Exam (elaborations)
Management Information questions with answers.
- Course
- Institution
Management Information questions with answers.
[Show more]
Seller
Follow
Content preview
Management Information questions withanswers.
What is a step cost? ANS -A step cost if a hiring cost remains fixed within certain activity levels it is a
step cost.
A manufacturing firm is very busy and overtime is being worked.
Requirement
The amount of overtime premium paid to production line workers would normally be classed as
A
factory overheads
B
part of prime cost
C
direct labour costs
D
administrative overheads ANS -The correct answer is:
A
factory overheads
Overtime premium payments are always classed as factory overheads unless the overtime is worked at
the specific request of a customer (in order to complete the specific job more quickly) or worked
regularly by a production department in the normal course of operations.
What is beyond budgeting and what are the 6 leadership principles? ANS -Purpose - Engage and inspire
people around bold and noble causes; not around short-term financial targets
Values - Govern through shared values and sound judgement; not through detailed rules and regulations
Transparency - Make information open for self-regulation, innovation, learning and control; don't
restrict it
, Organisation - Cultivate a strong sense of belonging and organise around accountable teams; avoid
hierarchical control and bureaucracy
Autonomy - Trust people with freedom to act; don't punish everyone if someone should abuse it
Customers - Connect everyone's work with customer needs; avoid conflicts of interest
What are the 6 management processes in beyond budgeting? ANS -Rhythm - Organise management
processes dynamically around rhythms and events; not around the calendar year only
Targets - Set directional, ambitious and relative goals; avoid fixed and cascaded targets
Plans and forecasts - Make planning and forecasting lean and unbiased processes; not rigid and political
exercises
Resource allocation - Foster a cost-conscious mind-set and make resources available as needed; not
through detailed annual budget allocations
Performance evaluation - Evaluate performance holistically and with peer feedback for learning and
development; not based on measurement only and not for rewards only
Rewards - Reward shared success against competition; not against fixed performance contracts
What is the difference between a forecast and a budget? ANS -A forecast is a prediction of what is likely
to happen in the future, given a certain set of circumstances. This is different from a budget, which is a
quantified plan of what the organisation intends should happen in the future.
What is the budget committee? ANS -The budget committee is the coordinating body in the preparation
and administration of budgets.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PROFESSORAILAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now