Chapter 10 - Management Information And Quality Standards Flashcards
Exception reports or variance reports are useful for data that falls outside acceptable standards.
Exception reports will potentially offer the following benefits…
5 points
Useful for highlighting a potential problem/under performance
Used to identify trends over time
Indicate a training needs or identify differences in performance
Recognise better than expected performance
Save time and allow time to focus on solutions.
Total Quality Management (TQM), made famous by W Edwards Deming, an American statistician who was instrumental in revitalisation Japan post WW2.
TQM aims to continually improve performance over the long term by focusing in Customer Satisfaction, there are 6 key concepts…
Customers are not only people outside the organisation.
A culture of continuos improvement
Quality should be built into the processes and systems
Processes should be designed to ensure complaints never occur
Ongoing preventative action to break the loop of recurring problems
A more collaborative store of management, communication and employee involvement.
Investors in people (IiP). This is a British standard to recognise improving organisations performance through training and development of its people to meet business goals.
What are the 3 core principles?
Plan - develop strategies to improve performance
Do - take action to improve performance
Review - evaluate and improve performance
IiP. The assessment process has up to 39 standards to indicate high performance. An award is made, bronze, silver, gold and champions - anything above bronze shows additional optional standards have been met.
The standards are based on 10 areas…
Business strategy Learning and development strategy People management strategy Leadership and management strategy Management effectiveness Recognition and reward Involvement and empowerment Learning and development Performance measurement Continuos improvement.
ISO 9000 standard relates to maintaining a framework that enables an organisation to…
Improve its products and services continually
ISO 22222 is a standard that defines personal financial planning process and specifies the ethical behaviour, competence and experience required of a professional personal financial planner.
This intends to encourage… (4 points)
Overseas markets
Consumer confidence
Consistent delivery of service
Standardised and well defined financial planning process writhing and across countries.
BS8453 and BS8570 are standards for managing compliance and risk management. When organisations meet these requirements they are using best practice systems and controls, these standards include…
4 points
Effective risk management processes
Undertaking risk assessments
Monitoring compliance
Internal and external reporting
Management information will ideally be available in the following areas…
4 points
Income targets
Costs
Compliance
Client satisfaction
