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Fran is the newly appointed manager of an Australian software business - VCE - SSCE Business Management - Question 1 - 2021 - Paper 1
Question 1
Fran is the newly appointed manager of an Australian software business. The business is a public listed company working towards the achievement of its business objec... show full transcript
Worked Solution & Example Answer:Fran is the newly appointed manager of an Australian software business - VCE - SSCE Business Management - Question 1 - 2021 - Paper 1
Step 1
With reference to this business, define the term 'stakeholder'.
Answer
A stakeholder is defined as a group, individual, or organization that has a vested interest in the activities of a business. In the context of Fran's Australian Software Business (ASB), stakeholders include any individuals or entities that can be affected directly or indirectly by the operations of the business.
An appropriate example of a stakeholder for Fran’s ASB would be the shareholders, considering the company is publicly listed. These shareholders have a financial interest in the performance of the business, as their profitability depends on the success of the ASB.
Step 2
Define what is meant by the 'rate of staff absenteeism'.
Answer
The rate of staff absenteeism refers to the measurement of the number of employees who do not attend work compared to the total number of employees available for work during a specific period. This metric is typically expressed as a percentage and can be calculated using the formula:
ext{Rate of Absenteeism} = rac{ ext{Number of Days Absent}}{ ext{Total Number of Available Workdays}} imes 100
This rate helps organizations assess employee attendance and can indicate levels of employee satisfaction and workplace conditions.