Role of HRM

SOIStrategic role of HR (effective, efficient, competitive)OutsourcingInterdependance

Influences on HRM

STEELS & GUEESESocial (changing work patterns, standards)TechnologicalEconomicEthics and CSRLegal (emp contract, WHS, antidiscrim and eeo)Stakeholders (GUEESE)

Processes of HRM


Strategies of HRM

PRTLYGRDDPerformance managementRewards ($ and non)Training and development (current/ future skills)Leadership styleGlobal (cost, skills, supply)Recruitment (int/ ext, gen/ spec)Design (job - gen/spec)Dispute (neg, med, greiv, courts/trib)

Effectiveness of HRM

Indicators (BATCLAW)- Benchmarking key variables- Absenteeism- Turnover- Corporate culture- Levels of disp- Accidents- Worker satisfaction

Role of Financial management

SOIStrategic role Objectives (long/ short, profitability. growth, efficiency, liquidity, solvency)Interdependance

Influences of financial management

FIGGE & FABULIS 7Financial institutions (FABULIS7 - finance companies, ASX, banks, unit trusts, life insurance, investment banks, super)Internal finance (equity)Global market influences (economic outlooks, availability, interest)Government influence (ASIC, taxation)External sources of finance (long DUM Leesa, Deb has a short COF, equity finance)

Processes of financial management

PLERMPlanning and implementing (budgets, needs, systems, risks, controls)Limitations (norm e, cap exp, val ass, timing, debt rep, notes)Ethical issuesRatios (liquidity, gearing, profitability, comparative)Monitoring and contrlling (cash flow, income, balance)

Strategies of financial management

CWPGCash flow management - cash flow stmts- dist of payments (discounts, facotringWorking cap mgmt - curr ass- curr liab- strategies (leasing, sale)Profitability mgmt - cost controls - fix/var, cc, exp min)- rev controls - marketing objGlobal mgmt- exchange rates- interest rates- methods (adv, letter of credit, clean payment, bill of ex)- hedging- derivatives

Role of operations management

SIGStrategic role - cost lead/ differentiationGoods/ serv in diff industriesInterdependance

Influences of operations management

GET C LEGSGlobalisationEnvironmental sustainabiliyuTechnologyCost based compLegal regulationsExpectations (quality)Government policiesSocial responsibility (corporate)

Processes of operations management

ITOInputs- transformed resouces (materials, info, customers)- transforming resources (hr, facilities)Transformation processes- 4 V's- Sequencing and scheduling- tech, task design, process layout- monitoring, controlling, imporvementOutputs- customer service- warranties

Transformed and transforming resources

Transforming - HR, facilitiesTransformed - Materials, information, customers

The 4 V's

Volume - how much is producedVariety - range of products/ services offeredVariation - adapting to changes in demandVisibility - level of customer contact

Strategies of operations

SPORTING QSupply chain mgmt- logistics, ecom, globalPerformance objectives- QSDFCCOutsourcingResistance to change (overcoming)- financial, equip, reduncancy, retraining, reorganising, intertia)Technology- leading edge, estInventory management- LIFO, FIFO, JITNew prod/ serv design/ devGlobal- sourcing, economies of scale, scan+learn, R&DQuality management- control, assurance, improvement

Operations performance objectives

Quality SpeedDependabilityFlexibilityCustomisationCost minimisation

Role of marketing

SIPTStrategic role InterdependanceProduction, selling, marketing approachesTypes of markets - resource, industrial, intermediate, consumer, mass, niche

Operations global factors

Research and developmentEconomies of scaleGlobal sourcingScanning and learning

Supply chain management operations

Global sourcingE-procurementLogistics

Influences on marketing

FEC & PEGSFactors influencing choice (PEGS)- psychological, sociocultural, economic, govEthical- truth, accuracy, good taste, health, fair comp, suggingConsumer laws- decetive/ misleading ad, price discrim, implied conditions, warranties