Free TCE Business Studies Flashcard Review
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How do the four business functions differ while contributing to one objective?
Operations produces goods or services; HRM manages people and work; marketing studies and serves markets; finance plans and manages funds. Their decisions interact, so evaluate effects across functions.
Give an example of a marketing decision that affects operations.
A promotion can increase orders. Operations must check capacity, stock and delivery so the business can fulfil the promise without harming quality.
Why should a business compare both benefits and cross-functional costs?
A change may benefit one function while creating cost or risk elsewhere. Comparing the whole system helps determine whether it advances the objective overall.
What makes an objective different from an activity?
An objective states a result the business seeks, such as higher retention. An activity, such as a weekly stock count, is work that may support that result.
Name four dimensions for comparing business structures.
Compare ownership and control, liability, access to finance, continuity and administrative demands using the case facts.
How does equity finance differ from debt finance?
Equity is capital contributed for an ownership interest; debt is borrowed and creates repayment obligations. Compare control, cost, timing and risk.
When might short-term finance suit a business need?
It may bridge a temporary timing gap in working capital, provided the business can meet repayment terms and the gap is not structural.
What does incorporation tell you in a structure comparison?
It indicates an incorporated business structure, distinct from an unincorporated sole trader or partnership. It does not remove the business’s obligations.
How does PESTLE help a manager scan the environment?
It prompts consideration of political, economic, social, technological, legal and environmental influences, then the manager prioritises those relevant to the case.
What is the key distinction between an internal factor and an external force?
An internal factor arises within the business and is generally more directly shaped by management; an external force originates beyond its direct control.
Why is a stakeholder conflict useful in business analysis?
It reveals that a decision can distribute benefits and costs differently. A reasoned recommendation identifies affected groups and evaluates the trade-offs.
What is a responsible first step when evaluating an entrepreneurial opportunity?
Define the customer need and test demand, capability, finance, operations and risk before treating the idea as commercially viable.
What are inputs, transformation and outputs in an operations process?
Inputs are resources, transformation is the work that converts them, and outputs are the resulting goods or services.
Why can improving one workstation fail to improve total throughput?
Another step may constrain the process. Increasing upstream output can create queues or work in progress without increasing completed customer orders.
How do efficiency and effectiveness differ?
Efficiency concerns resources used relative to output; effectiveness concerns whether intended outcomes are achieved. A process can be efficient but miss customer needs.
What should a manager check before adopting new operations technology?
Identify the process problem, expected benefit, training and integration needs, new dependencies, cost and evidence for checking the result.
How does just-in-time inventory create both benefit and risk?
It can reduce stock held and related cost, but low buffers increase exposure to supplier delays, quality issues or unexpected demand.
What is a useful way to assess a reorder approach?
Compare demand variability, lead-time reliability and shortage consequences with holding cost and waste for the specific item.
How do quality assurance and quality control differ?
Assurance designs processes to prevent defects; control checks work or outputs against a standard. Both can contribute to quality.
What information helps locate a process bottleneck?
Compare cycle time, queues, idle time, capacity and defect data at each stage over representative periods, including busy periods.