Introduction Flashcards
(157 cards)
1
Q
What is corporate administration?
A
The structured management of a company’s internal processes, records, compliance, and governance.
2
Q
Who plays a central role in corporate administration?
A
The Company Secretary.
3
Q
Name two core functions of corporate administration.
A
Board support and regulatory compliance.
4
Q
What does board support include?
A
Organizing meetings, preparing minutes, and facilitating board decisions.
5
Q
What is statutory compliance in corporate administration?
A
Ensuring the company adheres to laws, like CAMA and SEC regulations.
6
Q
What does record management involve?
A
Keeping registers of members, directors, shares, and other statutory documents.
7
Q
Why is stakeholder management important in corporate administration?
A
It maintains trust and smooth communication with shareholders, regulators, and others.
8
Q
How does corporate administration support governance?
A
By ensuring decisions, policies, and actions align with legal and ethical standards.
9
Q
Name one law that governs corporate administration in Nigeria.
A
Companies and Allied Matters Act (CAMA) 2020.
10
Q
What is the role of communication in corporate administration?
A
Ensuring clear, timely, and accurate information flows within and outside the organization.
11
Q
What is corporate decline?
A
A sustained deterioration in a company’s performance, competitiveness, or value, often leading to crisis or failure.
12
Q
Name one early sign of corporate decline.
A
Declining profits or revenue over successive periods.
13
Q
What are the common causes of corporate decline?
A
Poor leadership, loss of market share, weak governance, economic shifts, and internal inefficiencies.
14
Q
What is strategic drift?
A
When a company’s strategies fail to keep up with external environmental changes, leading to decline.
15
Q
How can poor governance lead to corporate decline?
A
Through weak oversight, corruption, lack of accountability, and mismanagement.
16
Q
Name one internal and one external cause of decline.
A
Internal – poor leadership; External – market disruption or regulatory change.
17
Q
What role does the board play in preventing decline?
A
Providing oversight, setting strategy, ensuring accountability, and managing risk.
18
Q
What is turnaround management?
A
Strategic efforts made to reverse corporate decline and restore performance.
19
Q
What are retrenchment strategies?
A
Cutting costs, divesting assets, or scaling down operations to stabilize a declining company.
20
Q
What is the final stage of corporate decline if unaddressed?
A
Corporate failure or liquidation.
21
Q
Who developed the theory of Fayolism?
A
Henri Fayol, a French industrialist and management theorist.
22
Q
What is the core aim of Fayol’s management theory?
A
To improve organizational efficiency through structured administrative principles.
23
Q
What does ‘Unity of Command’ mean?
A
Each employee should have only one direct supervisor.
24
Q
Explain ‘Unity of Direction.’
A
Activities with the same objective should be directed by one manager under one plan.
25
What does 'Scalar Chain' refer to?
A clear chain of command from top to bottom of the organization.
26
Why is 'Division of Work' important?
It increases efficiency by allowing specialization.
27
What is meant by 'Subordination of Individual Interest'?
The organization’s interest should take priority over individual desires.
28
What principle emphasizes fairness to staff?
Equity.
29
What does 'Esprit de Corps' aim to build?
Team spirit and harmony among staff.
30
How does 'Stability of Tenure' improve an organization?
Low staff turnover leads to better performance and loyalty.
31
What is the main focus of Fayolism?
Efficient administrative management through principles.
32
What does 'Centralization' refer to in Fayol's theory?
The degree to which decision-making is concentrated at the top levels of management.
33
What is corporate decline?
A sustained deterioration in a company's performance, competitiveness, or value, often leading to crisis or failure.
34
Name one early sign of corporate decline.
Declining profits or revenue over successive periods.
35
What are the common causes of corporate decline?
Poor leadership, loss of market share, weak governance, economic shifts, and internal inefficiencies.
36
What is strategic drift?
When a company's strategies fail to keep up with external environmental changes, leading to decline.
37
How can poor governance lead to corporate decline?
Through weak oversight, corruption, lack of accountability, and mismanagement.
38
Name one internal and one external cause of decline.
Internal – poor leadership; External – market disruption or regulatory change.
39
What role does the board play in preventing decline?
Providing oversight, setting strategy, ensuring accountability, and managing risk.
40
What is turnaround management?
Strategic efforts made to reverse corporate decline and restore performance.
41
What are retrenchment strategies?
Cutting costs, divesting assets, or scaling down operations to stabilize a declining company.
42
What is the final stage of corporate decline if unaddressed?
Corporate failure or liquidation.
43
Who developed the theory of Fayolism?
Henri Fayol, a French industrialist and management theorist.
44
What is the core aim of Fayol’s management theory?
To improve organizational efficiency through structured administrative principles.
45
What does 'Unity of Command' mean?
Each employee should have only one direct supervisor.
46
Explain 'Unity of Direction.'
Activities with the same objective should be directed by one manager under one plan.
47
What does 'Scalar Chain' refer to?
A clear chain of command from top to bottom of the organization.
48
Why is 'Division of Work' important?
It increases efficiency by allowing specialization.
49
What is meant by 'Subordination of Individual Interest'?
The organization’s interest should take priority over individual desires.
50
What principle emphasizes fairness to staff?
Equity.
51
What does 'Esprit de Corps' aim to build?
Team spirit and harmony among staff.
52
How does 'Stability of Tenure' improve an organization?
Low staff turnover leads to better performance and loyalty.
53
What is the main focus of Fayolism?
Efficient administrative management through principles.
54
What does 'Centralization' refer to in Fayol's theory?
The degree to which decision-making is concentrated at the top levels of management.
55
What is one major internal cause of corporate decline?
Poor leadership—weak vision, poor decisions, or unethical behavior.
56
Define strategic drift.
A company’s failure to adapt strategy to external environmental changes.
57
How can ineffective governance cause decline?
Through weak oversight, lack of board independence, and poor internal controls.
58
Give one example of market-related decline.
Entry of strong competitors or shifting customer preferences.
59
What financial issue can lead to corporate decline?
Mismanagement of budgets, debt overload, or falling profit margins.
60
What is a common operational cause of decline?
Low productivity, outdated systems, or inefficient processes.
61
What is one regulatory-related cause of decline?
Non-compliance with laws or damaging regulatory sanctions.
62
What leadership change helps reverse decline?
Hiring capable, ethical, and visionary leaders.
63
What is strategic renewal?
Realigning goals and strategy with current realities.
64
How does board strengthening help prevent decline?
Ensures better oversight, risk management, and governance.
65
What’s the role of cost optimization in corporate recovery?
Cuts waste, improves efficiency, and stabilizes finances.
66
What is turnaround planning?
A structured recovery process—stabilize, restructure, grow.
67
Why is stakeholder engagement important in decline recovery?
Rebuilds trust with key parties like investors and regulators.
68
What does governance reform involve?
Strengthening compliance, internal controls, and aligning with codes like NCCG 2018.
69
Who is Prof. Henry Mintzberg?
A renowned management professor and theorist based in Quebec, Canada.
70
What does Mintzberg's model explain?
Six coordination mechanisms and six structural segments in organizations.
71
What is Mutual Adjustment?
Coordination through informal communication among employees.
72
What is Direct Supervision?
Coordination by a superior giving direct instructions to subordinates.
73
What is Standardization of Work Processes?
Coordination by specifying how tasks are to be performed.
74
What is Standardization of Output?
Coordination by defining the expected results of a task.
75
What is Standardization of Skills?
Coordination by ensuring staff receive training to carry out their roles effectively.
76
What is Standardization of Norms?
Coordination through established rules, etiquettes, and organizational culture.
77
What is the Strategic Apex?
Top management responsible for overall direction and strategy.
78
What is the Middle Line?
Middle management linking top management and operational staff.
79
What is the Operating Core?
Employees performing the basic work related to production or services.
80
What is the Techno-structure?
Analysts who design, plan, and maintain standard procedures and systems.
81
What is the Support Staff?
People who provide indirect support services (e.g., HR, legal, admin).
82
What is Ideology in Mintzberg’s model?
The organization’s culture, beliefs, and traditions that influence behavior.
83
What is POSDCORB?
A framework by Luther Gulick outlining the key functions of management.
84
What does 'P' in POSDCORB stand for?
Planning – Setting goals, defining strategies, and outlining tasks to achieve objectives.
85
What is the significance of Planning in management?
It provides direction and reduces uncertainty by anticipating future needs and challenges.
86
What does 'O' (1st) stand for in POSDCORB?
Organizing – Structuring resources and activities to achieve objectives efficiently.
87
Why is Organizing essential?
It clarifies roles, responsibilities, and relationships within the organization.
88
What does 'S' represent in POSDCORB?
Staffing – Recruiting, training, and maintaining the right personnel.
89
How does Staffing impact organizational success?
Ensures that competent and skilled individuals are in the right roles.
90
What does 'D' stand for?
Directing – Leading, guiding, and supervising employees to perform tasks.
91
What is the importance of Directing in management?
It motivates staff and ensures alignment with organizational goals.
92
What does 'C' stand for in POSDCORB?
Coordinating – Ensuring all departments and activities work harmoniously.
93
Why is Coordination necessary?
It avoids duplication, reduces conflict, and promotes efficiency.
94
What does 'R' stand for?
Reporting – Keeping stakeholders informed through records and communication.
95
What role does Reporting play in management?
Facilitates transparency, accountability, and informed decision-making.
96
What does 'B' stand for?
Budgeting – Planning and controlling financial resources.
97
Why is Budgeting critical to management?
It ensures resource allocation aligns with priorities and prevents waste.
98
Who was Lyndall Urwick?
A British management thinker who integrated earlier theories (like Fayol’s) into a unified theory of administration.
99
What influential book did Urwick write?
The Elements of Business Administration (1943).
100
What is the principle of coordination of individual efforts?
All employee actions must align and be harmonized to achieve organizational goals.
101
Why must an organization’s objectives be clearly defined?
To give direction and unify efforts across departments.
102
What is the principle of specialization?
Tasks should be divided so individuals focus on activities where they are most efficient.
103
How should authority be structured?
Clearly defined and flow from the top to all levels of the organization.
104
What is Urwick’s view on responsibility?
Responsibility is absolute and must be assumed fully by superior officers.
105
What is the principle of definition?
Duties, authority, and responsibilities must be explicitly defined to avoid confusion.
106
What does corresponding authority with responsibility mean?
Anyone given responsibility must also be given the necessary authority to carry it out.
107
What is the principle of continuity of organization?
Structures and systems should ensure the organization can function long-term, beyond individual roles.
108
What is the ideal span of control according to Urwick?
A manager should ideally supervise no more than five to six subordinates for effective oversight.
109
What is the principle of balancing units?
All departments and units must be proportionately structured and resourced to avoid overload or underperformance.
110
Why is corporate administration important for compliance?
It ensures adherence to laws like CAMA, SEC regulations, and corporate governance codes.
111
How does corporate administration support the board?
By organizing meetings, preparing minutes, and enabling effective decision-making.
112
How does it promote accountability?
Through accurate documentation and transparent reporting of corporate actions.
113
Why is stakeholder communication important in corporate administration?
It ensures timely and accurate information flow to shareholders, regulators, and others.
114
What role does it play in risk management?
Identifies and mitigates legal, operational, and governance risks.
115
How does it contribute to organizational structure?
By clearly defining roles, authority, and responsibilities within the company.
116
How does corporate administration support business continuity?
Through secure record-keeping and structured processes that ensure stability over time.
117
What is the purpose of Porter’s Value Chain Analysis?
To identify internal activities that create value and competitive advantage.
118
What is Inbound Logistics in the value chain?
Activities related to receiving, storing, and handling raw materials.
119
What does Operations refer to in the value chain?
Transforming inputs into final products through manufacturing and production.
120
What is Outbound Logistics?
Activities involved in delivering products to customers.
121
What are Marketing and Sales activities in the value chain?
Promoting and selling products to generate revenue.
122
What does Service include in the value chain?
Post-sale support such as installation, maintenance, and customer service.
123
What is Firm Infrastructure in Porter’s model?
Includes general management, finance, legal, and corporate planning.
124
What does Human Resource Management involve?
Recruiting, training, and retaining skilled employees.
125
What is Technology Development in the value chain?
Research, development, and innovation that support product and process improvement.
126
What does Procurement refer to?
The process of purchasing inputs, equipment, and services.
127
What is the overall goal of the value chain model?
To optimize each activity to increase value and reduce costs for competitive advantage.
128
What is Corporate Administration?
A management-centered social process responsible for planning, controlling, leading, and actuating, using the 6Ms: Man/Woman, Materials, Methods, Machines, Money, Markets.
129
What are the reasons for Corporate Decline?
1. Environmental/population/taste changes 2. Competitive shifts (e.g. mergers, cost advantages) 3. Harsh government policies 4. Incompetence, narrow vision, office politics 5. Global economic change.
130
What are symptoms of Bad Corporate Administration?
1. Inability to adapt to change 2. Budgetary/control system failures 3. Over-expansion/over-diversification 4. Over-borrowing 5. Resource-deficient project management.
131
What are solutions to Bad Corporate Administration?
1. Correct weak management (“round peg in a round hole”) 2. Make products competitive & value-driven 3. Advocate humane, liberal economic policies.
132
How does Brech define administration?
Admin is the process of setting and enforcing procedures to regulate progress.
133
What is the definition of management?
Strategic planning + resource allocation + execution.
134
What are Henri Fayol's functions of management?
Planning, Organizing, Commanding, Coordinating, Controlling.
135
What are Henri Fayol's 14 principles of management?
1. Division of Work 2. Authority 3. Discipline 4. Unity of Command 5. Unity of Direction 6. Subordination of Individual Interests 7. Remuneration 8. Centralization 9. Scalar Chain 10. Order 11. Equity 12. Stability of Tenure 13. Initiative 14. Esprit de Corps.
136
What does Luther Gulick's POSDCORB stand for?
Planning, Organizing, Staffing, Directing, Coordinating, Reporting, Budgeting.
137
What are Henry Mintzberg's 6 Coordination Mechanisms?
1. Mutual Adjustment 2. Direct Supervision 3. Standardized Work Processes 4. Standardized Output 5. Standardized Skills 6. Standardized Norms.
138
What is the Value Chain Analysis?
A framework that identifies primary activities (inbound logistics, production, outbound logistics) and support activities (procurement, tech development, HRM) in an organization.
139
What is Total Quality Management (TQM)?
Quality from all employees.
140
What are the signs of bad information?
Incomplete, untimely, unclear, belated, or irrelevant information.
141
What is a strategic decision?
A long-term, complex decision made by senior management aligned with organizational goals (e.g. mergers, acquisitions).
142
What is an operational decision?
Day-to-day or medium-term administrative or technical decisions (e.g. stock reordering, payroll, logistics).
143
What are examples of sources of information in organizations?
Internet, Intranet, Memos, Newsletters, Policy statements, Newspaper articles, Seminars, Manuals.
144
What are the two main methods of storing information?
1. Paper filing system 2. Electronic storage system.
145
What are forms of paper filing systems?
Alphabetical filing, Subject/topic headers, Date-based filing, Colour coding.
146
What are advantages of the paper filing system?
1. Security of information 2. Easy access 3. Legal evidence 4. Cost-effective.
147
What are disadvantages of the paper filing system?
1. Requires space 2. Vulnerable to fire, rodents, floods 3. Misfiling 4. Poor environmental credentials 5. Hard to edit 6. Risk of theft.
148
How can risks in paper filing systems be reduced?
Fireproof cabinets, Office fumigation, Anti-lock keys for cabinets.
149
What are examples of electronic storage methods?
Network storage, Electronic Document Management Systems (EDMS), Databases, Hard disks, Cloud storage, USB flash drives, Compact Discs (CDs).
150
What are advantages of electronic storage?
1. Easy data transport 2. Quick access 3. Secure for authorized users.
151
What are disadvantages of electronic storage?
1. Hacking 2. Virus attacks 3. Device theft.
152
What are common security measures for electronic systems?
1. Password protection 2. Personal Identification Numbers (PINs) 3. Anti-virus software 4. Firewalls.
153
Why should organizations back up data regularly?
To prevent loss and ensure access during disasters or system failures. Backups should be stored in safe, fireproof locations.
154
What is industrial espionage?
The act of leaking confidential information to competitors for a strategic advantage.
155
What is the importance of a code of conduct in managing information?
It ensures employees handle official information responsibly, protecting against leaks and espionage.
156
What are the challenges of technological change in organizations?
1. Employee insecurity over job relevance 2. Risk of data loss without backups 3. Resistance to change.
157
What benefits can technological change bring if properly managed?
1. Faster communication 2. Improved efficiency 3. Better data handling and storage.
