See also ACCA F4 Flashcards: Set 1 | Set 2 | Set 3 | Set 4
What is PRINCE2?
Projects IN Controlled Environments 2.
This is a project management methodology.
What are the two types of review that should be carried out after a project is completed?
- A post-project review. This is about the project.
- A post-implementation review. This is about what the project achieved.
Project durations are subject to uncertainty. In terms of the optimistic time o, the most likely time m and the pessimistic time p.
What is the activity expected time used in the PERT approach?
The expected time is: (o + 4m + p)/6
A project network diagram shows that there are three ways through a project. Details are:
Pathway 1 Duration = 22 weeks
Pathway 2 Duration = 25 weeks
Pathway 3 Duration = 21 weeks
What is the critical path length?
25 weeks.
The critical path is the longest way through a pathway.
What is a project work breakdown structure?
It breaks down a large project into separate tasks and for each task defines:
- The task name and its description
- The cost budget
- The duration of the task and start/end dates
- The person responsible
What is meant by the ‘scope’ of a project?
This is what the project will do and accomplish. What are its deliverables? Scope should be decided in detail before projects are started.
Ward and Daniels identified four classes of benefits that can arise from projects. What are these?
- Observable
- Measurable
- Quantifiable
- Financial
What are the four types of feasibility that should be considered for any project?
- Financial (cost v benefit)
- Technical (will it work?)
- Operational (will it help with operations?)
- Social (will it be acceptable to staff, customers etc)
What are the four responses to risk (TARA)?
- Transfer
- Avoid
- Reduce
- Accept
(or the 4Ts: transfer, terminate, treat, tolerate)
What are four typical characteristics of projects and which can contribute to their risk?
- Non-routine with specific start and end points
- Address novel and unique challenges
- Project teams often composed of disparate individuals
- Usually no benefit until the project is successfully completed.
What are the missing descriptors in the following TKI diagram?
What are the two axes on the Thomas-Kilmann Conflict Mode Instrument?
- Assertiveness
- Co-operation
What does the following define? “A bargaining process between two or more parties, each with their own objectives trying to find common ground that will be the basis of an agreement.”
Negotiation
What are six potential barriers to communication?
- Inappropriate language
- Status
- Emotion
- Wrong medium
- Not wanting to transmit/receive
- Information overload
Which terms are missing from the communication pathway diagram, below?
What are Tuckman’s stages of team development?
- Forming
- Storming
- Norming
- Performing
- Dorming
In Belbin’s classification of team roles, what is the title of a person who is rather unusual and unorthodox and who is creative, imaginative, and who is deliberately put into the team to ginger it up?
A plant
In Belbin’s classification of team roles, what is the title of a person who is painstaking, conscientious, careful, looks for errors and is keen on completing tasks within the deadline?
A completer/finisher
According to Handy, what are the characteristics of a group?
- A sense of purpose; an aim
- An identity
- Group norms
- Communication between members
What are Schein’s three levels of culture?
- Artifacts
- Espoused values
- Underlying assumptions
How did Handy classify cultures?
- Power
- Role
- Task
- Person
What are the elements of the cultural web?
- Organisational assumptions/paradigm
- Symbols and titles
- Power relations
- Organisational structure
- Control systems
- Rituals and routines
- Myths and stories
What is meant by ‘management by objectives’?
Employees’ departments’ objectives are agreed and set. Then management takes a relatively hands-off approach thus allowing employees to decide how best to meet the objectives.
What is meant by SMART target or objective setting?
- Specific
- Measurable
- Achievable
- Relevant
- Time-limited
What is job enrichment?
Job enrichment is a vertical change. It gives people more responsibility and more challenge in their job.
What are intrinsic and extrinsic rewards?
- Intrinsic rewards come from within – a feeling of achievement, challenge, personal advancement, self-fulfilment.
- Extrinsic rewards come from outside. Typically, they would be pay, praise and recognition
What are the characteristics of Theory X and Theory Y managers?
Theory X: strict; does not trust employees; watches employees very carefully.
Theory Y: believes employees want to do well and that they are enthusiastic. A much higher level of trust between manager and staff.
Who devised the Theory X and Theory Y approaches to management?
McGregor
What are the three remedies for unfair dismissal?
- Reinstatement in the original job
- Re-engagement in a similar job
- Damages
What are the three methods in which employment can be ended?
- Retirement
- Resignation
- Dismissal
Is the following statement true or false?
Health and safety legislation imposes duties on employers but not employees.
False: employees have responsibilities too.
What is a grievance procedure?
A means of dispute resolution that can be used by a company to address complaints by employees, suppliers, customers, and/or competitors.
What type of behaviour justifies immediate dismissal?
Gross misconduct
What are the three types of discrimination?
- For example, a job advert saying ‘Salesman required’ would be direct sex discrimination.
- For example, a job advert saying ‘Sales representative requires: must be over 2m tall and have a large black beard’ would be indirect sex discrimination because the requirements favour male candidates.
- This is where an employee is treated less favourably because he or she took legal action against the employer.
What are Lockett’s 6 potential barriers to effective performance appraisal?
- Confrontation
- Judgement
- Chat
- Bureaucracy
- Event
- Unfinished business
What is a 3600 appraisal?
An employee is appraised by his/her superior and by colleagues. The employee also appraises the superior.
What are three approaches to training?
- Formal courses
- Coaching
- Mentoring
What is delegation?
Delegation is the transfer of authority.
It is not the transfer of responsibility.
What is responsibility?
Responsibility = accountability = ‘the buck stops here’
What is meant by ‘authority’ in management?
Authority is the right to exercise power.
What is meant by the term ‘power’ in management?
Power is the ability to influence people or events. It can arise from:
- Rational-legal
- Coercion
- Rewards
- Knowledge
- Charisma
What two variables did Fiedler suggest that leadership effectiveness depended on?
- Leadership style – that’s the leader’s own attributes, and the leader can either be psychologically close or psychologically distant.
- Situational favourableness, the degree to which a situation gives the leader control and influence.
What are the four variables of Handy’s best fit theory?
- Leader
- Subordinate
- Task
- Environment
What are the three elements of Adair’s action-centred leadership theory?
- Concern for individuals
- Concern for the task
- Concern for the group
What are the two missing descriptors of management style in the diagram below?
What are the two axes on Blake and Mouton’s managerial grid?
- Concern for people
- Concern for the task
The Ashridge model proposes four leadership styles. Going from autocratic to democratic, what are these styles?
- Tells
- Sells
- Consults
- Joins with
What are Mintzberg’s three management roles?
- Interpersonal roles (figurehead, liaison, leader)
- Information processing roles (monitor, disseminator, spokesperson)
- Decisional roles (improver/changer. Disturbance handler, resource allocator, negotiator)
What are Drucker’s five categories of management activity?
- Setting objectives
- Organising the group
- Motivating and communicating
- Measuring performance
- Developing people
Who was the first proponent of the human relations school of management?
Elton Mayo
Who was the first proponent of scientific management?
Frederick Taylor
What are Fayol’s five management functions?
- Planning
- Organising
- Commanding
- Coordinating
- Controlling
How can management be defined?
- “Getting things done through other people”
- “A social arrangement with a controlled performance of collective goals”
There are five digital operating models. What are these?
- Customer-centric
- Extra-frugal
- Data-powered
- Skynet
- Open and liquid
What are the five ways in which an organisation can approach self-disruption?
- Build
- Buy
- Partner
- Invest
- Incubate/accelerate
What does VUCA mean in relation to an environment?
- Volatile
- Uncertain
- Complex
- Ambiguous
What is strategic drift?
Strategic drift occurs when the strategy of a business is no longer relevant to the external environment it faces.
There are three main issues to be considered when capturing value. These can be referred to as three models.
What are they?
- Cost model
- Revenue model
- Sharing residual value
Stakeholders can be prioritised on the basis of four qualities. What are these?
- Power
- Legitimacy
- Interest
- Urgency
What is a stakeholder?
Any party affected by (or affecting) an organisation.
What is a value proposition?
- Defining value: understand what customers need and want.
- Create a matching product or service must then be created: the solution to customer requirements.
- Delivering the goods or services. It is only upon delivery that customers finally enjoy the value created.
- Capturing value (getting paid).
Sustainability, self-governance and evolution/adaption are important qualities of what?
An ecosystem
What are the elements of the Porter 5 Forces model?
- Competitors/rivals
- Suppliers
- Customers
- Potential entrants
- Substitutes
What is the PESTEL framework?
A framework for listing macro-environmental influences:
- Political
- Economic
- Social
- Technological
- Environment/ecological
- Legal
Moore suggested three concentric elements of a business ecosystem.
What are these?
Core business, extended enterprise
What does the following describe: “An economic community supported by a foundation of interacting organisations and individuals – the organisms of the business world.”
A business ecosystem
Thanks for clarifying about case names.
the flashcards are not visible icant see anything just the page plz tell me about that i have exam.
Thanks
Check the support page!
Hi, can’t view the flashcards.. please advise
i have a question,if i write the case name and the court decision of this case in paper;then it will be fair. e.g carllil v carbolic smoke ball co. in this case the court decided that carbolic smoke ball co. has made the offer to the world at large and anyone can accept this offer.
i think yes
No matter what iftgillal thinks, the answer is “NO!”
Where do you think that you are going to write an answer? Your only possibility is in section B of a paper based exam. If you’re attempting a computer based exam, you won’t be “writing” anything – just selecting answers from a choice of possibles.
If it’s a paper based exam that you face, there are five questions in section B each worth 6 marks. Those 6 marks appear from the specimen paper and December 2014 paper to be broken down into 2 or 3 sub-part questions.
Opportunities to demonstrate your encyclopedic knowledge of case names are likely to be zero.
My suggestion is that you ignore the task of trying to remember case names – unfortunately
Spare a thought for that cheeky question about the MINIMUM number of members required to vote in favour of a special resolution. Answer? No! I never said EVERYONE voted! Made me look silly, to be honest, because I was convinced the answer would be 750 and then remembered what Mike said about the number being ‘1’ in his lecture on the topic. However, that only came to pass once I viewed the answer. Lol!
@hussey, 🙂
Thank you Open Tuition. Great help, especially, with the reminding of cases and definitions….
What a fantastic reminder? I lv u ot.
I can see Mike writing these answers (seriously I can hear his voice in my head when i read the answers). LOL@ “Is there such a beast as an unlimited company?”
@latoyah, Me too! And an even louder lol @ “Heaven knows why”