Engineering Management Flashcards
Engineering Council
UK Regulatory Body for Engineering Profession. Publishes UK-SPEC
UK-SPEC
defines qualifications and competencies for legally protected titles
UK Professional Bodies
may accredit degree programs for meeting academic requirements for recognised titles
International Accreditation Agreements
for recognising mutual equivalence in academic programs. Seoul Acord for Computing. Washington Acord for Engineering
Topchik’s 5 Stages of Personal Growth
Attention Getting
Flying Blind
Steadiness
On the Rise
Doing
Mono-tasking
Focus on one task in full immersion leading to sense of achievement and happiness unlike multi-tasking
Eisenhower Principle
Time management and prioritisation framework for categorisating tasks
Two Axis: Importance & Urgency
| Do now | Set Time Aside
————————————–
| Delegate It |Question why you are doing it.
Covey’s 7 Habits
Be Proactive.
Begin with the End in Mind.
Put First Things First.
Sharpen the Saw.
Think Win-Win.
Seek First to Understand, then to be Understood.
Synergise.
SMART Goals
Specific,
Measurable,
Achievable,
Realistic,
Time-bounded
Entrepreneurship Characteristics
More Control, high risk, high reward
Intrapreneurship
Less control, less risk, less reward. More Funds
Gibrat’s Law
Growth rate of a firm is independent of the size at the beginning of an observation period suggesting it is random.
Growth occurs in random shocks with no systematic determinants.
Studies find its true for larger firms but smaller firms are more volatile.
Therefore, a good approximation
Edith Penrose’s Theory of Growth
Growth is from effective management i.e. managers become more efficient with experience, taking less time to do tasks, freeing up managerial resources. Fast growing firms have higher operating costs, managers focused too much on growth divert attention from efficiency, increasing cost. Above the optimal growth rate, operating costs increase
Robin Marris’s Theory of Managerial Capitalism
An optimal growth rate is a balancing act that maximises reinvestment while still providing satisfactory dividends to shareholders
Fundamental Accounting Equation
Assets = Liabilities + Equity
Assets are what the business owns.
Liabilities are what the business owes to third parties.
Equity is what the business owes to its owners (profit is equity)
Double Entry Bookkeeping
Balance of accounting equation is kept by debiting and crediting each transaction
Going Concern
Companies will continue normal operations and financial obligations are fine
Financial Accounting
Publishing financial information to stakeholders for informed decisions
Management Accounting
Focuses on providing financial information for internal use to monitor, manage and support decision making
Top-down Budgeting
Senior managers tell lower levels what to expect and leave them to work out details
Bottom-up Budgeting
Lower levels tell senior managers what they can achieve and what they need
Participatory BudgetingApproach
Budgets are negotiated between different levels in the organisation
International Financial Reporting Standard (IFRS)
Data must be relevant and faithful. Followed in UK and EU. USA follow GAAP
Overhead
Costs required to run a business that cannot be directly attributed to any specific business activity