General 1 Flashcards
What is Change management?
The approach used to transform a company’s goals or processes for the better.
What is Consolidated planning?
To bring together all the factors of a change initiative
What is Contingency planning?
Planning for an outcome other than expected to assess the risks and trigger points.
What is Crisis management?
A strategy used to deal with sudden and unexpected events.
What are the 6 key elements in a Fishbone diagram?
Equipment, process, people, materials, environment and management.
What are the 5 stages of project management / life cycle?
Initiation
Planning
Execution
Monitoring
Closure
What is PERT – Programme Evaluation Review Technique?
A process used to estimate the time required to complete a task with a deadline.
What is Project business case?
Justifying the reason for taking on a project such as listing the benefits, costs and risks of alternative options.
What is a Project sponsor?
A member of staff responsible for checking the processes are governed effective and deliver the best outcome.
What is Schedule management?
Communicating the process and timing for a project.
What does SMART stand for?
Specific, Measurable, Achievable, Realistic and Time
What is Business Innovation?
When a company introduces a new process that will cause a positive increase in the productivity of the business
What are Business markets?
Selling products to other businesses that will resell the item individually
What is Compliance?
Following a rule such as a specification or policy
What is Corporate image?
How a company presents itself to the public.
What is Corporation tax?
Tax on the profits of a company.
What is Cost-benefit analysis?
Estimating the strengths and weaknesses of a project to decide if it makes sense from a business perspective.
What is Debt factoring?
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.
What is the UK Regulatory body that looks at the regulation of conduct by financial services firms?
FCA – The Financial
Conduct Authority
What is the definition of Accrual?
The increase of something overtime.
What is a Macro environment?
External forces in the economy that affect every company such as inflation.
What is a Micro environment?
A small force within the company that affects its ability to serve its customers.
What is a Mission statement?
A short statement that summarises the company’s purpose, goals and objectives.
Monopsony vs Monopoly?
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.
Net profit definition
The company’s income minus cost of goods and services sold, interest paid on debt, taxes and other expenses.
What is organisational culture?
The shared beliefs and values established by managers which are communicated and reinforced across the company.
What is included in a PEST analysis?
political, economic, social and technological
What is Quantitative financial forecasting?
The process of looking at future sales growth, profit and expenses.
What does SME mean?
Small to Medium Enterprise - any business with fewer than 250 employees
What does STEEP stand for?
Social, technological, economic, ecological, and political factors
What is a Vision statement?
A single inspirational sentence that describes the goals and objectives of the organization in the long term.
