Definitions and Lists Flashcards
What does VUCA stand for?
Volatility
Uncertainty
Complexity
Ambiguity
What are ethics?
A set of moral principles and values that guide behaviour
What are the 4 basic needs of the accountancy profession?
Professionalism
Provide high quality services
Credibility
Confidence
What are the 5 fundamental principles of the CIMA code of ethics?
Confidentiality Integrity Professional Behaviour Objectivity Professional competence and due care
What are the 5 personal qualities of an accountant?
Reliability Responsibility Respect Timeliness Courtesy
What are the 4 professional qualities of an accountant?
Scepticism
Accountability
Social responsibility
Independence
What are the 8 organisational values promoting ethical behaviour?
Honesty Openness Accountability Respect Trust Empowerment Leadership
What is corporate governance?
The system by which companies are directed and controlled
What is corporate social responsibility?
The responsibilities that a company has towards society
What is corporate citizenship?
The need for a business to recognise that its responsibilities extend beyond the scope of simple commercial relationships
What are the steps in the information to impact framework?
Assemble > Information Analyse > Insight Advise > Influence Apply > Impact Acumen
What are the characteristics of good information?
Accurate Complete Clear User friendly Reliable Accessible Timely Effective
What is the strategic apex?
The source of direction for the organisation
What is the middle line?
Middle managers that convert direction into tasks and procedures
What is the operating core?
Those that provide the outputs of the organisation
What is the technostructure?
Those that advise the operating core
What are support staff?
Those that support the operating core
What is an internal check?
The check on day-to-day transactions whereby the work of one person is proved independently or is complementary to the work of another
What is an internal financial control?
Any action taken by management to enhance the likelihood that established objectives and goals will be achieved
What is a shared service centre?
A separate business unit created within a company to deliver a specific service or suite of services
What is business process reengineering?
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
What is cloud computing?
The use of the internet to carry out processes that were traditionally done on localised hardware
What is big data?
Collections of data that are so large that traditional methods of data collection are insufficient
What are the 4 Vs of big data?
Velocity
Volume
Variety
Veracity
What is process automation?
The use of software to carry out low level tasks
What is artificial intelligence?
Technology that can be used to make decisions
What is blockchain?
A decentralised, continuously growing data record/ledger
What is the internet of things?
The increasing connection of devices to the internet via new technologies such as cloud computing
What are the 5 moral dimensions of the information age?
Property Accountability Information rights Life quality Systems
What is data monetisation?
Generating revenue from available data sources or real time streamed data
What is ETL?
Extraction, Transformation and Loading - a process in data warehousing
What is a data warehouse?
A system used for reporting and data analysis
What is a data engineer?
Someone who ‘creates’ the links between the sources of data and the data warehouse
What is data mining?
The process of discovering patterns in large data sets
What is business intelligence?
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
What is data modelling?
The evaluation of how an organisation is using its data
What is data analysis?
The evaluation of the data to create information that is valuable
What is operations management?
The planning, directing and controlling of the transformation of ‘inputs’ into ‘outputs’ that meet the needs of the organisations customers
What are the 4 Vs of process?
Volume
Variety
Variation
Visibility
What are the 5 types of primary activity in Porter’s value chain?
Inbound logistics Operations Outbound logistics Marketing and sales Service
What are the 4 support activities in Porter’s value chain?
Procurement
Human Resources
Technology
Firm infrastructure
What are the 3 types of capacity strategy?
Level capacity
Chase demand
Demand management
What is Manufacturing resource planning? (MRP II)
A method for the effective planning of all resources of a manufacturing company
What is optimised production technology? (OPT)
A computer based method for scheduling production requirements, aiming to eliminate bottlenecks
What is enterprise resource planning software? (ERP)
Software that integrates all departments and functions of an organisation in a computer system able to meet the needs of all organisational users
What are the 3 things that inventory management aims to minimise the combined cost of?
Inventory ordering costs + holding costs + stock out costs
What are the 4 types of inventory system?
- Continuous
- Periodic
- ABC system
- Just in Time
What are Economic Order Quantity techniques?
Those which determine the optimal size of order to place with the supplier
What is supply chain management?
The flow of goods and services through the organisation with the aim of making the firm more competitive
What is procurement?
The sourcing and purchasing of good and services for business use
What are the 4 stages of Recke and Long’s model of the evolution of the procurement function?
- Passive
- Independent
- Supportive
- Integrative
What are the 5 spokes of Cousins’ supply wheel?
Organisational structure Performance management Portfolio of relationships Cost/benefit analysis Skills and competencies
What are the 4 possible sourcing strategies?
Single, multiple, delegated and parallel sourcing
What is quality?
The totality of features and characteristics of a product or service which bears on its ability to meet stated or implied needs
What is quality control?
The traditional approach to quality management - inspecting output after production
What is quality assurance?
A proactive approach to ensuring systems are developed to produce high quality items on a continual basis
What are the 4 categories of quality cost?
Prevention cost
Appraisal cost
Internal failure cost
External failure cost
What is total quality management (TQM)?
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
What is kaizen?
Continuous improvement through small incremental steps
What is six sigma?
A statistical approach to quality management
What is lean production/lean thinking?
That which aims to systematically eliminate waste in all areas of the organisation
What is lean synchronisation?
The application of lean techniques with a customer focus
What is reverse logistics?
The flow of surplus or unwanted materials back into the organisation for reuse, recycling or disposal
What is benchmarking?
The comparison of a company’s service, practise or process with another party
What are the 3 types of benchmarking?
Internal, competitive and best in class
What is marketing?
The management process responsible for identifying, anticipating and satisfying customer requirements profitably
What are the 3 environments that marketing should consider?
Macro environment
Micro environment
Internal environment
What are the 6 PESTEL factors?
Political Economic Social Technological Environmental Legal
What are the 4 Ps of the marketing mix?
Product
Place
Price
Promotion
What are the 3 additional Ps of the extended marketing mix?
People
Processes
Physical evidence
What must segments must be in order to be target markets?
Measurable, accessible and substantial
What is undifferentiated marketing?
The delivery of a single product to the market place with very little concern for segment analysis
What is differentiated marketing?
Several products each aimed at a separate segment
What is concentrated marketing?
Focusing on a single segment for its product hoping to meet the exact needs of that group better than any other organisation
What is guerilla marketing?
Actions designed to attract maximum attention and be talked about
What is post modern marketing?
Creating customised messages for customers
What are the 4 stages of the product life cycle?
Introduction, Growth, Maturity and Decline
What is human resource management?
A strategic approach to acquiring, developing, managing and motivating an organisation’s people
What is recruitment?
The process of attracting suitable candidates into joining an organisation
What is job analysis?
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
What two things does job analysis lead to?
A job description and a person specification
What 7 things make up a person specification?
Background Attainments Disposition Physical make-up Interests General intelligence Special aptitudes
What is a data processing system/ transaction processing system?
One which captures large volumes of data
What is a management information system?
An extension of a DPS that allows much greater reporting, normally with a report writing package attached
What is an executive information system?
A system for senior executives that contain internal and external data that supports strategic decision making
What is a decision support system?
Data modelling software that uses mathematical formula to replicate organisation activity
What is a knowledge management system?
Those which capture and manage knowledge
