Mock exam mistakes Flashcards
What are 2 areas of interface between HR management and FF?
- Ensuring compliance with rules and regs
- Performance management and appraisal
How does the IT function assist FF?
Cost benefit analysis
Which FIVE of the following are benefits that data can yield from an operational perspective?
- Supply chain management
- Improved service
- Forecasting
- Cost saving
- Preventative maintenance
Why do companies need ISs?
- Competitive advantage
- Effective decision making
- Undertaking daily activities
- Measuring performance
- Communication
What are 3 benefit of high quality info/
- Greater customer insights
- Operational efficiencies
- New business models and revenue streams
What is an intranet?
Employees using networked computer to access info held on a server
What can improve supply chain management?
- Joint problem solving
- Linked computer systems
- Price and inventory co-ordination
What is experiential marketing?
Technique to emotionally connect a person and a brand
What are the 3 stages of a personal development plan?
- Analyse current position
- Set goals
- Plan personal development
What are 2 main functions of a business?
- Operations
- HR
- IT
What is not a source of operational data?
Digital assets
What may happen when small businesses grow?
Owners may lose control if they appoint managers to run the business
What tasks does the treasury management function undertake/
- Sourcing finance
- Currency management
- Ensuring accurate asset values
What is an Executive Info System (EIS)?
- Provides senior management with info
- Presented in a flexible, user-friendly, summarised form
- Option to ‘drill down’ to a greater level of detail.
What is a Decision Support System (DSS)?
- Helps managers make decisions
- Predicts consequences of a number of possible scenarios
- Manager uses judgement to make the final decision.
What is a Transaction Processing System (TPS)?
System used by operational managers to make decisions.
Is after sales service part of Porter’s Value Chain?
No
Which of Mintzberg’s configurations is best suited to innovation?
Adhocracy
What happens at level 2 of the finance function?
Accountants provide insights and expert analysis to the senior leadership to help them make major strategic decisions
What are the 7 steps of the HR cycle?
- Training and development
- Selection
- Recruitment
- Performance management
- Incentives and motivation
- Rewards
- Termination
What happens in a machine bureaucracy?
- Technostructure dominant
- Very formalised, unchanging procedures
- Suits large organisations
What are the SASs 5 building blocks for data strategy?
- Identify
- Store
- Provision
- Integrate
- Govern
What does a matrix structure do?
Encourages employee flexibility and multiple reporting
What does the process of operations management do?
Uses resources to create outputs that fulfil market requirements
What does management accounting involve?
- Producing budgets
- Variance analysis
- Costing of products
How can AI assist in strategic decision making?
- Can predict performance and revenues
- Reduce reliance on quality and accuracy of data
How can FF help project appraisal?
- Sourcing funding
- Devise suitable budget
- Law compliance
What are the benefits of using AI in the finance function?
- Can aid in fraud prevention
- Undertake mundane tasks
- Better analysis
- Smart predictions
How can data profiling aid big data analysis?
- Determining accuracy
- Can improve quality
What issues can BPR solve?
- Penalties for non-compliance
- Human error
- Meeting targets
What are the benefits of IOT?
- Up to date info
- Real time auditing
How can volume of big data be solved?
Cloud storage
How does the finance function use data modelling?
Tool to organise elements within a database
What are the 4 Vs of operations?
- Volume
- Variety
- Variation in demand
- Visibility
What are the TWO theories relating to person specification stage of recruitment?
- 7 point plan
- 5 fold grading system
Will FF have more or less of an organisational focus under a shared service centre?
More
What do DSSs use?
Statistical models to analyse internal data
Does data modelling improve security?
Yes
Can AI predict interest rates?
Yes
Does data modelling achieve regulatory compliance?
Yes
Does DSS provide managers with info?
No
