Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BSCI 121 Test 1
SU 1-6
| Term | Definition |
|---|---|
| Finance Functions | Assemble info Analyse for insight Advise to influence Apply for impact |
| Mintzbergs effective org | 6 building blocks that integrate to achieve org effectiveness - Strat Apex - Technostructure - Middle Line - Operating Core - Support Staff - Norms |
| Strategic Apex | Senior management ensures the org follows its mission |
| Technostructure | Analysts that standardise the work processes, outputs & skills |
| Middle line | Manages linking strategic apex to operating core |
| Operating core | Operational staff performing basic work elated to products or services |
| Support staff | Units that provide indirect or admin services |
| Ideologies or norms | Shared beliefs & values |
| Co-ordinating mechanism | What integrates my building blocks into a cohesive unit - Direct supervision - Standardization of work processes - Standardisation of skills - Standardisation of outputs - Mutual adjustment - Standardisation of norms |
| Direct supervision | Responsibility is taken for another persons work |
| Standardisation or work processes | Explicit work specifications or routines |
| Standardisation of skills | Standardised training & qualifications |
| Standardisation of outputs | Specifications of output/target |
| Mutual adjustment | Informal communication |
| Standardisation of norms | Shared org culture and values |
| Structural configurations | - Simple structure - Machine bureaucracy - Professional bureaucracy - Divisionalised structure - Adhocracy or innovative |
| Simple structure | Strategic Apex; Direct Supervision; Ex Small business |
| Machine bureaucracy | Technostructure; Standardised work processess; Ex Large manufacturing firm |
| Professional bureaucracy | Operating core; Standardisation of skills; Ex Hospital/Service provider |
| Divisonalised Structure | Middle line; Standardisation of outputs; Ex Multi-product enterprise |
| Adhocracy/Inovative | Operating Core/Support Staff; Mutual adjustments; Ex Ad agency |
| Scalar chain | Line of authority that relates directly to the number of management tiers |
| Span of Control | Number of subordinates accountable to a manager Influenced by Nature of work (routine vs complex), capability of personnel and geographical location of personnel |
| Tall Org vs Flat org dimensions | Management Layers Span of Control Decision Making Speed Control & Progression |
| Tall Org | Long Scalar chain (Many management layers) Narrow Span of Control Slower, higher bureaucratic Tight control with clear promotion path |
| Flat Org | Short Scalar chain (few management layers) Wide span of control Faster, agile communication Weaker formal control with fewer promo tiers |
| Traditional org structues | Entrepreneurial Structure Functional Structure Divisional Structure Matrix Structure |
| Entrepreneurial Structure | Built around owner; fast decision-making; excellent control; struggles to cope with growth & diversification |
| Functional Structure | Grouped into specialised dep; yield economies of scale & standardisation but risks functional silo's & slow adaptation |
| Divisional Structures | Split by product line or geographical region - each headed by autonomous general manager; enables growth & quick operational decisions; duplicated functional resources |
| Matrix Structure | Combines functional & divisional lines; flexibility & cross-functional collaboration; dual-command ambiguity & meeting overheads |
| Evolution of FF Shape | Hierarchical triangle - Segregated Triangle - Diamond shape |
| Hierarchical triangle | Traditional shape; broad base of junior staff generating transactional data , narrower middle management &small strategic leadership apex |
| Segregated Triangle | Routine transaction processes are separated into shared service centers(SSC's) due to tech advances & globalizations |
| Diamond shape | Digital era; eroded base - routine tasks are automated; central bulge - expanded analytical capabilities & centers of excellence; Flat top - Collaborative & strategic leadership |
| Shared Service Centers (SSC's) | Consolidating routine back-office FF into a central internal location to reduce cost & standardized practices |
| Outsourcing | Contracting out non-core activities to external specialists so that we can focus on our core activities Adv: Cost reduction, EOS, access to specialist skills Disadv: Loss of core competence, confidentiality risks, employee morale disruption |
| Service Level Agreements (SLA's) | Formal contracts defining service standards, performance metrics, disaster recovery, complaint handling & penalties. |
| Core components of FF | Fin reporting Management Acc Treasury Internal Audit |
| Financial reporting | Prep of fin statements (ifrs/gaap), ratio analysis & analysing accounts |
| Management Acc | Monthly management accounts, variance analysis, operational budgeting, monitoring KPI's |
| Treasury | Cash flow management, capital control, financing decisions, hedging interest rate risks |
| Internal Audit | Assessment of IC effectiveness, regulatory compliance, fraud detection |
| Specialised finance areas | Fin planning & Analysis Taxation Project Appraisal Project Man |
| FP & A | Quantitative & qualitative modeling, budgeting, forecasting, evaluating profitability drivers |
| Taxation | Corporate tax compliance, pedicting tax liabilities |
| Project Appraisal | Financial analysis & capital investments |
| Project Man | Directing project execution with constraints of time, cost & quality (The Iron Triangle) |
| Business & Strat partnering | Fin professionals act as strat partners by bridging raw fin daa with business execution |
| Translator | Converts technical fin metrics into strategic insights |
| Navigator | Guides cross-functional units towards profitable pathways |
| Coach | Mentors teams on budget adherence, efficiency & commecial discipline |
| Attributes of an effective finance team | - Knowledge - Skills - Experience |
| Knowledge | Technical expertise & professional qualification |
| Skills | Analytical capabilities, variance investigation, data tool proficiency & stakeholder communication |
| Experience | Practical execution, real world commercial acumen & cross-function engagement |
| Operations | Concerned with the acquisitions of raw inputs & converting them to finished outputs & delivering to customers |
| Transforming resource | Labour, facilities & eq used for transformation |
| Transformed resources | Materials & info modified during the process |
| Operational Process Characteristics | 4 V's - Volume - Variety - Variation in demand - Visibility |
| Volume | High volume: Capital intensive, high repeatability, lower unit cost Low volume: Labour intensive, specialised, higher unit cost |
| Variety | Large variety: Wide range of outputs, flexible, complex management Small variety: Standardized, routine, low unit complexity |
| Variation in demand | High variation: Significant seasonal or periodic spikes, requires capacity buffer Low variation: Stable & predictable demand |
| Visibility | High visibility: High customer contact, requires strong interpersonal skills Low visibility: Low direct contact, back-office focus |
| Porters Value Chain Analysis | Activities that build cumulative value from the customers perspective Primary & secondary activities |
| Primary Activities of VC | Inbound logistics Operations Outbound logistics Marketing & Sales Service |
| Support activities of VC | Firm infrastructure HR Management Tech Development Procurement |
| Inbound logistics | Receiving, storing & handling raw materials |
| Operations | Transforming inputs into final products or services |
| Outbound logistics | Storing, order fulfilment & distribution of outputs |
| Marketing & Sales | Customer awareness, pricing & promotion mechanisms |
| Service | Post-sale support, Warranties, repairs & customer care |
| Firm Infrastructure | Executive management, legal, acc, finance,quality control |
| HR Management | Recruiting, hiring, training & compensating staff |
| Tech Development | R&D, process automation, IT infrastructure |
| Pocurement | Purchasing raw materials, machiney & external services |
| Stages of product or service development | 1. Customer needs: market gaps 2. Concept Screening: ideas against technical & financial data 3. Design Process: specifications, workflows & prototypes 4. Time-to-market: Optimizing SC & launch 5. Product testing: Usability, beta, quality assurance |
| Purchasing support | Negotiating credit terms, cost ceilings, payment verification & working capital optimization |
| Production support | Cost allocation, operational budgeting, QC analysis, bottleneck identification |
| OPEX Ratio | Operational Expense Ratio: Measures overall cost efficiency |
| Capacity Utilization rate | Measures Asset & facility poductivity |
| Downtime level | Eq reliability & workflow continuity |
| Order fulfilment cycle time | Operational efficiency & customer response speed |
| Defect/Rework Rate | Production process quality & waste minimization |
| Marketing Orientations | - Marketing Orientation - Production Orientation - Product Orientation - Sales Oientation |
| Marketing Orientation | Identifying & satisfying customer needs profitably |
| Production Orientation | Focus on high-volume production, operational scale 7 low cost |
| Product Orientation | Superior product design, innovation & features |
| Sales Orientation | Aggressive promotional techniques to move volume |
| Marketing Mix | 7 P's - Product - Place - Promotion - People - Processes - Physical Evidence |
| Product | Core benefit, tangible & augmented feautures like warranties or delivery |
| Price | Determined by cost, customers, competition & corporate obj |
| Place | Direct vs indirect distribution channels |
| Promotion | Communication strategies guided by AIDA (Attention, Interest, Desire, Action) |
| People | Staff interaction in dervice delivery |
| Processes | Service delivery system & customer workflow |
| Physical Evidence | Tangible environment & branding cues |
| Product Life Cycle (PLC) | Intro, Growth, Maturity, Decline |
| Sales & Profits PLC | Low Sales, rapidly increasing sales & profit, peak sales with high stable profit then falling sales & profit margin |
| Cost & Comp PLC | High acquisitions cost with few competitors, the lower unit cost with growing comp, low acq cost with intense comp then declining comp |
| Strategic focus PLC | First building product awareness & trial, them maximizing the market share & distribution, then defending market share and finally cost reduction, harvesting or divesting |
| Sales & Marketing KPI's | Customer Acq Cost (CAC): Marketing cost to new customers acq Customer Lifetime Value (CLV): Net revenue generated by a custimer ove relationship lifecycle Conversion rate: % leads taking desired action Market share: Profitability & market power metrics |
| HR Cycle & Planning | Recruitment > Selection > Training & development > Performance man > Incentive & motivation > Reward > Termination |
| Training vs Development | Training: Planned instructions designed to achieve specific job competencies & skills IMMEDIATELY Development: Boader, long term realization of personal growth, potential & strategic leadership capabilities |
| Performance Man stages | 1. Target setting: SMART targets 2. Monitor Performance: Tracking with ongoing feedback 3. Review performance: Formal periodic appraisal evaluations 4. Action Plan: Set development milestones & future targets |
| Maslow's needs hierarchy in the workplace | Basic/ Phycological: Salary & adequate working conditions Safety/Security: Job security, safe working environment Social: Positive workplace culture Esteem: Respected job titles, formal recognition Self-fulfilment: Challenging roles, achievement opp |
| HR KPI's | Recruitment: Cost per employee hires Retention & Motivation: Employee turnover rate Performance: % appraisals completed in time, ROI on training expenses |
| Multilevel leadership framework levels | - Personal level - Interpersonal level - Managerial level - Org level |
| Personal level | Trustworthiness based on leadership character & technical competence |
| Interpersonal level | Build mutual trust, interpret events & secure resources |
| Managerial level | Empowering team members, org act, building task commitment |
| Orginisational level | Align strat with corporate culture, collective learning & vision execution |
| Situational leadership styles | Telling - Low maturity - Specific direction & supervision Selling - Low to mod maturity - Direction with supportive explanation Participating - Mod to high maturity - Shared decision making with low direction Delegating - High maturity - Min oversight |
| Culture glue | Shared values & beliefs that unite employees behind corporate stat without excessive control |
| Captured by Culture | Risk where entrenched culture activity resists required strat change |
| High-performance teams | Goal clarity, cross-functional communication, strong mutual commitment & capable leadership |
Created by:
CARA.FAURIE
Popular Business sets