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fundamentals of management

Questions and Answers of Fundamentals Of Management

With a group of four friends, each write a topic concerning“communication” on a slip of paper. Allocate one slip to each person at random. Allow three minutes for thought and preparation. Then
Plan a 10-minute presentation to, say, a group of careers advisers on the topic of “me and my future work”.
Think of a recent communication (email, letter, phone call, face-toface comment) which you sent that was misunderstood. Analyse the reasons for the misunderstanding and devise ways of avoiding these
define a budget and explain the key terms within it
list four resources that usually need budgets
explain briefly four main types of cash budgets draw and explain a cash graph
explain the following aspects of budgeting:-“top-down” and “bottom up” budgeting- zero-based budgeting-activity-based costing and budgeting
explain the formulae and use of nine different profitability ratios
explain the concepts of gearing, leverage and debt ratio
explain the formulae and use of four different debt ratios
explain the formulae and use of two different operational ratios
What are the main types of budget used by organisations?
Explain in detail the main disadvantages of using budgets within an organisation.
Evaluate the advantages and disadvantages of budgets.
Most organisations view their budgets as commercially sensitive and do not publish them. However you should spend 15–20 minutes trying to locate sites containing some kind of budget. You are most
Locate sites that give guidance on the preparation of budgets. A good site is: http://www.duncanwil.co.uk/cash.html
Locate and examine a website with a complicated budget. One possibility is:http://www.enzt.co.nz/~yesweb/_files/Student%20Resources/Finance%203%20 Cash%20 Budget.doc
Obtain budgets for an organisation you know (college, workplace, club, charity). Examine the budgets and compare the range with that given in this chapter.
For an organisation you know well, list the budget ratios that would be relevant if you were managing that organisation.
Draw up your personal income, expenditure and cash budget for each of the next 12 months.
Talk to someone you know well and who trusts you. Ask them what impact budgets have on the way that they work and the methods they use. Enquire what methods they would use to ensure budgets work to
define both markets and marketing and explain key terms such as size, niches, segmentation and relationship marketing
explain concepts such as competition, barriers to entry and exit and market dynamism
discuss in detail market strategy and market positioning
contrast briefly markets research and marketing research
list seven uses and four methods of market research
discuss in detail each of the five main components of the marketing mix
differentiate between marketing and public relations
outline some of the techniques and methods used in advertising
evaluate at least four criticisms of marketing
How might markets differ?
What models might organisations use to locate a profitable market? To what extent are these models consistent with each other and how useful might they be in practice?
Why do organisations undertake market research? What methods could they use?
What is meant by “the marketing mix”?
What are the main criticisms against marketing? To what extent are these criticisms valid?
It is possible to gain some first-hand experience of marketing or sales with vacation work or, perhaps, a management training scheme with short periods of work in different functions (“Cooks
Talk to a manager who works in marketing or sales. Try to get detailed answers to the following questions: what type of organisation is it?What are its goals? What is its basic transformation
define the operations function and related concepts such as “lean production”
list the six main “critical success factors” for an operations function
compare and contrast operations functions in manufacturing and service industries
describe in detail both product design and production methods
describe at least two main types of work layout
explain supply chain management
define what is generally meant by “quality” and evaluate the criticisms made of the “quality movement”
explain the concepts of “quality control”, “quality assurance” and TQM
list and explain four ratios that can be used to assess the efficiency of an operations function
What is an operations function? How could it differ between organisations – especially between those making a tangible product and those providing a service?
What considerations would you take into account if you were asked to set up an operations function for a social work department of a local council?
What considerations would you take into account if you were asked to set up an operations function for a factory producing LCD television monitors?
What are the characteristics of servicisation and how will it develop in the next decade?
Compare and contrast “quality control”, “quality assurance”, and“total quality management”.
What criticisms are levelled against quality systems? Are these criticisms valid?
How would you assess the effectiveness of an operations function?
Use Wikipedia to find out more on the gurus of quality management:Demming, Duran and Ishikawa.
Go to http://www.cfsd.org.uk/events/tspd6/tspd6_3s_cases.html#cas and consider the list of product-service systems. Try to identify common themes in product service systems.
It is possible to gain some first-hand experience of operations with vacation work or, perhaps, a management training scheme with short periods of work in different functions (“Cooks Tours”).
If possible talk to two operations managers one from manufacturing and one from services. Try to get detailed answers to the following questions. What type of organisation is it? What are its goals?
define HRM and differentiate this function from the process of staffing
explain how the HRM function should be linked to an organisation’s strategy
list six areas (and give a specific example of each) where there are legal requirements the HRM function must obey
explain in detail HRM’s role in organising pay and compensation
explain in detail the concept of HR planning and give two ratios of employee turnover
explain the HRM function’s contribution to recruitment and selection and training and development
explain in detail how an HRM function might organise “performance management” and appraisals
explain in detail HRM’s role in employee relations describe the welfare role of HRM
What are the main laws that affect employment of people in your country? What steps can the HR function take to ensure that they are observed within an organisation?
What is HR planning and how does it contribute to achieving an organisation’s goals?
What is the role of an HR function in recruitment and selection and how does this differ from the staffing procedures performed by managers in other departments?
What is the role of an HR function in training and development and how does this differ from the staffing procedures performed by managers in other departments?
Outline some of the factors that need to be taken into account by an HR function when it sets out to devise a salary and remuneration structure.
What are the main approaches and components to employee relations?
To what extent does the HR function, in an organisation you know well, still perform a traditional welfare role?
It is possible to gain some first-hand experience of HRM with vacation work or, perhaps, a management training scheme with short periods of work in different functions (“Cooks Tours”).
If possible talk to a manager working in the HR function. Try to get detailed answers to the following questions. What type of organisation is it? What are its goals? What is its basic transformation
Write a list of four topics that you think will be particularly relevant to the HR function in the next decade. Consider how they might change the way an HR department is structured.
describe how the finance and accounting function:- records transactions- manages theft and fraud – tracks commitments- manages information- controls costs- raises money
explain in detail the difference between debt financing and equity financing
list five major considerations, including depreciation, that affect investment decisions
list four ratios used to evaluate potential investments
interpret a company’s profit and loss account
interpret a company’s balance sheet
interpret a company’s cash-flow statement
differentiate between financial reporting and management accounting
describe different ways of categorising costs and give examples of each category
What measures can an organisation take to protect itself from the risk of bad credit and fraud?
What is the role of the finance function in raising money for an organisation?
How can the finance function guide an organisation in the investment of its resources?
Using the published accounts of an organisation that interests you, explain the organisation’s profit and loss account, its balance sheet and its cash-flow statement.
It is possible to gain some first-hand experience of finance and accounting with vacation work or, perhaps, a management training scheme with short periods of work in different functions (“Cooks
If possible talk to a manager working in the FA function. Try to get detailed answers to the following questions: What type of organisation is it? What are its goals? What is its basic transformation
Choose the financial statements contained in the annual report of a company that interests you. Most can be found on the Internet:http://www.corporatenarc. com/accountingscandals.php. Compare the
describe briefly the basic components of an IT system
explain the following concepts: expert systems, management systems,
decision support systems, executive information systems
list some of the factors that may cause the installation of IT systems to fail
describe ways in which IT functions may be structured within an organisation
describe in detail the two main types of e-commerce
describe the difficulties and problems of e-commerce outline likely trends in e-commerce
describe reasons why knowledge management is important
explain the two main types of knowledge and list the main characteristics which differentiate knowledge from other resources

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