BT REVISION

• Taylor 


  One best way

  scientific mgt - max efficiency
• Fayol


  5 mgt functions

  Plan

  organise

  command

  coordinate

  control
• drucker 


  5 basic functions for economic performance

  • objectives
  • organise
  • motivate
  • establish yardsticks
  • develop people
• Mintzberg

  Using intuition and judgment for a good leadership

  10 skills :

  interpersonal -

  figurehead

  leader

  liaison

  informational -

  monitor

  dissemination (spread info)

  spokesperson

  decisional -

  entrepreneur

  disturbance

  resource allocator

  negotiator
• Adair 


  Action centred leadership (balance task group and individual needs)
• fielder 


  PDM psychologically distant manager

  • task orientated/ formal staff contact / reserved

  PCM

  informal contact/ open approachable / good relationships
• Bennis


  Transactional leader -

  Rewards in exchange for a service

  transformational leader -

  motivating / able to change team culture etc
• Blake and mouton


  1.1 mgt impoverished

  1.9 country club

  9.1 task mgt (concerned with production)

  5.5 middle of the road

  9.9 team mgt (goal centre)
• ashridge

  Styles of leadership

  • autocratic
  • persuasive
  • participative
  • democratic

  tells obeyed wout q

  sells made my mgf subordinate to agree

  consults mgt retain power for final say

  joins made consensus
• Belbin


  Team role theory

  leader

  team workers

  resource investigator - add to other ideas / extrovert networkers

  shaper - promote activity/ challenging

  implementer - organiser / company worker

  completer finisher

  plant - thoughtful / creatively intelligent

  monitor evaluator - analytical thinker / critsise ideas

  specialist
• Tuckman 


  Stages of group development

  forming - collection

  storming - conflict

  norming - cooperation

  performing - productive

  Dorming- complacency

  adjourning
• Maslow hierarchy of needs

  Self fulfilment

  ego

  social

  safety/ security

  basic

  (pay as a motivator - directly (lower levels) or indirectly (higher levels) )
• Herzberg 2 factor theory


  Hygiene

  policies / pay / job security

  motivator

  Personal growth/ recognitions

  job enrichment - add challengers

  job enlargement - range of job increased

  job rotation - variety of task
• McGregor theory 


  X

  dislike work, financially motivated

  need coercion

  Y

  Self motivated seek responsibility

  more than money from jobs
• Kolb


  Concrete experience (doing)

  • diverging (feel /watch)

  reflective observation (reflect)

  • assimilative (watching/ thinking)

  abstract conceptualisation (learning)

  • convergent (thinking/ do)

  active experimentation (planning/ trying what you learnt)

  • accommodative (hands on)
• Honey and Mumford 


  Reflector (watching - observe before take action)

  theorist (understand underlying principles)

  pragmatist ( enjoy theory and practical work doing - learn on the job)

  activist ( hands on)
• Training and development process

  Identify training needs

  set objectives for training

  programme design delivery

  evaluation and validation
• French and raven 


  5 types of power

  Reward

  coercive - punish for failing

  expert

  referent - wishing to identify/ imitate others

  legitimate - authority position
• Internal control 


  Control environment

  Attitude of mgr

  entity’s of risk assessment.

  Company respond to risk and identify

  info systems and communication

  Procedures to process and maintain control of transactions

  control activities

  policies to ensure not directives

  entity’s process to monitor system of internal control

  internal assessment of internal contirl
• Performance assessment 


  Targets - agree goals

  monitor - regular feedback

  review - appraisal / discuss performance

  action plan - new goals
• Appraisal interviews

  Tell & Sell

  One way communication

  Tell & Listen

  prep eval based on new evidence

  Joint problem solving

  Self assessment and suggestions - coach counsellor

  Follow up
• Best practice of appraising

  Firm

  factual

  frequent

  fair
• Lockett - barriers to effective appraisal

  Confrontation - subjective feedback

  judgment - deliver verdict

  chat - unproductive

  bureaucracy - form filling exercise

  annual event - no purpose

  unfinished business - recent events only
• Lockett- monitor appraisals 


  Relevance

  fairness

  serious intent

  cooperation

  efficiency
• Prerequisites of fraud 


  Dishonesty

  opportunity

  motivation
• mgt fraud


  Misappropriation of assets - hard to detect/ sell

  intellectual property

  False insurance claims - steal and claim it was stolen

  Company assets For personal
• Third party fraud 


  False billing - bogus inv

  Bank acc - standing order from comp details

  Advanced Fee

  Ponzi Scheme
• Employee fraud


  Skimming - divert small amount from large transactions

  Payroll - bogus employee

  Purchase system - dummy purchase

  Sales system - Teeming / Lading (receipts form osb pocketed, osb cleared by next receipt)
• Financial reporting fraud

  Window dressing

  bogus entries

  delayering / accelerating comp expenses to look as a asset
• Money Laundering


  Placement - illegal asset into legitimate business

  Layering - transfer money between business (conceal)

  Integration - after layering - seems to be from legitimate source
• Purpose of internal audit 


  Corporate governance

  monitor performance

  set objectives
• Limitations of internal audit


  Independence problem - needs objective opinion

  Fraud - unwilling to disclose
• External audit 


  Independent exam of financial statements to shareholders if true and fair - req by law for large / public comp

  + Disputes settled easier

  + Mgt get advice on efficiency improvements

  • Audit fee
  • Disruption to operation
• Internal audit 


  Company directors , not legal Evaluates org risk and advise mgt on internal control
• Nature if services

  Intangibility

  can’t be taken away after sale/ return

  Inseparability

  created same time consumed

  Perishability

  can’t be stored for later

  Variability

  unique
• Financial Accounting - production of financial statements 


  Profit Loss

  income statement

  Financial positions

  balance sheet

  Cash Flow

  actual money in/out

  • follow std
  • external user
  • historic financial performance
• Integrated reporting - 6 capital 


  Financial

  Manufactured

  Intellectual - it

  Human

  Social - local comm

  Natural - raw materials
• Mgt Accounting - ops of business 


  Internal, analyse info so easy to understand

  Cost Schedule

  standard cost card

  Budget

  crumpet (coordination, responsibility, understanding utilisation, motivational, planning, evaluation, telling)

  Variance

  compare budget to actual results
• Treasury Mgt - corporate handling 


  Working capital mgt - monitor cash balance

  Cash mgt - cash budgets/ overdrafts

  Foreign currency

  Tax - orgs affairs legally
• Purpose of committees 


  Ideas

  gather info

  combine skills

  advice / recommendations