Chapter 2- Principles & Practices Pt1

Question 1

Plus SIF (significant influence function) principles.

Answer 1

OSC
Organise and control
Skill, care and diligence
Compliance

Question 2

SYSC ‘systems and controls’

Answer 2

SYSC 3- systems and controls
SYSC 4- general organisation (structures)
SYSC 5- employees (competency)
SYSC 7- risks controls

Question 3

People T and C framework- how best to manage?

MR CASTN?

Answer 3

M- maintains competence
R- records

C-competence
A- appropriate qualifications 
S- supervising
T- training
N- notification requirements

Question 4

Strategic planning- CIA

Answer 4

Choices
Implementation
Analysis

Question 5

Ansoft matrix-

New and existing markets and products

Answer 5

Get products and services to right people/right time.
Development of products
Internal and external analysis

Question 6

Boston matrix- where to allocate capital when planning.

Dog
Cash cow
Star
Q mark

Answer 6

Star- ideal position/ costly but generates cash

Question mark- high growths all share, not delivering.

Cash cow-established, max growth, has market share and funds others.

Dog- small market, no growth ‘dog had its day’ close or fold.

Question 7

PESTS: scenario planning

Pure ‘Outside view’ looking at what may impact the business.

Answer 7

Political- regulators/legal
Environmental- ethical/ market rates
Social- tax/government/
Technological- tech changes/development

Question 8

Customer matrix:

Be clear on why customers buy from you. Focuses on customer needs/wants.

What works?

Answer 8

Pros:
What you do well/ not so well
Comparison with competitors
Identifies strengths, weaknesses. 
Internal and external analysis 

Cons:
Simple
Assumes know where your competitors are
Based on assumptions

Question 9

Change models?

What is LEAN and Lewin?

Answer 9

LEAN= to be more effective/ efficient processes.

LEWIN= 3 stages unfreeze/change/re freeze

Question 10

McKinsey seven s framework:

Change 1 area, likely to impact others. What are the 7 areas?

Answer 10

Super-ordinate goals 'vision'
Structure
Systems
Staff
Skills
Style
Strategy

Question 11

Kotter 8 steps to change.

CHANGE FAILS- need to ensure change process is followed to see it through.

Name the 8 steps….

Answer 11

E-establish urgency
F-form a correlation
C-create a vision 
C-communicate the vision
E-empower others
P-plan short goals/quick wins
C-consolidate improvements
I-imbed/ make bau processes

Question 12

Principles/code of practice for approved persons……

Answer 12

ISPO
Integrity
Skill, care and diligence
Proper standards
Open and cooperative