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CIMA - E1 > Definitions and Lists > Flashcards

Definitions and Lists Flashcards

1
Q

What does VUCA stand for?

A

Volatility
Uncertainty
Complexity
Ambiguity

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2
Q

What are ethics?

A

A set of moral principles and values that guide behaviour

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3
Q

What are the 4 basic needs of the accountancy profession?

A

Professionalism
Provide high quality services
Credibility
Confidence

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4
Q

What are the 5 fundamental principles of the CIMA code of ethics?

A 
Confidentiality
Integrity
Professional Behaviour
Objectivity
Professional competence and due care
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5
Q

What are the 5 personal qualities of an accountant?

A 
Reliability
Responsibility
Respect
Timeliness
Courtesy
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6
Q

What are the 4 professional qualities of an accountant?

A

Scepticism
Accountability
Social responsibility
Independence

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7
Q

What are the 8 organisational values promoting ethical behaviour?

A 
Honesty
Openness
Accountability
Respect
Trust
Empowerment
Leadership
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8
Q

What is corporate governance?

A

The system by which companies are directed and controlled

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9
Q

What is corporate social responsibility?

A

The responsibilities that a company has towards society

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10
Q

What is corporate citizenship?

A

The need for a business to recognise that its responsibilities extend beyond the scope of simple commercial relationships

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11
Q

What are the steps in the information to impact framework?

A 
Assemble > Information
Analyse > Insight
Advise > Influence
Apply > Impact
Acumen
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12
Q

What are the characteristics of good information?

A 
Accurate
Complete
Clear
User friendly
Reliable
Accessible
Timely
Effective
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13
Q

What is the strategic apex?

A

The source of direction for the organisation

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14
Q

What is the middle line?

A

Middle managers that convert direction into tasks and procedures

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15
Q

What is the operating core?

A

Those that provide the outputs of the organisation

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16
Q

What is the technostructure?

A

Those that advise the operating core

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17
Q

What are support staff?

A

Those that support the operating core

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18
Q

What is an internal check?

A

The check on day-to-day transactions whereby the work of one person is proved independently or is complementary to the work of another

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19
Q

What is an internal financial control?

A

Any action taken by management to enhance the likelihood that established objectives and goals will be achieved

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20
Q

What is a shared service centre?

A

A separate business unit created within a company to deliver a specific service or suite of services

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21
Q

What is business process reengineering?

A

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical contemporary measures of performance, such as cost quality, service and speed

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22
Q

What is cloud computing?

A

The use of the internet to carry out processes that were traditionally done on localised hardware

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23
Q

What is big data?

A

Collections of data that are so large that traditional methods of data collection are insufficient

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24
Q

What are the 4 Vs of big data?

A

Velocity
Volume
Variety
Veracity

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25
Q

What is process automation?

A

The use of software to carry out low level tasks

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26
Q

What is artificial intelligence?

A

Technology that can be used to make decisions

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27
Q

What is blockchain?

A

A decentralised, continuously growing data record/ledger

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28
Q

What is the internet of things?

A

The increasing connection of devices to the internet via new technologies such as cloud computing

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29
Q

What are the 5 moral dimensions of the information age?

A 
Property
Accountability
Information rights
Life quality
Systems
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30
Q

What is data monetisation?

A

Generating revenue from available data sources or real time streamed data

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31
Q

What is ETL?

A

Extraction, Transformation and Loading - a process in data warehousing

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32
Q

What is a data warehouse?

A

A system used for reporting and data analysis

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33
Q

What is a data engineer?

A

Someone who ‘creates’ the links between the sources of data and the data warehouse

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34
Q

What is data mining?

A

The process of discovering patterns in large data sets

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35
Q

What is business intelligence?

A

The technical architecture of data reporting and analysis systems, the applications at the top of the stack and a company wide recognition of data as a strategic asset

36
Q

What is data modelling?

A

The evaluation of how an organisation is using its data

37
Q

What is data analysis?

A

The evaluation of the data to create information that is valuable

38
Q

What is operations management?

A

The planning, directing and controlling of the transformation of ‘inputs’ into ‘outputs’ that meet the needs of the organisations customers

39
Q

What are the 4 Vs of process?

A

Volume
Variety
Variation
Visibility

40
Q

What are the 5 types of primary activity in Porter’s value chain?

A 
Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service
41
Q

What are the 4 support activities in Porter’s value chain?

A

Procurement
Human Resources
Technology
Firm infrastructure

42
Q

What are the 3 types of capacity strategy?

A

Level capacity
Chase demand
Demand management

43
Q

What is Manufacturing resource planning? (MRP II)

A

A method for the effective planning of all resources of a manufacturing company

44
Q

What is optimised production technology? (OPT)

A

A computer based method for scheduling production requirements, aiming to eliminate bottlenecks

45
Q

What is enterprise resource planning software? (ERP)

A

Software that integrates all departments and functions of an organisation in a computer system able to meet the needs of all organisational users

46
Q

What are the 3 things that inventory management aims to minimise the combined cost of?

A

Inventory ordering costs + holding costs + stock out costs

47
Q

What are the 4 types of inventory system?

A
  1. Continuous
  2. Periodic
  3. ABC system
  4. Just in Time
48
Q

What are Economic Order Quantity techniques?

A

Those which determine the optimal size of order to place with the supplier

49
Q

What is supply chain management?

A

The flow of goods and services through the organisation with the aim of making the firm more competitive

50
Q

What is procurement?

A

The sourcing and purchasing of good and services for business use

51
Q

What are the 4 stages of Recke and Long’s model of the evolution of the procurement function?

A
  1. Passive
  2. Independent
  3. Supportive
  4. Integrative
52
Q

What are the 5 spokes of Cousins’ supply wheel?

A 
Organisational structure
Performance management
Portfolio of relationships
Cost/benefit analysis
Skills and competencies
53
Q

What are the 4 possible sourcing strategies?

A

Single, multiple, delegated and parallel sourcing

54
Q

What is quality?

A

The totality of features and characteristics of a product or service which bears on its ability to meet stated or implied needs

55
Q

What is quality control?

A

The traditional approach to quality management - inspecting output after production

56
Q

What is quality assurance?

A

A proactive approach to ensuring systems are developed to produce high quality items on a continual basis

57
Q

What are the 4 categories of quality cost?

A

Prevention cost
Appraisal cost
Internal failure cost
External failure cost

58
Q

What is total quality management (TQM)?

A

The continuous improvement in quality, productivity and effectiveness through a management approach focusing on both the process and the product - focuses on right first time and whole company ethos

59
Q

What is kaizen?

A

Continuous improvement through small incremental steps

60
Q

What is six sigma?

A

A statistical approach to quality management

61
Q

What is lean production/lean thinking?

A

That which aims to systematically eliminate waste in all areas of the organisation

62
Q

What is lean synchronisation?

A

The application of lean techniques with a customer focus

63
Q

What is reverse logistics?

A

The flow of surplus or unwanted materials back into the organisation for reuse, recycling or disposal

64
Q

What is benchmarking?

A

The comparison of a company’s service, practise or process with another party

65
Q

What are the 3 types of benchmarking?

A

Internal, competitive and best in class

66
Q

What is marketing?

A

The management process responsible for identifying, anticipating and satisfying customer requirements profitably

67
Q

What are the 3 environments that marketing should consider?

A

Macro environment
Micro environment
Internal environment

68
Q

What are the 6 PESTEL factors?

A 
Political
Economic
Social
Technological
Environmental
Legal
69
Q

What are the 4 Ps of the marketing mix?

A

Product
Place
Price
Promotion

70
Q

What are the 3 additional Ps of the extended marketing mix?

A

People
Processes
Physical evidence

71
Q

What must segments must be in order to be target markets?

A

Measurable, accessible and substantial

72
Q

What is undifferentiated marketing?

A

The delivery of a single product to the market place with very little concern for segment analysis

73
Q

What is differentiated marketing?

A

Several products each aimed at a separate segment

74
Q

What is concentrated marketing?

A

Focusing on a single segment for its product hoping to meet the exact needs of that group better than any other organisation

75
Q

What is guerilla marketing?

A

Actions designed to attract maximum attention and be talked about

76
Q

What is post modern marketing?

A

Creating customised messages for customers

77
Q

What are the 4 stages of the product life cycle?

A

Introduction, Growth, Maturity and Decline

78
Q

What is human resource management?

A

A strategic approach to acquiring, developing, managing and motivating an organisation’s people

79
Q

What is recruitment?

A

The process of attracting suitable candidates into joining an organisation

80
Q

What is job analysis?

A

The process of collecting, analysing and setting out information about the content of jobs in order to provide the basis for a job description and data for recruitment, training, job evaluation and performance management

81
Q

What two things does job analysis lead to?

A

A job description and a person specification

82
Q

What 7 things make up a person specification?

A 
Background
Attainments
Disposition
Physical make-up
Interests
General intelligence
Special aptitudes
83
Q

What is a data processing system/ transaction processing system?

A

One which captures large volumes of data

84
Q

What is a management information system?

A

An extension of a DPS that allows much greater reporting, normally with a report writing package attached

85
Q

What is an executive information system?

A

A system for senior executives that contain internal and external data that supports strategic decision making

86
Q

What is a decision support system?

A

Data modelling software that uses mathematical formula to replicate organisation activity

87
Q

What is a knowledge management system?

A

Those which capture and manage knowledge

CIMA - E1 (9 decks)

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