BA diploma Revision Flashcards
(85 cards)
Explain the purpose of an organisation’s vision
A vision is a statement that defines the ideal state of an organisation. Provide clarity for the organisation existing.
Apply a suitable technique to analyse the internal environment
VMOST and Resource Audit
Vision, Mission, Objectives. Strategy, Tactics.
Resource Audit
(Tangible and Non tangible parts of the company)
Physical - Buildings, Equipment, Trains
Human - Staff skill set, Loyalty, How long they been in the company
Financial - What are the finances of the company
- this can all feed into out internal side of SWOT analysis
Apply a suitable technique to analyse the external environment
PESTLE -
Political - Force in politics that can change the way you handle business
Economics - Force in budget environment that can change the way you handle business
Social Culture - Trends within social culture
Technology - Trends with in Tech
Legal - Trend and expectations towards legal legistration (Discrimination act, GRPD)
Environment - Changes in your environment such as ecological (Climate change, Echo emissions, pollution, society)
Porters 5 forces
Power for supplier - How much do your rely on the supply to run your business, and how much is there of it
Power of Buyer - Does the buyer have other options they can go to
Threat of new entrants - New systems and better systems may be coming
Threat of substitute products - New cheaper items coming.
Competitors
Prepare a SWOT analyses
Two parts
Strengths and weaknesses - Internal
Opportunity and threats - External
Must align to your vision of the VMOST
Internal can be found from your resource audit
External can be found from PESTLE and 5 forces
Tools to measure performance
CSF - Critical Success Factor
KPIs - Key point Indicators
Performance Targets
CSF - Company needs sales staff trained in Ezone course customer safety.
KPI - How many employees have signed up and completed training
PT - Must have 7 staff employees to signed up and completed training in the sales department for Ezone course ‘Customer Safety’
Business Balance scorecard
4 perspectives - Financial, Customers perspective, Learning and growth, Business Processes
Must have a goal and target
Learning and Growth - goal: To have a strong team that have intelligence of gourmet fish food. - Target - Make sure we hire 3 people with degree in the subject
Customer Perspective: Goal: To be seen as the number mortgage choice provider. Target: Make store look presentable for shop window
Business Processes: Be able to sell top quality houses. Inactive. Make sure we are talking to clients with houses marked up at over £1 million pounds, Initiatives: Speak to clients
Financial - Increase revenue, Increase percentage of houses on the market
Identify generic stakeholders via the stakeholder wheel
Parters - Example: an outsourcing company that provide catering services
Suppliers: A supplier needs to be notified of changes and understand the benefits the change will bring themselves.
Regulators: Need stakeholders there to make sure the change is not impacting against any legistrations rules and regulations.
Managers.
Subject matter experts
Customers
Competitors - how they might react will they block the change?
Explain the activities required to engage with stakeholders
Identify stakeholders
Challenge an inform stakeholders
Negioate stakeholder conflict
Written and verbal communication
Support and facilitate stakeholders through meetings.
CATWOE to analyse stakeholders perspective
Use CATWOE to analyse how the business should be run by a stakeholder perspective
For a bookstore
Customer - Local residents, people with a thirst for horror and fiction novels and subscribed to our membership programme
Actor - Salesman, and safe
Transformation - Sells books that are mainly only horror and fiction
Worldview - Providing a service to our people who want to lose their heads in a good fiction book for a few hours, the books are second-hand which reduces our carbon footprint and profit margins
Owner - The bookshop keeper
Environment - Comes from PESTLE (Funded by local community) reduces carbon footprint by recycling old books
Categorise stakeholders in terms of their power and interest.
Power Interest grid
INTEREST AND POWER
Constant management
Keep satisfied
watch
Keep onside
ignore
keep informed
Choose suitable methods to research the business situation
Websites of the organisation
What its values are, what its missions and visions are.
Incites to the level of professionalism for their website
Company reports
Information on the current processes and procedures, Explains the target market and perspectives of stakeholders
Organization charts
How the company is structured, who sits where in terms of hierarchy
Identify - Quantitative and qualitive investigation techniques
Qualitive:
Workshop - Good for big groups, getting a consensus - Time wasting hard to get everyone’s time
Interview - Good rapport but bias
Observation - good for tacit knowledge but might act differently
Scenario Analysis - Good for risk management - can get really confusing
Quantitative
Customer Surveys / Questionnaires - great for getting a lot of data but can be very high level
Document analysis - Good for explicit knowledge but can be tedious
Tools to represent current business situations
Customer journey mapping - touchpoints, personas,
empathy mapping
mind maps
rich picture
Use a BAM Business Activity Model
A BAM is derived from relative stakeholders. From the Transformation of the CATWOE such as ‘Rents Video’ You then have 3 activities Plan Enable do - Monitor and then control
Decide on books to sell
Enable - Buy books, decide prices
Do - Stock books, sell books
Monitor - Monitor buying patterns - Control this
Explain the three types of business events
Internal, external, time bound
Stakeholder attitudes
Champion
An active advocate for the project, who is willing to use their political capital to remove obstacles
Supporter
Supports the project
Neutral
Has no views for or against the project
Critic
Does not oppose the project actively
Opponent
Aims to disrupt the project
Blocker
Tries to sabotage the project, mainly for personal reasons
Explain the use of The TOM
The target operating model is used to describe how the business needs to be established.
We needs POPIT to use an holistic approach
P - People, what sort of people do we need for the target state. What level of motivation is required, what is their skill set.
Organisation - Who will the key partners or suppliers, How many people are needed in what roles, how will this align to our culture
Processes - Which process will be used to in the target state. What efficiency gains will be obtained
Ifomrati9onal - What change will be made to capture store and analyse data, how strong will it be.
Technology - What tech will be used in the currents state? - How will this align to our processes.
Identity and design the solution - Design thinking
Empathise
Define,
Ideate,
Prototype.
Evaluate ,
Create
Explain divergent and convergent thinking
Divergent is we use as many ideas as we can come up with by exploring many solutions
Convergent is where we come up with one established idea.
Explain the process of gap analysis
We compare the current state to the future state,
If the problem is localised we tend to use prototype, use cases.
If the problem impacts the processes, or an entire business we will use Fishbone diagram, rich pictures as is diagrams to understand the current state
The desired can be from a BAM or a TOM or To-be process maps
Potential issues include - Staff don’t have the skill set, we don’t have enough staff, The process will not support the current tech we have,
What areas are in a feasibility study and explain them
Business, Technical and financial
Business - Does it match our objectives, Must be delivered in a time frame, Does the application work will with our current application architecture, does it meet our companies values, must align with other processes. including those that are not changing. Does it comply with relevant laws
Technical - Is the hardware reliable, what’s the performance like, is it maintainable, security to protect users and their data. Do we need to provide training, is it proven, is it home-grown or commercial of the the self, will we need internal help to configure it
Financial - Can we afford this? The need for borrowing via buying for this ourselves benefits. and the calculation for investment on return
Appraisal techniques (Financial)
Payback, discounted cash flow and net present value
Payback calculation is a simple of way and seeing when your project will break even over a time - It doesn’t however show the value of todays money, also ignores cash flow once we broke even.
Discounted cash flow is a rate that can be found out by contacting the management accountant, Discounted cash flow reflects the time value of money.
The net present value is what reflects the calculation of when you time the discounted cash flow against the cash flow for the year, which gives you a more accurate description of what your money is worth today
Internal rate of return is where our discount rate needs to make our NPV = 0 - This way it makes it easier to compare with other projects, which option we should use.
explain the rationale for a business case
Identify the need, identify the costs, provide information for decision makers
Four management levels of a business case
Key decision makers - that give the go or no decision on investment
Senior business management -Who will be involved in fulfilling the cooperate strategy and wants to be involved
Project management and team - who will be responsible for the tasks and deliverables
Project records - to see how well the business case turned out in terms to reality
What is in a business case?
BOSCARD - Background, Objectives, Scope, constants, Assumptions, roles and responsibilities and deliverables.
Introduction - sets up the scene and why we are doing the business case
Management summary - Should detail what the whole project is about, options we considered, the statement of recommendation, what studies we did to find out about the issues we were having.
Disruption of current state
Options considered
Option description - Cost and benefits - either tangible or non tangible
Impact assessment -
Risk assessment
Recommendations - time scales
Appendices - supporting documents