IGCSE & A LEVELS GUIDE

Chapter 6 - Motivating Workers Lesson Objective: To understand the different financial and non-financial motivators After understanding the three different motivational theories is time for us to finally dive in to the different ways companies can use financial and non-financial motivators to boost workers' motivation. Let's start by looking at the different financial motivators! Hourly Wage Rate : When workers paid by the hour ; The longer they work more they earn; Main adva

Chapter 28 - Operations Strategy Learning Objective: Operations Planning and Critical Path Major strategic Operations decisions involve major projects : Relocation; Factory expansion ; Change in production/operations methods; Setting up a new IT system ; Installing new machinery. One of the most costly elements of a major project like these has to do with unused or under-used resources (e.g. stocks, idling machinery or labor). Such wastes happen due to different tasks bein

We all understand that there are mainly four leadership styles: Democratic; Autocratic; Laissez-Faire; Paternalistic. We also understand that different managers have different approaches towards their workforce: some have a more soft approach and others a more hard one. But what are the factors that determine what management style a manager will use ? According to Douglas McGregor the attitude of managers towards their workers will have the largest impact on how they will man

Chapter 28 - Operations Strategy Learning Objective: To understand Lean Production techniques Lean Production is all about producing goods and services with the minimum of wasted resources while maintaining high quality: There are 8 main sources of waste in most industries: Excessive transportation of components, products, and raw materials; Excessive inventory ; Excessive workforce movement reaching for supplies and components; Waiting times caused by delays; Overproducti

Chapter 6 - Motivating Workers Lesson Objective: To be introduced to three main motivational theories Through this chapter we will learn several different theories related to motivation : Maslow Hierarchy of Needs; F.W. Taylor and The Scientific Management Theory; Frederik Herzberg Two-Factor Theory. Starting from the most famous one - Maslow Hierarchy of Needs : The idea behind Maslow's theory is that humans fulfill their needs level-by-level . And once one level is achieved

Chapter 12 - Management Learning Objectives: To learn the different leadership styles and the functions/roles of management. Being a manager is no easy job! There are two main theories regarding managers' functions and roles: Fayol Functions of Management Mintzberg Management Roles According to Fayol , the 5 following functions of management are to facilitate the management process - they focus on the relationship employees vs. managers: Planning objectives and tactics, orga

Chapter 28 - Operations Strategy Class Objective: To understand the many changes and possible strategic decisions regarding Operations Management Operations Strategic Decisions are also multi-departmental: they require the analysis and will impact various facets of the business. Think of the following Operations Strategic decisions : Expanding or reducing capacity; Locating or relocating a business; Offshoring or reshoring; Outsourcing; Changing operations (production) met

Chapter 6 - Motivating Workers Lesson Objective: To understand the importance of having a motivated workforce Motivation are the factors that influence the behavior of workers towards achieving objectives! What do you think motivate people to work? Money is indeed a motivator ! There are, however, other motivators out there that are not necessarily money : Job security; How interesting the work is (task variety); Promotion opportunities; Training; Responsibility (decision-m

Chapter 26 - Business and the International Economy Learning Objectives: To understand the impact of exchange rate fluctuations in businesses Do you know what is the exchange rate? Simply put, the exchange rate is how much one country's currency is worth it of another country's currency. Let's try to understand with an example (February 11, 2022): ₮ 1 is the equivalent of USD 0.0003. - In other words, ₮ 1 is worth it a lot less than USD 1 USD 1 is the equivalent of ₮ 2,765.34

Chapter 26, Business and The International Economy Learning Objective: To understand the problems of hosting MNCs in your country It's not hard to think of the many benefits MNCs can bring to a host country : It is important for us to consider, however, that MNCs can also bring a variety of drawbacks to their host countries . Let's look into how this comes to happen: - Increased Competition: While competition can be beneficial for lower prices and higher quality, MNCs can le

Chapter 5 - Stakeholders in Business Lesson Objective: To understand what are stakeholders and what are their interests towards the business It may seem weird to you but there is a type of business out there which objectives are to benefit the society more than anything else - they are called social enterprises: As you can see, social enterprises also target profit! However, the intention of making profit is different than most businesses: instead of distributing it to sh

Chapter 27 - Quality Management Learning Objective: To understand benchmarking as a method of quality management Benchmarking is the practice of identifying the best companies in the industry and comparing its performance standards. Benchmarking makes it cheaper and quicker to solve quality problems than if no external comparison were to be made; It helps identifying areas for improvement and therefore helps businesses to focus and direct their efforts; It encourages cross-o

Chapter 26, Business and The International Economy Learning Objective: To understand the differences and impacts of tariffs and quotas Today we will start diving in to tariffs , quotas , and how governments try to attract multinational companies as well as the benefit they bring to a country's economy . Tariffs are nothing but taxes to be paid on imported or exported goods: - Governments choose to increase tariffs on imported goods so that the price of imported goods is hi

Chapter 27 - Quality Management Learning Objectives: To understand quality control, assurance, and TQM. In your opinion, what is a...

Chapter 26 - Location and Scale Learning Objective: To further understand location decisions and economies/diseconomies of scale You now...

Chapter 5 - Business Objectives and Stakeholder Objectives Learning Objectives: To understand the various business objectives Plans,...

Chapter 26 - Location and Scale Learning Objective: To understand the factors impacting location decisions One of the most important...

Chapter 26, Business and The International Economy Learning Objectives: To understand the impact of globalization on business activity...

Chapter 25, Environmental and Ethical Issues Learning Objective: To understand how businesses overcome pressure groups and manage to be...

Chapter 25, Environmental and Ethical Issues Learning Objectives: To understand how business activities generate external impacts When...