Study Questions Flashcards
Leadership and Strategy
Shared Services
Shared Services is the result of consolidating administrative functions such as HR, IT and Accounting.
Leadership and Strategy
Strategic Planning
In strategic planning, the participants seek to analyze the conditions affecting competitiveness, develop solutions and plans of action, implement said plans, and evaluate the effectiveness of interventions. This includes anticipating growth or decline that will require an organizational response.
Fiduciary responsibility
Fiduciary responsibility requires that a company and its leadership make decisions that support the overall financial viability of the company on behalf of its stakeholders.
Strategic Plans
Strategic plans are based upon the mission, vision, values and overall goals of an organization. Typically spanning 3-5 years, a strategic plan will describe the steps an organization needs to take to reach these goals.
Cascading Strategic Planning
cascading strategic planning model aligns each business unit or functional area to an overall strategic plan.
John Kotter’s Change Theory
(Organizational Development)
1st 4 steps
1. Increase urgency
2. build the guiding team
3. get the vision right
4. communicate for buy in
Cost Accounting
Cost accounting relates the costs (fixed and variable inputs) of producing goods or services with sales revenue to aid in decisions about labor levels, equipment purchases, and product pricing
Financial accounting
Financial accounting is focused more on company assets and liabilities.
Geopolitical scanning
a combination of the study of politics with the study of geography.
Vendor Selection Process
- Identifying Organization Needs and Limitations: this step involves careful review of what capabilities are desired from goods or services, in other words how or what do these goods or services need to perform?
- Identifying Potential Vendors: vendors may be identified through research by the business, recommendations from other organizations with similar needs, brokers, agents or other services designed to support this process.
- Obtaining Pricing and Service Capabilities: after identifying vendors, the next step is to prepare a formal document to present to each potential vendor allowing them to determine if their goods or services will meet the needs defined by the organization.
Request for Information (RFI): An RFI is a formal method to request information or clarify any points of note from selected vendors. A written process, requiring a written response, ensures any vague points can be addressed with certainty and compared against other vendors. The RFI is typically followed by either an RFQ or RFP.
Request for Quotation (RFQ): RFQs are used to obtain standardized bids or quotes by a selection of vendors to provide goods or services, such as completing a project. Typically, the responses would include information such as warranties or payment terms.
Request for Proposal (RFP): RFPs are similar in nature to RFQs except that an RFP is typically a public announcement. It is again a tool seeking pricing and other detailed information against a pre-determined set of procurement criteria. Often used by government agencies, higher education and large organizations.
- Comparing Quotes: after all requests are returned, they are reviewed against the original criteria developed by the organization to ensure critical components or services can be provided as specified.
- Viewing Prouct Samples or Demonstrations
- Verifying vendor financial stability
- Negotiation of Final Terms
- Contracting
Gap Analysis
A gap analysis in the context of workforce planning would assess the difference between an organization’s current workforce capabilities and the anticipated requirements to achieve strategic objectives.
Demand Analysis
This technique helps organizations anticipate changes and plan accordingly, ensuring successful business operations and continuity. Key factors considered include historical sales patterns, competitive landscape, product lifecycle, and customer preferences.
Labor Market Analysis
Labor market analysis is a broader term that looks at factors such as unemployment rates, skill sets, wages, and industry growth in a specific labor market.
Trend Projection
Trend projections are analyses of past workforce data to identify patterns and trends in workforce needs that can be projected into the future.
Yield Ratio
A yield ratio compares the number of successful actions at a given stage in the recruitment process against unsuccessful actions.
