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ICAEW ACA Business, Technology & Finance > Managing Business > Flashcards

Managing Business Flashcards

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1
Q

What is management?

A

The process of dealing with or controlling things or people

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2
Q

What does management do?

A

Planning
Organising
Controlling
Leading

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3
Q

What is power?

A

The ability to get things done

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4
Q

What forms of power might a manager have?

A

Reward
Coercive
Referent.
Expert
Legitimate
Negative

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5
Q

What is authority?

A

The right to do something, or the right to request, or expect another person to do something

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6
Q

What is responsibility?

A

The obligation to fulfil a task assigned to them

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7
Q

What is accountability?

A

A persons liability to be called to account for the fulfilment of a task

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8
Q

Out of authority, responsibility and accountability which can be delegated to subordinates?

A

Authority and responsibility

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9
Q

What is delegation?

A

Giving a subordinate responsibility and authority to carry out a given task while the manager retains overall responsibility

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10
Q

What are the advantages of delegation?

A

Relieve senior of less important activities.
Quicker decisions.
Flexibility
Interest for the subordinate.
Career development.
Increase in skills and ideas.
Motivation
Allows for appraisal

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11
Q

What are the disadvantages of delegation?

A

Over supervision and waste time and it’s demotivating.
Under supervision needs to inferior product. Line manager only delegate to boring work.
Manager, delegates, impossible tasks.
Manager refuses to delegate enough.
Inadequate training.

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12
Q

What are the four main types of manager?

A

Line manager, direct authority.
Staff manager advisory capacity
Functional manager hybrid of both.
Project manager, temporary

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13
Q

What are the three main manager roles?

A

Informational
Interpersonal
Decisional

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14
Q

What is culture?

A

Culture is the common assumptions, values, and believes that people share that become the way we do things around here

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15
Q

What are the four features of the business culture?

A

Flexible.
Controlled.
Outward looking
inward looking

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16
Q

What are the four types of business culture?

A

Human relations – flexible – inward looking
Open systems – flexible – outward looking
Rational go – controlled – outward looking
Internal process – controlled – inward looking

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17
Q

What did the key functions of a business usually consist of?

A

Finance
HR
Marketing
IT
Operations – R&D and procurement

18
Q

What is marketing?

A

The process which identifies anticipates and supplies customer requirements

19
Q

What are the four main marketing concepts?

A

Marketing orientation
Sales orientation
Production orientation.
Product orientation

20
Q

What are consumer markets?

A

Products and services bought for the use of individuals and their families – fast, moving consumer goods – durables – services

21
Q

What are industrial markets?

A

Products or services bought for the use of companies – war materials – components – capital goods – supplies – services

22
Q

What are the characteristics of industrial marketing?

A

Small number of large cup customers.
Large purchase size
Complex negotiation

23
Q

What is marketing mix?

A

Set of controllable marketing variables

24
Q

What are the four Ps?

A

Product
Promotion
Place
Price?

Additional three people, processes, physical evidence 

25
Q

What is market segmentation?

A

The division of the market into her margins groups potential customers may be treated similarly for marketing purposes

26
Q

What is digital marketing?

A

The use of big data and data analytics to target specific, some segments of the marketing, using techniques such as:
Search engine optimisation
Pay per click
Social media marketing.
Content marketing?
Affiliate marketing.
Email marketing.

27
Q

What does operations management involve?

A

Changing inputs into outputs in order to add value through design creation, implementation and control.
Uses the 4 Vs:
Volume
Variety
Variation in demand.
Visibility 

28
Q

What does research and development involve?

A

Pure research.
Applied research.
Development

29
Q

What is procurement?

A

The acquisition of goods and all services.
Main factors include:
Quantity
Quality
Price?
Leadtimes.

The five rights of procurement are:
Right, quality?
Right quantity
Right price
Right place
Right time

30
Q

What is the supply chain?

A

The network of organisations, the systems resources and activities are required to resources into a product or service

31
Q

What is an integrated supply chain?

A

Members of a supply chain working collaboratively, the shared goal of satisfying the ultimate consumer using:
Upstream supply chain to provide raw materials.
Downstream supply chain To get finished goods to the ultimate consumer 

32
Q

What is human resource management?

A

The creation, development and maintenance of an effective workforce, matching requirements of the organisation and responding to the environment

33
Q

What are hard approaches to HRM?

A

Emphasis on resource element.
Meet organisational objectives.
Dictatorial control, business culture.
Management style top down.
Training focuses on current needs of organisation.
Centralised structure.
Short term perspective

34
Q

What are soft approaches to HRM?

A

Emphasis on human element.
Create human assets.
Flexibility and culture.
Management style is participative.
Training focuses on Personal and career development.
Devolved delegation
Long-term perspective

35
Q

HRM uses the Harvard 4 C-section what are these? 

A

Commitment
Competence.
Congruence.
Cost effectiveness

36
Q

What are the four main considerations for managing the IT function in management?

A

In-house IT activities.
Outsourcing external help.
Innovation and investment.
IT possibilities

37
Q

What are the differences between IT service delivery and IT service support?

A

Delivery focuses on data extraction and reports, capacity monitoring, customer, billing, and budgeting.
Support focuses on systems, maintenance, security controls, prevention of IT problems, and investigation of IT problems 

38
Q

What is organisational behaviour?

A

The understanding of individual group behaviours, patterns of structure in order to improve organisational efficiency and performance

39
Q

What is the organisational iceberg?

A

Overt – visible – rules, products, physical assets, financial, resources.
Covert – invisible – attitudes, personalities, conflict, informal communication

40
Q

What is motivation?

A

A reason for acting in a certain way.
Maslow hierarchy of needs suggest that people are motivated by a desire to satisfy unfulfilled needs.

41
Q

What are Tuckermans four stages of development?

A

Forming
Storming
Norming.
Performing

42
Q

What are Belbins group roles?

A

Leader
Shaper.
Plants.
Monitor – evaluator.
Resource – investigator
Company worker.
Team worker.
Finisher.
Specialist/expert

ICAEW ACA Business, Technology & Finance (5 decks)

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