What is the primary sector, and what industries does it include?
The primary sector involves the extraction and production of raw materials. Industries include mining, forestry, and farming.
What are the common functional areas found in large businesses?
Common functional areas include marketing, administration, and research and development.
What defines workplace culture, and why is it important?
Workplace culture consists of the values and behaviors of employees, the environment they create, and how it impacts relationships and performance. It is crucial as it affects employee engagement, morale, and productivity.
What are two ways to measure the size of a business?
The size of a business can be measured by market share, sales revenue, or the number of employees.
How can the size of an educational provider organisation be assessed?
It can be assessed by the number of students enrolled.
What is an advantage of operating with a functional structure?
It allows employees to focus on specific roles, helps build strong teams, and facilitates effective communication within functions.
What are the key objectives of the financial department of an organisation?
Objectives include managing cash flow, ensuring profitability, minimizing costs, and achieving return on capital employed (ROCE).
How does the role of the chief executive officer (CEO) differ from the chief finance officer (CFO)?
The CEO leads the overall organisation, makes strategic decisions, and holds ultimate accountability. The CFO manages financial planning, reporting, and risk management.
What distinguishes the focus of third sector organisations from private-sector organisations? -
Third-sector organisations focus on benefiting people’s lives, while private-sector organisations prioritize profit-making.
Identify three ways organisations impact society.
Organisations can impact society environmentally, economically, and socially.
What are examples of approaches used by organisations to positively impact society?
Examples include sustainable business practices, promoting diverse workforces, and adhering to ethical financial practices.
What are the advantages and disadvantages of being a private limited company versus a sole trader?
Advantages of private limited companies include separate legal entity, easier financing, and tax benefits. Sole traders benefit from easier setup and total decision-making autonomy. Disadvantages for private limited companies include more complex regulations, while sole traders face personal liability and funding challenges.
Why are organisational aims and objectives important?
They help increase sales, improve profit margins, reduce staff turnover, and support launching new product lines.
How can business objectives be measured effectively?
Business objectives can be measured using Key Performance Indicators (KPIs), SMART targets, and business plans.
What is the difference between governance in the public sector and the private sector?
Public sector governance determines how public actions are decided and implemented. Private sector governance involves decision-making by a board of directors.
Why is governance important in an organisation, and what are its responsibilities?
Governance ensures that operations are ethical, transparent, and aligned with regulations. Responsibilities include accountability, adherence to rules, respect for human rights, and promoting ethical behavior.
What methods of work practice ensure compliance with legislative and regulatory frameworks?
Methods include following health and safety laws, conducting audits, implementing policies and procedures, offering training, and managing risks.
Why and how would an organisation be reported to the Information Commissioner’s Office (ICO)?
Organisations may be reported for data protection breaches under the Data Protection Act. Reports must be made within 24 hours, and large breaches require public notification. Potential outcomes include fines or corrective measures.
How do stakeholder opinions influence organisational operations?
Stakeholder support is vital for survival. Organisations strive to balance and prioritize stakeholder needs but cannot meet all expectations simultaneously.
What are examples of current and emerging technologies influencing organisations?
Examples include artificial intelligence (AI), 5G, digital processes, robotics, facial recognition, augmented reality, and drones.
What considerations ensure users are safe and responsible when using online digital technologies?
Ensuring data protection, secure websites, regular data backups, and using strong passwords.
What are culture and values in an organisation, and how do they shape operations?
Culture and values refer to the beliefs and morals guiding the organisation’s conduct. They influence employee behavior and decision-making.
What methods do organisations use externally to demonstrate their culture and values?
Methods include branding, mission statements, behavior and attitudes, customer experience, commitment, trust, and reputation building.
Identify four methods of communication with examples of formal and informal usage.
Internal communication: verbal (face-to-face, presentations, seminars), written (emails). External communication: verbal (calls, face-to-face feedback), written (emails, blogs).