BA EPA Flashcards
(124 cards)
1
Q
180 Degree Feedback
A
Performance appraisal data collected from peers or colleagues (at same level as
employee) and his or her manager.
2
Q
360 Degree Feedback
A
Performance appraisal data collected from “all around” an employee; his or her
peers, subordinates, supervisors and sometimes from internal and external
customers.
3
Q
5 Stages of Project Management
A
- Initiation; 2. Planning; 3. Execution; 4. Monitoring & Control; 5. Closure.
4
Q
7 Ps of Marketing
A
Product, Price, Place, Promotion, People, Process, Physical environment.
5
Q
7 principles of data protection
A
- Lawfulness, fairness and transparency
- Purpose limitation
- Data minimisation
- Accuracy
- Storage limitation
- Integrity and confidentiality (security)
- Accountability
6
Q
Accrual
A
The accumulation or increase of something over time, such as payments or
benefits. This can also be a charge for work that has been done but not yet
invoiced, for which provision is made at the end of a financial period.
7
Q
Agile project management
A
Agile project management is an approach based on delivering requirements
repetitively and incrementally throughout the project life cycle. The main aspect of
agile is the necessity to demonstrate the central values and behaviours. These
include trust, flexibility, empowerment and collaboration.
8
Q
AMP
A
Association for Project Management. This is the chartered body for the project
profession.
9
Q
BACS
A
The BACS Payment Schemes Limited was previously known as Bankers’
Automated Clearing Services. This organisation has responsibility for all schemes
that deal with the clearing and settlement of UK automated payment methods.
These include Direct Debit and BACS Direct Credit.
10
Q
Balance sheet
A
In financial accounting, a balance sheet is a summary of the financial balances of
an individual or organisation.
11
Q
Business Innovation
A
Innovation refers to changes in processes or the creation of more effective or
dynamic ideas, processes or products.
12
Q
Business markets
A
The selling of products and services to other businesses that are resold or used to
make other items and / or services for sale.
13
Q
Business models
A
A plan for the successful operation and profit making of a business, identifying
sources of revenue, the intended customer base, products, and details of financing,
such as revenue model, advertising model, product model etc.
14
Q
Business planning
A
The process of determining an organisation’s objectives, strategies and projected
actions in order to promote its survival and development within a given time frame.
There are normally two key aspects to business planning. One is focused on
making profits and the other looks at dealing with risks that might impact the
business.
15
Q
BYOD
A
Bring Your Own Device. The practice of allowing employees to use their own
computers, smartphones, laptops, etc. for work purposes.
16
Q
Capital budget
A
A budget allocating money for the acquisition or maintenance of fixed assets such
as land, buildings, and equipment.
17
Q
Cash flow
A
The difference in the amount of cash available at the beginning and end of a period
is called Cash Flow. The beginning is the opening balance and the end is the
closing balance. It is positive if the closing balance is higher than the opening
balance and negative if the opening balance is higher than the closing balance.
18
Q
Change management
A
Change management refers to the techniques, tools and processes needed to
manage the people side of any business change.
19
Q
CIPD
A
Chartered Institute of Personnel and Development.
20
Q
CMA
A
Certified Management Accountant.
21
Q
Code of Practice
A
A Code of Practice is a set of rules, written down, that describes how people should
behave in their given profession or role.
22
Q
Communication styles
A
There are five basic communication styles: Passive aggressive, Assertive,
Aggressive, Submissive and Manipulative. These describe how they tend to interact
or communicate with other people.
23
Q
Competition and Markets
Authority
A
This government department is responsible for promoting and strengthening
business competition. It is a non-ministerial department.
24
Q
Compliance
A
In business – conforming to a rule, such as a specification, policy, standard or law.
25
Consolidated planning
The ability to consolidate and document the fundamental components of a change
initiative: scope; schedule; source requirements; budgets; risks, opportunities and
issues; and quality requirements.
26
Consumer Protection Act
| 1987
Designed to protect consumers and give them rights when buying goods and
services, e.g. manufacturers are legally obliged to put certain information on
products, such as health and safety messages on cigarettes.
27
Contingency planning
A plan designed to take account of a possible future event or circumstance, helping
an organisation to respond effectively, using the following steps:
1. Identify and prioritise the Key Risks.
2. Specify risk trigger points.
3. Assess impact and estimate potential benefit or harm.
4. Create a Contingency Plan.
5. Communicate and rehearse.
28
Corporate culture
Normally defined as “The way things are done around here”. This means the way in
which the attitudes, beliefs, values and norms of the firm are visible and evident
and shared by all employees in the organisation.
29
Corporate Social
| Responsibility (CSR)
The practice of integrating social and environmental goals into business operations.
Common roles include helping control costs, improve a company’s brand, attract
top-quality talent and facilitate long-term financial success.
30
Corporation Tax
Companies are subject to paying corporation tax. This is levied on business profits
and other income, as well as on chargeable gains. Corporation tax is charged on
the profits of a ‘financial year’ which usually runs from 1 April but can be adapted to
suit the company.
31
Cost-benefit analysis
Businesses use a cost-benefit analysis to analyse their decisions. The benefits are
subtracted from the costs of a situation or potential action to show the risks of that
action.
32
COSHH
The law that requires employers to control substances that are hazardous to health.
33
CPD (Continuous
| Professional Development)
A process of tracking and documenting skills, knowledge and experience that you
gain formally and informally that you then apply.
34
Crowdfunding
This is a way of raising finance for a project or business by asking a large number
of people for a small amount of money each. Traditionally, financing a business,
project or venture involved asking a few people for large sums of money.
35
Customer Relationship
| Management (CRM)
A strategy for managing an organisation’s relationships and interactions with
customers and potential customers.
36
Crisis management
The process by which a business or other organisation deals with a sudden
emergency.
37
Data management
This is an administrative process that obtains, validates and stores data, which is
also protected and processed.
38
Debt factoring
A company takes responsibility for collecting money relating to another business’
invoices. They then pay the business part of the total amount owed on the invoices.
It is a powerful tool that can improve cash flow.
39
Department for Environment,
Food and Rural Affairs
(Defra)
The government department responsible for environmental protection, food
production and standards, agriculture, fisheries and rural communities in the United
Kingdom of Great Britain and Northern Ireland.
40
Direct discrimination
When you’re treated differently and worse than someone else because of protected
characteristics under the Equality Act 2010.
41
DSE
DSE – Display Screen Equipment. Devices or equipment that have an
alphanumeric or graphic display screen and includes display screens, laptops,
touch screens and other similar devices.
42
Eco Management Audit
| Scheme
A voluntary premium management tool developed in 1993 for companies and other
organisations to evaluate, report, and continually improve their environmental
performance.
43
Employer’s Liability
| Insurance
This insurance protects against the cost of compensation claims which may arise
from illness or injury as a result of an employee’s work for you. If an organisation
employs one or more people it is a legal requirement to have in place.
44
Employment Rights Act 1996
An Act to consolidate enactments relating to employment rights. The Employment
Rights Act 1996 (c 18) is a United Kingdom Act of Parliament passed by the
Conservative government to codify existing law on individual rights in UK labour
law.
45
Employment tribunal
This is a public body that has statutory jurisdiction to hear disputes between
employers and employees. The most common disputes are concerned with unfair
dismissal, redundancy payments and employment discrimination.
46
The Equality Act 2010
This Act protects people from discrimination in the workplace and society, replacing
previous laws with a single Act, making the law easier to understand.
47
Ethical approach
Put very simply, virtue ethics teaches that an action is right if and only if it is an
action that a virtuous person would do in the same circumstances, and that “a
virtuous person is someone who has a particularly good character”. Professional
ethics is defined as the personal and corporate rules that govern behaviour within
the context of a particular profession.
48
Fishbone diagram
Also known as a cause and effect diagram. This is a visualisation tool for identifying
potential causes of a problem in order to identify its root causes.
49
Frederick Taylor’s Scientific
| Management Theory
The analysis and synthesis workflow – the aim is to improve economic efficiency,
especially productivity.
50
FCA – The Financial
| Conduct Authority
This is a UK financial regulatory body. It is independent of the government and
looks at the regulation of conduct by financial services firms.
51
The Freedom of Information
| Act 2000
Gives the public access to information held by public authorities. Authorities must
publish certain information about their activities and the public are able to request
information from them.
52
GANTT chart
This is a chart, named after Henry L Gantt, which shows activities that are planned
to take place certain periods. The activities are in horizontal lines and the periods in
vertical lines.
53
GDPR – General Data
| Protection Regulation
GDPR came into force in May 2018 and protects the personal information of
individuals.
54
Governance
Governance relates to the management, policies, processes, and guidance for an
area of responsibility. It also allows for proper oversight and accountability.
55
Gross profit
Gross profit is the difference between the revenue and the cost of products or
services; before deducting other payments such as payroll, overheads, taxes etc.
56
Health & Safety at Work Act
| 1974
This Act states wide-ranging duties for employers. They must protect the ‘health,
safety and welfare’ at work of all their employees, casual workers, clients and
visitors etc.
57
Hierarchical structure
This is an organisational structure that usually shows a single group or person at
the top with levels of power below them.
58
HMRC – Her Majesty’s
| Revenue and Customs
This is a non-ministerial department of the UK Government. It is responsible for the
collection of taxes, state support and administration of other regulatory authorities,
e.g. the national minimum wage.
59
HRM
Human Resource Management.
60
HSE
Health & Safety Executive.
61
ICO
Information Commissioner’s Office.
62
Imperfect competition
A market situation where there are many sellers but selling dissimilar goods.
63
Influence Impact Grid
This is a tool to understand which stakeholders have the most influence on a
project and how they impact its success.
64
Interpersonal skills
A wide variety of skills including listening, questioning and understanding body
language. Most of these are communication related and also those attributes
associated with emotional intelligence. This means being able to understand and
manage your own and others’ emotions.
65
Investors in People
The Investors in People accreditation offers a range of standards for organisations
to follow and adhere to. The standard was owned by the UK government until 2017.
66
ISO
International Organisation for Standardisation.
67
Kaizen
A Japanese business philosophy of continuous development that aims to improve
all the functions and processes of an organisation and involve all the employees.
68
KRI – Key Risk Indicator
A management measure to decide how risky something is. It can be used to spot
early warning signs for risk in various areas of the business.
69
Kubler-Ross management
| model – Change Curve
This can also be known as the 5 stages of grief. It is a model of the various levels
or stages of emotions which may be experienced by a person – usually
approaching death or a survivor of a close death. The 5 stages are denial, anger,
bargaining, depression and acceptance. Developed by Elisabeth Kubler-Ross, a
Swiss-born psychiatrist.
70
Leadership styles
A leader’s actions perceived by their employees. There are 9 generally recognised
leadership styles: Transformational, Transactional, Servant, Autocratic,
Laissez-faire, Democratic, Bureaucratic, Charismatic and Situational.
71
Learning style
An individual’s preferred or best method of gaining knowledge.
72
Legislation
The act or process of making or enacting laws.
73
Limited liability company
| LLC
Stakeholders of an organisation are protected personally against any action by a
business.
74
Macro environment
The social, political, economic, etc. conditions that affect a particular industry or
business.
75
Market forces
Supply versus demand and the effect on price – how the supply of a product is
related to the level of demand for it.
76
Micro environment
Conditions relating to a particular organisation, such as management, competitors,
customers, etc.
77
Mission statement
A mission statement is effectively a list of the values, purpose, goals and objectives
of an organisation. It is normally short and to the point so that everyone to
understand it.
78
Monopsony interaction
A monopsony occurs when a single firm has a large proportion of the market power
through its factors of production, which can drive prices down.
79
National Living Wage
An obligatory minimum wage payable to workers in the United Kingdom aged 25
and over which came into effect on 1 April 2016.
80
Net profit
Net profit is the difference between the revenue and the cost of products or
services; after deducting other payments such as payroll, overheads, taxes etc.
81
Organisational culture
A culture in an organisation which is a set of values and beliefs that demonstrate
how people behave.
82
Outsourcing
Where a company employs another organisation to do some of its work, instead of
using its own employees to do it.
83
Partner organisation
An organisation where 2 or more individuals pull together their money, skills and
other resources. They also share any profit and loss under a partnership
agreement.
84
PAT
PAT (Portable Appliance Testing) testing is the testing of portable appliances, for
instance PCs, toasters and kettles, to ensure that they are safe to use at a place of
employment.
85
PAYE – Pay As You Earn
This is a system of paying income tax and national insurance contributions through
deductions of tax and national insurance contributions directly from your wages or
pension.
86
PERT – Programme
Evaluation and Review
Technique
This a tool to enable you to evaluate and estimate the time required to complete a
task within deadlines.
87
PECR
Privacy and Electronic Communications Regulations.
88
PEST analysis
An analysis of the external macro environment that affects all businesses’. PEST is
an acronym for the Political, Economic, Social and Technological factors of the
macro environment. Such external factors usually are beyond the businesses’
control and sometimes present themselves as threats.
89
PESTLE Analysis
Political, Economic, Social, Technological, Legal and Environmental.
This is a framework that organisations can use to analyse the key factors
influencing from the outside. HR practitioners and senior managers can use the
results of this analysis to guide strategic decision-making.
90
Phased project management
Project management is the use and application of a number of processes,
knowledge, skills and experience to achieve objectives. There are a number of
project management phases required to implement the project.
91
PMP
Project Management Professional (PMP) is an internationally recognised
professional designation offered by the Project Management Institute (PMI).
92
Policies and procedures
Documents put in place to explain how organisations will deal with issues when
they arise and to show that they operate in a fair and consistent way towards all
employees.
93
Positive Action Recruitment
| Strategy
Positive Action is a series of lawful actions that look to overcome or minimise
disadvantages in employment opportunities. These will be people who share a
protected characteristic.
94
PPE – Personal Protective
| Equipment
Equipment that protects users against health or safety risks at work, including, for
example, safety helmets, gloves, eye protection and others.
95
Prince2 Practitioner –
PRojects IN Controlled
Environments
A method for effective project management and is process driven. It is widely
recognised and used in the private sector.
96
Process management
Project management is the use and application of a number of processes,
knowledge, skills and experience to achieve objectives.
97
Procurement
The process of purchasing goods or services.
98
Profit and loss account
A profit and loss account shows a company’s revenue and expenses over a
particular period of time, typically either one month or consolidated months over a
year. These figures show whether your business has made a profit or a loss over
that time period.
99
Project business case
The justification for undertaking a project or programme, evaluating the benefit,
cost and risk of alternative options and provides a rationale for the preferred
solution.
100
Project life cycle
There are 4 phases to the project life cycle. These include initiation, planning,
execution and evaluation.
101
Project Management
| Triangle
Each side of the triangle represents a constraint and one side of the triangle can’t
be changed without having an effect on the others.
102
Project resource plan
Any project requires a resource plan to ensure that all of the resources needed to
complete the project are identified.
103
Project sponsor
A project sponsor is accountable for ensuring that the work is governed effectively
and delivers the objectives that meet identified needs.
104
Quantitative financial
| forecasting
Qualitative and quantitative. Quantitative forecasting includes looking ahead at
sales volumes, profit, expenses etc.
105
RCA
Root Cause Analysis.
106
REACH
The registration, evaluation, authorisation and restriction of chemicals.
107
Reflective practice
A way of studying your own experiences to improve the way you work.
108
Resource management
Resource management is the efficient development and use of an organisation’s
resources. These can include financial resources, people skills, production
resources, or information technology (IT).
109
RIDDOR
RIDDOR is the Reporting of Injuries, Diseases and Dangerous Occurrences
Regulations 2013.
110
Risk assessment
The method of identifying hazards and risk factors that have the potential to cause
harm.
111
Schedule management
Developing, maintaining and communicating schedules for resources and time. It is
a timetable for a project.
112
Scope management
The process whereby outputs, outcomes and benefits are identified, defined and
controlled.
113
SMART
Acronym for Specific, Measurable, Agreed (or Achievable), Realistic, and Time
Bound (or Timed) – used for goal setting.
114
SME
Any business with fewer than 250 employees (Small to Medium Enterprise).
115
Stakeholder relationships
Relationships with stakeholders through managing their expectations and
objectives.
116
STEEP
Acronym for Social, Technological, Economic, Ecological, and Political factors.
Used to evaluate different external factors which could impact a business.
117
Supply chain and
| management
A global network used to deliver products and services both within and outside the
organisation. The management of a supply chain through a set of processes to
oversee the flow of products and services.
118
SWOT analysis
A SWOT analysis is to help you develop a strong business strategy by making sure
you’ve considered all of your business’ Strengths, Weaknesses as well as the
Opportunities and Threats the business may face.
119
Synoptic End-Point
| Assessment
Synoptic is a general view of the whole achievement of the apprentice (knowledge,
skills and behaviours) undertaken at the end of the on-programme phase of training
when the employer, and in some cases the Independent Training Provider, is
satisfied that they have met the Gateway criteria to undertake the assessment.
120
Thought shower
A discussion in which new ideas are generated and discussed.
121
Trading account
A fund of money deposited with another financial organisation for the sole purpose
of financial speculation, usually overseen by an investment dealer, fund manager or
personal trader.
122
Vision statement
A one sentence statement describing the clear and inspirational long-term desired
change resulting from an organisation or programme’s work.
123
WBS – Work Breakdown
| Structure
A key project that organises a team’s or department’s work into manageable
sections.
124
Working Time Regulations
| 1998
A set of regulations that state how people may or may not work, especially in terms
of hours per week etc.
