1)

a)Define strategy and differentiate between corporate-level strategy and business-unit level strategy? b) Explain the difference between a static budget and a flexible budget. C) Distinguish between price variance and efficiency variance.

2) Briefly explain the links between strategy and managerial control systems.

3) Explain the differences between financial and non-financial performance measures and give two examples of each.

4) What is the lean thinking philosophy? Outline the five steps in the lean thinking model.

5) Outline the five steps in the theory of constraints? In many examples of the TOC in practice, idle capacity is generated. Why? Can this be a good thing?

6) Explin why a lean organisation would refuse to implement an absorption costing system?

7) How does the use of electronic links to manufacturing suppliers, enabling production to be triggered by sales order data, help reduce waste?

8) Explain how EVA differs from residual income.

9) What are Porter's 5 competitive forces. Exlain 5 competitive forces?