Deffinitions Flashcards

1
Q

Mintzbrurg building blocks

A
  • Strategic Apex
  • Middle line
  • Operating core
  • Support staff
  • Techno structure
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2
Q

Mintzberg co ordination mechanisms

A
  • Direct Supervision
  • Standardisation of work
  • Standardisation of skills
  • Standardised outputs
  • Mutual adjustment
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3
Q

Reserved areas of practice

A
  • Statutory audit
  • investment business
  • Insolvency
  • Probate
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4
Q

Who carries out statutory monitoring of quality of audit

A

FRC

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5
Q

Data can be useful for

A
  • Planning
  • Decision making
  • Control
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6
Q

The lower the standard deviation, the (less risky/more risky)

A

Less risky

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7
Q

Data analysis follows these steps:

A
  • identifying information needs for business
  • collecting the data
  • analysing the data
  • presenting the information
  • using the information
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8
Q

Systematic sampling

A

Nth term to be chosen then every 100th term since

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9
Q

Stratified sampling

A

Population is divided into sub strata

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10
Q

Self selection bias

A

When an individual selects them selves to be part of a sample eg entering into an online prize draw

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11
Q

Selection Bias

A

When data is selected randomly but it’s not representative of the population

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12
Q

Omitted variables

A

When key variables are not included in the data analysed for example missing ages of people

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13
Q

Cognitive bias

A

This relates to human perception and includes biased depending on how data is presented e.g. if a companies profit increases 20% in one year however market growth is 30% of the profit arnt that great

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14
Q

Confirmation bias

A

Occurs when people see data that confirms their beliefs but ignore the data that doesn’t confirm there beliefs 

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15
Q

Survivorship bias

A

Occurs when the sample only contains items that survived a previous event

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16
Q

Bank of England increase interest rates. How does this effect
A. Inflation
B. Currency
C. Exports

A

A. high interest rates used to tackle high inflation
B. Value increases
C. Increase

17
Q

What is a cartel

A

Agreement between businesses not to compete with each other, typically market with few competitors, products have similar Characteristics eg ore mining, oil and medical

18
Q

Deviation

A

Measure of how far away from the mean a value is in a data set

19
Q

Variance

A

Variance is an average of squared deviations of all values in a data set

20
Q

Standard deviation

A

Shows the average deviation from the mean. Standard deviation is the square ruote of the variance