OPERATIONS
Define total float
the amount of time an activity can be delayed without delaying the whole project duration.
Define customer relationship marketing
using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained.
Give one example of intangible non current assets
1)goodwill
2)patents
3)copyrights
4)Franchise
5)licences
Identify the Japanese term that encourages lean production.
KAIZEN.
Identify the difference between redundancy and dismissal
1)redundancy is when the employer Needs fewer employees to complete certain tasks.
2)dismissal is due to poor performance of employees or a breach of indiscipline in the companies policies.
3)redundancy occurs when the employees role ceases to exist.
Identify and briefly explain two ways of raising productivity.
1)improve the training of employees to enhance their skills.
2)improve workers motivation.
3)more effective management
4)purchase technologically advanced equipment
Two limitations of Boston matrix theory
1)its just a planning tool and has been criticized.
2)assumes that higher rates of profit are directly related to high market share.
techniques used by corporate companies to manipulate financial statements and reports to show more favorable results.
Briefly outline the meaning of ERP[enterprise resource planning].
its the use of a computed application to plan the purchase and use of resource in an organization in order to improve operations efficiency.
Identify the difference between internal and external recruitment.
1)Internal recruitment aims to fill the vacant post faster and easier
2)external recruitment bring up new ideas and practices into the business workplace.
Identify the difference between effectiveness and efficiency .
1)efficiency is producing output at a highest ratio of output to input.
2)effectiveness is meeting the objectives of the business by using inputs productively to meet customers needs.
Classify the three types of fluctuations and briefly describe any one.
1)seasonal fluctuation:regular and repeated variation that occur in sales data within a period of 12 months.
2)cyclical fluctuation:variations in sales over periods of time of much more than a year which are due to the business cycle.
3)random fluctuation:variations that occur at any time and cause unusual and unpredictable sales figures due to events such as exceptionally poor weather or negative public image.
state the formula and define gearing ratio.
formula:
Non-Current liabilities/capital employed * 100
definition:
A ratio that measures the proportion of capital employed to non current liabilities.
Identify the porter's five focus model.
1)Barrier to entry
2)The powers of buyers
3)The powers of suppliers
4)The threat of substitutes
5)competitive rivalry
what are the 5 hierarchy's of MBO and explain?
1)Aim[to maximise shareholders value]
2)corporate objectives[to increase profits of all divisions by 10% per annum]
3)Divisional objectives[aims to increase market share by 10% and cut the overheads by 5%]
4)Departmental objectives[aims to satisfy the objectives of each department]
5)Individual targets[employees in each department has their own targets]
Define BPO( Business Process Outsourcing) , identify and explain two drawbacks of outsourcing .
BPO(Business Process Outsourcing): A form of outsourcing that uses specialist contractors to take responsibility for certain business functions such as Human Resources and finance.
Drawbacks:1)Loss of jobs within the business[this can have a negative impact on employee motivation]
2)quality issues[the quality level of the goods or services being outsourced will be difficult to check on]
Describe Delphi method, name any two businesses that use the Delphi method.
A long run qualitative forecasting technique that obtains forecasts from a panel of experts.
-Toyota
-Boeing
-Microsoft
Identify the contents of an annual financial report , and evaluate the usefulness of it to a business .
Contents:
1)Financial statement
2)chairman's statements
3)chief executive's report
4)Auditor's report
5)Notes to the account.
The annual report measures the performance of the business against targets , previous reports and competitors .Aids in making financial decisions such as borrowing loan.
Which type of strategy did "MARVEL" used while introducing series of superhero movies?
Blue ocean strategy because, before 2008 superhero movies were standalone but later MARVEL introduced MCU[marvel cinematic universe] and made all the superheroes linked in larger ensemble films.
Describe human resource management and mention the ways to approach to HRM strategy.
Human resource management is a long term plan for the management of an organization for Human Resources.
1)Hard human resource management
2)soft human resource management
Describe what's benchmarking and identify any 5 stages of it.
Benchmarking is comparing a business against the performance standards of the best business in the same industry.
stages:
1)identify the performance indicators of the business indicators to be benchmarked.
2)measure performance in these areas.
3)set standards for improvement.
4)remeasure.
5)Change processes to achieve the standards set.
Initial quantity demanded=80
new quantity demanded=120
change in price= 20%
calculate the PED[price elasticity of demand] and classify the demand of the good.
Answer:
2.5% (elastic demand).
What are the qualitative factors that impact the investment decisions.
1)impact on the environment and the local community
2)Refusal of planning permissions
3)impact on the workforce
4)aims and objectives of the business/financial availability to make an investment.
Analyse two benefits and two limitations of CPA(critical path analysis)
Benefits:
1)using network diagrams to calculate the total project duration allows the business to provide accurate delivery duration to customers.
2)calculating the EST for each activity allows the operational manager to make decisions in order to complete the task on time. This allows for using JIT inventory management , and improves cash flow management.
Limitations:
1)A plan is only as good as the management behind it, if management of the project is poor then even a good critical path network diagram will not ensure success.
2)Considerable amount of guesswork in estimating duration of each activity, especially in the case of a new project , there is no previous experience to refer to.
Identify the difference between emotional intelligence and emotional quotient.
1) Emotional intelligence is the ability to understand the emotions effectively
2)Emotional quotient aids the business to measure the level of emotional ability among the employees.