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Business Administration > General 1 > Flashcards

General 1 Flashcards

1
Q

What is Change management?

A

The approach used to transform a company’s goals or processes for the better.

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2
Q

What is Consolidated planning?

A

To bring together all the factors of a change initiative

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3
Q

What is Contingency planning?

A

Planning for an outcome other than expected to assess the risks and trigger points.

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4
Q

What is Crisis management?

A

A strategy used to deal with sudden and unexpected events.

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5
Q

What are the 6 key elements in a Fishbone diagram?

A

Equipment, process, people, materials, environment and management.

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6
Q

What are the 5 stages of project management / life cycle?

A

Initiation
Planning
Execution
Monitoring
Closure

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7
Q

What is PERT – Programme Evaluation Review Technique?

A

A process used to estimate the time required to complete a task with a deadline.

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8
Q

What is Project business case?

A

Justifying the reason for taking on a project such as listing the benefits, costs and risks of alternative options.

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9
Q

What is a Project sponsor?

A

A member of staff responsible for checking the processes are governed effective and deliver the best outcome.

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10
Q

What is Schedule management?

A

Communicating the process and timing for a project.

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11
Q

What does SMART stand for?

A

Specific, Measurable, Achievable, Realistic and Time

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12
Q

What is Business Innovation?

A

When a company introduces a new process that will cause a positive increase in the productivity of the business

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13
Q

What are Business markets?

A

Selling products to other businesses that will resell the item individually

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14
Q

What is Compliance?

A

Following a rule such as a specification or policy

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15
Q

What is Corporate image?

A

How a company presents itself to the public.

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16
Q

What is Corporation tax?

A

Tax on the profits of a company.

17
Q

What is Cost-benefit analysis?

A

Estimating the strengths and weaknesses of a project to decide if it makes sense from a business perspective.

18
Q

What is Debt factoring?

A

When a business sells its accounts receivables to a third party at a discount, enabling companies to immediately unlock cash tied up in unpaid invoices without having to wait the usual payment terms.

19
Q

What is the UK Regulatory body that looks at the regulation of conduct by financial services firms?

A

FCA – The Financial
Conduct Authority

20
Q

What is the definition of Accrual?

A

The increase of something overtime.

21
Q

What is a Macro environment?

A

External forces in the economy that affect every company such as inflation.

22
Q

What is a Micro environment?

A

A small force within the company that affects its ability to serve its customers.

23
Q

What is a Mission statement?

A

A short statement that summarises the company’s purpose, goals and objectives.

24
Q

Monopsony vs Monopoly?

A

Monopsony is when a company is the main purchaser of a good or service, whereas a monopoly is when one company is the main producer of a good or service.

25
Q

Net profit definition

A

The company’s income minus cost of goods and services sold, interest paid on debt, taxes and other expenses.

26
Q

What is organisational culture?

A

The shared beliefs and values established by managers which are communicated and reinforced across the company.

27
Q

What is included in a PEST analysis?

A

political, economic, social and technological

28
Q

What is Quantitative financial forecasting?

A

The process of looking at future sales growth, profit and expenses.

29
Q

What does SME mean?

A

Small to Medium Enterprise - any business with fewer than 250 employees

30
Q

What does STEEP stand for?

A

Social, technological, economic, ecological, and political factors

31
Q

What is a Vision statement?

A

A single inspirational sentence that describes the goals and objectives of the organization in the long term.

Business Administration (3 decks)

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