Business Admin Level 3 EPA Knowledge

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Purpose of an Organisation
Depends on what the organisation does and who it is serving.
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Mission Statement
Defines the purpose of the organisation and who it serves as well as the reason for existing.
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Vision
Long-term aims.
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Values
What the company stands for.
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Objectives
Specific statements that define measurable outcomes.
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Aims
Also known as statement of intent and set out what the organisation hopes to achieve.
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Inflation
General increase in prices and fall in the purchasing value of money. It affects organisations by putting pressure on them to increase prices to cover costs.
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Labour Market
Affects an organisation as staff need to carry out work that is necessary, but if staff are not available organisation will find it costly to recruit.
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Market Forces
Economic factors affecting the price of, demand for and availability of a commodity. Excess demand causes prices and quantity of supply to ruse and excess supply causes them to fall.
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Financial Market
Describes any market place where buyers and sellers participate in trade of assets such as equities, bonds and currencies. They're typically defined by market forces.
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Currency Rates
Can affect those who buy or sell overseas. Financial markets can also affect the share price of an organisation.
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Stock Market
Where stocks are traded.
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Stock Exchange
More specific to the place where the trading is carried out.
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Global Market
Affects the wider economy through cultural differences. Currency can also affect this due to fluctuations that will affect the price of goods that are imported and exported.
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Trade Restrictions
Have to be considered in some countries where they set quotas where they limit the amount of imported goods. Some barriers include taxes, tariffs and duties. These protect the countries own industries.
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Policy and Regulatory Changes
There is some changes in legislation, regulations which require a change to policies in the organisation.
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Supply Chain
Flow of goods and services from raw materials to the customer. It affects the organisation as it requires to have smooth processes.
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Internal and Global Market
Can have an impact on an organisation at any time e.g. a climate issue or a change in a government policy which affects the organisations ability to trade in country or area.
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Political Environment
Varied from tax increases/decreases and legislation changes.
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PESTLE Analysis
Used as a tool when organisations are planning to introduce a new service, product or project as well as to track the environment they operate in. Allows companies to look at external factors that have possible effects on themselves.
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Start and Lead from the Top
Organisations should start and lead from the top by knowing exactly what they want to achieve.
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Making the Case
You need to make the case for the change, getting approval and letting all staff know.
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Involve and Engage Staff
They will need to know what is happening as it is important they understand what will be happening and what the effect will be on them.
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Asses and Adapt
Staff will be encouraged to assess and adapt to embrace the new way of thinking.
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Consider Solutions
Staff will need to consider what the change means and possible solutions to any difficulties that may arise.
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Impact of Change on Internal Stakeholders
Change can negatively affect staff who are not informed as they can be against the change.
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Impact of Change on External Stakeholders
Affected as change may affect costs or levels of service.
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Billing
Process of preparing or sending invoices.
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Budget
Estimated income and expenditure for a set period of time.
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Costing
The proposed or estimated cost of producing or undertaking something.
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Financial Processes
Refers to the methods and procedures completed by the finance office.
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Invoice
List of goods or services provided with a statement of the sum due for these.
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Payment
The action or process of paying someone. Some payment methods include cash, credit/debit card, cheque or electronic funds transfer.
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Purchase Orders
An official document issued by a buyer committing to pay the seller for the sale of specific products or services to be delivered in the future.
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Petty Cash
An accessible store of money kept by an organisation for expenditure on small items.
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Procure
To obtain something with care and effort.
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Contracts
Written or spoken agreement usually concerning employment, sales or tenancy that is enforced by laws.
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Tenders
A formal written offer to carry out work, supply goofs or buy land, shares or another asset for a stated fixed price.
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Purchase Requisition
Document used as part of the accounting process to initiate a merchandise or supply purchase. You can monitor the legitimacy of a purchase and identify the business needs for the products.
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General Data Protection Regulation (GDPR)
Intended to strengthen and unify data protection for all individuals in the EU. It aims to give control back to citizens over their personal data.
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Fairness and Transparentcy
Organisations must always process personal data lawfully, fairly and in a transparent manner.
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Purpose Limitation
Organisations can collect personal data only for specified, explicit and legitimate purposes.
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Data Minimisation
Organisations can only collect personal data that is adequate, relevant and limited to whats necessary for the intended purpose.
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Accuracy
Personal data must be accurate and where necessary, kept up to date.
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Data Deletion
Personal data must be kept only for as long as it is needed to fulfil the original purpose of collection.
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Security
Organisations must use appropriate technical and organisational security measures to protect personal data against unauthorised access.
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Accountablility
A data controller is responsible for implementing measures to ensure that the personal data it controls is handled in compliance with the principles of the GDPR.
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Confidentiality
Data must be kept confidential and protected from unauthorised use.
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Safety of Data
Data security is vital for every business when they lack the resources and knowledge to resolve the issue when a data breach occurs as there is severe consequences such as downtime and expensive legal fees.
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Use of Data
Key pieces of information commonly stored by businesses need to be protected. This can include employee records, customer details, loyalty schemes, transactions or data collection.
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Retention of Data
Defines the policy of persistent data and records management for meeting legal and business data requirements.
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Hard and Soft Copies
A hard copy is a copy of a document that is on a physical medium. A soft copy is a document that is stored on a computer and isn't on a physical medium.
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Health and Safety at Work Act
A regulation that defines the structure and enforcement of workplace health, safety and welfare.
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Management of Heath and Safety Work Regulations
Places duty on employers to assess and manage risks to their employees and others arising from work activities.
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Reporting Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR)
Puts duty on the employers, self-employed and people in control of work premises to report certain serious workplace accidents, occupational diseases and near misses.
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Control of Substances Hazardous to Health (COSHH)
Law that requires employers to control substances that are hazardous to health and includes nano materials.
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Display Screen Equipment (DSE)
Aim to protect the health of people who work with DSE.
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External Stakeholder
Groups outside of a business but are affected in some way by the decisions and actions of the business e.g. customers, suppliers, creditors and the local community.
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Internal Stakeholder
People who are involved with the business who work inside the business e.g. employees, managers.
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Principles of Stakeholder Management
Important to ensure successful delivery o any activity. Managing staff e.g. is vital to ensure efficiency whilst managing suppliers is vital to ensure costs are controlled and supply continued.
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Importance of Stakeholder Management
Controlled through planning and control. There must be a strategy in place to recognise who the stakeholders are, their influence and interest and then engaging with them in the appropriate way.
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Principles of Project Management
Objectives should be SMART- Specific, Measurable, Achievable, Realistic and Time-bound. Planning is vital as without a strong, well laid out plan the project is unlikely to succeed in an efficient and cost effective way.
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Gantt Chart
Aims to provide a graphical scheduling that helps to plan, coordinate and track specific tasks.
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Scheduling
Includes day to day activities to organise daily work and can be using in a project to set up how an activity should start or end.
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Work Breakdown Structure
Provides a way to incorporate project details as they become available
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Product Breakdown Structure
Used to analyse document and communicate the outcomes of a project as well as to reduce a complex project into manageable components.
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Risk Analysis
Identify and analyse possible risks to a project and helps identify and understand risks that could be faced in the project.
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Risk Matrix
Used during risk assessments to define the level of risk by considering the probability.
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Project Report
Highlights the successes, lessons learned and performance in order to ensure a final sign-off and it also assists in learning for furu
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Project Management Tools
People, facilities, equipment, finance, budget, technology, asset register, property.
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Successful Project
Depends on the commitment, skills, knowledge, experience, finance and leadership.
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Contingency Plan
Reviews regularly and used during a project in case of a crisis and should be amended when necessary.
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Commitment From Those Involved
The whole team must give a lot of effort by giving their opinions & suggestions as well as communicating progress with one another.
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Skilled & Knowledgeable Staff
Staff should have a clear idea of the project including steps, their tasks and the impact of change.
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Time Management
Time management is important as it allows clear deadline plans to be made, therefore creating an endpoint for the project.
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Quality Management
Quality management needs to be used to ensure all steps taken to reach endpoint are completed to the highest standard.
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Budget Planning
Budget Planning is needed as it ensures money isn't being spent incorrectly & allowing the correct amount of money is being used on each thing.
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Deliverables
The product you produce from the project whether it is physical or an environmental change. The whole aim of the project was to reach the deliverables.
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Recording / Reporting
Stages of the project should be recorded and reported so they can be reviewed at closing of the project.
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Closure
Closure of the project is when evaluation should occur.
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Other cards in this set

Card 2

Front

Defines the purpose of the organisation and who it serves as well as the reason for existing.

Back

Mission Statement

Card 3

Front

Long-term aims.

Back

Preview of the back of card 3

Card 4

Front

What the company stands for.

Back

Preview of the back of card 4

Card 5

Front

Specific statements that define measurable outcomes.

Back

Preview of the back of card 5
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