Business Management Half Yearly Palm Cards 0.0 / 5 ? Business StudiesBusinessInternational BaccalaureateNone Created by: J_WrigglesCreated on: 11-05-16 21:24 What is Human Resource Planning (HRM)? HRM is the management function of using and developing people within a business to meet its organisational objectives. 1 of 26 What is workforce planning? The recruitment, selection and induction of new employees. 2 of 26 What is labour turnover? It measures the percentage of the workforce that leaves the organisation in agiven time period, usually a year. 3 of 26 What is demographic change? The supply of human resources in a country is affected by demographic change in the workforce. 4 of 26 What is labour mobility? The extent to which labour can move to different locations and flexibility in changing to different jobs. 5 of 26 What is the recruitment and selection process? 1. Job analysis 2. Job advertisement 3. Job description 4. Person specification 6 of 26 What is the application process? 1. Application form 2. Curriculum Vitae 3. Cover letter 7 of 26 What is an appraisal? A formal assessment of an employee's performance in fulfilling his or her job based on the tasks and responsibilities set out in their job description. 8 of 26 What are 4 types of appraisals? 1. Formative 2. Summative 3. 360-degree feedback 4. Self-appraisal 9 of 26 What is dismissal? Termination of a worker's employment due to incompetence or a breach of contract. 10 of 26 What is ageing population? The net birth rate falls and that means that the size of the future workforce will also fall. 11 of 26 What is offshoring? An extension of outsourcing that involves relocating business activities and processes abroad. 12 of 26 What is re-shoring? The reversal of offshore outsourcing, the transfer of business operations back to their countries of origin. 13 of 26 What are the 5R problems for organisations? Recruitment, resources, reservations, returns and reputation 14 of 26 What is economies of scale? When their is a lower average cost of production as a firm operates on a larger scale due to improvement in production efficiency. 15 of 26 What are conglomerates? Businesses with a diverse portfolio of different products and markets. 16 of 26 What are diseconomies of scale? The 'tipping point' when a business becomes too large and economies of scale can no longer be exploited. 17 of 26 What is internal (organic) growth? Uses its own capabilities and resources to increase its scale of operations and sales revenue. 18 of 26 What is external growth? Using outside organisations to increase scale of operations and revenue. 19 of 26 What are M&As? The amalgamation of two or more businesses to form a company. 20 of 26 What is a merge? When two or more firms agree to form a new company. 21 of 26 What is an acquisition (takeover)? When a company buys controlling interest in another firm. 22 of 26 What are joint ventures? Occur when two or more businesses spilt the cost, risks, control and rewards of a business project. 23 of 26 What are strategic alliances? When two or more businesses cooperate in a business venture for mutual benefit. 24 of 26 What is globalisation? the growing integration and interdependence of the world's economies. 25 of 26 What is a MNC (Multi National Company)? Has a head office in home country unlike transnational company. 26 of 26
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