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S4 Accounting > C2 Ch.2 Key Business Functions > Flashcards

C2 Ch.2 Key Business Functions Flashcards

1
Q

What are the kinds of management?

A

Human Resources Management, Financial Management, Operations Management, Marketing Management, Information Management, Risk Management

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2
Q

What are the roles of human resources management?

A
  1. Manpower planning
  2. Staffing
  3. Performance appraisal
  4. Reward management
  5. Training and development
  6. Enhancing employee relations
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3
Q

Explain on manpower planning of human resources management.

A

Forecast the number and types of employees the company needs in order to achieve its objectives. Decide what positions the company needs to fill and how they are to be filled.

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4
Q

Explain on staffing of human resources management.

A

Recruit, select and employ capable applicants for the company’s vacancies.

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5
Q

Explain on performance appraisal of human resources management.

A

Designing a performance appraisal system with comparison with standards and feedbacks, which can help improve employee’s work performance.

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6
Q

Explain on reward management of human resources management.

A

Design a fair and competitive compensation and benefits system to attract, motivate and retain competent employees.

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7
Q

Explain on training and development of human resources management.

A

Design training and development programmes for employees to improve their skills and competencies.

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8
Q

Explain on enhancing employee relations of human resources management.

A

Promote harmonious relationships among the company, employees and the labour union through internal communication. With good employee relations, employees will be more committed to their work in the company.

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9
Q

State the importance of human resources management.

A
  1. It allow the company to attract, recruit and retain competent employees who can help the company to achieve its goals.
  2. It helps the company develop a quality workforce like identifying employees’ weaknesses through performance appraisals and improve their performance through proper training.
  3. It matches the supply of and demand for human resources by hiring suitable employees to fill job vacancies and laying off excess employees.
  4. It helps ensure that the company has observed all labour regulations.
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10
Q

What is financial management?

A

Financial management refers to the management of the financial resources and financial obligations of a company in order to achieve the company’s goals.

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11
Q

What are the functions of financial management?

A
  1. Financial analysis
  2. Financial planning and budgeting
  3. Marketing investment decisions
  4. Making financial decisions
  5. Making working capital decisions
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12
Q

Elaborate on financial analysis of financial management.

A

Profitability, liquidity, solvency and management efficiency using accounting ratios. The finance department can also help identify the company’s strengths and problems.

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13
Q

Elaborate on financial planning and budgeting of financial management.

A

It involves forecasting the company’s financial needs and developing budgets to meet those needs. It helps a company plan its financial resources.

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14
Q

Elaborate on marketing investment decisions of financial management.

A

It involves identifying good investment projects in order to maximise the company’s net worth.

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15
Q

Elaborate on making financial decisions of financial management.

A

It involves determining the sources of financing and raising funds for the company to make investments, and to support its operations and expansion.

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16
Q

Elaborate on making working capital decisions of financial management.

A

It involves managing the company’s current assets and current liabilities. Examples of making working capital decisions: encouraging customers to pay in cash, formulating policies to collect overdue accounts receivable from customers, repaying accounts payable early to take a cash discount, ordering just enough inventory to minimise inventory costs.

17
Q

What are the roles of operations management?

A
  1. Designing effective production process.
  2. Inventory management -> avoid running out of stock.
  3. Quality Assurance.
  4. Logistics and distribution management -> goods packaged securely and delivered to customers within a reasonable time
18
Q

What are the tasks of designing effective production process?

A
  1. Plan for capacity: Production capacity to meet customers’ demand.
  2. Choose a facility location: Minimise production costs and increase operational efficiency.
  3. Design the workflow: Determine the sequence of production process.
  4. Design jobs: Assign and allocate tasks to different job positions as well as design the workplace and work environment.
  5. Design a facility layout: What equipment should be used and where it should be placed.
19
Q

How to assure the quality?

A
  1. Imposing quality control regulations for employees to follow.
  2. Inspecting products, tools and equipment regularly.
  3. Acquiring quality raw materials from suppliers.
20
Q

What is marketing management?

A

Marketing management refers to the process of identifying customers’ needs and executing marketing strategies, so that a company can meet those needs with its goods or service better than competitors and make a profit.

21
Q

What are the roles of of marketing management?

A
  1. Conducting marketing management.
  2. Segmenting the market, selecting target markets and determining market position.
  3. Formulating marketing strategies.
  4. Implementing and controlling marketing activities.
  5. Managing customer relationships.
22
Q

Elaborate on conducting market research of marketing management.

A

To obtain market information to identify customers’ needs and preference, forecast customer demand, evaluate the company’s marketing performance and identify market opportunities and threats.

23
Q

Elaborate on segmenting the market, selecting target markets and determining market position.

A
  1. Divide the market into small segments with distinct and same needs, characteristics and consumption patterns.
  2. Elaborate the attractiveness of the segment.
  3. Select target markets to serve the target customers.
  4. Determine the company’s market position to reflect its competitive advantage over the competitiors.
24
Q

How to build and maintain long-term relationships with customers?

A
  1. Tailoring products for each customer using a customer relationship management system.
  2. Launching frequency or membership programmes that encourage repurchases or keep customers in touch with company.
  3. Offering add-on services.
  4. Handling customers’ complaints effectively
25
Q

What is the importance of marketing management?

A
  1. It helps identify and satisfy customers’ needs.
  2. It helps the company compete with competitors by formulating suitable marketing strategies.
  3. It helps the company maintain long-term relationships with customers and enhance customer loyalty.
  4. It helps the company monitor changes in the market and respond to those changes accordingly.
26
Q

What is information management?

A

It refers to the process of gathering, processing, storing and distributing information to support a company’s operations and decision making.

27
Q

What are the roles of information management?

A
  1. Storing, processing and managing business transaction data.
  2. Setting up and maintaining information systems to support other departments.
  3. Setting up and maintaining network systems to facilitate communication.
28
Q

What are the importances of information systems?

A
  1. It supports different departments in decision-making.
  2. It supports the company’s daily operations.
  3. It facilitates communication and collaboration among employees.
29
Q

What is risk management?

A

Risk management refers to the process of identifying and assessing a company’s exposure to various types of risk and developing measures to minimise losses.

30
Q

What are the roles of risk management?

A
  1. Identifying and measuring risks.
  2. Controlling risks.
31
Q

What are the four risk management strategies?

A
  1. Risk avoidance: Eliminating the risk of loss by not engaging in activities which would cause a loss.
  2. Risk assumption: Bearing or retaining the risk of loss by setting aside an amount of company to cover potential loss.
  3. Reducing the risk of loss by preventing the loss from happening or reducing the size of loss.
  4. Risk transfer: Transfer the risk of loss to another party through insurance or contractual agreements.
32
Q

What is the importance of risk management?

A
  1. It helps to reduce the uncertainty of the company’s business operations.
  2. It helps to minimise losses and protect the company’s employees and assets.

S4 Accounting (5 decks)

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