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Mgmt CIMA Core > E2 > Flashcards

E2 Flashcards

1
Q

Defining strategy and strategic management.

A

Course of action, incl resources to achieve specific objectives and a strategic plan as a statement of long term goals.

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2
Q

Core areas of strategic management.

A

5 Questions of Druker
Mintzbergs 5 Ps
Framework: Mission, Objectives, SWOT, Options

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3
Q

Levels of strategy within organisations.

A

Corporate, Business, Functional

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4
Q

Stages in the rational approach to strategy developments.

A 
Mission
Objectives
(Internal, external, stakeholder appraisal)
Generate Options
Strategic Choice
Plan Implementation
Review and Control
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5
Q

Intended, emergent, logical incrementalism, and political approaches to strategy.

A

Intended: planned
emergent: unplanned (try and error)
logical incrementalism: adapt strategy through amendments
political approaches: power struggle, negoiations

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6
Q

Resource-based view – resources and competencies, internal value
and dynamic capabilities.

A

inside-out approach

valuable, rare, imperfect imitable, substitutability

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7
Q

Strategy development in different contexts, e.g. SMEs, public sector, not-for-profit.

A

.

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8
Q

Strategy and structure.

A

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9
Q

The concept of competitive advantage.

A 
Customer level choice
Degree of competition
New products
Profitability
Level of market collusion
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10
Q

Generic competitive strategies.

A

Porter:

Desirable feature
Hard to reach
Maintainable advantage

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11
Q

Value, rarity, inimitability, non-substitutability as bases of competitive advantage.

A

drive competitive advantage

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12
Q

Achieving sustainable competitive advantage.

A

Cost
Differentiation
Focus (niche)

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13
Q

The macro and micro environments.

A

.

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14
Q

LoNGPEST(EL) analysis and its derivatives.

A

Local
National
Global

Political
Economical
Social
Technological

Environmental
Legal

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15
Q

Globalisation.

A

The process of international integration arising from the interchange of world views, products, ideas and other aspects of culture.

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16
Q

Country and political risk factors.

A 
COUNTRY
Political interference, stability
Socioeconomic infrastructure
culture
attitude to foreign business
POLITICAL
nationalisation
taxes
capital controls
terrorism
legislation stability
contract cancellation
lobby groups
FX rates
interest rates
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17
Q

Emerging markets.

A

BRICS

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18
Q

Porter’s Diamond and its use for assessing the competitive advantage of nations.

A

Factor conditions are human resources, physical resources, knowledge resources, capital resources and infrastructure. Specialized resources are often specific for an industry and important for its competitiveness.

Specific resources can be created to compensate for factor disadvantages.
Demand conditions in the home market can help companies create a competitive advantage, when sophisticated home market buyers pressure firms to innovate faster and to create more advanced products than those of competitors.

Related and supporting industries can produce inputs that are important for innovation and internationalization. These industries provide cost-effective inputs, but they also participate in the upgrading process, thus stimulating other companies in the chain to innovate.

Firm strategy, structure and rivalry constitute the fourth determinant of competitiveness. The way in which companies are created, set goals and are managed is important for success. But the presence of intense rivalry in the home base is also important; it creates pressure to innovate in order to upgrade competitiveness.

Government can influence each of the above four determinants of competitiveness. Clearly government can influence the supply conditions of key production factors, demand conditions in the home market, and competition between firms. Government interventions can occur at local, regional, national or supranational level

Chance events are occurrences that are outside of control of a firm. They are important because they create discontinuities in which some gain competitive positions and some lose.

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19
Q

Porter’s Five Forces model and its use for analysing the external environment.

A 
Suppliers
Customers
Market Entrants
Substitutes
Rivals
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20
Q

Key concepts in competitor analysis.

A

market size
market growth
market share

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21
Q

The role of competitor analysis.

A

Help management understand own comp. advantages
competitors past, present and future strategies
basis for own strategies
help forecasting and investing

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22
Q

Approaches to collecting competitor information.

A

Qualitative
Quantitative
non-financial quantitative
rankings and ratings

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23
Q

Sources, types and quality of competitor data.

A

Primary (annual reports, news(
Secondary (market research reports, directories)
Third (archives, online)

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24
Q

Analysing and interpreting competitor data.

A

BCG matrix

Porter - comp. strat, objectives, assumptions, resources

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25
Q

The application of Big Data to competitor analysis.

A

Velocity
Volume
Variety

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26
Q

Fundamental and contemporary concepts in management.

A 
Forecasting and planning
Organising resources
Co-ordination
Setting objectives
Commanding
Controlling

Leadership (direction, vision, influence)

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27
Q

The concepts of power, authority, delegation and empowerment.

A 
Power
Authority
Responsibility
Empowerment
Delegation
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28
Q

Different approaches to leadership, including personality/traits, style, contingency/situation,
transactional/transformational, distributive.

A

charismatic
traditional
situational
appointed

autocratic
democratic
laissez-faire

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29
Q

Leadership in different contexts.

A

.

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30
Q

HR policies and procedures.

A

.

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31
Q

Different approaches to employee performance appraisals.

A

ranking
unstructured
self rating
360 approach

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32
Q

The contribution of coaching and mentoring in enhancing individual and organisational performance.

A

.

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33
Q

Equality and diversity practices.

A

.

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34
Q

Disciplinary and grievance procedures in resolving poor performance.

A

.

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35
Q

Dismissal and redundancy.

A

.

36
Q

Employer and employee responsibilities in managing the work environment (e.g. health and safety).

A

EHS

37
Q

Theories of behavioural aspects of control.

A

Centralized control (small companies)
Bureaucratic
Output control
Clan or cultural

38
Q

Performance management and measurement frameworks, e.g.

  • target setting
  • management by objectives
  • the Balanced Scorecard (BSC).
A

Volume, knowledge, quality, management skills, personal skills

agree on targets with superior, SMART targets, balance goals and needs, control system, review

BSC: finance, Vision and Strategy, Learning and Growth, Customer Perspective, Internal Process

39
Q

Trust and control.

A

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40
Q

Explaining the concept and importance of culture.

A

.

41
Q

Levels of culture.

A

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42
Q

Influences on culture.

A

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43
Q

Analysing organisational culture – the cultural web framework.

A

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44
Q

Models for categorising culture.

A

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45
Q

National cultures and managing in different cultures.

A

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46
Q

Building effective and high-performing teams.

A

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47
Q

Leading and managing teams.

A

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48
Q

Factors associated with effective team work.

A

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49
Q

Motivating team members.

A

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50
Q

Resolving problems and conflict in teams.

A

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51
Q

Management of relationships between the finance function and other parts of the organisation (internal).

A

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52
Q

The concept of the Chartered Management Accountant as a business partner in creating value.

A

.

53
Q

Transaction cost theory in the context of shared service centres and outsourcing, including contractual relationship, SLAs (service level agreements), bounded rationality and co-creation with customers.

A

Transfer pricing

54
Q

Management of relationships with professional advisors (external) e.g. accounting, tax and legal, auditors and financial stakeholders such as shareholders and other investors to meet organisational objectives and governance responsibilities.

A

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55
Q

The communication process, types of communication tools and their use, ways of managing communication problems.

A

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56
Q

The importance of effective communication skills for the Chartered Management Accountant.

A

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57
Q

The importance of non-verbal communication and feedback.

A

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58
Q

Developing effective strategies for influence/persuasion/negotiation.

A

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59
Q

The process of negotiation.

A

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60
Q

Negotiation skills.

A

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61
Q

The sources and causes of conflict in organisations.

A

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62
Q

The different forms and types of conflict.

A

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63
Q

Strategies for managing conflict to ensure working relationships are productive and effective.

A

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64
Q

Types of change.

A

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65
Q

External and internal triggers for change.

A

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66
Q

Stage model of change management.

A

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67
Q

Principles of change management.

A

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68
Q

Problem identification as a precursor to change.

A

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69
Q

Reasons for resistance to change.

A

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70
Q

Approaches to managing resistance to change.

A

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71
Q

Definition of project attributes.

A

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72
Q

Time, cost and quality project objectives.

A

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73
Q

The purpose and activities associated with the key stages in the project lifecycle.

A

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74
Q

Examples of the role of project management methodologies in project control (e.g. PRINCE2, PMI).

A

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75
Q

Key tools for project management, including work breakdown schedule (WBS), Gantt Charts, and Network analysis.

A

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76
Q

Managing project risk.

A

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77
Q

PERT charts.

A

Program (or project) evaluation and review technique

CPA (Critical Path Analysis)

78
Q

Scenario planning and buffering.

A

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79
Q

The contribution of project management software.

A

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80
Q

Project structures, including matrix structure and their impact on project achievement.

A

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81
Q

The role and attributes of an effective project manager.

A

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82
Q

The role of the Chartered Management Accountant in projects.

A

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83
Q

The role of other key players in a project.

A

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84
Q

Managing key project stakeholders.

A

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85
Q

The lifecycle of project teams.

A

Forming
Norming
Storming
Performing

86
Q

Leading and motivating project teams.

A

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Mgmt CIMA Core (2 decks)

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