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CIMA - E3 > 6. Generate and Develop Options > Flashcards

6. Generate and Develop Options Flashcards

1
Q

What are the 2 things to be considered when diagnosing an organisation’s starting position?

A
  1. Where we are now in terms of SWOT
  2. What resources and competencies we have to work with
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2
Q

What does a resource audit do?

A

Help to reveal strengths and weaknesses, core competencies, company competitive position and analysis of value creation

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3
Q

What 5 key things does a resource audit examine the position of?

A
  1. Tangible + intangible resources
  2. Core competencies
  3. Products, trademarks, brands
  4. Stakeholder relationships
  5. Returns to shareholders
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4
Q

What is strategic fit?

A

Having the right resources to take advantage of opportunities in the external environment

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5
Q

What is strategic capability?

A

The ability to perform at a level that achieves objectives and fulfils the mission of the organisation (which changes over time)

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6
Q

What are the elements of the 9 Ms model of resource audits?

A
  1. Manpower
  2. Money
  3. Management
  4. Machinery
  5. Markets
  6. Material inputs (supplier relationships)
  7. Methods/processes used
  8. Management information
  9. Make-up (culture, intangibles)
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7
Q

What are threshold competencies?

A

Capabilities necessary for the organisation to compete

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8
Q

What 2 ways do we review competencies?

A

Environmental scanning and communication with stakeholders

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9
Q

What are core competencies?

A

Activities and processes through which resources are deployed to gain a competitive advantage in ways that others cannot imitate or obtain

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10
Q

What are unique resources?

A

Those which cannot be easily imitated or obtained by competitors

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11
Q

Other than resources, what else should be evaluated when diagnosing an organisations starting position?

A

Value drivers

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12
Q

What is foresight?

A

Rehearsing alternative futures for the organisation, assuming that actions today will shape the future

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13
Q

What 4 things does foresight help with?

A
  1. Overcoming vested interests
  2. Expanding mindsets
  3. Help employees form new strategic views
  4. Help participants buy into or develop the organisation’s strategic vision
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14
Q

What are the 5 Cs of foresight?

A
  1. Communication
  2. Concentration
  3. Co-ordination
  4. Consensus
  5. Commitment
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15
Q

What is forecasting?

A

The process of estimation in unknown situations

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16
Q

What are the 3 main examples of forecasting techniques?

A
  1. Correlation
  2. Regression analysis (linear relationship)
  3. Time series
17
Q

What is trend analysis?

A

Collecting information and attempting to spot a pattern or trend in the information

18
Q

What is trend extrapolation?

A

The assumption that the past will repeat itself

19
Q

When is trend extrapolation useful, and what particular technique is used?

A

In industries with seasonal fluctuations - time series analysis

20
Q

What is the Delphi method?

A

A systematic method for obtaining forecasts from a panel of independent experts, where repeated answering converges on one ‘correct’ answer

21
Q

What are the benefits of anonymity in the Delphi method?

A
  1. Dont stick to previous statements - admit errors
  2. Dont follow group ‘leader’/ dominate
  3. Feel free to express opinions
22
Q

What does scenario planning do?

A

Describe a range of plausible scenarios and the action plans required if they occur - rehearsing the future

23
Q

When is scenario planning most useful?

A

In complex and dynamic environments

24
Q

What are the 10 steps of scenario planning?

A
  1. Define scope of activities
  2. Identify key stakeholders
  3. Identify main trends
  4. Identify uncertainties
  5. Identify causes of disruption
  6. Construct initial scenarios
  7. Check consistency and plausibility
  8. Reduce to 2/3 scenarios
  9. Use scenarios to form strategy
  10. Identify required resources
25
Q

What are the 4 main advantages of scenario planning?

A
  1. Deeper understanding of environment
  2. Indicates what needs to be monitored
  3. Encourage environment scanning
  4. Encourages creative thought
26
Q

What are the 4 disadvantages of scenario planning?

A
  1. Expensive
  2. May be a distraction from main business
  3. May be difficult to act due to vested interests
  4. Many scenarios won’t come through
27
Q

What is visioning?

A

Seeing an image of the future which may be vague or out of focus, which becomes more concrete over time with a goal to come up with a plan to get us there

28
Q

What is morphological analysis?

A

Systematic investigation of all the components of large scale problems, products and processes using a matrix

29
Q

What is a relevance tree?

A

A systemised approach, starting with a clear goal, that traces the desired outcome back through trends and events to see what the organisation needs to do to achieve the desired outcome

30
Q

What are 4 alternative foresight techniques?

A
  1. Issue analysis
  2. Opportunity mapping
  3. Cross impact analysis
  4. Role playing
31
Q

What is the main learning from game theory?

A

The interdependence in decision making causes each player to consider the other player’s possible decisions, or strategies, in formulating strategy - collaboration is required

32
Q

What are the 3 real options?

A
  1. Follow on
  2. Delay
  3. Abandon

CIMA - E3 (10 decks)

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