Business terms

Key Term and Why are You Interested in it I choose the key term business risk because I am interested in the causes of business failures and possible ways to prevent it. Business risk influences are the negative impacts of sales, costs, competition, or economic conditions. Supply and demand factors could also result in the failure of a business. The three types of business risk are ownership risk, operation risk, and transfer risk (Satterlee, 2014). In an effort to protect and prevent business failure, business professionals must be aware and prepared for the threat of anything that could cause damage to the company’s profits or reputation. It is imperative that managers and leaders monitor any threat to the success of their business (Satterlee,…

HSBC’s strategic objectives of value creation and long-term sustainability underpin their strategic priorities which are at the core of their strategic plan. The firm has three main strategic priorities which entail growing the business and dividends, increasing investment in Global emerging markets, and reducing costs while streamlining process and procedures. This strategic plan outlines the procedures HSBC will follow in pursuit of achieving these priorities. Value Creation: HSBC’s objective…

Business Continuity Management (BCM) – Key Performance Indicators (KPI's) By: Arunkumar Durairaj 14-Nov-16 1. Introduction The purpose of BCM KPI's are to monitor and measure the performance of Business Continuity Management(BCM) program based on the refernces obtained through achivement of processes or goals . These indicators are used to help organization evaluate its progress and / or performance (in terms of efficiency, effectiveness, robustness, and so on) of its BCM…

operations management in today’s companies along with operations management makes business operations efficient in terms of utilizing resources has become as necessary and effective in terms of gathering customers’ needs. Strategic operations management often includes considerable measurement and analysis of internal and external factors based on strategy formulation and proper implementation process of a business organization. Many organizations use techniques that can improve efficiency and…

Managers are responsible to ensure success and performance within their operations. It demands measures and making strategic plans to enable the organization to achieve their goals. The balance scorecard is a strategic management tool introduced by David Norton and Robert Kaplan, first proposed in 1992 through a Harvard Business article. Its objective is to translate an organization’s mission and vision into actual operational actions. Robert Kaplan and David Norton examined hundreds of…

Introduction This is a report aims to examine a new business opportunity namely Drone Racing. We will be identifying business goals and objectives, and how to achieve such goals. Particularly we will be looking into the business’ potential internal and external network, how to leverage such value chains i.e. the operations strategy. And how are we going to measure the overall performance of the business? We will also be identifying risks (and how to control such risks) in all aspects of the…

Management Process Strategy enables businesses to evaluate the external opportunities and threats that effect their success and competitive advantage in the market. This paper explains the importance of strategy in business, and analyzes the main components of the strategic management (three-tier) process. It also discusses the significance of having a future oriented plan by defining an organization’s vision, mission statement, purpose, philosophy, and goals. In addition, the paper expounds…

Introduction The key steps required of the Strategy-Making Process are those of developing a strategic vision and business mission, setting objectives and performance targets, crafting a Strategy, implementing the Strategy and evaluating Performance (Ward 2017). Source:Thompson et al. 2008. Strategic Vision and Mission According to (Bass 1990) the transformational leader has charisma and extends vision and purpose of mission in the staff, instilling pride, and gaining respect and trust.…

The balanced scorecard is build on the four performance perspectives. When implemented properly, the BSC perspectives contains four subparts. These are the basic components of BSC. Unless otherwise stated, these components are defined from Kaplan and Norton(1992). Perspectives Kaplan and Norton suggested four perspectives as a stander for the BSC. These perspectives are customer, financial, internal business process and learning and growth. All related factors affecting strategy are recorded in…

cultures from the milk itself and natural milk solids. By introducing this type of product, Tesco is demonstrating that it is flexible and considers what their customer’s need is at the present time. Another example is through the introduction of its own product lines that bear the Tesco brand name. Some products include Jams, pizzas, bread, biscuits, milk and etc. The Company also changes the amount of certain products availability during certain times of the year. These few particular…