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Questions and Answers
What is a potential benefit of cultural diversity in the workplace?
What is a potential benefit of cultural diversity in the workplace?
Cultural sensitivity has no impact on a company's ability to attract top talent.
Cultural sensitivity has no impact on a company's ability to attract top talent.
False
What is cultural diversity within a workforce?
What is cultural diversity within a workforce?
Differences among people in a workforce owing to race, ethnicity, and gender.
Employees with knowledge about another country and who can communicate in that language can prevent embarrassing mistakes due to a lack of ____.
Employees with knowledge about another country and who can communicate in that language can prevent embarrassing mistakes due to a lack of ____.
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What is a primary reason businesses turn to outsourcing?
What is a primary reason businesses turn to outsourcing?
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Match the following advantages of cultural diversity with their descriptions:
Match the following advantages of cultural diversity with their descriptions:
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A Management Information System (MIS) aims to create unnecessary delays in information distribution.
A Management Information System (MIS) aims to create unnecessary delays in information distribution.
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List the five areas of management in businesses.
List the five areas of management in businesses.
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The five functions that every Management Information System (MIS) must perform include collecting, storing, updating, processing, and _______.
The five functions that every Management Information System (MIS) must perform include collecting, storing, updating, processing, and _______.
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Match the following financial management activities with their descriptions:
Match the following financial management activities with their descriptions:
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Study Notes
Organizing e-Business Resources
- Businesses use four resources: Human, Material, Informational, and Financial.
- E-businesses resources are often more specialized than traditional businesses.
- Outsourcing is used by businesses to reduce costs of specialized resources.
- Outsourcing is finding outside vendors for professional help, parts, or materials.
What is a Management Information System?
- A Management Information System (MIS) provides managers and employees with the information they need to perform their jobs effectively.
- MIS distributes timely and useful information from internal and external sources.
A Business's Information Requirements
- Businesses are often organized into five areas of management: Finance, Operations, Marketing, Human Resources, and Administration.
Every MIS Must be Tailored to the Organization it Serves and Must Perform Five Functions:
- Collects data
- Stores data
- Updates data
- Processes data into information
- Presents information to users
The Need for Financial Management
- Financial management are activities concerned with obtaining and using money effectively.
- Proper financial management ensures that:
- Funds are available when needed, obtained at the lowest cost, and used efficiently.
- Financing priorities reflect organizational goals.
- Spending is planned and controlled.
- Credit customers pay bills on time.
- Bills are paid promptly.
- Funds are available to pay taxes.
- Excess cash is invested conservatively.
Cultural Diversity in Human Resources
- Today's workforce is diverse and brings diverse beliefs, expectations, and norms.
- Managers should be aware of cultural differences.
- Cultural diversity is an opportunity that businesses should embrace rather than a limitation.
Advantages of Cultural Diversity
- Diverse companies may have cost advantages.
- Companies with diverse workforces attract and retain better personnel.
- Diverse perspectives can improve marketing efforts.
- Employees are open to more positions.
- Diverse perspectives create more creativity.
- Decision-making is improved by diverse perspectives.
- Bilingual employees are valued in the global marketplace.
The Legal Environment of HRM
- All South Africans have the right to fair labor practices.
- All workers have the right to form, join, and participate in trade unions and strike.
- All employers have the right to form, join, and participate in employers' organizations.
- All trade unions and employers' organizations have the right to organize.
- All trade unions, employers' organizations and employers have the right to participate in collective bargaining.
Objective Methods:
- Objective appraisal methods use measurable quantities to assess performance.
- Examples include: Units of output, volume of sales, and number of defective products.
Judgemental Methods:
- Judgemental appraisal methods rely on manager judgement or estimates of performance.
- Ranking and rating scales are examples.
Avoiding Appraisal Errors:
- Managers should be cautious when appraising employees.
- Overusing one portion of the evaluation instrument can lead to overemphasizing or underemphasizing issues.
- Managers should not allow poor performance in one area to influence judgement in other areas.
- Managers must avoid discrimination based on protected traits.
Herzberg's Motivation-Hygiene Theory
- This theory states that satisfaction and dissatisfaction are separate dimensions.
- Motivation factors boost motivation.
- Hygiene factors reduce dissatisfaction.
What is a Team and Types of Teams?
- A team is a group of workers operating as a unit to accomplish a task or goal.
- Grading classifies products by size and quality through a sorting process.
- Standardization and grading facilitate production, transportation, storage, and selling.
Marketing Functions
- Marketing functions are the activities performed to plan, price, promote, and distribute products.
- Functions include:
- Product planning
- Pricing
- Promotion
- Distribution
- Customer Relationship Management
- Risk Taking
- Gathering Market Information
Utility: The Value Added by Marketing
- Utility is the power of a good or service to satisfy a human need.
- Four types of utility:
- Form Utility - Created by converting production inputs into a finished good.
- Place Utility - Created by making a product available where customers can buy it.
- Time Utility - Created by making a product available when customers wish to purchase it.
- Possession Utility - Created by transferring title (or ownership) of a product to a buyer.
Classification of Products
- Products are classified as:
- Consumer Products - Purchased to satisfy personal and family needs.
- Business Products - Products bought for resale, for making other products, or for use in a business' operations.
Consumer Product Classifications
- Three Categories of Consumer Products:
- Convenience Products - Inexpensive items frequently purchased with minimal effort. (e.g., bread, petrol, newspapers).
- Shopping Products - Items that buyers invest time and effort in planning and purchasing. (e.g., appliances, bicycles, mobile phones).
- Specialty Products - Items with unique traits that buyers are willing to expend effort to obtain. (e.g., sports cars, original artwork).
Careers in Finance
-
Typical finance job titles include:
- Chief Financial Officer
- Financial Manager
- Consumer Credit Officer
- Financial Analyst
- Financial Planner
- Insurance Analyst
- Investment Account Executive
-
Finance professionals should be:
- Honest
- Skilled in finance, accounting, and mathematics.
- Proficient in computer data analysis.
- Excellent communicators (written and oral).
Sources of Unsecured Short-Term Financing
- Trade Credit - A type of short-term financing extended by a seller without immediate payment after delivery.
- Promissory Note - A written pledge by a borrower to pay a certain sum of money to a creditor on a specific date.
Venture Capital, Angel Investors, and Private Placements
- Venture Capital - Money invested in small or struggling businesses with potential for success.
- Angel Investor - An investor that provides financial backing to small business startups or entrepreneurs.
- Private Placement - The sale of stock or securities directly to large institutional investors.
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Description
This quiz covers essential concepts regarding e-business resources and Management Information Systems (MIS). Learn how businesses organize their resources, the significance of outsourcing, and the specific functions of an MIS tailored to organizational needs. Test your knowledge across various areas of management like finance and marketing.