13.6 Strategic control, concept and models Flashcards Preview

Development of Strategy - Nov 2021 > 13.6 Strategic control, concept and models > Flashcards

Flashcards in 13.6 Strategic control, concept and models Deck (8)
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1
Q

Control (including g________) within an organisation is important to give assurance to s________ that the levels of control are appropriate.

A

governance

stakeholders

2
Q

The FRC (2014) states:

“the board should establish the tone for risk m_________ and internal c_______”

and

“the b____ should identify what assurance it requires and where there are gaps, how these should be addressed.”

A

management
control
board

3
Q

Simons (1995) suggested four main characteristics of an effective control system:

  • a focus on and capture of the constantly changing informational demands of senior m______
  • a recognition that control information must be important enough to demand frequent and regular attention from operating managers at all organisational l_____
  • the need to interpret, discuss and challenge the generated data and information in face-to-face m____- between different hierarchy levels
  • the control system itself should be seen as a key catalyst for the ongoing debate about the validity of underlying data, a________ and plans
A

managers
levels
meetings
assumptions

4
Q

To challenge whether the control system is effective, governance professionals can use 6 core questions.

What are these?

A

1 Who - e.g. who provides the data?
2 What - e.g. what are we trying to prove?
3 When - e.g. when do we need to an answer?
4 Where - e.g. where should we expect issues?
5 How - e.g. how do we prioritise?
6 Why - e.g. why is our system structured in this way?

5
Q

What does HACCP stand for?

A

Hazard Analysis and Critical Control Points

6
Q

HACCP was initially developed for the food industry, but can be useful for any organisation.

It is a d_____-loop iterative approach requiring the setting of limits and parameters and m________ processes and r_____ of results.

A

double
monitoring
reporting

7
Q

What is meant by “gap analysis”?

A

Analysis that looks at the different between the forecast for a particular objective, and the actual results having arrived there. The “Gaps” are the areas where the journey either exceeded or failed to reach expectation.

8
Q

There are four key features of a KPI:

  • clearly d______
  • based on a______ and reliable data
  • r______ to the business
  • must have a forward i____
A

defined
accurate
relevant
impact

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