SBL Flashcards
1
Q
CH1 Strategy Leadership and Culture
Define strategy
A
long term direction of organization
2
Q
CH1 Strategy Leadership and Culture
Define 3 levels of strategy
A
Corporate level
- ex. sensitivity analysis, scenario based; vision
Business
- Strategy related to running the business
Operational
- Strategy related to operations
3
Q
CH1 Strategy Leadership and Culture
What are the three interrelated elements of Strategic Management according to
Johnson, Scholes and Whittington?
A
Strategic position
- external environment (PESTEL and SWOT)
Strategic choices
- deals with objetives (competitive advantage etc.)
Strategic in action
- all things surrounding the implementation and monitoring of strategy
4
Q
CH1 Strategy Leadership and Culture
Define Culture
A
“The way we do things around here….”
i.e.
Pattern of shared basic assumptions …. considered valid and transmitted to new members.
5
Q
CH1 Strategy Leadership and Culture
List the six elements, comprising using the cultural web, surrounding the Paradigm (org. assumptions).
(Use these as headings for ‘Culture’ questions)
A
- PARADIGM (Org’s culture - in the center)
- Control systems
- Org structure
- Power structures
- Stories and myths
- Symbols
- Routines and Rituals
6
Q
Ch2 Stakeholders and Social Responsibility
List three elements of Strategic Values
A
Ethics in business
CSR
Corporate Governance
7
Q
Ch2 Stakeholders and Social Responsibility
What are the two types of stakeholders?
A
Direct
- have their own voice
Indirect
- Inarticulate, voiceless (examples: animal kingdom, plants, suppliers in other countries)
8
Q
Ch2 Stakeholders and Social Responsibility
What is the best solution to solving the Agency Problem?
A
Align interest between principal and agent.
9
Q
Ch2 Stakeholders and Social Responsibility
What are the three ways to categorize stakeholder groups?
A
Internal - employees, mgmt
Connected - shareholders etc.
External - Gov’t
10
Q
Ch2 Stakeholders and Social Responsibility
CSR (Carrol) is modelled on hierarchy of needs. What are the four elements?
A
- Philanthropic - charitable donations etc.
- Ethical - the “right thing” beyond the law
- Legal -
- Economic - shareholders, improving EPS
11
Q
Ch2 Stakeholders and Social Responsibility
Outline a Corporate Citizenship approach (Matten and Crane) to social responsibility.
A
There are three views:
Limited view
- main stakeholders are local communities etc.
Equivalent view
- similar to CSR view with 4 elements, partly voluntary and partly imposed
Extended view
- social rights, civil rights, political rights
12
Q
Ch2 Stakeholders and Social Responsibility
Name elements of the Ethical Stances approach (Johnson and Scholes) to social responsibility.
A
- ST shareholder interest
- LT shareholder interest
- Multiple shareholder obligations
- shaper of society
- Laissez faire
- enlightened self interest
- Forum for stakeholder interraction
13
Q
Ch2 Stakeholders and Social Responsibility
Gray, Owen and Adams categorize social responsibility into 7 CSR viewpoints. What are they?
A
- Pristine capitalist
- Expedient
- Proponents of the Social Contract
- Social ecologist
- Socialists
- Radical feminists
- Deep ecologists (Greens, Patagonia)
14
Q
Ch2 Stakeholders and Social Responsibility
What is the main difference between conventional reporting and Integrated reporting_
A
IR focuses on the process, not on the product.
15
Q
Ch2 Stakeholders and Social Responsibility
What are Integrated Reporting’s 7 guiding principles?
A
Connectivity of information Conciseness Comparability Strategic forward looking Stakeholder relationships Reliability Materiality
16
Q
Ch3 Impact of Corporate Governance and Strategy
Define Corporate Governance.
A
System by which an organizations is controlled.
It is the set of relationships between organization’s directors, shareholders and other stakeholders. Provides structure through which an organization’s objectives are set, means of attaining them, and monitoring activities.
17
Q
Ch3 Impact of Corporate Governance and Strategy
What are the 11 core principles that underlie most good corporate governance systems?
(HINT: Decide to Disclose your Reputation)
A
Qualities that ensure sound Decision making:
- Integrity
- Fairness
- Independence
- Scepticism
- Judgment
Qualities that ensure honest and transparent Disclosures:
- Transparency
- Probity
- Responsibility
- Accountability
- Innovation
= REPUTATION
18
Q
Ch3 Impact of Corporate Governance and Strategy
OECD issued 5, nonbinding, principles of corporate governance. What are the categories?
A
- Rights of shareholders
- Equitable treatment of shareholders
- Role of stakeholders
- Disclosure and transparency
- Responsibilities of the board
19
Q
Ch3 Impact of Corporate Governance and Strategy
Name two UK jurisdictions in terms of corporate governance.
A
Cadbury report 1992
Greenbury report 1995
Hampel report 1998
Combined code (first 3) 1998
Turnbull report 1998
Smith report 2003
Higgs report 2003
Combined Report 2006 and 2008
When drafting answers, just refer to combined report and then outline all audit functions (role of audit committee, risk management, principles based approach etc. )
20
Q
Ch3 Impact of Corporate Governance and Strategy
what was the most prominent result of SOX?
A
Creation of the PCAOB.
Rules based approach.
Additional provisions of SOX include:
- Auditors should review internal controls
21
Q
Ch3 Impact of Corporate Governance and Strategy
What are criticisms of SOX?
A
Not strong enough, over rigid on many topics
Directors may avoid consulting lawyers (whistleblowing duty)
Companies are turning away from the US stock market and turning to others.
22
Q
Ch3 Impact of Corporate Governance and Strategy
What are the main differences, in terms of responsibility, between the chairman of the board and the CEO?
A
Chairman provides leadership to the BoD
CEO provides leadership to the business
23
Q
Ch3 Impact of Corporate Governance and Strategy
list the main committee types
A
Risk committee
Audit committee
Remuneration committee
Nominations committee
24
Q
Ch3 Impact of Corporate Governance and Strategy
What are the factors that should be considered when agreeing remuneration packages for directors?
(HINT: 4 elements, 3 Key factors to consider
A
Elements:
- Fixed and variable terms
- cash and non cash elements
- immediate and deferred elements
- short and long term elements
Key factors to consider:
- Connected to performance
- Best practice
- Market factors
25
Ch4 The External Environment
What are environments are PESTEL and Porters5 applied to?
PESTEL - macro
| Porters5 - micro
26
Ch4 The External Environment
What is a popular method of determining a country's attractiveness in terms of investment?
Porters Diamond
4 interconnected factors:
- Firm strategy and structure
- Related and supporting industries
- Factor conditions
- skilled labor, infrastructure
- Home demand conditions
27
Ch4 The External Environment
Outline Porters5 and list triggers that would alter or eliminate force magnitudes.
1. Threat of new entrants
- barrier to entry
2. Threat of Substitutes
3. Supplier power
- bargaining power
4. Buyer power
all impact:
5. Rivalry and competition
change triggers:
- new entrants
- market interest rate delta
- technological developments
- mergers in supply chain
Think about who participates in the model and how they would be most affected.
28
Ch4 The External Environment
What are the 5 stages of the industry life cycle
- Development
- Growth
- Shakeout
- Maturity
- Decline
29
Ch4 The External Environment
What are the three main uses of Porters5?
1. To analyse particular industry or segment profitability
2. To identifying actions on an organization that will:
- promote its strengths
- mitigate its weaknesses
3. To determine if forces affect all competitors equally
30
Ch4 The External Environment
What is one way that firms can mitigate risks imposed by key market influences?
Scanario planning develops a plausible view of how an industry could develop, short and long term, considering all market factors, risks and opportunities.
Note these are not forecasts; only plausible views to ensure all factors, and inherent outcomes are being considered.
31
Ch5 Strategic Capability
Define Strategic Capability
Term used to describe an organizations strengths and weaknesses
32
Ch5 Strategic Capability
Unique resources and core competences must have 4 qualities in order to sustain competitive advantage. what are they?
- Value
- Rarity
- Inimitability
- Organisational support
33
Ch5 Strategic Capability
what is tacit knowledge in terms of competitive advantage?
Tacit knowledge is knowledge locked in the minds of individuals. Firms engage in knowledge management to unlock this knowledge in an effort to sustain its competitive advantage.
34
Ch5 Strategic Capability
Name and illustrate the popular framework for assessing an organization's strategic capability.
SUPPORT ACTIVITIES:
- Firm infrastructure
- Human resources mgmt
- Tech development
- Procurement
PRIMARY ACTIVITIES:
- Logistics
- Operations
- Sales and marketing
- Service
Successfully implementing the set of LINKED activities outlined above give rise to Margins.
35
Ch5 Strategic Capability
Why is the Porter's Value Chain such an important tool for analysing an organisation's strategic capability?
Because it focuses on the means available for creating value, rather than on infrastructure.
36
Ch5 Strategic Capability
Outline the primary goals of SWOT.
1. Develop STARTING POINT
To develop a starting point from which future strategic options can be assessed (once SWOT performed).
2. CONVERT
To convert WEAKNESSES into STRENGTHS
- (internal factors relating to strategic capabilities)
3. CONVERT
To convert THREATS into OPPORTUNITIES
- (relate to external factors)
37
Ch6 Competitive Advantage and Strategic Choice
Outline Porter's generic strategy with regards to strategic choice (market position).
1. Determine Competitive Basis
- Cost leader
- Differentiator
(Using creative language, outline how to achieve these)
2. Determine Competitive Focus
- Cost Leader ship
- Differentiation
- Cost focus
- Differentiated focus
38
Ch6 Competitive Advantage and Strategic Choice
What is the primary strategic option available to an organization trying to create a long term competitive advantage?
Develop a sound MARKETING MIX (7 P's)
Product
Place
Price
Promotion
People
Processes - services, kind, fast, efficient
Physical evidence - ex. evidence of ownership
Last three P's also known as the
SERVICE MARKETING MIX
39
Ch6 Competitive Advantage and Strategic Choice
Illustrate the elements of the BCG matrix (Henderson, 1970).
Question Marks
- Growth: High
- Market share: Low
(potential to become stars -- invest!)
Stars
- Growth: High
- Market share: High
(potential to become cash cows -- invest in develop.!)
Cash Cows
- Growth: Low
- Market share: High
Dogs
- Growth: Low
- Market share: Low
40
Ch6 Competitive Advantage and Strategic Choice
What are the primary goals of the BCG model (HENDERSON, 1970)?
Used by organisations to manage activities and make decisions concerning the future direction of the entity.
Asses SBU (strategic bus unit) on financial performance only.
41
Ch6 Competitive Advantage and Strategic Choice
Name two ways an organisation can diversify its strategic position in the market.
Horizontal integration
- Complementary to an organisation's current activities. Makes use of current capabilities.
Vertical integration
- Expand up or down within an organisation's value network.
Supply chain activities.
Not directly related to org. core activities.
42
Ch6 Competitive Advantage and Strategic Choice
Once an organisation determines what product they want to sell, what methods of development are typically available?
Internal development (aka organic growth)
- ideal for market penetration and product and market development
Mergers and Acquisitions
Franchising
Strategic alliances
43
Ch6 Competitive Advantage and Strategic Choice
Illustrate the elements of the Growth Vector Matrix (ANSOFF, 1987).
Market Penetration
- Products: Existing
- Markets: Existing
(Low risk)
Market Development
- Products: Existing
- Markets: New
(Low risk)
Product Development
- Products: New
- Markets: Existing
(new products to existing customers: Cross selling)
Diversification
- Products: New
- Markets: New
(Risky. Could indicate potential for growth)
44
Ch6 Competitive Advantage and Strategic Choice
| What are some good justifications for persuing a diversification strategy?
On the BCG Matrix: NEW Product, NEW Market
- Economies of scope (compared to economies of scale). Results from a greater use of under utilized resources
- Can increase market power.
- Corporate mgmt skills can be extended across a range of unrelated businesses.
45
Ch6 Competitive Advantage and Strategic Choice
Illustrate the model used to decide which strategic decision to pursue.
SAF model
Suitability
- general strategic position
Acceptability
- Stakeholders
Feasibility
- technically, financially feasible?
- human capital and skills available?
46
Ch7 Assessing and Managing Risk
Name 4 different types of risk
Purely Fundamental, and Particularly Speculative!!!
Fundamental risk
- General risk that applies to all
Particular risk
- Risks over which individuals have some measure of control
Speculative risk
- risk from which either good or harm will result
Pure risk
- risk from which only harm will result
47
Ch7 Assessing and Managing Risk
What is the generic, most popular, approach to managing risk?
Think: Cooking a family meal!! Replace "Risk" with ingredients in your mind
1. Set responsibilities
- who does what?
2. Set risk appetite
- how hungry is everyone?
3. Identify risk
- what ingredients do we have?
4. Asses risks
- are they still good?
5. Respond to risks
- some ingredients may have gone bad... wyd?
6. Monitor and adapt if necessary
- taste, add more salt
7. Start again...
- Supper's every day!!!
48
Ch7 Assessing and Managing Risk
1. Set Responsibilities:
Who is responsible for managing risk, and what are their main functions?
One option Risk Committee, set up by the board
1. Ensures system exists
2. Sets risk policy
3. Assesses risks
4. Reviews internal audit's work
5. Reviews risk register
6. Advises board
Risk committee may obtain support from a risk manager role.
49
Ch7 Assessing and Managing Risk
2. Risk appetite:
what are the three elements that should be considered when assessing risk appetite?
Risk appetite:
Describes nature and strength of risks an organisation is PREPARED to bear.
Risk attitude:
The boards view on risk level they consider desirable.
Risk capacity:
Describes nature and strength of risks an organisation is ABLE to bear.
50
Ch7 Assessing and Managing Risk
3. Identifying Risks
What are 6 methods of identifying risks?
- Brainstorming
- Stakeholder consultation
- Benchmarking
- Scenario analysis
- Inspection results
- Use of standard checklists
51
Ch7 Assessing and Managing Risk
3. Identifying Risks:
Name 6 typical risk FACTORS
External events
- economic, political changes
Internal events
- equipment issues
Leading event indicators
- customer balance overdue
Escalation triggers
- events demanding immediate attention. Product failure
Related risks
- risks that are similar
Correlation risks
- opposite moving risks
52
Ch7 Assessing and Managing Risk
3. Identifying Risks:
What are the two different risk TYPES related to the process of identifying risks in connection with the risk management process?
Strategic - Long term ability to survive
- Changes in tech
- Market, Industry changes
- Capital related
- Macro economic
Operational - day to day operations
- human error
- Fraud
- Business interruption
53
Ch7 Assessing and Managing Risk
3. Identifying Risks:
Main differences between Strategic and Operational risk types relate to which 4 elements?
1. Scope of impact
2. Duration of impact
3. Source of risk
4. Scale of financial/resource consequences
54
Ch7 Assessing and Managing Risk
4. Assessing Risks:
List popular techniques for quantifying risk.
Usually by quantifying risks.
Expected Loss = Probability(Value at risk)
Methods included:
1. Statiscal
a) Value at risk
b) Regression
c) Simulation
2. Sensitivity analysis
3. Accounting ratios
55
Ch7 Assessing and Managing Risk
4. Assessing Risks:
List popular techniques for qualitatively assessing risk.
Heat maps
| Pits severity in terms of Likelihood against severity.
56
Ch7 Assessing and Managing Risk
4. Assessing Risks:
What is the most popular problem with assessing risk?
Problem of subjectivity.
57
Ch7 Assessing and Managing Risk
5. Responding to Risks:
What is the most popular approach to responding to risks?
TARA
Transfer
Impact: High
Likelihood: Low
- Insurance
Accept
Impact: Low
Likelihood: Low
- Deal with it
Reduce
Impact: Low
Likelihood: High
- Mitigate, System of controls
Avoid
Impact: High
Likelihood: High
- Avoid risk all together, terminate op
58
Ch7 Assessing and Managing Risk
5. Responding to Risks:
When risks are unavoidable, what is one pragmatic approach an organisation can adapt?
(HINT: involves cost benefit and sounds like Alarm
ALARP
As Low as Reasonably Practicable.
Diversify risk.
59
Ch8 Internal Control Systems
Define internal control
Process set by mgmt, designed to provide reasonable assurance regarding
- Operations (objectives),
- Reporting and
- Compliance
60
Ch8 Internal Control Systems
What are key ojectives of Internal Control systems?
```
Risk management
Operating effectiveness and efficiency
Reporting reliability
Compliance with laws and regulation
Safeguarding shareholder investment
```
61
Ch8 Internal Control Systems
What are the elements of an internal control system under COSO?
Control Environment
- Tone at the top
Risk Assessment
- Impact and Likelihood (TARA)
- Discuss everything from Risk Assessment section
- (COSO only; not mentioned in Turnbull, but still central in UK approach)
Control Activities
```
Information and Communication
- Information flow should be broad, up and down
Monitoring
- Active participation
- Feedback
```
62
Ch8 Internal Control Systems
What are 4 broad control category types, in terms of the business organizational structure?
Corporate controls - ELC
management controls - MRC
Business process controls - Process level controls
Transaction controls - Process level controls
63
Ch8 Internal Control Systems
Name 8 different control types, and outline applicable control objective.
1. Administrative and Accounting controls
- Admin: communication channels
- Accounting: Posting approvals
2. Discretionary and Non-discretionary
- Discretionary: subject to human discretion, counting orders
- Non-discretionary: provided by system and cannot be bypassed; PIN number input, PW input
3. Voluntary and Mandated controls
4. General controls and Application controls
5. Financial and non-financial controls
- Financial: think assertions
- Non-financial: quantitative techniques like KPI and qualitative guidelines, org structure etc.
64
Ch8 Internal Control
In terms of Monitoring, what are the 3 types of information?
Financial
Non-financial
External
- competitors, suppliers
65
Ch8 Internal Control
what are three Levels (types) of information, and what are they used for?
Strategic
- big picture
- used to plan objectives
- long term
Tactical
- how business resources should be employed
- short and medium term
Operational
- operational level
- immediate term
66
Ch8 Internal Control
| With respect to monitoring activities, what are the qualities of good information?
HINT: ACCURATE
```
Accurate
Complete
Cost beneficial
User targeted
Relevant
Authoritative
Timeliness
Easy to use
```
67
Ch8 Internal Control
What are the advantages of an Audit Committee as identified by the CADBURY report 1992?
If operating effectively,
- Improved financial reporting
- Creates a climate of discipline
- Help finance director by providing a forum for issuing concerns
- Strengthens position of external auditor
- Increases credibility with public
68
Ch8 Internal Control
Who is on the AC and what is their responsibility?
Who:
At least three, independent, non-executive directors.
One member should have financial experience.
Responsibilities:
Monitoring and Reviewing
- Financial statements
- Internal financial controls
Overseeing
- Appointment of external audit
- Remuneration of external audit
Policy setting
- Non-audit service provided by external auditors (if any: SOX)
69
Ch9 Applying Ethical Principles
In terms of making ethical decisions, what are the questions in TUCKER's 5 (1990) question model?
TUCKER's 5 sort of behaves like CARROL's CSR (1991) where: Philanthropic, Ethical, Legal, Economic.
1. Profitable?
2. Legal?
3. Fair to everyone involved?
4. Right? (subjective)
5. Sustainable or environmentally sound?
70
Ch9 Applying Ethical Principles
What are the 5 threats to 'Independence of Action' and 'Conflicts of Interest' for accountants?
(HINT: AS IFS)
Advocacy
Self interest
Intimidation
Familiarity threat
Self-review
71
Ch9 Applying Ethical Principles
| What are the fundamental principles on which ACCA has based its Code of Ethical Conduct for its members?
HINT: PIPCO
```
Professional competence and due care
Integrity
Professional behaviour
Confidentiality
Objectivity
```
72
Ch9 Applying Ethical Principles
How have organisations responded to wide pressures from external stakeholders in an effort to be seen as ethical?
Organisations publish Ethical Codes.
73
Ch9 Applying Ethical Principles
What are the typical features of a Code of Ethics?
- Guidance on Acceptable and non-acceptable behavior
- Specific examples of company expectations
- Links to the orgs missions statement and objectives
- Clear guidance on consequences
- Standards for how to treat suppliers, customers, and employees
74
Ch11 Applications of IT
What are the 4 V's of big data according to LANEY (2000)?
Volume
Variety
Veracity (veritas)
Velocity (speed)
75
Ch11 Applications of IT
In terms of IT/IS controls, how can IT controls be classified, and what types exist?
Physical access controls
- door locks
- biometric entry safeguards
Logical access controls
- password protections
Operational controls
- Segregation of duties
- Audit trail
Data input controls
- Verification checks
- Validation checks
- Compatibility checks
- Check digits
- Format check
- Range checks
- Limit checks
- Control total
All four control types can be classified as either:
- General IT controls
- Application controls
76
Ch11 Applications of IT
Suggest 5 ways an organization can improve its IT/IS controls.
```
Continuity planning
Systems development and maintenance
Personnel and security measures
Asset classification and controls
Compliance measures
```
77
Ch12 e-business
What decision model is best used to determine if e-business is suitable for integrating into an organizaitons business strategy?
Apply SAF model
Suitable
Acceptable
Feasible
78
Ch12 e-business
What is the best way to identify areas where technology could add value to an organisation?
Consider impacts of individual Value Chain components.
i. e.
- Support Activities
- Primary activities
79
Ch12 e-business
Outline most popular model for improving an organisation's online marketing effectiveness (McDonald and Wilson 2011)
(HINT: 6i Model)
6 I's Model:
Interactivity
Intelligence
Individualisation
Integration
industry structure
Independence of location
80
Ch12 e-business
What is Social Innovation and what are the three categories according to TRACEY and SCOTT (2016)?
Social Innovation describes a broad range of organisational and inter-organisational activity designed to address most deep rooted social problems we face to today. ex. Poverty, unemployment, racism etc.
Social Enterprise
Social Entrepreneurship
Social Extrapreneurship
81
Ch12 e-business
What is e-procurement and what are options for implementing?
Purchase of supplies through the internet or other electronic networks such as EDI (electronic data interface)
```
Public web
Exchange
Buyer centric
Seller centric
B2B marketplace
```
82
Ch12 e-business
What are some popular strategies for attracting 'sticky' customers (repeat customers) for online businesses?
```
Promotions
Opt in emails
Online communities
Data mining
- Predictive data mining models
- Descriptive data mining models
Cookies
```
83
Ch13 Enabling Success and Strategic Change
List the "Core Values and Concepts" underpinning organisational success, according to the BALDRIDGE Criteria framework?
Step 1:
The framework is intentionally open for interpretation and can be used by any type of organisation. The core values are applied to the Elements of the Baldridge model in a subsequent step.
```
Visionary leadership
Focus on success
Ethics and transparency
social responsibility
Organisational learning and agility
Valuing people
Customer focused excellence
Delivering value
Managment by fact: feedback approach
```
84
Ch13 Enabling Success and Strategic Change
List the "Elements" to which high performing organisations apply the "Core Values and Concepts" according to the BALDRIDGE Criteria framework?
Step 2:
Apply Core Values and Concepts from step1.
1. Leadership
2. Strategy
3. Customers
4. Measurement, analysis and knowledge mgmt
5. Workforce
6. Operations
7. Results
85
Ch13 Enabling Success and Strategic Change
Explain how the BALDRIDGE Criteria framework is applied.
Step 3:
Analyse performance
Criteria 1-6 are evaluated on 4 dimensions: LAID CLIT
- Approach
- Deployment
- Learning
- Integration
Criteria 7 (Results) is evaluated separately:
- Levels (what is current performance level?)
- Trends
- Comparisons
- Integration
86
Ch13 Enabling Success and Strategic Change
In terms of strategic change, what are the four types of change and how are they related? (JOHNSON et al 2017)
(HINT: Matrix)
Adaptation (most common)
Scope of change: Realignment
Nature of change: Incremental
Reconstruction
Scope of change: Realignment
Nature of change: 'Big Bang'
Evolution
Scope of change: Transformation
Nature of change: Incremental
Revolution
Scope of change: Transformation
Nature of change: 'Big Bang'
87
Ch13 Enabling Success and Strategic Change
Outline LEWIN's (1958) three stage model.
Unfreeze
Change
Refreeze
88
Ch13 Enabling Success and Strategic Change
Explaing the POPIT model, aka Four-View model
Model for analysing an organisation's OPPORTUNITIES for change.
POPIT model focuses on four interrelated aspects.
People
Organisation
Processes
IT
89
Ch14 Process Redesign
Outline HARMON's (2014) approach to categorising processes that need improving.
Improve
Strategic Importance: High
Process complexity: High
- modelling insurance provisions, negotiating partnerships
Outsource
Strategic Importance: Low
Process complexity: High
- large scale logistics and distribution
Automate
Strategic Importance: High
Process complexity: Low
- Assembly
Automate/Outsource
Strategic Importance: Low
Process complexity: Low
- payroll
90
Ch14 Process Redesign
What are the four redisign patterns (methods) according to HARMON (2014)?
Process Re-engineering
- back to the drawing board
- when large scale change is appropriate
- highly disruptive
Simplification
- clean up
- removes redundant process elements
- assumption is that all businesses have 'hidden' redundant processes
Value added analysis
- Elminates process that fail to add value
Gap and disconnects
- HARMON suggests that communication gaps occur between mgmt and the process
91
Ch14 Process Redesign
With respect to HARMON's (2014) process redesign pattern 'Gap and Disconnects,' what are the 3 levels at which gaps and disconnects are likely to occur?
1. The organisation as a whole
2. The Process level
3. The Operations level
92
Ch14 Process Redesign
| List the areas Feasibility studies can be broken down to, with respect to process redesign.
HINT: FEST fest feasible
F inancial
E nvironmental concerns
S ocial feasibility
T echnical feasibility
93
Ch14 Process Redesign
What are the 5 process redesign stages according to HARMON (2013)?
1. Planning
2. Analysis
3. Redesign
4. Development
5. Transition
94
Ch15 Project Management
Define a project.
An undertaking that has a beginning and an end, and limited resources available.
95
Ch15 Project Management
Tip for approaching project questions: apply knowledge from AGILE and hope for the best.
AGILE
96
Ch15 Project Management
In terms of identifying Project Costs and Benefits, what are the 5 key stages of Benefit Management according to WARD and DANIEL (2006)?
1. Identify and structure benefits
2. Plan benefits realisation
3. Execute benefits plan
4. Evaluate results
5. Establish potential for additional benefits
97
Ch15 Project Management
How do WARD and DANIEL (2006) classify benefits in terms of how they should be measured?
Observable
Measurable
Quantifiable
Financial
98
Ch15 Project Management
In terms of budget tools, what are two popular approaches?
Top down
- Mgmt estimates
Bottom up
- Team estimates and communicates up to mgmt
Gantt chart shows resources over time in form of a horizontal (in most cases) bar chart
99
Ch15 Project Management
Outline the 6 stage process when evaluating how to respond to Project Risk.
1. Plan risk management approach
2. Identify and record risks
3. Assess risks
4. Plan and record risk responses
5. Implement risk-management strategies
6. Monitor
100
Ch15 Project Management
In terms of Project Management, what is the difference between Scope Creep and Slippage?
Also, what is the difference Fast tracking and Crashing?
Scope Creep relates to unforeseen changes to project scope and Slippage occurs when a project is running behind schedule
.... time is slipping awaaaay
Fast tracking is taking tasks that typically run in sequence and running them parallel. Crashing is adding more people to a team.
.... crashing the partayyyy
