What is a transformational leader?
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What is a transformational leader?
A transformational leader brings extensive changes to a business's aims, objectives, structure, and culture, with a new strategic direction and vision.
What is meant by the term divestment?
Divestment is the process of selling assets or discontinuing investments.
True or False?
Change can have a positive effect on business competitiveness when management and engaged employees coordinate their efforts.
True.
Change can have a positive effect on business competitiveness when management and engaged employees coordinate their efforts.
What does productivity mean?
Productivity refers to the efficiency with which inputs, such as labour and capital, are used to produce outputs.
What is a redundancy payment?
A redundancy payment is compensation paid to employees who are dismissed from their jobs due to factors such as downsizing or restructuring.
True or False?
In the short-term, change is likely to reduce productivity.
True.
In the short term, as change is being implemented and employees get used to the change, productivity is likely to be reduced.
True or False?
Seasonal fluctuations or cyclical economic factors cannot be planned for.
False.
Seasonal fluctuations or cyclical economic factors can often be planned for as they are capable of being forecasted.
What is meant by the term legal compliance?
Legal compliance is where a business adheres to laws that regulate business practices.
What is meant by the term competitive edge?
Competitive edge refers to factors that lead to a business having an advantage over its rivals.
What is a merger?
A merger is when two existing but independent companies combine to form a new, singular legal entity.
Define the term organisational culture.
Organisational culture is the shared values, beliefs, and norms that shape the behaviour and attitudes of employees within a business.
True or False?
Employee resistance to change is unlikely to occur.
False.
Employee resistance to change often occurs.
What is the pace of change?
The pace of change refers to the speed or rate at which changes are implemented within an organisation.
True or False?
An innovative and flexible culture may mean that employees are less receptive to change.
False.
An innovative and flexible culture may mean that employees are more receptive to change.
True or False?
In a hierarchical culture, communication channels are likely to be clear, frequent and effective.
False.
In a hierarchical culture, communication may be limited and information may not be easily accessible to all employees.
What is meant by resistance to change?
Resistance to change is the act of opposing or being reluctant to accept and implement changes within an organisation.
True or False?
Large businesses often have more resources available to support the implementation of change.
True.
Large businesses often have more resources available to support the implementation of change, such as financial resources, technology and experienced staff.
True or False?
Employees who are involved in the change process are more likely to embrace the change.
True.
Employees who are involved in the change process are more likely to embrace the change and feel a sense of ownership over it
What is scenario planning?
Scenario planning is the process of anticipating possible changes in a business's situation and devising ways of dealing with them.
Define the term risk assessment.
Risk assessment is the process of identifying, evaluating, and prioritising risks and the precautions that may be taken to protect against them.
True or False?
Natural disasters are not considered in business risk assessments.
False.
Natural disasters are often unpredictable, but their potential impact is so devastating that they are commonly considered in business risk assessments.
What is an IT systems failure?
An IT systems failure occurs when a business's information technology systems are unavailable or not functioning properly, which can have a devastating effect on operations.
Define the term malware.
Malware is any software designed to cause damage or disruption to a computer system, such as viruses, worms, and Trojans.
What is a data breach?
A data breach is the unauthorised access, theft, or loss of sensitive or confidential data, which can occur due to cyberattacks, human error, or negligence.
True or False?
Losing key staff has a limited impact on a business.
False.
Losing key staff can cause difficulties for a business, including loss of experience, knowledge, business contacts and relationships with customers and suppliers.
What is a business continuity plan?
A business continuity plan sets out how a business will operate following a serious incident or disaster and how it expects to return to normal as soon as possible.
Give two examples of insider threat, in relation to IT systems?
Examples of insider threats include:
Employees who intentionally or unintentionally cause harm to the IT systems
Stealing sensitive information or causing a system outage
Employees who are not adequately trained or aware of cybersecurity
What is succession planning?
Succession planning involves identifying and developing current employees who have the potential to move into key roles in the future.
True or False?
In succession planning, businesses only consider family members to fill key roles in the future.
False.
In succession planning, businesses may look at family members, key employees, or outside candidates to develop a pool of potential candidates for key roles.
What is a supply chain disruption?
A supply chain disruption is any event that causes a disruption in the production, sale, or distribution of products, e.g. natural disasters, regional conflicts, and pandemics.