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NCMA CPCM > Week 2 Reading > Flashcards

Week 2 Reading Flashcards

1
Q

Four commonly accepted functions in management

A

Planning, Organizing, Directing, Controlling

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2
Q

Four levels of planning

A
  • strategic (long-term = 5 year)
  • tactical (short-term = 1 to 2 year)
  • operational (up to 1 year)
  • contingency = what if
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3
Q

Organizing

A

allocating resources to meet goals identified in planning process

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4
Q

Directing

A

management of people and processes

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5
Q

Controlling

A

monitoring and evaluating how well the team and org objectives are pursued and accomplished.

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6
Q

Customer service measurement

A
  • Reliability = consistent service
  • Responsiveness = anticipate and act to meet needs
  • value=make customer feel valuable
  • empathy=share the customers’ concerns
  • competency=technical knowledge
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7
Q

Cost Accounting

A
  • Job order cost system
  • Process Cost System
  • Activity-Based Costing Systems
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8
Q

Supply

A

indicates how sellers behave in the marketplace

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9
Q

Demand

A

indicates how buyers behave in the marketplace

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10
Q

Laws of supply and demand 1

A

If demand increases/supply doesn’t change = prices increase

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11
Q

Laws of supply and demand 2

A

if demand decreases and supply doesn’t change - prices decrease

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12
Q

Law of supply and demand 3

A

if supply increase and demand doesn’t change = price will decrease

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13
Q

Law of supply and demand 4

A

If supply decreases and demand doesn’t change = price increases

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14
Q

Types of Competition

A
  • Perfect Competition = many buyers and sellers
  • Monopoly = many buyers one seller
  • Oligopoly = many buyers few sellers
  • Monopsony = one buyer many sellers (advantage buyer)
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15
Q

Financial Analysis

A

outside company
Balance sheet = owns and owes
income = money made or spent over period of time
cash flow =money exchanged in and out over time

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16
Q

Balance Sheet

A

assets, liabilities, and shareholders’ equity (have to equal or balance)

17
Q

Assets

A

assets = liabilities + shareholders’ equity

18
Q

Liabilities

A

owes to others

19
Q

Shareholders equity

A

also called capital or net worth

money left if company sold assets and paid liabilities.

20
Q

income statement

A

revenue earned over a specific time

21
Q

Types of assets

A
  • Tangible = land, buildings
  • Intangible = patents, or trademarks
  • Current = cash, securities, acct rec., inventory
  • Long term = cannot turn to cash in one year
22
Q

Types of liabilities

A 
Current = notes payable, acct. payable, accrued exp
Long-term = funded debt, deferred liabilities, deferred credit
23
Q

Cash flow statement

A

net increase or decrease in cash for time period.

includes operating, investing, financing activities

24
Q

Financial indicator ratios

A
  • solvency
  • acid test
  • current ratio
  • debt to equity
25
Q

Solvency

A
  • ability to meet current and long term obligations.
  • also called liquidity ratios
  • FORMULA
  • tax net profit + depreciation)/total liabilities
26
Q

Acid Test

A
  • how current liabilities can be satisfied by current assets *less inventory
  • FORMULA
  • (cash + accounts receivable + short-term investments)/current liabilities
27
Q

Current ratio

A
  • ratio of current assets to current liabilities.
  • FORMULA
  • current ratio = current assets/current liabilities
28
Q

Debt to equity ratio

A
  • Measure relation of debt and owner equity to finance company’s operations. May be decimal or percentage
  • FORMULA
  • Debt to equity ratio = total liabilities/shareholders’ equity.
29
Q

Marketing program

A
  • Products/services
  • Price
  • Promotion
  • Place
30
Q

Measuring productivity

A

Productivity = output/input

31
Q

Operations management

A
  • Quality control
  • Statistical process control
  • Project management
  • Supply chain management
32
Q

Estimated contract funding requirements

A

Time-phased budget - marry estimate costs with schedule to identify when expenses occur

33
Q

Burn rate

A

Peanut butter
spread contract value over time = level loading
doesn’t consider ramp-up or tail-off

34
Q

Resource loaded schedule

A

uses contract, SOW, WBS, and BOE for WBS element and project schedule

35
Q

Basis of estimate

A

how work will be done, by whom, and how much effort or material is need to accomplish task
*best practice = allocate est. costs by month over project life.

36
Q

Purchase order delays associated with acctg. data

A
  1. commitment entered

2. amount commitment is reduced as supplier delivers and invoices

37
Q

S curve

A

represents planned spending including ramp up and tail off

38
Q

Funds thru date

A

when the contractor must stop work until funding received

NCMA CPCM (7 decks)

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