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Management Case Study > Core Activity Area B > Flashcards

Core Activity Area B Flashcards

1
Q

What are project constraints?

A

Time, cost and quality

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2
Q

What are the four stages in a project life cycle?

A

Need
Solution
Implementation
Completion

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3
Q

What are the five project management process areas?

A

Initiating - help meet companies long term goals, solve problems, take advantage of new opportunities
Planning - communicate what has to be done, Encourage forward thinking, provide measures of success
Executing
Controlling
Closing - end of project meeting, formal sign off of project, project review meetings

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4
Q

What are the types of feasibility?

A

Technical - can it be done?
Social - does it fit with current operations?
Ecological - how does it affect the environment?
Economic - Is it worth it?

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5
Q

What is a project intiation document?

A

Main output of the intitiation stage of the project.
Two reasons:
1. Secure authorisation of the project
2. Act as a base document
Contents:
Purpose statement
Scope statement
Deliverables
Cost and time estimates
Objectives
Stakeholders
Chain of command

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6
Q

What is project management software useful for?

A

Planning, estimating, monitoring and reporting

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7
Q

What is the risk management process?

A

Identify risk
Analyse risk
Prioritise
Management
Resolution
Monitoring

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8
Q

How do we manage risk?

A

TARA, contingency planning, PERT, Scenario planning, buffering

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9
Q

What is contingency planning?

A

considering alternative actions which could be taken if uncertain events occur

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10
Q

What is PERT?

A

Projection evaluation and review technique

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11
Q

What is scenario planning?

A

considering one or more sets of circumstances that might occur

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12
Q

What is buffering?

A

Adding artificial slack into risky activities

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13
Q

Who is involved in the project?

A

Stakeholders

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14
Q

What is the stakeholder hierarchy?

A

Project sponsor - make yes/no decision
Project owner - person whom the project is being carried out
Project customer - people whose needs the project should satisfy
Project manager - responsible for successful delivery of project objectives
Project team - individual responsibility for parts of the project

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15
Q

What techniques are used for dispute management?

A

Negotiation
Mediation
Partnering
Compromise

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16
Q

What skills are required by a project manager?

A

Negotiation
Planning and control
Technical awareness
People skills
Financial awareness
Problem solving
Communication
Change/configuration management
Delegation
Leadership

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17
Q

What is the lifecycle of project teams?

A

Forming - individuals brought together
Storming
Norming - individuals settle into their roles
Performing
Adjouring

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18
Q

What is a matrix and project structure?

A

Matrix structure aims to combine the benfits of decentralisation with those of co-ordination.
Seeks to add flexibility and lateral coordination

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19
Q

What is expected values?

A

Summarises all the different possible outcomes by calculating a single weighted average

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20
Q

What are the different categories of risk?

A

Business
Political
Legal
Regulatory
International
Corporate reputation
Environmental
Technology
Financial
Economic

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21
Q

What is business risk?

A

Risk businesses face due to the nature of their operations and products. Different categories:
Strategic risk
Product risk
Commodity price risk
Product reputation risk
Operational risk
Contractual inadequacy risk
Fraud and malfeasance risk

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22
Q

When probabilities are not available how can we calculate risk?

A

Add risk premium to the discount rate
Use shorter payback periods
Sensitivity analysis
Simulation (With and without probabilities)
Stress testing
Scenario planning

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23
Q

What are the sources of long-term funds?

A

Capital markets - new share issues, rights issues
Bank and finance houses
Government and similar sources

24
Q

What is equity finance?

A

Equity is another name for shares or ownership rights in a business

25
Q

What is the cost of equity?

A

rate of return that ordinary shareholders expect to receive on their investment

26
Q

What is the cost of debt?

A

Rate of return that debt providers require on the funds that they provide

27
Q

What is the yield to maturity?

A

Cost of debt calculated from the investor’s perspective

28
Q

What are ordinary shares?

A

pay dividends at the discretion of the entity’s directors.
Owners of the company.
Can attend AGM’s

29
Q

What are preference shares?

A

Shares that pay a fixed dividend.

30
Q

What are the methods of issuing new shares?

A

IPO
Placing
Rights Issue

31
Q

What is an IPO?

A

Occurs when company seeks to be listed on a stock market for the first time.
Shares offered for sales to investors, through an issuing house. Offer could be made at a fixed price set by company or via a tender offer.

32
Q

What is a placing?

A

Shares placed directly with certain investors on a pre-arranged basis.

33
Q

What is a rights issue?

A

Where new shares are offered for sale to exisiting shareholders.

34
Q

What are some characteristics of debt?

A

Cheap
Can be secured against assets - less risk for lender
Interest is tax-deductible for the company
High risk for company
May come with covenants
Can match timescale to the need for funding

35
Q

What are some other sources of finance?

A

Existing cash
Sale and leaseback
Grants
Private Investors

36
Q

What does Schein suggest a group is?

A

Any number of people who:
Interact with one another
Are psychologically aware of one another
perceive themselves to be a group

37
Q

What are the different types of groups?

A

Formal - used to carry out tasks, communicate and solve problems
Informal - individuals join groups to meet their social and security or safety needs
Reference - group the individual does not currently belong to but wants to join
Self directed and autonomous

38
Q

What is a work team?

A

Formal group
It has a leader and a distinctive culture and is geared towards a final result

39
Q

What are the benefits of groups?

A

Increased productivity
Synergy
Improved focus and responsibility
Improved problem solving
Greater creativity
Increased satisfaction
Increase motivation
Improved information flows

40
Q

What are the problems with groups?

A

Conformity
Risky shit or group polarisation
Groupthink

41
Q

What are the stages of team development?

A

Forming
Storming
Norming
Performing

42
Q

What are the team roles?

A

Co-ordinator
Shaper
Plant
Monitor Evaluator
Resource Investigator
Implementer
Teamworker
Completer Finisher
Specialist

43
Q

What are high performing teams?

A

Group of skilled individuals who are selected to work together to meet a common objective and share responsibility for outcomes.

44
Q

What are the five key aspects of successful teams according to Peters and Waterman?

A

Numbers should be small
Team should be of limited duration
Membership should be voluntary
Communication should be informal and unstructured
It should be action-oriented

45
Q

What are the types of communication?

A

Formal - planned and intentional and tends to have a professional tone
Informal - more casual in nature and is generally unplanned

46
Q

What is the process of communication?

A

Sender
Encoding
Channel
Receive
Decoding
Feedback

47
Q

What are some digital communication tools?

A

Intranet
Chat and private messaging
Discussion forums
Tracking and case software
Internal blogs

48
Q

What is negotiation?

A

ability to discuss an issue with one or more other people in the attempt to establish ways to reach agreement

49
Q

What are the three characteristic negotiation is defined by?

A

Conflict of interest between two or more parties
No established set of rules for resolving conflict
Parties prefer to search for an agreement rather than to fight openly

50
Q

What is the process of negotiation?

A

Preparation
Opening
Bargaining
Closing

51
Q

What is conflict?

A

Disagreement, and is when one party is perceived as preventing or interfering with the goals or actions of another.

52
Q

What are the causes of conflict?

A

History
Difference
Limited resources
Win/lose situation
Interdependencies
Misunderstandings
Conviction beliefs
Stress and failure
Change

53
Q

What are the main sources of horizontal conflicts?

A

Environment
Size
Technology
Structure
Goal Incompatibility
Task interdependence
Reward systems
Differentiation

54
Q

What are the main sources of vertical conflict?

A

Power and status
Ideology
Pyschological distance
Scarce resourcesw

55
Q

What is constructive conflict?

A

Considered useful, positive and beneficial to the organisation as it does not revovle around personality
Creates an environment of innovation and change

56
Q

What is destructive conflict?

A

Tends to be ad hoc and personal
Harmful for the org and its involved members
Can be demoralising for those involved

Management Case Study (5 decks)

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