Flashcards: Comprehensive Business and Management Fundamentals — 24 cards

Business sector — definition?

A subdivision of economic activities by product or service type.

Primary sector — role?

Extracts raw materials and natural resources.

Secondary sector — function?

Converts raw materials into finished products.

Tertiary sector — provides?

Services to the public and businesses.

Business environment — components?

Internal and external factors affecting operations.

Micro environment — control?

Inside the business; full control.

Market environment — control?

Immediately outside; partial control.

Macro environment — control?

Outside both; no control.

Quality control — focus?

Inspects final products against standards.

Quality assurance — focus?

Prevents defects during and after production.

Quality management — purpose?

Designs and improves products for consistency.

Quality performance — measurement?

Dept. performance vs standards.

TQM — meaning?

Continuous, organisation-wide quality improvement.

Quality circles — function?

Employee groups review and improve quality.

PDCA cycle — steps?

Plan, Do, Check, Act.

Plan stage — purpose?

Define problem and improvement plan.

Do stage — action?

Implement on a small scale.

Check/Act stages — goal?

Analyze data; standardize successful change.

Management — role?

Coordinate planning, organizing, leading, controlling.

Leadership — role?

Influence and guide followers.

Autocratic style — when?

In crises or emergencies needing quick decisions.

Democratic style — when?

When team skills and input are valuable.

ROI — meaning?

Return on investment, income from investment.

Investment risk — what?

Chance of loss or reduced value.