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Mac 3703

Mac 3703. Commonly asked questions. Topics covered in mac 3703. Modern developments and approaches for the changing business environment Modern manufacturing and business environment Modern costing techniques Continuous quality management Optimising throughput and contribution

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Mac 3703

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  1. Mac 3703 Commonly asked questions

  2. Topics covered in mac 3703 • Modern developments and approaches for the changing business environment • Modern manufacturing and business environment • Modern costing techniques • Continuous quality management • Optimising throughput and contribution • More externally-focused management approaches for competitive advantage • Techniques for forecasting in uncertain condition • Pricing decisions and pricing strategies • Construction contract • Developments in reporting introduction • Developments in financial reporting • Developments in non-financial reporting • Project management introduction • Basic project management concepts • Project life cycle and planning • Implementing the project • Documentation, completion and control

  3. Topic 1 : Modern developments and approaches for the changing business environment Modern manufacturing and business environment Modern costing techniques • Explain difference between back flush cost accounting system and traditional cost accounting system • difference between target costing and standard costing • steps that you would take to implement value • Explain how target costing could be used to achieve the profitability they want to achieve Continuous quality management • explain the principle of total quality management • Name and explain the four categories of quality cost

  4. Topic 1 : Modern developments and approaches for the changing business environment Optimising throughput and contribution • Determine the efficiency of the bottleneck • Calculate the throughput accounting (TA) ratio • Identify , using a throughput approach , the production plan More externally-focused management approaches for competitive advantage • Advantages and disadvantages of outsourcing • Discuss the issues of outsources • circumstances where partnering is appropriate • explain meaning of value analysis

  5. Topic 2 : Techniques for forecasting in uncertain condition • Apply the maximax rule • apply the maximin rule • apply the minimax regret rule

  6. Topic 3: Pricing decisions and pricing strategies • calculate the selling price based on full coast –plus pricing approach • Calculate the optimal selling price Note : if price = a- bx then marginal (MR) = a -2bx • Calculate the profit maximising sales • Calculate the cost-plus percentage to match to the competitor’s price

  7. Topic 3: Pricing decisions and pricing strategies • Explain what happens with regards to capital expenditure, revenue, demand and advertising during production stages (introduction, maturity etc) • Explain with reasons , the likely changes that could occur in the different stages with regards to Production cost and Selling price (introduction, maturity, etc) • Explain pricing of products due to life span (short-life span) • Explain how cost reduction could be used to maintain the mark-up and remain competitive • Identify reasons why not to use optimal selling price • Name pricing strategies • List five possible tactics to fight a price war • Explain perfect competition and monopoly

  8. Topic 4: Construction contract • Write a report to discuss the GRI guidelines and list the 5 sections included in the GRI framework for a sustainability report • Briefly explain the principles for the preparation of management commentary

  9. Topic 5: Developments in reporting introduction Developments in financial reporting • Calculate the figures which would appear in financial statements in respect of the two projects Developments in non-financial reporting

  10. Topic 6: Project management introduction Basic project management concepts • roles and responsibilities of being a project manger • discuss the main stakeholders of the project in terms of mendelow’s power- interest matrix • Recommend strategies that the project manger could be use to manage the different stakeholders’ expectations should conflict arise • Distinguish between the role of the project owner and project sponsor Project life cycle and planning • Construct a network diagram showing the critical path for the introduction of the new production line • Identify the activities where there is float /slack time in the project , and calculate how much float/slack time there is • Describe the stages that a project manager should include in the process of risk management • Explain the meaning of the following: risk preferences, Risk seeker, Risk neutral, Risk averse • Explain the difference between risk and uncertainty

  11. Topic 6: Project management introduction Implementing the project • List the activities that are often neglected in the project completion and review phases • Explain relationship between project manager with project owner, project sponsor and project team • Explain how the work breakdown structure (WBS) technique can assist in the project management process • List the question that a project manager should ask when building a project team • List six factors that will enhance the performance of the project team Documentation, completion and control

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