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Management Case Study > Core Activity Area B > Flashcards

Core Activity Area B Flashcards

1
Q

What are project constraints?

A

Time, cost and quality

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2
Q

What are the four stages in a project life cycle?

A

Need
Solution
Implementation
Completion

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3
Q

What are the five project management process areas?

A

Initiating - help meet companies long term goals, solve problems, take advantage of new opportunities
Planning - communicate what has to be done, Encourage forward thinking, provide measures of success
Executing
Controlling
Closing - end of project meeting, formal sign off of project, project review meetings

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4
Q

What are the types of feasibility?

A

Technical - can it be done?
Social - does it fit with current operations?
Ecological - how does it affect the environment?
Economic - Is it worth it?

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5
Q

What is a project intiation document?

A

Main output of the intitiation stage of the project.
Two reasons:
1. Secure authorisation of the project
2. Act as a base document
Contents:
Purpose statement
Scope statement
Deliverables
Cost and time estimates
Objectives
Stakeholders
Chain of command

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6
Q

What is project management software useful for?

A

Planning, estimating, monitoring and reporting

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7
Q

What is the risk management process?

A

Identify risk
Analyse risk
Prioritise
Management
Resolution
Monitoring

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8
Q

How do we manage risk?

A

TARA, contingency planning, PERT, Scenario planning, buffering

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9
Q

What is contingency planning?

A

considering alternative actions which could be taken if uncertain events occur

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10
Q

What is PERT?

A

Projection evaluation and review technique

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11
Q

What is scenario planning?

A

considering one or more sets of circumstances that might occur

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12
Q

What is buffering?

A

Adding artificial slack into risky activities

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13
Q

Who is involved in the project?

A

Stakeholders

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14
Q

What is the stakeholder hierarchy?

A

Project sponsor - make yes/no decision
Project owner - person whom the project is being carried out
Project customer - people whose needs the project should satisfy
Project manager - responsible for successful delivery of project objectives
Project team - individual responsibility for parts of the project

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15
Q

What techniques are used for dispute management?

A

Negotiation
Mediation
Partnering
Compromise

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16
Q

What skills are required by a project manager?

A

Negotiation
Planning and control
Technical awareness
People skills
Financial awareness
Problem solving
Communication
Change/configuration management
Delegation
Leadership

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17
Q

What is the lifecycle of project teams?

A

Forming - individuals brought together
Storming
Norming - individuals settle into their roles
Performing
Adjouring

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18
Q

What is a matrix and project structure?

A

Matrix structure aims to combine the benfits of decentralisation with those of co-ordination.
Seeks to add flexibility and lateral coordination

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19
Q

What is expected values?

A

Summarises all the different possible outcomes by calculating a single weighted average

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20
Q

What are the different categories of risk?

A

Business
Political
Legal
Regulatory
International
Corporate reputation
Environmental
Technology
Financial
Economic

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21
Q

What is business risk?

A

Risk businesses face due to the nature of their operations and products. Different categories:
Strategic risk
Product risk
Commodity price risk
Product reputation risk
Operational risk
Contractual inadequacy risk
Fraud and malfeasance risk

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22
Q

When probabilities are not available how can we calculate risk?

A

Add risk premium to the discount rate
Use shorter payback periods
Sensitivity analysis
Simulation (With and without probabilities)
Stress testing
Scenario planning

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23
Q

What are the sources of long-term funds?

A

Capital markets - new share issues, rights issues
Bank and finance houses
Government and similar sources

24
Q

What is equity finance?

A

Equity is another name for shares or ownership rights in a business

25
What is the cost of equity?
rate of return that ordinary shareholders expect to receive on their investment
26
What is the cost of debt?
Rate of return that debt providers require on the funds that they provide
27
What is the yield to maturity?
Cost of debt calculated from the investor's perspective
28
What are ordinary shares?
pay dividends at the discretion of the entity's directors. Owners of the company. Can attend AGM's
29
What are preference shares?
Shares that pay a fixed dividend.
30
What are the methods of issuing new shares?
IPO Placing Rights Issue
31
What is an IPO?
Occurs when company seeks to be listed on a stock market for the first time. Shares offered for sales to investors, through an issuing house. Offer could be made at a fixed price set by company or via a tender offer.
32
What is a placing?
Shares placed directly with certain investors on a pre-arranged basis.
33
What is a rights issue?
Where new shares are offered for sale to exisiting shareholders.
34
What are some characteristics of debt?
Cheap Can be secured against assets - less risk for lender Interest is tax-deductible for the company High risk for company May come with covenants Can match timescale to the need for funding
35
What are some other sources of finance?
Existing cash Sale and leaseback Grants Private Investors
36
What does Schein suggest a group is?
Any number of people who: Interact with one another Are psychologically aware of one another perceive themselves to be a group
37
What are the different types of groups?
Formal - used to carry out tasks, communicate and solve problems Informal - individuals join groups to meet their social and security or safety needs Reference - group the individual does not currently belong to but wants to join Self directed and autonomous
38
What is a work team?
Formal group It has a leader and a distinctive culture and is geared towards a final result
39
What are the benefits of groups?
Increased productivity Synergy Improved focus and responsibility Improved problem solving Greater creativity Increased satisfaction Increase motivation Improved information flows
40
What are the problems with groups?
Conformity Risky shit or group polarisation Groupthink
41
What are the stages of team development?
Forming Storming Norming Performing
42
What are the team roles?
Co-ordinator Shaper Plant Monitor Evaluator Resource Investigator Implementer Teamworker Completer Finisher Specialist
43
What are high performing teams?
Group of skilled individuals who are selected to work together to meet a common objective and share responsibility for outcomes.
44
What are the five key aspects of successful teams according to Peters and Waterman?
Numbers should be small Team should be of limited duration Membership should be voluntary Communication should be informal and unstructured It should be action-oriented
45
What are the types of communication?
Formal - planned and intentional and tends to have a professional tone Informal - more casual in nature and is generally unplanned
46
What is the process of communication?
Sender Encoding Channel Receive Decoding Feedback
47
What are some digital communication tools?
Intranet Chat and private messaging Discussion forums Tracking and case software Internal blogs
48
What is negotiation?
ability to discuss an issue with one or more other people in the attempt to establish ways to reach agreement
49
What are the three characteristic negotiation is defined by?
Conflict of interest between two or more parties No established set of rules for resolving conflict Parties prefer to search for an agreement rather than to fight openly
50
What is the process of negotiation?
Preparation Opening Bargaining Closing
51
What is conflict?
Disagreement, and is when one party is perceived as preventing or interfering with the goals or actions of another.
52
What are the causes of conflict?
History Difference Limited resources Win/lose situation Interdependencies Misunderstandings Conviction beliefs Stress and failure Change
53
What are the main sources of horizontal conflicts?
Environment Size Technology Structure Goal Incompatibility Task interdependence Reward systems Differentiation
54
What are the main sources of vertical conflict?
Power and status Ideology Pyschological distance Scarce resourcesw
55
What is constructive conflict?
Considered useful, positive and beneficial to the organisation as it does not revovle around personality Creates an environment of innovation and change
56
What is destructive conflict?
Tends to be ad hoc and personal Harmful for the org and its involved members Can be demoralising for those involved

Management Case Study (5 decks)

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