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BSCI Test 1

E1 & E2

QuestionAnswer
Definition of organization Social arrangement pursuing collective goals, control their own performance, with boundaries separating it from environment
Private sector Individual/institution owned. 1. Profit seeking (sole traders, partnership, company) 2. NPO 3. Mutual (customer owned) 4. Multinational corp
Public sector Government owned/managed 1. Public service 2. State owned (ex. Transnet)
NGO Private company operating in public sector. 1. Campaigning - influence government policies 2 Operational - positive impact in specific area of operation
Differences in organizations that influence FF - Owners & stakeholders - Source of funding - Goal of org - Performance measurement - Technology
Vision Desired future state of org, in line with mission & objectives
Mission Basic purpose & scope of org in line with values & stakeholder expectations
Mission statement - Purpose of org - Operating area - Company cultur - Guide to develop strategy, goals & objectives
Objective definition Specific targets that control overall functioning & progress of org
Obj must be: SMART
Functions of obj PRIME Planning Responsibility Integration Motivation Evaluation
Types of obj Strategic- long term overall obj Tactical - per function Operational - day to day
CSF & KPI Critical success factors breaks obj down into smaller goals Key performance indicators are performance standards of CSF
Business environment consists of Organisation, task environment, macro environment , physical environment
Macro Indirect factors, no control PESTEL Political (nature of gov policies) Economical(health & prospects of enconomy) Social(cultural & other trends) Technological(developments) Environmental Legal (laws & regulations affecting operations)
Micro Direct factors, include task environment Porter Threat of new entrants Bargaining power of buyers Bargaining power of suppliers Theat of substitutes Industry rivalry
Main functions in org -Operations - Sales & maketing -IT -HR -Finance
Economic, efficient, effective Economic: least expensive Efficient: least input resources Effective: max output for input
Role of FF Create value short term & preserve value long term
How is value created Enabled though planning, forcasting & resource allocation Shaped through performance management & control Narated through financial reporting
Value enabled through Planning: taking obj, goals & strategy and forming financial model aka budget. Forcasting:predicting drivers of budget Resouce allocation: taking resources necessary for obj and allocating them between functions
Value shaped through Performance management: monitoring performance over time Conrol: taking corective action & making most of performance
Value narrated through Financial reporting enabled stakeholders to assess value-adding abilities of org
Ethics System of moral principles examining concepts of right and wrong
Business ethics Applying ethical values to business behaviour
Ethical dilemma decision maker of right & wrong finance or operational dilemma
Fundamental ethical principles PIPCO Professional competence & due care (up to date on curent developments & technology Integrity (honest & truthful) Pofessional behaviour (protecting reputation of professional body & compliance to laws and regulations Confidentiality Objectivity
CSR idea that org should be sensitive to stakeholder wants & needs
CSR responsibilities Ecomonic Legal Ethical Philantropical
Corporate governance System by which companies are directed & conrolled; how directers are held accountable to shareholders main driver: pevent fraud & high profile scandal
risk of CG failure insolvency, regulatory breach, loss of investors money
Activities of finance professional - Assembling info - Analysis for insight - Advising to influence - Applying for impact - Applying for accumen
Assembling info/reporting Collect & assemble datafrom internal & external dources to prepare information
Data & types Raw, unprocessed facts & figures Financial- metrics Enterprice- fin date + broad operational & transactional data Big data - enterprise + new interal & external data
Information processed data to make it meaningful for planning & decision making
Types of data collection Formal - for purpose Informal - happens constantly
Data sources Internal External
Cost of info Should not exceed value of info created
Info value saleable intrinsic value create competitive adv cost control & reduction improve corp decision making improve strategy
Qualitative & quantitative info Qualitative - no value Quantitative - value
Qualities of info ACCURATE Accurate Complete Cost-effective Understandable relevant Accessible Timely Easy to use
Analysis for insight Analysis: evaluate by comparison against benchmarks (reporting facts) Insight: indicators of drives of value (enable advice)
Types of analysis for insight Reporting(fact) Analysis(why) Monitoring(What happens now) Prediction(what happens in future)
Advising to influence Communicating insights to influence key stakeholders
Types of stakeholders Primary (internal + connected) Secondary (external)
Primary stakeholders are Internal: customers & directors Connected: shareholders, suppliers & lenders
Secondary stakeholder External: Government, public & environmental
Managing stakeholders Mendlows matrix Minimal effort: Casual labour (LI,LP) Keep informed: Local suppliers & core employees (HI, LP) Keep satisfied: Government & customers (LI; HP) Key players: Key employees & suppliers (HI;HP)
Communication Audience, fequency, format
Applying for impact suppoting & guiding actions to help achieve desired impact
business partnering FF works alongside all areas or org to add as much value as possible. through strategic plans, budgeting & resource allocation, perfomance measues, performance reviews.
Created by: CARA.FAURIE
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