Performance indicators

Explain the role of business in society

"to innovate and deliver products and services, to use resources efficiently so that the value is created, and to conduct operations so that they are performed profitably and accepted by society."

In summary, "the role of business in society is a coherent way of thinking about a company's impact and interaction with society

Describe the nature of legally binding contracts

A contract is a clear outline of an agreement between at least two willing parties; it’s considered valid and enforceable in a court of law.

Distinguish between economic goods and services

Goods - consume or use (tangible things)

Services - act that a person does for you (intangible)

Discuss Managerial Considerations in directing

Management's responsibility is to create a work environment that reflects the mission of the organization

Includes: providing motivation for employees, supervising operations, respectfully and efficiently evaluating performances so that goals can be achieved

Nature of managerial control

Managerial control: the process of achieving defined goals within an established timetable

Three components: setting standards, measuring actual performance, and taking corrective action

Types of Managerial control

Process control - includes activities involved in ensuring a predictable and stable process; and consistently operating at the target level of performance with only normal variation

Organizational Control - process of establishing and maintaining authority over and throughout a business.

Explain the use of technology in knowledge management

• allowed e-learning to develop that can be an effective tool within a business

• storing in data warehouses using new technologies like intranets and extra-nets or web conferencing

• continue advances in technology

Demonstrate ethical work habits

an employee will be flexible, punctual, manage their time, creative, attentive, deliver quality products, face challenges in a positive manner and show respect to others, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship.

Explain role of finance in business

to help capital move from investors to businesses which need finance to assist with operations

Finance can also include roles in business development and corporate governance.

Handle telephone calls in a businesslike manner

Includes: formal greeting, name of business and name of department or person answering the call

Calls should be answered promptly, features and buttons should be used when needed

Describe the nature of Quality Management Frameworks

act of overseeing all activities and tasks needed to maintain a desired level of excellence. One of these models is the Six Sigma strategy. This strategy involves creating groups of people within the business or organization who have expert status in various methods, and then each project is carried out according to a set of steps in an effort to reach specific financial milestones. A six sigma process is defined as one in which 99.99966% of products created are expected to be statistically free from defects. The Information Technology Infrastructure Library (ITIL) is a comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community. Lastly, the Capability Maturity Model Integration (CMMI) is a process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers.

Write analytical reports

An analytical report is a detailed report that requires a person to do thorough research on the subject of the report and to clearly interpret the report.

Identify techniques that can be used to capture and transfer knowledge in an organization

Knowledge is gathered through intranets, extranets, groupware, web conferencing and document management systems. Once gathered, knowledge is then stored in data warehouses. This information can then be shared through education, training programs, lessons learned databases, automated knowledge systems, expert networks and communities of practice (CoP).

Explain the role of ethics in human resources management

Ethics are standards set by organization that help ensure that people are treated fairly and honestly. In human resources management this includes making decisions that promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of human resources can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company's reputation, reduce employee loyalty and create litigation.

Explain types of business ownership

There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.

discuss the need for continuous improvement of the quality process

Continuous improvement provides an opportunity for a business to consistently assess its performance and understand how it can adapt operational practices to increase profitability and productivity.

Discuss the nature of managerial planning

Managerial planning is the process used to determine the vision of a business and then translating that into organizational goals and an operational plan for achieving those goals. When conducting these activities, management is challenged to determine what must be done at each step to move forward. This process also encourages flexibility when needed to respond to needs in the market.

Describe the nature of budgets

A budget is an itemized forecast of an individual or company's income and expenses for a designated period of time. This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt.

Close project

When each task identified in the work breakdown structure (WBS) has been completed, the project is finished. At this time the project will be evaluated to determine efficiency and performance.

Describe the use of technology in risk management

Risk management, as a business operation unit, began with protecting against natural risk through insurance. Today risk management includes protection against technology-driven risks such as Cybercrime which includes malware which can risk loss not only to the company's infrastructure but to its customers as well. "Hacking" is also a technology related risk that has had many recent victims, when computer systems are used to gain confidential information for criminal purposes.

Explain marketing and its importance in a global economy

As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.

Discuss the nature of information management

Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. This can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.

Analyze employer expectations in the business environment

When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands

Explain the nature of project management

Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.

Explain legal considerations for knowledge management

Securing information is the broad issue in legal issues facing knowledge management. As companies gather sensitive information about consumers and/or clients, they also face the legal responsibility to secure that data. As information is shared within an organization, legal issues that can be face include conflicts of interest, insider trading, and plagiarism.

Explain the role of ethics in risk management

Risk management monitors the opportunity for loss in a business. If the fundamental principles of human behavior are not followed in this area, loss will occur. If an employee withholds information, makes mistakes or is dishonest it can place the business at risk for loss.

Explain the nature of effective written communications

Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly. "The words we write are very real representations of our companies and ourselves." Janis Fisher Chan. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action. Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.

Explain the nature of quality management

Quality management is an overall approach to long-term success that views continuous improvement, in all aspects of an organization, as a process and not as a short-term goal. Quality management aims to transform an organization through changes in the attitudes, practices, structures, and systems.

Describe the concept of insurance

Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.

Discuss the nature of customer relationship management

The goal of customer relationship management (CRM) is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers; provide outstanding service to customers; maximize customer satisfaction; attract and retain loyal customers; cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.

Exhibit cultural sensitivity

A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another's cultural norms and be willing to learn traditions and characteristics of other cultures.

Orient new employees

Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.

Discuss the nature of human resource management

Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.

Explain factors that influence customer/client/business buying behavior

Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.

Identify sources that provide relevant, valid, written material

When evaluating material, determine if content is fact, opinion or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.

Discuss the nature of law and sources of law in the united states

Law is created at the local (city, town, county), state and federal level by the legislative branch. Elected representatives write and approve legislation and government agencies execute laws by writing regulations.

Prepare work breakdown structure

An employee will determine each task of the project, provide information about who will perform each task, what resources will be allocated to each task and provide a timeline for the tasks in order to complete the project.

Identify desirable personality traits important to business

Your personality is a set of characteristics that relate to a person's emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being "high-energy", confidence, the ability to work independently and intellectual curiosity.

Maintain appropriate personal appearance

Maintaining your personal appearance is necessary as employees represent the business in which he/she is employed. Personal appearance includes facial expressions, body language, as well as clothes and grooming.

Discuss legal considerations in operations

Legal actions that can take place as a result of operations include lawsuits from employees are hurt on the job, lawsuits from consumers if products are found harmful, and engagements with labor unions.

Discuss legal considerations affecting risk management

Legal issues that should be considered as a part of risk management include understanding regulations that govern that industry. If a business is not in compliance it runs the risk of a lawsuit, including product recalls Understanding the nature of human risk is important from a legal perspective, as embezzlement, fraud and theft can also affect a business' operations

Explain need for innovation skills

Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.

Discuss types of inventory

Just-in-time (JIT) inventory coordinates materials so that they arrive just before they are needed for production. Quick Response Delivery (QSD) is the same type of inventory as JIT but is applied in the retail setting. A perpetual inventory system constantly checks what it in is stock. Any type of transaction is tracked in this system so that reordering is done in time to avoid lost revenue.

Handle difficult customers

There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer's behalf. Whenever possible, offer choices.

Describe types of purchase orders

A standard purchase order is for a one-time purchase that describes the quantity, price and products ordered, terms of payment and delivery. A blanket purchase order is a long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. An electronic purchase order is the same as a standard purchase order that is transmitted electronically over the Internet.

Explain managerial considerations in organizing

Management's responsibility to the organization is to provide a detailed plan to express what needs to be accomplished, who will do these tasks, what the chain of command is for the organization and therefore how decisions will be made. Management will be successful if they use the resources available in the best way possible in order to achieve organizational goals

Describe health and safety regulations in business

In 1970, the Occupational Safety and Health Act was passed that created the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.

Utilize project-management software

Project management software is used for project planning, scheduling, budgeting, and documentation. Project management software is also used for collaboration and communication between project participants.

Discuss actions employees can take to achieve the company’s desired results

One of the most important tasks an employees has is to work towards a company's goals in order to create a profit.

Explain the nature of positive customer relations

Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.

Describe managerial considerations in staffing

Management's responsibility is to consider the strengths and weaknesses of his/her employees. Employees should be placed in a position to make both the employee and organization successful. In doing so, an employee will be given responsibilities that will make him/her productive to contribute to the goals set by management.

Manage project team

Using a prepared work breakdown structure (WBS), an employee will use data to monitor the progress of a project. A leader will ensure that each member of the team is contributing to the success of the project by completing his/her responsibilities

Initiate project

An employee will begin projects as determined by management.

Execute and control projects

Using a prepared work breakdown structure (WBS), an employee will use data to monitor the progress of a project. Performance will be evaluated against the information provided in the WBS to determine if sufficient progress if being made or if correct action needs to be taken.

Explain the nature of operations

Operations include the activities involved in the daily functions of the business to generate revenue.

Maintain vendor/supplier relationships

To maintain an effective relationship with a supplier, a buyer will have records about previous interactions including information about delivery and customer service. A supplier should be engaged in continuous improvement to keep standards high for their customer.

Explain the nature of knowledge management

Knowledge management is the strategy designed to identify, document and share an organization's intellectual assets to benefit performance.

Explain the types of economic systems

There are four types of economic systems commonly studied. A traditional economy relies on custom and ritual to make its choices. A market economy relies on the consumption choice of consumers. A command economy relies on the government making all choices for consumers. A mixed economy relies on limited government involvement in a market based economy.

Explain the concept of management

Management is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker, this includes both marketing and innovations.

Discuss the role of ethics in knowledge management

Ethics is inherently important in knowledge management because the business is asking an employee to trust what is being shared. If a researcher or colleague approaches these actions with unethical behavior, the business can lose and/or distort important data relevant to enhancing productivity of the organization.