Short answer - TACN3 (Kinh tế và kinh doanh quốc tế) FTU

Unit 1: Business Ethics 1. What is the concept of corporate culture and its significance within an organisation? - Concept of cc: system of values, beliefs, attitudes and ethics … - Significance: blade blade 2. What is the role of a leader in defining a successful corporate culture? - Have a clear vision of what values, attitudes, … they want as a part of their cc - Motivate and inspire their employees to match the moral criteria of business 3. What are the risks of a corporate culture that lacks transparency and is toxic? - Poor economic performance, high employee turnover - Criminal corporate activities and unethical behaviors 4. What is the major drawback to corporations? - Double taxation (S corporation in the US) + Pay taxes ON their profits + Divide profits to their shareholders, they have to pay taxes on their personal dividends. Unit 2: Operations Management 1. What is operations management? Operations function? Who are operation managers? - operations management: activities, responsibilities and decisions of managing the production and delivery of goods and services - operations function: arrangement of resources in production and delivery of goods and services - operation managers: managing some or the whole operations function 2. What are essential components of operations management? - 3 main components: + Designing operations processes, involve? + Planning and controlling after designing operates, involve? + Ensuring quality of products and services - meet customers’ needs, satisfaction and requirements, how can ensure? 3. Differentiate between effectiveness and efficiency? Is it possible to maximize both? - Effectiveness: produce sth at the lowest cost but still ensure the basic quality - Efficiency: create the most value for the company by using right input - No, it’s not possible to maximize both because - conflicts - trade off - choose based on conditions and goals 4. What do companies need to cope with the ever-changing world? - Disruption, volatility → they need to be of agility and flexibility 5. What is subsidiarity and how does dispersing operations decision-making benefit a company? - Subsidiarity: the principle that political issues are resolved by the immediate and local level rather than by the highest position, which is consistent with the resolution. - How does…: response rapidly and flexibly to solve the problem asap and adapt to disruption, volatility and ever-changing circumstances in business. Unit 3: Strategic Management 1. What is strategic management/What does strategic management involve? - analyses, decisions, actions that create and sustain competitive advantages. 2. What is the essence of strategic management? - Study of why some firms outperform others. Thus, managers need to know how to create and sustain unique competitive advantages to reap benefits in the business market. 3. How can companies achieve operational effectiveness? - performing similar activities better than the others by adopting innovation and technology to increase their potential 4. What is the key feature of competitive strategy? - being different to sustain competitive advantage, this can be acquired by performing different activities from rivals to achieve better output or performing similar activities in different but more efficient ways. 5. What is a crisis and its threats? - unexpected and sudden event, causing unrest among people and business - threats: loss of reputation, organisation’s earning, capital and public safety, causing harm to stakeholders. 6. What does crisis management involve? Differentiate it with risk management. - identifying, assessing and controlling threats and unexpected events adversely affecting the reputation, organisation’s earning, capital and public safety. - risk management: forecasting and mitigating threats BEFORE they occur and these threats often occur systematically in every organization, which can be estimated in advance. 7. What are three major phases in crisis management? - pre-crisis: deal with preparation and prevention - crisis response: recover organisation’s reputation - post-crisis: build trust within stakeholders Unit 4: Financial management 1. What is the role of financial management? What are the objectives of financial management? Are 4 major areas of financial management different from accounting? - plan, organise and govern financial position to ensure financial healthy, 4 key areas: planning + forecasting, budgeting, managing and assessing risk, (ensure compliance with) procedures - Yes, they are different from accounting because accounting is the act of recording, reporting and publishing financial statements by using historical data. 2. What makes financial management essential for an organisation? Do you believe that having good financial management can contribute to the growth of business? → Yes Does it make sense for not-for-profit organizations such as hospitals and universities to have CFOs? → Yes (two later bullet points) - allocate resources to use and invest effectively - enable risk management → maintain financial health - planning + forecasting, budgeting, ensure compliance with procedures 3. What are the five key functions of financial management? - planning and forecasting - financial reporting to different stakeholders - financial control - cash management - risk management 4. What are the roles of a financial manager in financial reporting? - prepare financial statements for stakeholders to view the financial situation: liabilities, capital structure, revenues, taxes or expenses - report annually or quarterly in a transparent manner 5. What is finance? - circulation of money or the art of managing the cash flow within the financial system, the granting of credits and the making of investments 6. What are three areas of finance? Are they interrelated? How is the model of the corporate hierarchy? - top managing officer: board of directors BOD - oversees anything to understand overall performance - second: chief executive officer CEO - leads the whole company and navigate to the common goal - third-ranking: chief operating officer COO and chief financial officer CFO → in order to reap benefits and earn high income, they must collaborate closely, communication and cross-understanding are essential. 7. Who is CFO? Where does this individual fit into the hierarchy? Responsibilities of CFO? - chief financial officer: third-ranking officer and often a senior vice president, this person needs to know operations for budgeting decisions - responsible for accounting, financing, making reports and decisions → communicate with press and stakeholders 8. What are some reasons why the value of a business other than a small one is generally maximized when it is organized as a corp? - easier to access capital - attract investors - limited liability - support long-term goals - flexible to transfer ownership by selling and purchasing stocks - protect owners - scale efficiencies. 9. What is the Sarbanes-Oxley Act? - an US law passed in 2002 to protect investors from fraud corporations after a scandal such as Enron - require accurate and transparent financial reports and auditing, if not, CFO and COO would bear serious penalties. 10. What is the importance of risk management in financial decision-making? - market, liquidity, operational, credit risk → avoid and mitigate the threats affecting adversely financial health and maintain long-term assets - supporting long-term investment ← forecast uncertainties and contingency plans Unit 5: Managerial accounting 1. What is the purpose of a managerial accounting system in a business? Why is this important in business? - deal with the whole activities, mainly financial transactions inside the business to support planning + forecasting, budgeting, assessing risks and performance to ensure efficiency. 2. How does managerial accounting differ from financial accounting? - financial accounting: use historical data to evaluate performance in the past, comply with general rules and regulations - managerial accounting: use projections and make decisions for the future, no international rules and regulations 3. How does a managerial accounting system impact business decisions? Why is a managerial accounting system important for management? → they provide financial and non financial information which includes: What kind of information does a managerial accounting provide for a manager? - report cost information → help them assess profitability and risk highlight problem areas in order fulfillment such as delay shipment or nonpayment → control risk and return measure pricing and performance → reward people for doing well 4. How has technology influenced the way managerial accounting is practiced in modern production settings? - real-time collection without delaying, automated reports and advanced analytic models (ERP system, AI, IoT) → planning + forecasting, budgeting, assessing risks and performance more quickly and precisely 5. Examples where managerial accounting helped a company reduces costs or improve efficiency in production Toyota: lean manufacturing Boeing: standard costing → reduce inventory and improve on-time delivery 6. How does web hosting benefit companies according to the passage? - enable companies to focus on their core competencies while taking advantages of using host’s server and bandwidth capabilities - reduce the need for in-house information technology and transaction between manager 7. How does the implementation of just-in-time production affect the workload of accounting/finance personnel? - because … keeps inventory to a minimum → accountants have more free time to work other than focusing on the managerial problems of inventory transaction 8. What is the focus of total quality management? (TQM) - focus on all dimensions to fulfill customers’ needs and requirements - under TQM, performance measures include product reliability, delivery service as well as traditional measures such as profitability 9. In the theory of constraints (TOC), what is defined as the “weakest link”? Why does a company focus on the weakest link in TOC? - the weakest link is the constraint in the whole process that affects the overall performance. - a company needs to focus on the weakest link because it limits the scope of the rest processes so if it is improved, the outcome will be stronger. 10. What is benchmarking and why is it considered “the race with no finish”? - benchmarking is the continuous process of measuring one’s performance against the best levels of performance which is either inside or outside organisation - it is … because managers and employees may avoid complacency by seeking ongoing and more improved performance Unit 6: Human resource management 1. What is HRM? What makes it essential for an organisation? What are the primary functions and roles of HRM? - HRM is the effective and efficient utilisation of human resources to achieve the common goals of the organisation - essential: → motivate employees, create positive working environment, ensure legal compliance → achieve the common goals of the organisation 2. What aspects HRM covers apart from recruitment and training? / Is HRM solely related to job placement and recruitment or does it also play a role in the personal development of employees? - performance evaluation - pay management - incentives management - career management - health and safety management - grievance handling - employee movement → motivate employees, create positive working environment, ensure legal compliance → achieve the common goals of the organisation 3. How do you perceive the impact of HRM on work dynamics and employee relationships? - HRM shapes work dynamics and promotes employee relationships in a positive way by ensuring clear and trustful communication, fairness and conflict resolution. 4. What emerging trends or shifts in the business world might have implications for the future of HRM? - the most popular