition like 1000 times in practice exams...haha anyway

Anna explained ethics well

This is definition of SR that I love: The obligations a business has above and beyond it's legal responsibilities to the well-being of its stakeholders, society and the environment. 

Good definition.

Yeah, I think the Cambridge Textbook defines those two terms pretty well.

[MnB]

Does anybody know the benefits to both employees and management that can be obtained using performance management?

[tcstudent]

Does anybody know the benefits to both employees and management that can be obtained using performance management?

When you mean performance management, you mean performance appraisals such as 360 degree feedback review?

benfits of these is that it allows employee and employer to identify and discuss areas of weakness, therefore can determine strategies to improve their skills and knowledge.

-This can benefit the employer because staff can now be aware of their performance and will be more willing to work harder/productivity increase yeah? because they now understand areas of weakness

hopefully this has helped.

[lala1911]

And performance management also helps a manager determine the outcome for an employee. In conclusion of performance management, performance management outcomes are determined. If an employee has proven themselves, they may get rewarded, or they may need to undertake more training or possibly termination.

[Werewolf]

And performance management also helps a manager determine the outcome for an employee. In conclusion of performance management, performance management outcomes are determined. If an employee has proven themselves, they may get rewarded, or they may need to undertake more training or possibly termination.

Performance management refers to the strategic and combined approach to organisational success by improving the performance of employees.

I don't think you can really talk about 'rewarding' employees within performance management, unless you are combining it with reward management, or if you are just talking about intrinsic rewards as positive reinforcement, which is essentially reward management.

All you have to know for reward management is the definition and types of appraisals.

[lala1911]

Yeah I didn't really communicate well there was in a rush to get off the computer. At the end of performance management, outcomes are decided (mentioned above).

[jpf299]

Harry Shaw has recently joined large computer manufacturer Buzz Computers. During induction he is taught the corporate culture of the organisation, but after a month’s employment he has noticed some differences between the culture described, and the culture he observes at work.

Define corporate culture and describe the difference between official culture and real culture. In your answer, name two indicators of real corporate culture Harry may have observed.

Need help with this question  i know how to define, but i dont know how to do the second part, i never learnt about indicators? or is it common sense? not sure what real corporate culture is either, any help would be appreciated thank you

[tcstudent]

Harry Shaw has recently joined large computer manufacturer Buzz Computers. During induction he is taught the corporate culture of the organisation, but after a month’s employment he has noticed some differences between the culture described, and the culture he observes at work.

Define corporate culture and describe the difference between official culture and real culture. In your answer, name two indicators of real corporate culture Harry may have observed.

Need help with this question  i know how to define, but i dont know how to do the second part, i never learnt about indicators? or is it common sense? not sure what real corporate culture is either, any help would be appreciated thank you

Real corporate culture, refers to the prevailing features within the actual organisation, this can be identified through the language used within the organsiation or the behvavious in the organisation.

Official corporate culture refers to the impression given by the organisation to external stakeholders such as customers, special interest groups
this can be identified through slogans and physical appearance of employees.

[jpf299]

Real corporate culture, refers to the prevailing features within the actual organisation, this can be identified through the language used within the organsiation or the behvavious in the organisation.

Official corporate culture refers to the impression given by the organisation to external stakeholders such as customers, special interest groups
this can be identified through slogans and physical appearance of employees.

thank you so much really helps

[Werewolf]

If you are asked to classify an LSO through characteristics, and it only says something like this. An australian based company; what would the extent of operations be? From what I know, a transnational corporation is a company that has a 'home' but operates in multiple countries, whilst a multinational corporation operations in multiple countries without a home. If it is solely an Australian company, could you say a characteristics for extent of operations is like a globalised market or something?

Also, does the annual revenue have to be in the 'millions' or 'billions' to be an LSO?

[tcstudent]

If you are asked to classify an LSO through characteristics, and it only says something like this. An australian based company; what would the extent of operations be? From what I know, a transnational corporation is a company that has a 'home' but operates in multiple countries, whilst a multinational corporation operations in multiple countries without a home. If it is solely an Australian company, could you say a characteristics for extent of operations is like a globalised market or something?

Also, does the annual revenue have to be in the 'millions' or 'billions' to be an LSO?

In the exam their will be no question like that, they will obviously provide you with a clear prompt that will state the organisation is large through clear characteristics such as employing over 200 employees, revenue in the millions and assets consisting of more than 200 million$$