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CIMA E2 > Problem areas > Flashcards

Problem areas Flashcards

1
Q

What are the common features of management according to Fayol?

A

Planning
Organising
Co-ordinating
Commanding
Controlling

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2
Q

What are the ten roles that managers fulfil within their job according to Mintzberg?

A

Figurehead
Leader
Liasion
Monitor
Disseminator
Spokesperson
Entrepreneur
Disturbance Handler
Resource Allocator
Negotiator

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3
Q

What are the types of power according to French and Raven?

A

Reward Power
Coercive Power
Referent Power
Expert Power
Legitimate Power

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4
Q

What is reward power?

A

A person has power over another because they can give out rewards

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5
Q

What is coercive power?

A

Person can give punishments to others. e.g. dismiss, suspend, reprimand them

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6
Q

What is referent power?

A

Based upon the identification with the person who has charisma, or the desire to be like that person

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7
Q

What is expert power?

A

Based upon doing what the expert says since they are the expert

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8
Q

What is legitimate power?

A

Based on agreement and commonly held value which allow one person to have power over another.

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9
Q

What are the three bases of authority according to Max Weber?

A

Charismatic
Traditional
Rational-legal

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10
Q

According to Koontz and O’Donnell how can a manager delegate effectively?

A

Define the limits of authority delegated to subordinate
Satisfy themselves that the subordinate is competent to exercise that authority
Discipline themselves to permit the subordinate the full use of that authority without constant checks and interference

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11
Q

What are the four methods of delegation?

A

Abdication
Custom and Practice
Explanation
Consultation

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12
Q

What are Herzberg Hygiene factors based on?

A

The need to avoid unpleasantness

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13
Q

What are some examples of hygiene factors?

A

Policies and procedures for staff treatment
Suitable level and quality supervision
Pleasant working conditions
Appropriate level of salary and status for the job
Team working

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14
Q

What are some examples of motivational factors?

A

Sense of accomplishment through target setting
Recognition of good work
Increasing level of responsibility
Career advancement
Attraction of the job

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15
Q

What are the five types of leaders?

A

Charismatic
Traditional
Situational
Appointed
Functional

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16
Q

Why would a project be initiated?

A

Help meet the company’s long terms goals and objectives
Process/service enhancement
Solve problems identified internally or externally
To take advantage of new opportunities
Statutory/legal requirement

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17
Q

What are the five project management process areas?

A

Initiating
Planning
Executing (Implementing)
Controlling
Closing

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18
Q

What is included in the final project report?

A

Brief overview of project
Customer original requirements and original project deliveries
List of deliverables which the customer received
Actual achievements re costs, schedules and scope
Degree to which the original objective was achieved
Future considerations

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19
Q

What does conformance managements systems focus on?

A

Inspection
Quality control
Quality Assurance

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20
Q

What does conformance quality depend on?

A

Compliance with technical specifications and relates to the use of superior operations management to reduce waste and cost, and increase uniformity.

21
Q

How do we keep ahead of customer expectations?

A

Design Thinking
Experiential Pilots
Prototyping
Brand atomisation

22
Q

What is design thinking?

A

Instead of designing a single product or service that can be marketed to many customers, there should be a shift in mind-set to designing many experiences for one customer

23
Q

What is experiential pilots?

A

This refers to the need to monitor how customers behave and to gain an appreciation of their reaction to new experiences

24
Q

What is Prototyping?

A

instead of waiting until a new product has been perfected
before bringing it to market, an organisation should recognise that speed to market is vital. So, the first generation of a product may be only about 80% ready, but it provides vital feedback in terms of customer reactions and what needs to be done with the second version

25
Q

What is Brand atomisation?

A

organisations will need to design their offerings so that they can be more widely distributed and be part of the platform that is offered by other providers

26
Q

What are Porter’s five forces?

A

New Entrants
Rivalry amongst competitors
Substitutes
Power of Buyers
Power of suppliers

27
Q

What is the power of buyers?

A

powerful buyers can force price cuts and/or quality improvements

28
Q

What is the power of suppliers?

A

powerful suppliers can charge higher prices,
forcing down profit margins

29
Q

What are the three generic strategies when their is competition according to Porter?

A

Cost Leadership - Offering products and services of the same quality as competitors but at lower prices
Differentiation - changing higher prices by offering more innovative products, or products with a higher perceived quality
Focus - concentrating only on a small part of the market

30
Q

What are intrinsic rewards?

A

Arise from the performance of the job itself. e.g. satisfaction from doing job well, being allowed to make higher level decision, being interested in job

31
Q

What are extrinsic rewards?

A

Separate from the job itself and are dependent on the decisions of others. e.g. Pay, working conditions and benefits

32
Q

What are the eight key objectives that Drucker argued affects the performance and results of business?

A

Profitability
Innovation
Market Standing
Productivity
Financial and Physical resources
Managerial performance and development
Worker performance and attitude
Public Responsibility

33
Q

What abilities must the leadership team demonstrate to survive digital disruption?

A

Inspirational Leadership
Competitive Edge
Establishing a strategic direction
Influence external parties
Collaboration
Business Judgement
Execution
Building Talent

34
Q

What is meant by ‘Build’ in the World Economic Forum?

A

Building new business models might be the best route when an opportunity is related to the company’s core business. The benefits are that it typically maximises control and minimises costs in markets that a company must own because of their strategic importance. If companies decide to go for the build route, they can benefit by creating and developing new products and services

35
Q

What is meant by ‘Buy’ in the World Economic Forum?

A

Buying another company is usually the most appropriate path when there is a strategic imperative to ‘own’ a market and may be the only viable option if a significant change market is imminent, hiring the right talent is not possible and the new opportunity bears little relation to the firm’s current business model may provide reasons to buy

36
Q

What is meant by ‘Partner’ in the World Economic Forum?

A

A firm can use partnering with a digitally disruptor to learn more about the market and its partner’s model. A partnering approach is sensible when it makes sense to learn about emergent opportunities, with an eye toward deeper partnerships or acquisitions in the future

37
Q

What is meant by ‘Invest’ in the World Economic Forum?

A

Investing in interesting start-ups is often a valid option, allowing an established company to connect with the right skills and capabilities. It will also avoid hindering entrepreneurial forces with a setup focused on internal governance and reporting

38
Q

What is meant by ‘Incubate/accelerate’ in the World Economic Forum?

A

Investment and incubation/acceleration might seem similar endeavours. The latter however represents a closer relationship to the funding company, deploying corporate internal capabilities, infrastructure and resources to the start-ups. Incubators and accelerators will however need to precisely outline both internal benefits and suitable incentives for start-ups and their entrepreneurs. In addition they will need a clear strategy and vision.

39
Q

What are the five conflict-handling strategies?

A

Competing
Avoiding
Collaborating
Accommodating
Compromising

40
Q

According to Thomas-Kilmann Conflict Mode Instrument if there is High assertiveness and low cooperativeness what is it?

A

Competing

41
Q

According to Thomas-Kilmann Conflict Mode Instrument if there is low assertiveness and low cooperativeness what is it?

A

Avoiding

42
Q

According to Thomas-Kilmann Conflict Mode Instrument if there is High assertiveness and high cooperativeness what is it?

A

Collaborating

43
Q

According to Thomas-Kilmann Conflict Mode Instrument if there is low assertiveness and high cooperativeness what is it?

A

Accomodating

44
Q

According to Thomas-Kilmann Conflict Mode Instrument if there is moderate assertiveness and moderate cooperativeness what is it?

A

Compromising

45
Q

What are four approaches to performance appraisal?

A

The ranking system
The unstructured format
Self rating
360 approach

46
Q

What is the ranking approach to performance appraisal?

A

This is a formal structured approach which consists of the individual being assessed and analysed in terms of objectives, tasks, workflows and results achieved. These are then compared with previously agreed statements of required results and performance levels

47
Q

What is the unstructured approach to performance appraisal?

A

The unstructured format is another common
approach where evaluators use an essay or short answer to grade employees. The benefit here is that any and all variables are used, from the most quantitative to the most informal. This approach tries to capture all aspects of employee performance rather than being restricted to the pre-agreed targets used in the more structured approach

48
Q

What is the self rating approach to performance appraisal?

A

This approach is where the individual rates themselves on certain agreed criteria. This is then fed back to the manager who can review the individual’s assessment and make their own assessment.

49
Q

What is the 360 approach to performance appraisal?

A

The 360 approach allows more participation by the individual. While the manager will appraise the individual, the individual is also given the opportunity to appraise the manager.

CIMA E2 (16 decks)

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