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OCS > F1 > Flashcards

F1 Flashcards

1
Q

Creating and preserving value

A

The ultimate feature of all commercial organisations

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2
Q

Description of the modern business context

A

VUCA
Volatile

Unpredictable.

Complexity

Ambiguity.

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3
Q

Personal qualities required of an accountant

A

RRRTC

Reliability, responsibility, respect, timeliness, and courtesy

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4
Q

Professional qualities required of an accountant

A

S A,S I.

Scepticism, accountability, social responsibility and independence.

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5
Q

Organisational values promoting ethical behaviour

A

0 H, A, R, T,E

Openness, honesty, accountability, respect, trust and empowerment 

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6
Q

Ethical, stances and strategy

A

Short-term stakeholder interest

Long-term shareholder interests

Multiple stakeholder view

Shaper of society

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7
Q

Corporate governance

A

Control

Oversight

Risks

Profit

Objectives

Roles

Active

Telling

Experience

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8
Q

Corporate citizenship

A

Concerns the need for business to recognise that responsibilities extend beyond the scope of simple commercial relationships 

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9
Q

The information to impact framework

A

Information > analyse> insight> advise> influence> apply> impact>, acumen> assemble 

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10
Q

The characteristics of good information

A

Accurate
Accurate,
complete
clear
user, friendly,
reliable,
accessible
timely
effective 

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11
Q

Shared service centre

A

Separate business unit created within a company to deliver a specific service or suite of services across the entire company 

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12
Q

Clouds
The benefits of cloud computing

A

Competitiveness

Limber

Our planet

Unity

Disaster recovery

Security 

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13
Q

The 4 V’s of big data

A

Volume

Velocity

Veracity

variety

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14
Q

Artificial intelligence

A

Technology that can be used to make decisions i.e. to carry out tasks required human intelligence

Machine learning

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15
Q

Blockchain

A

A decentralised continuously growing data record

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16
Q

Five moral dimensions of the information age

A

P A, I,LS

Property – the right to protect intangible property

Accountability– who is accountable and liable for harm caused by software malfunction

Information rights– the rights to be free from surveillance are interference

Life quality– what are the negative social costs

Systems – what standards of data and system quality to society demand

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17
Q

Corporate digital responsibility

A

Digital stewardship – developing a responsible approach to using data.

Customer expectations – transparency and ability to opt in

Giving back – using data to help society.

Data value – rewarding/incentivise customers to give data

Digital inclusion – ensuring lack of digital barriers in society

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18
Q

Overcapacity/undercapacity

A

Over capacity as when there are resources available for production that are not fully utilised

Under capacity is when the organisation is unable to reduce the quantity demanded, leads to delays in fulfilment

19
Q

Level capacity strategies

A

This oraganisation maintains activity at a constant level over the planning period, ignoring fluctuations in forecast demand

20
Q

Chase demand, strategies

A

Attempt is made to match production capacity as closely as possible to the forecast demand

21
Q

Demand management strategies

A

Attempts are made to manipulate demand levels, e.g. off-peak train fares 

22
Q

ABC system for inventory management

A

Classify stock into three different categories. ABC 20% of the items are likely to account for 80% of the stock value 

A classification items are of high value.

B items are of less important and require less control.

C items require little management since their value is negligible.

23
Q

Key characteristics of just in time

A

High quality production

Speed – rapid throughput to meet customers needs.

Reliability – computer, aided, manufacturing technology will assist

Flexibility – smallbatch sizes and automation techniques are used.

All of the above should result in lower costs. 

24
Q

Procurement – wreck and long

A

The evolution of the procurement function within an organisation

Passive – purchasing is a clerical function.

Independent – there is increasing awareness of the financial importance of the purchasing function

Supportive – increasing importance on the role of purchasing

Integrative – purchasing is now part of the firm strategic planning process 

25
Q

Business intelligence

A

Describes the typical architecture of systems, that extract, assemble, store and access data to provide reports and analysis

Not just about the hardware and software. It is about a companywide recognition that a companies data is an important strategic asset that can yield valuable information and improve decision-making.

26
Q

Operations management

A

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

27
Q

Sourcing strategy is

A

Single sourcing – each product is sourced from one supplier. This may be because of the scarcity of supply or to forge beneficial relationship

Multiple sourcing – where a company chooses several suppliers so reducing the power of each one. Prices fall for the relationship is less stable

Delegated sourcing – sourcing task is delegated to an external organisation

Parallel sourcing – the product may be sourced from separate supply systems, for example, a local supplier and a separate online supplier

An organisations overall mix of suppliers can be considered a supply portfolio

28
Q

Demand networks

A

Push based – where a product is pushed onto the market.

Pull, based – where a product is developed to meet the needs of the market.

29
Q

Quality costs

A

Prevention cost – the cost of activities undertaken to prevent defects(quality assurance

Appraisal cost – the cost of quality inspection and testing (quality control)

Internal failure cost – the cost of detection of defective items before transfer to customer.

External failure costs – arising after transfer to customer.

30
Q

Total quality management

A

Perfect

Prevention of errors before they occur.

Elimination of waste

Right first time

Full participation of all employees.

Everybody’s concern

Continuous improvement needed.

Teamwork.

Mass inspection of products should not be used to achieve quality

Staff should be trained to identify potential problems rather than just reacting to quality failures 

31
Q

Continuous improvement (Kaisen)

A

Improvements through small incremental steps

A long-term approach to quality improvement

Provide the workforce with the appropriate tools and techniques to achieve the required quality

Often incorporated into other broader theories and approaches

32
Q

Benchmarking

A

Internal benchmarking – comparison against the best elsewhere in the same organisation

Competitive benchmarking – comparison against the best elsewhere in the same industry

Best practice – comparison against the best functional area in any industry 

33
Q

Six. Sigma.

A

Approach statistical approach to quality management

Aims to reduce defective output from the business processes.

Statistically equates to 3.4 defects in 1 million becomes the benchmark for a near perfect output. 

34
Q

Marketing in the organisations environment

A

Macro environment – can affect the organisation, but is outside of its Control.

Microenvironment – can affect the organisation but the organisation can influence it

Internal environment – all internal factors that are potentially controllable.

35
Q

Marketing planner

Breakdown of the macro and micro environment

Examining factors that it can influence

A

Pestel

Political

Economical

Social

Technological

Environmental

Legal

36
Q

The marketing mix

A

Product - key features

Place - where is gonna be sold and distributed

Price - what the pricing strategy will be e.g. penetration pricing, price of skimming, selective pricing or dynamic pricing 

Promotion - advertising – personal selling – sales promotion – publicity campaigns 

37
Q

Market research and types of data

A

Primary data – collected for the specific purpose of the research.

Secondary data – data already available, e.g. government data

38
Q

Different marketing campaigns

A

Undifferentiated marketing – delivery of a single product to the market with very little concern for segment analysis

Differentiated, marketing – make several products each for a separate market

Concentrated marketing – the company focuses on a single segment, hoping to exactly meet the needs better than the other organisation 

39
Q

Status of the product life-cycle

A

Introduction

Growth

Maturity

Decline

40
Q

Maslows hierarchy of needs

A

Self-actualisation – filling one’s potential

Esteem needs – gain social

Social needs– sense of belonging to a team

Safety needs.– Job security safe and comfortable working

Psychological needs.- food and shelter. 

41
Q

Knowledge management systems

A

The idea of a learning organisation, where employees, collaborate, share knowledge, and work in teams to improve organisational efficiency and effectiveness

42
Q

Outsourcing arrangements

A

Multiple sourcing – different suppliers for different areas.

Incremental approach – progressively outsourcing different areas

Joint-venture sourcing – a new legal entity is created. ownership shared between the main company and the outsource company.

Application service providers – companies who offer software services

43
Q

Outsourcing advantages

A

More independent since they are not employees.

Likely to have more expertise and industry experience available, adding flexibility

Specialists in the service being provided.

Potentially cheaper than having a full-time department – less recruitment costs, no downtime, no training costs. 

44
Q

Disadvantages of outsourcing

A

Additional complication, for example, control systems between the entities

Loss of function as a training ground for new recruits of the business

Possible loss of control over how and when the work is performed.

It is an inflexible decision – once made it is hard and costly to go back in- house.

OCS (6 decks)

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