Mock exam mistakes Flashcards
(41 cards)
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
