Business Unit 3 Outcome 1

Front 1

Mission Statement

Back 1

A brief statement of an organisation's general purpose or a list of its main objectives.

Front 2

Transnational Corporation

Back 2

A large organisation that is owned and based in one country but has branches or subsidiaries in others.

Front 3

Government Business Enterprise

Back 3

A profit-making corporation that is owned by a government (public owned).

Front 4

Management Function

Back 4

The particular area of responsibility of a manager.

Front 5

Macro Environment

Back 5

The broad or general elements in society that affect all organisations.

Front 6

Operating Environment

Back 6

The factors that interact directly with an organisation as it seeks to do business.

Front 7

Internal Environment

Back 7

The factors over which an organisation has most direct control.

Front 8

Effiectiveness

Back 8

Refers to an organisations ability to formulate and achieve objectives.

Front 9

Efficiency

Back 9

Refers to the use of resources in completing a task or achieving objectives. An efficient operation performs a task at the lowest possible cost, using the minimum quantities of resources.

Front 10

Performance Indicators

Back 10

A basis on which to evaluate success. A performance indicator refers to the means by which an objective can be judged to have been achieved or not achieved.

Front 11

Benchmarking

Back 11

A process in which an organisation compares its own work outcomes with similar work in other organisations.

Front 12

Ethics

Back 12

Moral standards and principles that guide decision and actions.

Front 13

Social Responsibility

Back 13

Concern for the condition of society at large.