Week 1: Introduction, Professional Bodies, Self-Management and Company Lifecycle Flashcards

Question

What benefits come with being a member of the Engineering Council?

Answer 1

1. Recognition of the member's professional status 2. Support and guidance with professional development, careers advice 3. Technical regional events, seminars, conferences 4. Monthly journals, other technical publications and technical library 5. Specialist interest groups and other networking opportunities 6. Legal and health advice

Answer 2

Institution of Civil Engineers (ICE) - (1818) Institution of Mechanical Engineering (1847) Institution of Electrical Engineers - (1871) - since 2006, Institution of Engineering and Technology (IET) British Computer Society (BCS) - 1956

Answer 3

The Institutions of Electrical Engineering, Incorporated Engineers and Manufacturing Engineers

Answer 4

150,000 across 150 countries

Answer 5

The Institution of Engineering and Technology

Answer 6

The Institution of Engineering and Technology

Answer 7

Institution of Civil Engineers

Answer 8

British Computer Society

Answer 9

Accredit degrees in electrical, electronic and information engineering. Runs inspec (bibliographic database) Publish Electronics Letters, Engineering and Technology Produce factfiles on solar power, nuclear power, fuel cells... Offers associate, student and full membership

Answer 10

60,000 members in 150 countries

Answer 11

To become Chartered IT Professionals

Answer 12

Range of IT qualifications such as the ECDL, also offers Higher Education Qualifications that are popular in Asia

Answer 13

The Computer Journal and ITNOW

Answer 14

This is accreditation to a degree that shows evidence of meeting academic requirements that can simplify the process of being recognised as a Chartered Engineer.

Answer 15

The Engineering Council - though they do not accredit the degrees themselves

Answer 16

The BCS and IET

Answer 17

1. Honesty and integrity 2. Respect for life, law, the environment and public good 3. Accuracy and rigour 4. Leadership and Communication

Answer 18

Guidance on sustainability, risk, whistleblowing, security, building safety and Brexit transition

Answer 19

IEEE and ACM

Answer 20

Institute of Electronics and Electrical Engineers.

Answer 21

Association of Computing Machinery

Answer 22

This is what professional accrediting bodies may recognise. For example, the Seoul Accord covers Computing and IT. The Washington Accord covers Engineering.

Answer 23

``` Analytical and problem solving skills. Technical skills. Work well under pressure Attention to detail Teamwork Organisation and time management Interpersonal and communication skills Management and leadership skills ```

Answer 24

``` Confidence Technical skills Project management skills Organisation and efficiency Leadership and interpersonal skills Problem solving skills IT and numerical skills Communication skills Teamworking skills ```

Answer 25

You can change yourself - you can acquire new skills as well as knowledge and can enhance people skills and emotional resillience.

Answer 26

1. Attention getting 2. Flying blind 3. Steadiness 4. On the rise 5. Doing

Answer 27

``` 7: 1 & 2 Follow / Assist 3 Apply 4 Enable 5 Enable/Advise 6 Initiate/Influence 6 & 7 Strategy/Inspire ```

Answer 28

Positive responses to "I have the opportunity to do what I do best every day" correlate with higher productivity and business success

Answer 29

"If you want to get to the top, develop skills that complement what you already do best"

Answer 30

No strengths - 34th percentile | 5 strengths - 91st percentile

Answer 31

Where you are in the zone, energised focus, forget yourself and work without distraction, leads to sense of achievement and happiness

Answer 32

Life is full of distractions

Answer 33

These are the noises going on in your head

Answer 34

It is an agile method where the lead designer and up to seven developers are in a large space with information radiators, with access to expert users and no distractions

Answer 35

Every month or two - then they reflect and adjust accordingly

Answer 36

It is something that lots of information can be put on such as a whiteboard or flip chart

Answer 37

``` Lower concentration Warp your view of reality Increase FOMO Reduce memory Increase stress and anxiety Make your sleep worse ```

Answer 38

It is a way of organising when and how to do tasks: Urgent & Important - Do it now! Not Urgent but Important - Set time aside to do it Urgent but not Important - Delegate it! Not Urgent or Important - Why are you doing it?

Answer 39

Maybe that's what you need to run a business, to find things that are worthless and get rid of them

Answer 40

Covey in 1989

Answer 41

1. be proactive (shape events and environment for work) 2. start with the end in mind (identify goals) 3. put first things first (prioritise) 4. sharpen the saw (rest and update skills) 5. think win-win (seek common ground) 6. first understand then be understood (diagnose problem before cure) 7. synergise (when the outcome is greater than the sum of the parts)

Answer 42

``` Reactive: There's nothing I can do That's the way I am I cannot I must Proactive: What are the alternatives? I can choose a different approach I choose I prefer ```

Answer 43

They are internalised principles and patterns of behaviour at the intersection of knowledge, skills and desire.

Answer 44

It is a Japanese word for a reason for being

Answer 45

It is a way of assessing your own self management skills - they are management tools based on psychology

Answer 46

Questionnaires, Tests

Answer 47

It is a questionnaire where you measure your belief in a statement on a 5 point Likert scale

Answer 48

Gibbs (1988)

Answer 49

1. Description - what happened? 2. Feelings - what were you feeling? 3. Evaluation - what was good and bad? 4. Analysis - what sense can you make from this? 5. Conclusions - what else could you have done? 6. Action plan - if it arose again, what would you do?

Answer 50

``` A way of setting goals: S - Specific M - Measurable A - Achievable (or assignable) R - Realistic (or relevant) T - Timely (or time-bound) ```

Answer 51

No - it could be more specific and timely - target per module for example - achievable for each assignment and a different target for each for more realism

Answer 52

Doran (1981)

Answer 53

``` Self-Awareness Empathy Social Skills Self-Management Motivation ```

Answer 54

Self-awareness - reflection, personality test and questionnaires Empathy - First understand then be understood Motivation - combine passion, vocation, mission and profession Self-management - Eisenhower grid, constructive thoughts and behaviours Social skills - put mobile away, be humble, hungry and smart

Answer 55

Goleman (1990s)

Answer 56

A company is a medium sized or larger business

Answer 57

Companies House

Answer 58

They issue them, as they represent a fixed fraction of the firm

Answer 59

Via a stock exchange

Answer 60

Their accounts, public companies in more detail than private ones

Answer 61

``` Startup Rapid Growth Maturity Decline Rebirth/Death ```

Answer 62

Founders initially own the company They may seek funding from business angels or venture capitalists To persuade investors there should be a business model and plan Startups may pivot or change plan

Answer 63

Founders initially own the company They may seek funding from business angels or venture capitalists To persuade investors there should be a business model and plan Startups may pivot or change plan

Answer 64

The business model now works More staff, sites, and other assets are needed Cash flow can be a problem The company may list with a stock market and offer shares to the public (IPO) to raise cash

Answer 65

Growth has stabilised The business is established in its market Its focus is optimising its profits Shareholders expect regular dividends as the share price is stable

Answer 66

Market or market share is shrinking It’s time to cut costs, staff, … Dividends may be cut or stopped Share buy-backs may support the share price

Answer 67

Rebirth: The company improves its products or services Or switches to a new line of business ``` Death: Acquisition Merger Bankruptcy Liquidation ```

Answer 68

With entrepreneurship, you have more control, might raise more funds and might get rich With intrapreneurship, the employer funds the work, there is less risk for you, a richer pool of talent, you have less control and lower reward.

Answer 69

Someone who comes up with an idea without meaning to. For example Dropbox was created after someone forgot their USB stick and was frustrated as a result

Answer 70

Nokia made both paper and pulp, a decline led to a change to electricity generation. A decline in this saw them become a conglomerate with telecoms interests. Then in the 90s CEO Ollila divested other businesses and focussed on high value telecommunication products

Answer 71

That the growth of a business occurs in random shocks and there are no systematic determinants of business growth.

Answer 72

The law holds up better for larger firms, not so strong for smaller firms. For these, size and growth seem inversely proportional. Age has an effect on growth rate - small and young firms have more volatile growth rate.

Answer 73

Yes, it is a good approximation or heuristic but not the whole answer - there are other factors too

Answer 74

It explains sources of hazards of growth stating resources available to a firm are indivisible and interdependent. Firms grow as a result of the efficiency generated through learning by doing. Managers become more efficient with experience, take less time to do tasks. Freed-up managerial resources can then go towards value creating, growth inducing activities.

Answer 75

Operating costs: Growth is limited by the amount of managerial attention available at any time Too much focus by managers on expansion diverts attention from efficiency, increasing costs Therefore, above a certain point (optimal growth rate), increases in growth lead to higher costs Fast growing firms will thus have higher costs that their slower counterparts (the Penrose effect)

Answer 76

It is a point where past it any increases in growth will lead to higher operating costs.

Answer 77

To increase shareholder wealth To maintain employee morale through promotion, better pay, prestige To have more influence and power to change the world

Answer 78

To increase the wealth of its shareholders by paying dividends and/or causing the share price to increase

Answer 79

Managers and shareholders decide the management of firms - managers want to maximise growth rate, shareholders want to maximise dividends and share prices. To achieve growth, managers seek to retain and re-invest profits to expand the firm, which will reduce payments to shareholder dividends, making them less attractive. This could reduce prices and increase takeover threat and therefore reduce job security. Managers therefore will seek to increase dividend payments to a point where shareholders are happy and also maximise growth. Therefore, managers will choose the growth rate that maximises the price of shares and gives satisfactory dividends while shareholders want balanced growth and return on their capital. We can say that managers and shareholders goals are aligned to find the optimum growth rate for the firm.

Answer 80

Blinded - (stopped by good information) Inaction - (stopped by prompt action) Faulty Action (Stopped by a corrective action) Crisis (stopped by effective reorganisation) Dissolution (Cannot be stopped - is the death of a firm)

Week 1: Introduction, Professional Bodies, Self-Management and Company Lifecycle Flashcards

(109 cards)