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Year 3 Semester 1 Exams > Engineering Management & Law > Flashcards

Engineering Management & Law Flashcards

1
Q

What is systemic deliberation?

A

Am approach to decision-making that helps avoid bias

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2
Q

What organisation pushed the UK-SPEC?

A

The engineering council

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3
Q

Who may accredit a degree program?

A

Professional bodies

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4
Q

What is mono-tasking?

A

Working on 1 activity at a time

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5
Q

What is the Eisenhower Principle?

A

A 2x2 time management matrix for prioritising taks

Important, urgent: do immediately
Important, not urgent: schedule later
Not important, urgent: delegate
Not important, not urgent: Eliminate

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6
Q

What are the 4 components of Ikigai?

A

What you love
What you’re good at
What you can be paid for
What the world needs

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7
Q

What are the 6 steps in Gibbs’ Reflective Cycle?

A

Description -> Feelings -> Evaluation -> Analysis -> Conclusion -> Action Plan -> [back to beginning]

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8
Q

What are the SMART goals?

A

Specific
Measurable
Time-bounded
Achievable
Realistic

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9
Q

What 2 ways of starting a company?

A

Entrepreneurship (starting own company): more control, higher reward
Intrapreneurship (business within a company): less risk, more talent, less control, lower reward

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10
Q

What is Gilbrat’s Law?

A

A theory about company growth & decline
“The growth of a business occurs in random shocks”
Random process - independent of firm size and time

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11
Q

How does Gilbrat’s Law apply to different-sized firms?

A

Holds up better for larger firms
Smaller firms are more volatile
Size & growth are inversely proportional

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12
Q

What are the 5 stages of business decline and their countermeasures?

A

1) Blinded - good information
2) Inaction - prompt action
3) Faulty action - corrective action
4) Crisis - effective reorganisation
5) Dissolution

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13
Q

What are assets?

A

The money you owe (liabilities) + the ownership interest of shareholders (equity)

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14
Q

How are assets maintained?

A

Double entry bookkeeping
Each transaction is entered twice as a credit and debit - these balance

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15
Q

What are the 3 accounting equations for double entry bookkeeping?

A

Assets: debits increase, credits decrease
Liabilities: debits decrease, credits increase
Equity: debits decrease, credits increase

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16
Q

What are the 2 branches of accounting?

A

Financial accounting - annual reports of company’s situation to shareholders & public
Management accounting - additional, more up to data info (includes company confidential data); used to monitor performance to support management decision-making

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17
Q

What do balance sheets show?

A

Assets, liability, equity

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18
Q

What 3 financial reports are there are what do they entail?

A

Profit & loss reports - shows income & expenses
Equity statement - shows retained earnings
Cash flow statement - shows operating costs, investing & finances

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19
Q

What is insolvency?

A

The state where a company is unable to pay its debts when they are due because liabilities exceed assets

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20
Q

What is liquidation?

A

The process of selling company assets to pay debts, usually leading to closure

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21
Q

What are the 2 key fundamental characteristics of financial information?

A

As per IFRS:
* Relevance
* Faithful Representation

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22
Q

What are the 4 key enhancing characteristics of financial information?

A

As per IFRS:
* Comparability
* Verifiability
* Timeliness
* Understandability

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23
Q

What are the 3 key financial metrics?

A

Market Cap(italisation): share price x no. shares
Earnings per Share (EPS): profit / no. shares
Beta: measure of volatility of market

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24
Q

Wht are the 3 approaches to budgeting?

A

Top-down: senior managers leave lower levels to work out details
Bottom-up: lower levels tell senior managers resources they need
Participatory: budget negotiated between different levels

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25
Q

What is a cost centre

A

An identifiable part of an organisation (department, machine, individual, etc) to which costs can be assigned and aggregated

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26
Q

How is profit of a single product calculated?

A

profit = pq - (F + wq)

p: sales price
q: quantity sold
F: fixed costs (e.g. rent, salaries)
w: variable costs per unit sold (e.g. materials, shipping)

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27
Q

What are overheads?

A

Costs required to run a business

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28
Q

What are overhead allocations?

A

Where overheads are shared across multiple products/services

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29
Q

Cost tracing vs cost allocations

A

Cost tracing: directly linking costs to specific cost objects (direct costs) e.g. raw materials
Cost allocations: distributing costs from a central point to specific cost objects (indirect costs) e.g. electricity, water

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30
Q

What is TCS and ABC?

A

**Traditional Cost System **- allocates overhead to products based on single volume-based cost driver such as labour hours - less accurate
**Activity Based Costing **- a more accurate system that uses a number of cost drivers

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31
Q

What is Moore’s Law?

A

Direct vosts per unit is inversely proportional to cumulative volume of production

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32
Q

Whate are core competencies?

A

The unique resources & skills that give a company a competitive advantage in its industry

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33
Q

Legal rule vs legal principle

A

Legal rule: clear, specific directive with little room for interpretation e.g. speed limit is 60mph
Legal principle: more flexible guideline that reflect general values/standards e.g. no one should be unjustly enriched

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34
Q

What are the 2 primary sources of law?

A

Legislation: refers to laws made by a government body, like a parliament or congress
Case/Common Law: refers to laws created by court decisions, where judges interpret existing laws or set legal principles when no specific law applies

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35
Q

What are the 3 branches of power?

A

The Executive - implements & enforces law; led by president/prime minister/government ministers
The Legislature - makes & passes laws; consists of parliament/congress
The Judiciary - interprets & applies laws; through courts & judges

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36
Q

Name 2 alternatives to the traditional court system and why they are used

A

Tribunals & Alternative Dispute Resolution (ADR)

Reasons:
* Cheaper
* Heard in private (good for businesses disclosing finances)
* Eases pressure on court system

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37
Q

What are ABSs (Alternative Business Structures)?

A

A law firm structure that allows non-lawyers to own or invest in law firms, offering legal services in a more flexible way

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38
Q

What are solicitors?

A

A legal professional who provides advice, prepares legal documents, and may represent clients in lower courts

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39
Q

What are barristers?

A

A lawyer who specializes in court advocacy, representing clients in higher courts, and offering specialist legal advice

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40
Q

What are judges?

A

A legal official who presides over court proceedings, interprets the law, and delivers rulings and judgments in legal cases

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41
Q

What are the 2 justice systems?

A

Civil Justice System: deals with disputes between individuals or organizations; aim is usually compensation or resolution rather than punishment
Criminal Justice System: handles offenses against society or the state; goal is to punish offenders, maintain public order, and deter future crimes

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42
Q

What does the concept of law distinguish between?

A

Primary rules: prescribe behaviors (e.g. laws prohibiting theft)
Secondary rules: define how primary rules are created, modified, or enforced

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43
Q

What is the rule of recognition?

A

A legal principle for determining if a rule is valid within the legal system

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44
Q

What are the 6 steps in the concept of contact?

A

1) Existence of a contract: do we have a contract?
2) Validity: is the contract legally valid?
3) Offer and Acceptance: a contract is formed by one party’s offer and the other’s acceptance
4) Intent to be legally bound: did both parties intend to create legal relations?
5) Consideration: there must be an exchange of value between parties
6) Formalities: compliance with required formalities (e.g., written or deed)

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45
Q

What are the 2 approaches to contract law?

A

Objective - what was said and done; how would a reasonable third party interpret the situation
Subjective - focuses on actual, internal intentions of parties involved

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46
Q

What are the 3 types of contractual terms?

A

Conditions: fundamental terms; breach allows termination and damages
Warranties: minor terms; breach allows damages but not termination
Innominate Terms: intermediate terms; remedy depends on breach severity, termination if it significantly deprives the benefit

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47
Q

What are exemption clauses?

A

Terms in a contract that aim to limit or exclude one party’s liability for breach of contract, negligence, etc

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48
Q

What are statutory interventions?

A

Actions taken by the government that regulate/limit use of exemption clauses in contracts

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49
Q

What is The Consumer Rights Act 2015?

A

Provides protection for consumers against unfair terms, including exemption clauses, in business-to-consumer contracts

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50
Q

What is the Unfair Contract Terms Act 1977?

A

Regulates exemption clauses in business-to-business contracts and prevents parties from excluding or restricting liability in certain cases

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51
Q

What is contractual interpretation (3)?

A

Determining the meaning of a contract based on background knowledge
Previous negotiations can’t be used as background
Document’s words should be understood in context (mistake in wording isn’t penalised)

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52
Q

In what 4 ways can a contract be discharged?

A

Through:
* Performance
* Agreement
* Frustration
* Breach

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53
Q

When does discharge of contract by performance occur (including exceptions)?

A

When both parties complete their agreed obligations

Exceptions:
* Substantial performance
* Divisible contracts
* Prevention of completion by other party
* Acceptance of partial performance

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54
Q

When does discharge of contract by agreement occur?

A

When both parties agree to release each other from further duties

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55
Q

What are the 2 types of discharge of contract by agreement?

A

Unilateral discharge: one party is released from their obligations under the contract, but the other party remains bound by it
Bilateral discharge: both parties agree to release each other from all obligations under the contract, effectively ending it for both sides

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56
Q

When does discharge of contract by frustration occur?

A

When an unforseen event makes the contract impossible to fulfil

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57
Q

When does discharge of contract by breach occur?

A

When one party fails to fulfil their obligations

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58
Q

What are the two types of discharge of contract by breach?

A

Actual breach
Anticipatory breach (party intends not to perform)

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59
Q

What 6 remedies are there for breach of contract?

A

Damages: monetary compensation
Action for agreed contract price: recover payment owed
Quantum meruit: payment for value of work/services
Specific performance: breaching party must fulfil obligations
Injunction: court order preventing violation of contract
Repudiation: treating contract as terminated due to refusal/inability to perform

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60
Q

What are the 2 forms of business organisations?

A

Incorporated - legal entity
Unincorporated - no separate legal entity from participants

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61
Q

How are partnerships formed?

A

Through contractually binding agreement

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62
Q

What 4 types of partner are there?

A

Typical partner - actively participates in management
Silent partner - only invests in business
Salaried partner - receives fixed salary instead of share
Partner by estoppel - not officially a partner but treated as one

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63
Q

What 4 duties does a partner have?

A

General duties
Duty of disclosure
Duty to account
Duty to not compete

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64
Q

How is liability determined in a partnership?

A

Liability is shared equally based on percentage of ownership

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65
Q

What is a LLP (Limited Liability Partnership)?

A

A partnership where partners are only liable up to the value of their participation
In case of insolvency, loss equals their investment in the LLP

66
Q

How are limited companies formed?

A

Founding members send documents to the Companies House and a registration fee

67
Q

How are debts handled in limited companies?

A

Shareholds responsible for debts up to value of their shares
Companu pays all its debts to creditors

68
Q

What is the denotation for private and public limited companies?

A

Private: Ltd
Public: PLC

69
Q

What act allows insolvent limited companies to be liquedated?

A

Insolvency Act 1986

70
Q

What does the principal do in an agency?

A

Authorizes an agent to act on their behalf in a legal or business matter

71
Q

What are the 5 ways agents derive their authority in an agency?

A

Actual authority - principal directly gives agent permission to act on their behalf
Implied authority - agent’s authority assumed from principal’s actions
Apparent/ostensible authority - third party believes agent has authority based on how the principal presents the agent
Authority through ratification - principal approves contract after agent has made it (where agent exceeds authority)
Authority through necessity - emergency requires agent to act to protect principal’s interests

72
Q

What are agents?

A

Fiduciaries - entrusted to act in the best interests of the principal, which arises from the confidence and trust that underpin the agency relationship

73
Q

What 3 rights do agents have?

A

Indemnity - entitled to compensation for any liability/costs incurred while performing duties
Payment
Maintain the goods (lien) - can keep control of goods related to a debt until principal pays what is owed

74
Q

What 2 types of liability do agents have?

A

Tortious - agent is personally liable if they commit a harmful act (vicarious liability - where principle is jointly liable)
Contractual - if agent acts within authority, not liable for contracts

75
Q

In what 2 ways can an agency relationship end?

A

Termination by the parties
Operating by the law

76
Q

What is capital budget decision?

A

Deciding what long-term investments a business should take
Returns should exceed cost of capital

77
Q

What 2 options does a firm with funds have?

A

Invest within the firm
Return money to shareholders

78
Q

What is the payback method?

A

Measures how many years it takes for an investment to cover initial cost (shorter is better, max 5 years)

79
Q

What are 2 disadvantages of payback method?

A

Doesn’t account for time value of money
Ignores cash flows after payback

80
Q

What is ARR (Accounting Rate of Return)

A

Average accounting profit / average investment

81
Q

What is the DCF (Discounted Cash Flow) method?

A

Assesses all expected cash inflows and outflows by converting future amounts to current value
Uses RRR (Required Rate of Return) which is minimum acceptable annual return on an investment

82
Q

How to do NPV (Net Present Value) method?

A

1) Create a table of cash inflows & outflows
2) Convert into present values
3) Sum to determine NPV

83
Q

What is IRR (Internal Rate of Return)?

A

Find the discount rate that makes prevent value of initial investment equal to present value of cash inflows, effectively setting NPV to 0

84
Q

What is MAS?

A

Multi-agent system - a set of agents that interact with each other and their environment to achieve joint objectives

85
Q

What is ACE?

A

Agent-Based Computational Economics - uses agent-based modeling to explore and analyze economic systems

86
Q

What is the Shapley Value?

A

A concept from cooperative game theory
Assigns value to each player/feature based on contribution to overall outcome

87
Q

What are the 4 key properties of the Shapley Value?

A

Efficiency - total value distributed between players
Symmetry - players who contribute equally receive equal shares
Linearity - value for combines games = sum of values for individual games
Null player - player adding no value receives 0 payoff

88
Q

What is cooperative game theory?

A

Studies how groups of players can work together to achieve shared goals and how to fairly distribute the rewards or costs among them based on their contributions

89
Q

When should agents work together in cooperative game theory?

A

Whn the summation of their individual costs is greater than their collaborative costs

90
Q

Stability of cost allocations: efficiency & rationality

A

Efficiency - summation of costs = total cost
Rationality - allocated cost when defecting cooperation < cooperating

91
Q

Give an example of ISR (Individual Shapley Regression)

A

A pays 7k, B pays 11k, total cost to operationalise ISR is 15k
A allocated 7/(7+11) * 15000 = 5833
B allocated 11/(7+11) * 15000 = 9167

92
Q

What is ABM (Agent-Based Modelling)?

A

A computational simulation in which influential actors of the system will be represented by segments of the program

93
Q

Summarise statistical quality control to 4 points

A
  • Quality assurance
  • Failure management
  • Six sigma approach - 6std from mean should occur before defect arises
  • Variability by context
94
Q

Quality control vs quality assurance vs total quality management

A

Quality control - maintain standards by testing items
Quality assurance - provide confidence that errors will be prevented by proper processes
Total quality management - everyone is responsible for maintaining standards

95
Q

What is the principle of the pareto chart?

A

20% of factors cause 80% of issues

96
Q

What is lean thinking?

A

A management philosophy focused on maximizing value for customers while minimizing waste in processes

97
Q

What is DMIAC?

A

Define
Measure
Analyse
Improve
Control

98
Q

What 4 reasons might make a project happen?

A

Market demand
Customer request
Technilogical advancement
Legal requirement

99
Q

What are the 4 stages of project management?

A

1) Foundation
2) Planning
3) Implementation
4) Termination

100
Q

Name 4 internal project stakeholders

A

Top management
Other functional managers
Accounting
Project team members

101
Q

What is SOW (the statement of work)?

A

A detailed narrative description of work required for a project

102
Q

Describe a generic hierarchy for a WBS (work breakdown structure) (4)?

A

Level 1 - project
Level 2 - deliverable
Level 3 - sub-deliverable
Level 4 - work package

103
Q

What is the RAM (responsibility assignment matrix)?

A

A tool used in project management to define and clarify the roles and responsibilities of team members for specific tasks or deliverables

104
Q

What is the equation for event risk?

A

Probability of event x consequences of event

105
Q

Name the 4 stages of risk management

A

1) Risk identification
2) Analysis of probability & consequences
3) Risk mitigation strategies
4) Control & documentation

106
Q

What is RBS (risk breakdown structure)?

A

A tool in identifying & categorising project risks by creating a hierarchical representation of project risks

107
Q

What is a risk impact matrix?

A

A tool to evaluate and prioritize risks by assessing their likelihood and consequences

108
Q

How are early & late starts & finishes calculated on activity nodes?

A

Early: forward pass activity duration
Late: backward pass activity duration

109
Q

What is the activity float/stack on an activity node?

A

late start/finish - early start/finsih

110
Q

How are critical paths decided?

A

Link 0 floats/stacks together
Critical path is the the path with longest duration

111
Q

What are tort laws?

A

Govern civil wrongs for which a remedy (compensation/damages) is provided

112
Q

What are 3 parties in a tort claim?

A

Claimant - wronged party
Defendant - party on receiving end of claim
Tortfeasor - alledged wrongdoer (generally the defendant)

113
Q

What are the 3 types of tort?

A

Intentional Torts - deliberate, intended wrongs by tortfeasor
Negligence Torts - shortcomings of degree of care by tortfeasor
Strict Liability Torts - claimant must prove defendant was at fault regardless of intent

114
Q

In what 3 ways does a duty of care exist?

A

Incrementalism - look at previous cases with similar situations to decide
Assumption of responsibility - when one takes responsibility for satefy of another
Caparo test - for novel cases

115
Q

What 3 criteria must be met to pass the Caparo test?

A

1) Was the damage a forseeable result of the defendant’s actions?
2) Was the relationship between the claimant & defendant close enough?
3) Is the imposition of a duty of case fair, just & reasonable?

116
Q

What is factual causation?

A

Where a causal link must be shown between the damage and the defendant’s negligence

117
Q

What is the but-for test?

A

A tort law determining factual causation
Asks “But for the defendant’s actions, would the harm have occurred?”
Even if the defendant’s actions weren’t the only cause, yes if contributed/increased damage

118
Q

What is legal causation?

A

Once tortfeasor’s negligence determined to be factual cause, must be proved that tortfeasor also legally responsible

119
Q

What are the 4 most common defences to a negligence claim?

A

Illegality - where claimant has committed an unlawful act
Consent - where claimant consented to risk/damage
Necessity - where tortfeasor acted to prevent imminent danger
Contributory negligence - where claimant contributed to extent of damage

120
Q

What are the 2 remedies to a negligence claim?

A

Damages
Injunctions - stops tortfeasor continue tortious conduct

121
Q

What does the Limitation Act 1980 say?

A

Tort actions must be brought within 6 years from when the cause of action arises

122
Q

What is vicarious liability?

A

Holds an employer legally responsible for the actions of their employees when those actions occur within the scope of their employment

123
Q

What is the scope of “personal data”?

A

Any information - even name

124
Q

What is anonymous data?

A

Information that has been processed to remove or obscure personal identifiers

125
Q

What is the reasonably likely test?

A

Determines if an individual can be identified based on all reasonably likely means, considering context and dynamics
If not, the data is considered anonymous

126
Q

What is pseudonymisation?

A

A data protection technique that replaces/relocates identifiable information with pseudonyms
e.g. replacing names with reference numbers

127
Q

Data controller vs data processor

A

Data controller - determines purpose & means of processing personal data
Data processor - processes personal data on behalf of the controller

128
Q

What 3 things can’t be patented?

A

Medical treatment
Biological subject-matter
Inventions contrary to morality

129
Q

Employee vs worker

A

Employee works under a contract with specific rights
Worker provides services personally with fewer rights

130
Q

What 3 obligations does an employee have?

A

Turn up to work
Be provided with work
Perform work personally

131
Q

Wrongful dismissal vs unfair dismissal

A

Wrongful dismissal - when an employer breaches employment contract e.g. not giving proper notice
Unfair dismissal - when anemplyer ends a contract without a fair reason

132
Q

Direct discrimination vs indirect discrimination

A

Direct discrimination - when someone is treated unfailry because of a protected characteristic
Indirect discrimination - when a policy applies to everyone but disadvantages people with a PC (e.g. too short)

133
Q

What is victimisation?

A

When someone is treated unfairly or subjected to harm because they made or supported a complaint about discrimination or asserted their legal rights

134
Q

From highest to lowest, what are the levels in Maslow’s hierarchy of needs?

A

Self-actualisation
Esteem
Social needs
Safety & security
Psychological needs

135
Q

Explain McGregor’s Theory X, Y, and Z

A

Theory X - assumes employees are inherently lazy and are motivated by money
Theory Y - believes employees are motivated, responsible, and enjoy work
Theory Z - focuses on long-term job security, teamwork, and trust in employees

136
Q

What is the bathtub curve and its phases?

A

A graphical representation of the failure rates of a product over time
Phases: infant mortality, constant failures, wear-out

137
Q

What is 360 degree feedback?

A

A performance appraisal method where an employee receives feedback from multiple sources

138
Q

What is Scott Adams’ Company Model?

A

Suggests that success in business often comes from creating something valuable, with minimal overhead and unnecessary complexity

139
Q

What is an OA5 Manager?

A

An out at 5 manager is a mid-level managerial position,mresponsible for overseeing teams and managing projects

140
Q

What is the Dilbert Principle?

A

The most ineffective employees are often promoted to management positions as they are less likely to cause harm in a leadership role

141
Q

What is Adams’ Equity Theory?

A

If rewards aren’t fair, staff lose motivation

142
Q

Is performance-related payment good?

A

Increases productivity but also increase pay variability, lowering morale
Best to do uniform performance pay or team-level incentive pay

143
Q

What is Simon’s concept of bounded rationality?

A

Suggests that individuals make decisions based on limited information, cognitive constraints, and time restrictions, rather than making perfectly rational choices

144
Q

What are Drucker’s 4 management functions?

A

Planning
Organising
Leading
Controlling

145
Q

What is the OODA loop?

A

A decision-making process

  • Observe
  • Orient
  • Decide
  • Act
146
Q

What are the 4 styles of leadership?

A

Transactional leadership - focuses on giving rewards or punishments based on performance to maintain order and achieve goals
Transformational leadership - inspires and motivates followers to exceed expectations and drive change
Charismatic leadership - relies on the leader’s personal charm and ability to inspire devotion and loyalty
Situational leadership - adapts leadership style based on the needs and maturity of followers in different situations.

147
Q

What are the 5 decision-making styles?

A

Autocratic I (AI) - leader solves the problem themselves
Autocratic II (AII) - leader gathers information from group members, makes the decision alone
Consultative I (CI) - leader shares the problem individually with group members, makes the final decision alone.
Consultative II (CII) - leader discusses the problem with the group, makes the decision alone
Group II (GII) - leader meets with the group and directs the discussion, group makes the decision

148
Q

What are the axis of the project S-curve?

A

x: time
y: cumulative cost

149
Q

What is EVM (earned value management)?

A

A project management technique used to assess a project’s performance by comparing the planned progress (planned value), the actual progress (earned value), and the actual costs (actual cost)

150
Q

What are the 4 types of project termination?

A

Termination by extinction
Termination by addition
Termination by integration
Termination by starvation

151
Q

What is waterfall project management

A

A sequential approach where each phase of the project is completed before moving on to the next, with little to no overlap between phases

152
Q

What is TRL (technology readiness levels)?

A

Assesses the maturity of a technology, ranging from basic research (TRL 1) to fully developed, operational systems (TRL 9)
Helps determine readiness for deployment

153
Q

What is the “valley of death”?

A

Levels 4-6 of TRL
Where a technology struggles to move from research and commercialisaiton

154
Q

What is projectification?

A

The trend of organizing work into distinct projects with set goals and timelines

155
Q

Change management: Kotter vs Kanter

A

Kotter outlines a step-by-step process for managing change
Kanter discusses the key qualities of a good change manager

156
Q

What is due diligence?

A

The process of thoroughly investigating & evaluating a business/individual before making a decision, such as a purchase or investment

157
Q

What does professional indemnity insurance do?

A

Protects professionals against claims of negligence, errors, or omissions in their work

158
Q

What is CSR (corporate social responsibility)?

A

A business approach where companies take responsibility for their social, environmental, and economic impacts

159
Q

Primary vs secondary stakeholders

A

Primary stakeholders are both important and influential
Secondary stakeholders are either important or influential

160
Q

What is greenwashing?

A

Where companies convey a false impression or provide misleading information about how their products are more environmentally sound than they actually are

161
Q

What is carbon offsetting?

A

A way for individuals/companies/organisations to compensate for their CO₂ emissions by funding projects that reduce or remove an equivalent amount of CO₂ from the atmosphere

Year 3 Semester 1 Exams (3 decks)

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