Across
- 4. It refers to the modification or transformation in the way business is conducted in response to internal factors or external influences. Change arises when factors that influence the operations of an organization do not stay the same. It can often be disruptive and unsettling, so the process must be managed carefully. Examples of change for PST include operating in new markets, relocation, external growth and diversification.
- 6. Also called inventories, they are the physical materials and goods that a business holds for further production or sale. In the case of PST, this refers to their stocks of fish. The value of stocks appears on PST's Balance Sheet under the sub-heading of current assets. Given the nature of the business, it is not a real surprise that the value of PST's stocks fluctuates quite significantly.
- 8. It encompasses several roles which include planning, commanding, controlling, coordinating and organizing human and capital resources to achieve organizational objectives. Managers focus on problem solving and decision-making so that goals can be achieved within a set time frame. Careful and effective it has helped PST to survive threats in the past.
- 10. It is an economic and political union between 27 member states in Europe (The United Kingdom formally left the EU on 31 January 2020). As a regional trading bloc, the member countries enjoy free trade, without protectionist measures such as tariffs and quotas. Nineteen of the members have monetary union by using the euro as their official currency. Finland is a member of it, where only about 3% of trawler crew members are female.
- 13. It is a short- common business objective, especially for new business start-ups or established firms struggling with sales and profits during a time of crisis. Smaller fishing businesses are struggling to it due to stricter government regulations, restrictions and quotas, and intensifying competition from overseas fishing businesses.
- 15. It is the process of using a line manager to support, guide and oversee the work of an employee. Supervisors meet their teams regularly, interact with them. And review their work. It aims to provide accountability for both the supervisor and supervisee by examining their practice and performance. Effective it leads to improved productivity, lower absenteeism, reduced mistakes, and prevention of conflict, and better staff morale.
- 20. In business management, they refer to any situation with a lack of certainty or confidence because the firm cannot control or accurately predict the outcome of its actions. A high degree of uncertainty can create many problems for businesses as it is more difficult to make well-informed decisions, so cause a firm such as PST to become risk adverse.
- 25. It is the total number of people employed by the organization. There are 40 people employees at PST.
- 27. It is the financial service enabling approved customers to borrow money or access goods and services with the agreement to pay at a later date. It is based on trust and the credit history (reputation) of the borrower. PST gives most customers one month credit and Presto (being Finland's largest upmarket business) receives it of 90 days.
- 29. It refers to any external factor that hinders the operations and profitability of an organization. Examples include the threat of foreign competition, technological/mechanical breakdowns, and adverse weather conditions.
- 31. these are the financial statements such as the Balance Sheet and the Profit and Loss Account that all limited liability companies are obliged by law to produce and
- 32. It is a third-party individual or firm hired by the main contractor of a project to help complete a project. They perform the roles assigned to them, taking responsibility for the outcome of their work. Clients hire them in order to reduce costs and/or to mitigate the risks associated with a business function. PST use them to serve the three trawlers, to transport the stocks of fish to markets, and to supply fuel for the fishing boats.
- 34. A type of internal stakeholder, they are the people who work for a business. They are employed by a business to carry out specific tasks within the organization. There are 40 of them working for PST.
- 38. This refers to the process of running an organization or business. It includes the management of business operations and a leadership role within the organization. Along with the finance and marketing functions, Tapio is responsible for these aspects of PST.
- 39. It refers to people travelling to places outside of their normal environment for the purpose of leisure and pleasure. It is a dynamic and competitive industry that caters for the changing needs and
- 41. It is a form of financial payment made to an employee, based on his/her job as specified in a contract of employment. It is a fixed amount paid on a periodic basis, usually per month. PST crew members are paid good of it.
- 43. This refers to the management of complex rules, laws and policies that businesses need to comply with in all areas of their operations. PST needs to act in accordance with government regulations, such as the fishing quota and requirement for accurate record-keeping of the weight of each catch.
- 44. They are individuals or other businesses to whom money is owed. This is because PST may have used trade credit from its suppliers (for its fishing nets, equipment and satellite equipment for the trawlers) or loan capital (such as bank overdrafts).
- 45. It is the process of developing the knowledge and skills of workers in order to enhance their confidence and competence in the workplace. The main forms of it is induction (for new staff at PST), on-the-job ( on board the trawlers, in the office or the warehouse) and off-the-job (training that takes place away from the normal place of work, such as health & safety and safeguarding training at the local college).
- 47. It refers to the legal responsibility for something, such as the debts of a company. It requires an individual or group stakeholder to be held accountable for something, such as financial prudence. As a private limited company, the Heikki family can enjoy limited liability.
- 49. It consists of businesses involved in a similar business activity so are in direct competition as they cater for the same client base. PST faces intense competition from foreign fishing businesses operating in the Finnish fishing industry.
- 50. Something given or paid in addition to what is usual or expected.
Down
- 1. It in the workplace means the firm hires a wide range of different people with different characteristics. It means there is an understanding and acceptance of individual employees different characteristics, such as their gender, age, race, ethnicity, cultural background, religion, gender, sexual orientation, abilities and so forth. It in the workplace can be beneficial as there may be more ideas generated, from different perspectives. It can also give the firm a positive corporate image as there is no discrimination based on people's differences. Currently, there are no female employees at PST who work on the fishing trawlers.
- 2. They are a time-based payment system frequently used to pay works a fixed amount on an hourly basis. Workers receive this payment for the work or services provided. Many technology firms in Finland are paying higher and more stable it, which makes fishing businesses less attractive as employers.
- 3. of customers, with a specific focus on Tourists in Finland enjoy sightseeing, outdoor activities (like skiing), and city breaks.
- 5. It is a large commercial building used by businesses for storing their manufactured goods. They are used by manufacturers and wholesalers. As they are usually very large, they tend to be located in industrial parks or away from the central business district, where space and rents are not at a major premium. PST chills its fish in warehouse; and freezes some of the fish there.
- 7. It is the commercial practise of removing too much fish from their natural habitat such that the species cannot replenish themselves in time. This can result in the fish stock becoming severely depleted or underpopulated, thus endangering the species. There is a global trend in it, with some foreign trawlers illegally overfishing.
- 9. This is a key business function, involves all aspects of finance in an organization. Examples of its functions include preparing financial reports and final accounts to provide accurate and timely information to aid decision making. Some of these functions at PST are outsourced.
- 11. It refers to the practice of using an external firm to provide certain aspects of the instead of doing these functions internally. It is a way for PST to reduce costs as well as to benefit from the specialist services of the third-party provider. The company use it for some accounting and human resource functions (lines 49,50).
- 12. A financial service that enables pre-approved customers to take out more money from their bank account than the available cash balance in the account. Essentially, it is a form of credit or short-term loan. Whilst PST did not need it in 2018, changes and challenges in the industry has required the company to take out it in 2019. The firm is also expected to require a $200,000 of it in 2020.
- 14. the struggle among producers for the dollars of consumers
- 16. It occurs when a person is given a task to do which they are required to carry out and be accountable for their actions and the outcome. For example, whilst the trawler captains have authority over the trawler crews, Pekka maintain overall of it for his staff out at sea. Hence, he takes it for mentoring the trawler captains to ensure proper safeguarding and compliance with health and safety laws.
- 17. They are the sale of domestically produced goods or services to overseas buyers, thereby earning money for the local economy. As a fishing nation, Finland does it with a large amount of fish each year.
- 18. It is a decision-making organization involved in the production of goods and/or services to satisfy a need or a want of customers. PST combines human, capital and financial resources for commercial fishing purposes.
- 19. It refers to the collective groups of existing and potential buyers and sellers of a particular good or a service. PST has operated in the commercial fishing market in Finland for many generations.
- 21. It is the process of assigning decision-making authority to another person to carry out specific duties or tasks. Tapio does these tasks to workers at PST whenever the opportunity arises. The person to whom the task has been given must ensure that it is carried out as they are accountable to their line manager for completing it. The ultimate responsibility for the task remains with the line manager. It acts to empower others in the organization and also frees up management time for other tasks and responsibilities.
- 22. rise and fall, continual variation
- 23. It is the surplus from sales revenue after all production costs have been deducted. It is a fundamental objective of most private sector organizations. In its most simplistic form, It = sales revenuetotal costs. Fishing quotas imposed by the government may reduce its catch and thus the future it of PST.
- 24. It refers to the monetary funds required for business purposes, such as funding the start-up of a new business venture, the day-to-day running of business, or its expansion. It for a business can be either internal (such as retained profit), or external (such as share capital or mortgages). Tapio is also in charge of the finance function at PST.
- 26. These are quantitative limits on the volume of a good or service that can be traded. The Finnish government has places quantitative quotas on the weight of fish that can be caught.
- 28. This is a business co-owned by at least two partners. In an ordinary partnership, there are between two to twenty owners, with unlimited liability. Partners share responsibility for the operations and success of the business. PST was originally established as a partnership for many generations, before becoming a private limited company in 2010.
- 30. the act of changing the residence or place of business;
- 33. It is a form of non-financial reward, which occurs when employees work with fellow colleagues to achieve organizational goals. It can build a sense of belonging and reduce boredom (of working alone), thereby helping to meet the social needs of employees. It can also help to raise labour productivity as employees support each other in their work, especially when trawler crews are out at sea together for several days at a time.
- 35. An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
- 36. They refer to a situation with unknown outcomes which could damage the financial health and viability of a business. Some risks, with a high degree of uncertainty, can cause a financial loss and possibly threaten the survival of the organization.
- 37. It is a category of training and is essentially about helping others to develop in their careers. The person who is doing it is a more experienced, skilled or knowledgeable person in the organization who guides a less experienced, skilled or knowledgeable colleague to progress in their career. The person (Pekka) uses their area of expertise (such as safeguarding and health & safety) to support and offer help them (trawler captains), as the need arises.
- 40. PST's ones in Appendix 1 show some concerns, such as declining sales revenue, lower profit margins, and a significant drop in the value of its current assets.
- 42. It is payment for the use of an asset, such as property or premises, that belongs to someone else. It is a type of fixed cost or expense, i.e. it must be paid irrespective of the level of output. It is one of the most expensive items of expenditure for PST for its office and warehouse.
- 46. It is an independent person or company appointed and authorized to act on behalf of another person in business and legal dealings. PST uses an agent to sell its fish products in overseas markets.
- 48. It is the money that an individual or business earn in return for the output generated in the production process. In the case of PST, larger fish supplies (due to overfishing) and falling market prices are reducing the company's ability to earn are a reasonable it.