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managing organisational performance > MCQ's > Flashcards

MCQ's Flashcards

1
Q

big data is often characterised by 5vs which are

A

Volume
Value
Variety
velocity
veracity

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2
Q

what is a balanced score care

A

used to measure non-financial performance
- 4 aspects, financial, learning growth, internal processes, customer relationships
- takes a wholistic view of looking at the performance of the business
- financial look at ratios, liquidity, profitability, operational and investment ratios
-learning and growth, introduce new technologies and innovation to develop the business
- internal process, looking at efficiency and effectiveness of operations
- customer relationships, use online reviews and customer surveys, assess results and implement changes. customer service training, improving retainment of current customers

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3
Q

calculation for ROI - return on investment

A

Profit/initial investment

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4
Q

building block Fitzgerald and moon 3 aspects

A

dimensions, standards and rewards

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5
Q

what is calculation for contribution

A

sales price - variable costs

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6
Q

what is the calculation for breakeven revenue

A

(fixed costs/contribution) X selling price

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7
Q

calculate margin of safety %

A

quantity sold - (fixed costs/contribution) / quantity sold X 100

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8
Q

what is a limiting factor

A

anything that constrains a populations size and slows or stops its from growing

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9
Q

when analysing production levels with multiple limiting factors, the objective function is best described as

A

a formulaic description of the contribution to be made from different levels of production

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10
Q

calculate sales price variance

A

Actual price - sales price X actual quantity

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11
Q

calulate sales volume variances

A

Actual quantity - budgeted quantity X contribution per unit

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12
Q

reasons for variances listed
material price variance £5,000 F
material usage variance £3,200 A

A

1) purchase manager has spent a month ensuring that we purchase material upfront in bulk which has meant we have qualified for more discounts
2) we had had a lot of staff turnover recently in the factory so staff are less experienced with our production techniques

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13
Q

calculate sales margin increase 20%

A

labour +
material +
labour overhead rate (labour rate/L-cost X overheads)

= total X 100/80 (100% less percentage increase)

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14
Q

calculate sales mark up increase of 20%

A

Labour
Material
Labour overhead rate (labour rate/labour cost X overheads)

= total X 1.2 (100% plus increase)

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15
Q

what are the different pricing strategies

A

premium pricing
differentiated pricing
Price skimming
market penetration pricing

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16
Q

how can cost gap be decreased

A

by finding efficiencies in production

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17
Q

what is an advantage of bottom-up budgeting

A
  • budgets should contain better/more realistic information
  • senior management are able to focus on strategic direction and issues
    -increase motivation and commitment from more junior staff
18
Q

what is bottom-up budgeting

A

lower down management such as department managers build budgets,
-can cause budgeting slack if budget is too low+less experienced
-localised knowledge is used to create budget

19
Q

top down budgeting

A

top management prepares high level of budget for the company,
-lower management often feel demotivated (Maslow hierarchy of needs, the need to feel valued in work)
-experienced managers building the budget

20
Q

Zero based budgeting

A

all activities start at 0, this is typical of new companies
-gets rid of slack and allows prioritisation
-time consuming, demotivating to keep justifying %

21
Q

incremental budgeting

A

take data from previous year and increase by %
- can be hard to define %increase that is accurate.
-is cheap, quick

22
Q

calculate high low costing method

A

1st work out Variable cost per unit
(highest activity cost - lowest activity cost)/
(highest activity units - lowest activity units)

2nd work out fixed cost
highest activity cost - (variable cost per unit X highest activity units)

23
Q

ABC costing is an alternative costing method to

A

traditional overhead absorption costing
and is more realistic picture of cost behaviour

24
Q

operational planning is

A

day to day management (supervisor and rots)

25
Q

tactical plannign

A

middle managers

26
Q

strategic planning

A

top level of managers (when stores are opened and closed)

27
Q

business planning

A

top level

28
Q

what is price elasticity

A

a measurement of the change in the consumption of a product in relation to a change in its price

a score between 0-1 is seen as inelastic
greater than 1 it is elastic

29
Q

what is the law of demand state

A

when the price of a product goes up, the quantity demanded will go down

30
Q

what is the theory of target costing

A

estimates the product cost by subtracting a desired profit margin from a competitive market price

31
Q

breakeven revenue formula

A

fixed costs / sp- fixed costs X sp

32
Q

what is mixed price variance

A

AMP X AP - AMP X SP

33
Q

how to work out yield variance

A

work out wastage%
diff / produced X 100
100 minus % = efficiency level
overall produced X efficiency level

actual - previous answer = … X standard price per unit

34
Q

Who is tactical planning

A

Middle managers (management accountant)

35
Q

Who deals with day to day planning

A

Supervisors (operational planning)

36
Q

Who deals with strategic planning

A

Top level managers

37
Q

Who deals with business planning

A

Top level managers

38
Q

what is the maximax rule

A

the result that maximises the maximum profit
goes for highest production despite the demand
risk seeking route

39
Q

maximin

A

alternative that maximises the minimum pay-off achievable
lowest demand highest profit

40
Q

minimax

A

strategy is the one that minimises the maximum regret

managing organisational performance (2 decks)

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