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MANREP > Chapter 1 - Chapter 3 > Flashcards

Chapter 1 - Chapter 3 Flashcards

1
Q

It is someone who has expertise in a specific area or areas and offers unbiased opinion and advise for fee

A

Consultant

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2
Q

What is the purpose of the CPA in engaging in MAS?

A

To utilize the essential qualifications it
has available to provide advice and
technical assistance which will enable
client’s management conduct its affairs
more effectively.

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3
Q

What are the essential qualifications of a consultant?

A
  1. Technical competence
  2. Familiarity with client’s finance, control
    system and business problems
  3. Analytical ability & experience in
    problem solving
  4. Professional independence, objectivity
    & integrity
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4
Q

What is the primary purpose of MAS?

A
  1. The function of providing professional
    advisory
  2. Primary purpose is to improve client’s use of its capabilities and resources
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5
Q

What are the two types of encounters?

A
  1. Consultations
  2. Engagements
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6
Q

What happens during a consultation?

A
  1. Providing advice and information during a short time frame
  2. Information provided is orally
  3. Information are qualified to limitations
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7
Q

What is an engagement?

A

It is an analytical approach and process is applied in a study or project

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8
Q

What are the main types of consulting firms?

A
  1. IT Firms
  2. Accounting firms offering consultancy
  3. Major consulting only firms
  4. Independent
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9
Q

This type of consultant should have 3-5 years of experience and leads a consulting team. Their responsibility involves dealing with the client team and they must possess the ability to take responsibility in running small consultancy project

A

Senior Consultant/Managers

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10
Q

This type of consultant must have 5-10 years of experience and is responsible for developing firms product. In addition, they are responsible for building relationship with its client and involved in some large, complex consulting projects.

A

Business Development/Managers

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11
Q

This consultant is the most experienced
consultant responsible for the
development of the organization
and leads strategic
development.

A

Directors/Partners

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12
Q

What are the types of MAS engagements?

A

a) Nature of the Problem
b) Service DeliveryArea
c) Phases of the Analytical Process
d)Techniques and Methodologies Applied
e)Industry (or nature of organization)
f) Geographical Area

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13
Q

What are the three possible nature of the problem?

A

a. Corrective
b. Progressive
c. Opportunistic

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14
Q

This is a situation in which
conditions have worsened.

A

Corrective

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15
Q

This is an existing situation that can be
improved.

A

Progressive

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16
Q

This is a situation in which a future
opportunity exists.

A

Opportunistic

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17
Q

What are the phases of analytical procedure?

A

a. Identifying objectives
b. Defining the problem
c. Finding out the facts
d. Developing the solution
e. Implementing the solution

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18
Q

__________________ are conducted to
evaluate the effectiveness and/or efficiency of operations

A

Operational Audit

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19
Q

It is the complete redesign of a process with an emphasis on finding creative new ways to accomplish an objective.

A

Business Process Improvement/Reengineering

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20
Q

It involves developing new ways to perform existing activities and ways to stop performing non-value adding activities.

A

Business Process Improvement/Reengineering

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21
Q

This is a process through which managers
discover the nature of the competitive
environment in which they are operating.

A

Marketing Research

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22
Q

What are the types of marketing research?

A
  1. Primary Research
    a. Quantitative Research
    b. Qualitative Research
  2. Secondary Research
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23
Q

This type of consultancy work defines the approach the business will take in order to get the customer’s attention and get them to spend their money on the business’s products or services

A

Marketing Strategy Development

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24
Q

This is any program of activities dedicated to customers about a product, their interest and encouraging informing
stimulating purchase

A

Developing Promotional Campaigns

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25
Q

This type of consultancy work involves understanding the customer’s needs through market research.

A

New Product Development

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26
Q

This type of consultancy work involves technical advice on product development

A

New Product Development

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27
Q

This type of consultancy work involves identifying and contacting suppliers of critical components

A

New Product Development

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28
Q

This type of consultancy work involves development of marketing and PR campaigns to support the launch

A

New Product Development

29
Q

This type of consultancy work involves developing promotion campaigns to get distributors on board

A

New Product Development

30
Q

This type of consultancy work involves financial planning and evaluation of the return on new product investment

A

New Product Development

31
Q

This type of consultancy work involves evaluation of the business’s investment
needs

A

Developing Proposals of Financial Support

32
Q

This type of consultancy work involves i identification of funding providers and how they might be contacted

A

Developing Proposals of Financial Support

33
Q

This type of consultancy work involves developing an understanding of the criteria employed by funding providers and how these might be addressed

A

Developing Proposals of Financial Support

34
Q

This type of consultancy work involves developing communications with funding
providers

A

Developing Proposals of Financial Support

35
Q

This type of consultancy work involves assessing the firm’s human resource
requirement and identifying skill and knowledge
gaps

A

Staff Recruitment

36
Q

This type of consultancy work involves creating advertisements to attract the right
people

A

Staff Recruitment

37
Q

This type of consultancy work involves development assessment criteria, interview procedures and psychometric testing of candidates

A

Staff Recruitment

38
Q

This type of consultancy work involves advice on the reimbursement packages new recruits will expect

A

Staff Recruitment

39
Q

This consultancy services managing totality of risks-financial, operational and systems, and strategic to improve financial and business performance.

A

Global Risk Management Solution

40
Q

This consultancy service involves services related to mergers, acquisition, divestitures, joint ventures, spin-off and strategic alliance

A

Transaction Services

41
Q

In this consultancy service, CPA’s provide financial, economic and strategic
advice to companies with complex business problems and disputes.

A

Financial Advisory Services

42
Q

This consultancy service involves management advisory services related to
partnership between the public and private sectors in delivering infrastructure and services or privatization
and project finance

A

Project Finance and Privatization

43
Q

This consultancy service involves guiding clients through complex business
transaction such as acquisition or divestiture of investment, debt structuring and finance-raising, entry to major stock exchange, mergers.

A

Valuation Services

44
Q

This consultancy service is a service where CPA’s provide services to troubled business by emphasizing on the implementation and rationalization and recovery programs designed to rebuild value.

A

Business Recovery Services

45
Q

This consultancy service involves environmental analysis, real estate investigative services, damage, disputes,
financial construction investigative services, economic and analysis.

A

Dispute Analysis and Investigations

46
Q

This consultancy service involves helping the client understand and manage their
business risks relating to implementation and use of technology

A

Computer Risk Management

47
Q

This consultancy service helps assist clients in prioritizing their needs, identifying
the right software and tailoring it to meet their specific requirement.

A

Application Software Selection and
Implementation

48
Q

What are the traditional areas of expertise for CPA firms?

A
  1. Auditing
  2. Accounting system design and installation
  3. Income tax work
49
Q

What are the common roles in consulting firms (in ascending order of seniority)?

A

Analysts
Consultants
Senior Consultant or Manager
Business Development Managers
Director or Partners

50
Q

These are services provided by an independent accounting firm that can be described as the function of providing professional advisory (consulting) services

A

Management advisory services

51
Q

The primary purpose of these services is to improve the client’s use of its capabilities and resources to achieve the objectives of the organization

A

Management advisory services

52
Q

A management consultant is hired for at least four valuable reasons:

A
  1. Independent viewpoint
  2. Professional advisor and counselor
  3. Temporary professional service
  4. Agent of change
53
Q

What are the six dimensions of management services engagements?

A
  1. nature of the problem
  2. service delivery area
  3. phases of the analytic process
  4. techniques and methodologies applied
  5. industry (or nature of organization) to which the client belongs, and
  6. geographical area(s) where the engagement take place
54
Q

The analytic process in a consulting engagement includes:

A
  1. Identifying the objectives
  2. Defining the problem
  3. Finding out the facts
  4. Developing the solution
  5. Implementing the solution
55
Q

This is one of the broadest project types. This is a phrase often encountered in businesses that have ambitions to grow and develop. A project of this type is a great opportunity. It offers the consultant a broad remit to contribute to the development of the business.

A

Business Development

56
Q

In process reengineering, a business process is diagrammed in detail, questioned and then completely redesigned to:

A
  1. eliminate unnecessary steps
  2. to reduce opportunities for errors
  3. to reduce costs
57
Q

This has sometimes been described as taking a blank piece of paper and starting from scratch to design a business process.

A

Reengineering

58
Q

A _________________ is information collected for the specific project.

A

primary research

59
Q

_________________ provides answers to questions when those answers need to be expressed in statistical or numerical form. It aims to answer the ‘how much, how often and how many’ questions that managers pose.

A

Quantitative research

60
Q

_________________ provides answers to questions that do not demand a quantified answer. It provides the insights that answer managers’ ‘who, what and why’ questions.

A

Qualitative research

61
Q

A ______________ research is based on information that has been collated earlier for reasons other than the project at hand.

A

Secondary research

62
Q

A ________________ defines the approach the business will take in order to get the customer’s attention and - critically - get them to spend their money on the business’ products or services.

A

marketing strategy

63
Q

A ________________ is any program of activities dedicated to informing customers about a product, stimulating their interest and encouraging purchase.

A

promotional campaign

64
Q

This represents a complex project that draws in most, if not all, of the firm’s functions, This is often undertaken by interdisciplinary teams, which cut across departmental boundaries.

A

New product development

65
Q

What are the types of clients served in MAS?

A
  1. Contact clients
  2. Intermediate clients
  3. Primary clients
  4. Unwitting clients
  5. Indirect clients
  6. Ultimate clients
66
Q

This client is the person, who first approaches the consultant and proposes that the consultant addresses a problem or issue on behalf of the organization

A

Contact clients

67
Q

These clients are members of the organization who become involved in the consulting project. They will work with the consultant and provide information. They will sit on meetings and influence the way the project unfolds.

A

Intermediate cliens

68
Q

These clients are members of the organization who will be affected by the intervention of the consultant. They do not initiate the project and have no direct or formal control over it. They are not aware that they will be affected by the project.

A

Unwitting clients

69
Q

These clients are members of the organization who will be affected by the intervention of the consultant and who are aware that they will be affected. However, the consultant is not aware that the project will have an impact on them. These clients may feel cither positive or negative about the consultant’s intervention. They can be very influential behind the scenes
and, unbekaown to the consultant, can facilitate or hinder the progress of the
project.

A

Indirect Clients

MANREP (4 decks)

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