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LO2 - Functional Areas of a Business (2.1 Can I identify the key tasks of…
LO2 - Functional Areas of a Business
2.1 Can I identify the key tasks of functional areas of a business?
Human Resources
Responsibilities
Recruitment & Selection
Training
Pay & Benefits
Legal Compliance
Redundancy & Dismissal
Grievance & Disapline
Recruitment & Selection
Identification
Advertisement
Application
Short Listing
Interviews
Selection
Induction
Training
Staff Development
Accreditation & Certification
Health & Safety
Induction
Production & Opperations
Includes:
Manufacturing
Production Control
Service Provision
Quality Control
Storage
Logistics
KNOW IT
Flow Production
Batch Production
Job Production
Logistics
Production
Process of turning raw materials into goods & services that can be sold
All involve transforming inputs such as labour, raw materials & energy into outputs
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Job Production:
Method of production whereby a product is produced which meets specific customer requirements
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Flow Production:
Continuous movement of items through the production process. Flow production uses production lines to manufacture products
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Batch Production:
Occurs when many similar items are produced together. Each batch goes through one stage of the production process before moving onto the next stage. e.g. bakery, sports rackets, frozen meals etc...
Financial
Types of Finance
Book-keeping, accountancy, auditing
Sourcing Finance
Financial Reporting
Financial Planning
Cash Management
Monitoring Performance
Investment Appraisal
Payments
KNOW IT
Auditing
Book-keeping
Reporting
Book-Keeping & Accountancy
Day-to-Day financial management of finances that go in and out of the business
Sales, purchases & nominal ledger record transactions
Accountantcalculate tax which categorises finance goes into
Auditing
Professional external business support who scrutinize internal financial information to ensure the company are complying with the range of different financial standards
Sourcing Finance
Savings
Retained Profit
Overdraft
Loan
Mortgage
Credit Card
Hire Purchase
Trade Credit
Venture Capital
Share Issue
Crowd Funding
Financial Reporting
Daily, weekly, annual reports produced to satisfy different stakeholder requirements
Financial Planning
Budgeting
Forecasting
Cash Flow
Cash Management
Handling & depositing cash
Recording Transactions
Investment Appraisal
Identify the value in investing in a product or venture
Identify benefits of doing so
2.1/2.2 Can I explain how business functions interrelate with other business functions?
Functional Areas
Areas:
Customer Service
Business Support Services
Research & Development
Purchasing & Procurement
KNOW IT:
Procurement
Support
Administration
Customer Service
Dealing with customers directly
Emails
Face 2 Face
Online
Telephone
Letter
Business Support Services
= Keeping business running its services so all other areas can do their jobs effectively
IT
Reprographics
Building Matenance
Administration
Legal Support
Research & Development
Design & test product developments
Present findings to senior managements
Work with market research functions
Procurement
Source materials
Purchase additional equipment / machinery
Cost and quality analysis
Source stock