Business Management flashcards

79 VCE Business Management cards across 4 modules (37 definitions, 38 key facts, 4 fill-the-gap, 0 formulas). Each session gives you 20 cards, due cards first. Swipe right for easy, left for hard, down for again. Keyboard: Space to flip, 1 to 4 to rate.

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What this deck covers

Unit 1: Planning a business (4 cards, 1 dot point)
- Sources of business ideas and the entrepreneurial mindset (VCE Business Management Unit 1) (4)
Unit 2: Establishing a business (4 cards, 1 dot point)
- Legal requirements when establishing a business (VCE Business Management Unit 2) (4)
Unit 3: Managing a business (37 cards, 9 dot points)
Unit 4: Transforming a business (34 cards, 8 dot points)

Sample cards from this deck

Definition
Sources of business ideas and the entrepreneurial mindset (VCE Business Management Unit 1)
Define Action bias
Preferring fast prototyping to perfect planning.
Definition
Legal requirements when establishing a business (VCE Business Management Unit 2)
Define Partnership
Two or more partners (usually capped at 20); shared decisions, profits and unlimited liability.
Definition
Awards, enterprise agreements and dispute resolution (VCE Business Management Unit 3)
Define Modern awards
Industry- or occupation-wide minimums that sit above the NES.
Definition
Communication during change (VCE Business Management Unit 4)
Define Build commitment
Employees who understand the change rationale and feel involved in shaping it commit to the change. Commitment is the difference between compliant execution and active support.
Definition
Business objectives and how managers pursue them (VCE Business Management Unit 3)
Define They cascade
A high-level objective becomes a strategy, then operational decisions, then measurable KPIs that track progress (see the Unit 4 KPI dot point).
Definition
CSR and the effect of change on stakeholders (VCE Business Management Unit 4)
Define Consults genuinely
Affected employees and unions are consulted meaningfully, not as a formality.
Definition
Corporate culture: official and real (VCE Business Management Unit 3)
Define Official culture
The five published values include "open company, no bullshit", "build with heart and balance", "don't fluck the customer", "play, as a team", and "be the change you seek". They are visible on the careers page, in onboarding and in office signage.
Definition
Driving and restraining forces for change (VCE Business Management Unit 4)
Define Managers
Managers initiate change to improve performance, respond to KPIs or implement strategy.
Definition
Key elements of operations and strategies to improve operations (VCE Business Management Unit 3)
Define Inputs
Resources used by the operations process. The categories.
Definition
KPIs and Lewin's force field analysis (VCE Business Management Unit 4)
Define Comparative
Against peer businesses or the business's own past performance.