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M92 - andy > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

How long are the goals for strategic planning normally cover

A

Between 3 and 10 years depending on the nature of the industry

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2
Q

What industry requires long-term strategic planning

2 business and 2 industries

A

Life and pensions businesses as well as industries such as oil and production 

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3
Q

What does Smart stand for

A

Specific, measurable, achievable, relevant and time defined

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4
Q

When implementing the business plan what is a control process

A

A series of milestones

Identifying benchmark valuation, strategic and operational performance

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5
Q

What are examples of control models (7 examples listed)

A 
Management accounting
Budgeting
Critical success factors
Key performance indicators
Balance scorecard
Management by objectives
Benchmarking
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6
Q

What are critical success factors

A

A high level goal that is imperative for a business to meet

Certain factors such a critical to realising it’s mission either by exploiting opportunities or by finding of the dangers posed

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7
Q

What are usually derived from critical success factors

A

Swot analysis (strengths, weaknesses, opportunities and threats)

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8
Q

What are key performance indicators

A

A quantifiable measure of performance over time for a specific objective

They are quantifiable points in the development of a company strategy to show whether or not the company is reaching its target and objectives

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9
Q

Can key performance indicators be results orientated or effort orientated

A

Both

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10
Q

What are the four perspectives of a balance scorecard

A

Internal, customer, learning and growth, financial

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11
Q

What should key risk indicators cover

A

IT downtime, fraud, complaints, property loss or damage, employee injury

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12
Q

What does a balance scorecard identify

A

Is the company/colleagues are following/ enhancing the strategic plan via the objectives set

The knowledge, skills and systems that employees will need in order to innovate and build the right strategic capabilities and efficiencies that deliver specific value to marketplace which are eventually lead to a higher shareholder value

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13
Q

What is benchmarking

A

A process that allows the company to compare its own progress with that of a comprehensive standard

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14
Q

What is this example of

A companies growth will be measured against the growth of the UK economy as a whole or another organisation or operating in the same industry

A

Benchmarking

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15
Q

What are the three types of benchmarking

A

Internal: compare the performance of divisions and departments internally
External: compares against competing firms
Functional: Compare the main functions of processes against other organisations but not necessarily competitors

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16
Q

What is management by objectives

A

A process of defining objectives within an organisation so everybody agrees objectives and understand what I need to do

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17
Q

When is management by objectives appropriate

A

The knowledge based organisation such as insurance company

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18
Q

Under management by objectives of the success of achievement of organisational goals for quite a number of Key management factors, namely that:

A
  1. There must be complete support from the top management
  2. Its job is directed towards same goals
    3. each managers target form it supposed to be to ride targets
  3. Each manager was know what their performance targets are
  4. A manager superior must know what to demand for the manager
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19
Q

What is forecasting

A

The method by which a budget is put together by directors and senior management

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20
Q

What is variance analysis

A

Where department or individuals will usually be expected to provide reasons for any significant variances in the budget

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21
Q

What three things does forecasting cover

A

Levels and types of business or transacted
Turnover the business produces
Income such as investment returns

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22
Q

What are the four advantages of budgeting

A

Unification of effort
Planning
Financial awareness
Basis of comparison

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23
Q

What does a budget show

A

The income and expenditure expected during a financial period

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24
Q

Who begins the budgeting process

A

The chief executive issues general guidelines at the master budget to the principal heads of departments

25
What happens when budgeting after chief executive guidelines are released
Each department head discusses that with the relevant members of our team Each department drive to put together its own budget ensuring it matches objective of the master budget
26
What is top-down budgeting
The owners or directors decide on individual plans for each department and function and these plans are given to the individual manager to implement. Easy to operate
27
What is bottom up budgeting
Individual department managers construct their own budget within set guidelines. They are then passed up to the managers and directors individual budget and organisations master budget
28
What are the two methods of bottom up budgeting
The fixed budget and flexible budget
29
What is a fixed budget method of bottom up budgeting 
It’s not changed once it has been established regardless of any alterations in the organisations performance in reality
30
What is a flexible budget method when bottom up budgeting
It’s a change in accordance to the organisation‘s real activity levels over time I.e If a salary costs increase unexpectedly halfway through the budget period
31
What is zero based budgeting
Relies on managers to justify their expenditure from a fresh standpoint Requires manager to start a position of having nothing in a budget the ultimate question they have to justify what they want going forward
32
When is zero-based budgeting normally used
The cost of individual a self-contained areas of work such as research, machine maintenance and legal services
33
What are rolling budgets
They are budgets are currently look forward. With a 12 month rolling budget you come to the end of each month and a new month is added at the far end of a whole 12 month period. Managers are always looking 12 months ahead and make alterations in the future budget on a regular basis
34
What is a budget variance
The difference between actual and budgeted performance
35
What are the two types of variances
Unfavourable variance and favourable variance
36
What is an unfavourable variance
When budgets are not met
37
What is a favourable variance
When budgets are exceeded
38
Why do unfavourable variances need to be investigated
Preventative measures can actually be implemented to bring the spend back on budget also that effect can be minimised
39
Why does a favourable balance need to be investigated
Select contributing factors can be nurtured an affect incorporated in the future plans
40
What are the causes of variances
Inadequate pricing Higher expenses than planned Random events for example an IT breakdown Operating efficiency
41
What are the 5 C’s of decision making
Consider: preparation of stage of which the problem is considered consult: which Initative is a taken to involve those affective Crunch; we need to ensure that something is done communication; explanation to staff Check: go back and monitor results of a decision
42
What information does a manager needs when looking at colleagues
Level of productivity What resources are available Are objectives been met
43
Information within an organisation is to be analysed into what 3 levels
Strategic, tactical, operational
44
When a strategic information used
By senior managers to plan objectives of their organisations and to assess whether objectives are being met
45
What are examples of strategic information
Overall profitability Future market prospects Availability and cost of raising new funds Total cash needs
46
What is tactical information
Used by middle management to ensure that resources of the business are employed to achieve the target objectives of their organisation
47
What level of information is in example of tactical
Productivity control or variance analysis report and cash flow forecast
48
Where is the emphasis for tactical information
Generated Within the organisation and is likely to have an accounting emphasis it can be prepared regularly 
49
What is operational information
Used by front line manager such a supervisors to ensure that specific tasks are planned and carried out properly
50
What is a management information system
A database of financial information organised to produce regular report and operations for every level of management
51
What is the main purpose of a management information system
To give managers feedback about their own performance and enable senior management to monitor the company as a whole
52
What is a codification strategy
Knowledge is carefully codified and stored in a database where it can be accessed and used easily by appropriate employees
53
What is a personalisation strategy
Knowledge is closely tied to the person who developed it and shared mainly for a direct person-to-person contact instructor training programs
54
What two main areas of the organisation strategy does knowledge management have an impact on
Creating value for customers and operational economies
55
What knowledge management system is more appropriate for mature services
Codification strategy
56
Which knowledge management is best used for innovative services
Personalisation strategy
57
What is a balance scorecard?
A set of objectives the business follows to align with the strategic plan Is a management system aimed at translating an organisations strategic goals into a set of performance goals
58
What is a balance scorecard meant to measure?
The intellectual capital of a company through four main areas Internal processes Learning and growth Customers and finance

M92 - andy (27 decks)

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