Comprehensive Guide to Modern Business and Project Management Techniques

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