Professional Practice (24%) Flashcards

Question

Canadian Charter of Rights and Freedsom

Answer 1

- Cornerstone of emp't leg'n providing for BASIC RIGHTS AND FREEDOMS - Fundamental freedoms - Democratic rights - mobility rights - legal rights - equality rights - language rights - minority language education rights

Answer 2

rights related to thought, belief, opinion, expression, conscience, and religion

Answer 3

related to participating in politics and forming a government

Answer 4

related to entering and leaving the country

Answer 5

related to due process

Answer 6

related to equal treatment before the law

Answer 7

related to the freedom to communicate in either French or English in communications with the Federal Government (and some Provincial Government)

Answer 8

related to accessing education in one's own language for individuals in English or French minority communities

Answer 9

- ensures workplaces are free from discrimination and harassment (prov/terr jur'n) - different jurisdictons define protected groups differently - illegal in most jurisdictions to discriminate in emp't, adv, rec't, sle'n, deployment, and treatment - general protected groups - race - colour - ancestry - place of origin - political beliefs - religion - marital status - family status - sex - sexual orientation - physical or mental disability - age - criminal record or summary offense

Answer 10

- provides for equal opportunity and treatment to designated groups found to be disadvantaged in the past due to discrimination on prohibited grounds: - Pay equity - Equal pay for equal work - Equal pay for work of equal value

Answer 11

- provides for equity in compensation for women compared to that of men - be aware of difference between - equal pay for equal work - equal pay for work of equal value

Answer 12

ensures that women doing the same jobs as their male counterparts receive equitable remuneration for their work

Answer 13

ensures that women performing in FEMALE-DOMINATED occupations receive equitable remuneration to their male counterparts performing in MALE-DOMINATED occupations of equal value as defined by skills, effort, responsibility and working conditions NOTE: not every jurisdiction has; however HuRi leg's does ensure that protected groups are not discriminated against in terms of equal pay for equal work

Answer 14

- skills - responsibility - working conditions - effort

Answer 15

- aims to ensure that TARGET GROUPS (women, aboriginal peoples, visible minorities, and persons with disabilities) are represented in the workforce to the same degree that they are represented in the qualified workforce - leg'n applies in the federal jurisdiction and to org'n that contract their services to the federal government

Answer 16

- women - aboriginals - visible minorities - persons with disabilities

Answer 17

- governs org FEDERALLY (banks, grain elevators, flour mills, highway transport, pipelines, radio and television broadcasting, cable systems, railways, shipping and shipping services, and telephone and telegraph systems - similar legis'n exists for ea prov and ter - 3 parts: 1) Industrial Relations 2) Occupational Health and Safety 3) Employment Standards

Answer 18

1) Industrial relations - governs union certification and the successful creation, administration, and dispute resolution process concerning collective bargaining 2) Occupational Health and Safety - ensures for the safe work environements within our org through the administration of prevention, inspection, regulations, and remedies 3) Employment Standards - provides for the minimum standards governing such things as hours of work, holidays, wages, overtime, termination, and other entitlements

Answer 19

- provides for temporary income protection to unemployed workers or workers who are absent due to illness or injury - Who is eligible? - paid premiums - lost job not due to own fault - w/o work and pay for at least 7 consecutive days in the past 52 wks - worked for the required number of insurable hours in the last 52 weeks or since the start of your last EI claim, whichever is shorter - ready, willing, and capable of working each day - actively looking for work - Purpose - provide continuation of income to those who can't work

Answer 20

provides for income security to injured workers and their families

Answer 21

governs the creation, management, transfer, and disbursement of employer pension plans

Answer 22

- provides a dependable pension for retired workers and provides the individual and his/her dependents with basic financial protection if an indv becomes injured or dies - What is it? A contributory, earnings-related social insurance program - Who is eligible - made at least one valid contribution and are at least 60 years of age - must apply, does not automatically kick in

Answer 23

- governs the collection, usage, storage and disposal of "personal information - FAIR INFORMATION PRINCIPLES - personal information includes: gender, age, ethnic origin, relation, race, social insurance number, phone number and address, financial and credit information, health information, evaluations and opinions about a person and even information that identifies shopping interests of income bracket - federal - provincial legislation ins some provincials; BC - Personal Information Protection Act (PIPA) - determines who can access, what can be collected, how collected - exceptions allow for emprs to collect, use and disclose "employee personal information" without the consent of the individual if collection is reasonable for the purposes of establishing, managing or terminating an emp't rel'p

Answer 24

1) Accountability (org resp and designate resp indv) 2) Identifying Purpose (identify purpose of collection at or before info is collected) 3) Consent (knowledge and consent of individual is required for collection, use and disclosure of personal information, except when inappropriate) 4) Limiting Collection (necessary for identified purpose and using fair/legal manes) 5) Limiting Use, Disclosure, and Retention (only used and disclosed for purposes of collection, except with consent or as required by law; retained only as long as necessary to fulfill purpose) 6) Accuracy ( as accurate, complete, and up-to-date as necessary for purpose) 7) Safeguards ( personal information protected by security safeguards appropriate for sensitivity of info) 8) Openness ( make readily available info on policies and practices relating to management of personal information) 9) Individual Access ( upon request, informed of existence, use, and disclosure of PI and given access to that info; may challenge accuracy and completeness and have amended as appropriate) 10) Challenging Compliance ( individual shall be able to address a challenge concerning compliance with principles

Answer 25

- based on precedent (derived from previous decisions made by judges) - exists in all provinces/territories and within the federal jurisdiction (except quebec where all civil law rules apply) - also known as TORT LAW, these judge made laws apply in almost all aspects of the emp't rel'p - have to be aware of elgal precedents that have been est'd through court challenges on issues that range from NEGLIGENT MISREPRESENTATION in recruitment and hiring through what constitutes a requirement of DUE DILLIGENCE - Other concepts: wrongful dismissal, constructive dismissal - severance can be determined via common law (consider age, occupation, and length of time in company, among other relevant factors)

Answer 26

- in recruitment and hiring - false statement of fact to induce another party (into contact, deal, etc) - implications drawn from common law

Answer 27

- level of judgment, care, prudence, determination and activity that a person should resonably be expected to exercise under particular circumstances - common law

Answer 28

- Emp't contract is governed by general rules of contract law - Req't of Contract: offer, acceptance, and consideration - can be written, verbal, or action based - typically outlines - pay - working conditions - performance expectations of rel'p

Answer 29

- condition of valid contracts - the parties must have given up something to reach the agreement - emp't contract - time that the empee is giving up and remuneration that the empr is giving up

Answer 30

- Offer - Acceptance - Consideration

Answer 31

- Contract law is important when managing the status of non-epee - reasons to employe non-epee - flexibility - limited liability - maintaining payroll costs - headcount numbers w/in budgeted limits - keeping epee/revenue ratios low - good way to access temporary help to accommodate uneven workloads - purchase special expertise for duration or project - bring back an experienced former epee on temporary or time-limited baiss - important that individuals fall within Revenue Canada's guidelines defining INDEPENDENT CONTRACTOR status b/c emprs not req'd to submit STATUTORY REMITTANCES on behalf of contractors (income tax and CPP) - liability can be incurred in event contract worker is deemed to be an epee

Answer 32

- between empr and epee

Answer 33

- between empr and independent contractor

Answer 34

``` Used to determine emp't status Examines 4 elements 1) Empr's authority to select and hire 2) Empr's ability to determine means of payment 3) Empr's control and direction of work 4) Empr's right to disciplines If all elements, then epee ```

Answer 35

Also known as integration test Looks at 1) an individual's DUTIES ARE VITAL to the survival of the org 2) the individual is ECONOMICALLY DEPENDENT on one establishment

Answer 36

Combines tests and most commonly used by courts Examines 1) Control as defined by the control test 2) Ownership of tools 3) Chance of profit and risk of loss 4) Integration as defined by the organization test

Answer 37

looks the duration and durability of the relationship

Answer 38

- off-shoring - out-sourcing - multi-national organizations - greater attention to managing multi-cultural workforces - typically economic environment affects supply and demand of labour

Answer 39

everyone of working age who are participating workers, that is people actively employer or seeking employment

Answer 40

the ratio between the labour force and the overall size of their cohort (national population of the same age range)

Answer 41

the number of unemployed individuals divided by all individuals currently in the labour force

Answer 42

short term unemployment that is not related to a business cycle, e.g. people who are unemployed while waiting to start a different or better job, people re-entering the labour force, or people looking for their first jobs

Answer 43

results from a mismatch of available jobs and the skills of the available labour force leads to retraining e.g. if the construction industry collapsed in the East, while it was growing in the West, skilled workers may consider relocating as a result of "structural unemployment" OR as a result of new technology, the demand for a particular occupation declines resulting in "structural unemployment"

Answer 44

results in the average of all prices of goods and services rices, resulting in the reduction of purchasing power

Answer 45

occurs when the demand for goods and services is greater than the supply, resulting in prices increasing

Answer 46

triggered by increase in production costs, including the cost of labour, resulting in higher prices

Answer 47

measure used to track the rate of inflation annual compensation adjustments are often tied to CPI to ensure epees retain the same level of purchasing power

Answer 48

- one of two ways gov't manages economy (monetary and fiscal policy) = in which interest rates and amount of money circulating in the economy is controlled

Answer 49

- one of two ways gov't manages economy (monetary and fiscal policy) = in which the government uses taxation and government spending to affect the economy

Answer 50

Also referred to as MIND-MAPPING allow for the organization of ideas into related groping or issues (that have an affinity with one another) Resolution of the grouped issues can then be done together rather than in isolation from one another 1) Record thoughts on cards or notes 2) Look for ideas that seem to be related 3) Sort into groups until all cards used Can sort large clusters into subgroups Can be used to create cause and effect diagram Way of organizing brainstorms

Answer 51

Overarching tool for measuring organizational performance in a more comprehensive manner than using traditional financial results 4 elements 1) The Customer 2) Financial Performance 3) Learning and Growth 4) Internal Processes Recognize w/in org situation that there is a cause and effect rel'p between the 4 elements Use of BSC shown that measuring other areas (aside from fin.) more often results in organization's strategy being achieved

Answer 52

- Financial Performance (profit as % of sales, profit per epee, return on equity or investment of capital employed, cash flow, account receivable turnover, inventory turnover) - Customer Measures - market share, customer satisfaction, customer complaints, return rates, customer retention - Internal Process Measures - on time delivery, stock outs, inventory turnover, defect %, cycle time, downtime - Learning and Growth - average/median years of service, epee turnover rate, absenteeism, epee satisfaction, diversity rate, training hours per epee, training dollars as % of epee salaries

Answer 53

- Financial Performance: to succeed financially, how should we appear to our shareholders - Internal Business Processes: to satisfy our shareholders and customers, what business processes must we excel at? - Learning and growth:to achieve our vision, how will we sustain our ability to change and improve? - Customer: to achieve our vision, how should we appear to our customers? All centred around vision and strategy

Answer 54

the measure describes past performance or performance to date

Answer 55

the measure indicates performance that will occur in the future

Answer 56

Employee growth and learning in that it is through epees that internal processes are improved, which leads to improved customer service and results in better financial performance

Answer 57

process used by teams to generate an exhaustive list of ideas for how to deal with a problem or exploit an opportunity idea evaluation is only done when all ideas have been generated

Answer 58

illustrates the problem (effect) on the right side, with a list of potential causes and related issues on the left using arrows organized in a fishbone pattern to pictorially represent the causes Four types of causes 1) Machinery or Equipment 2) Methods or Processes 3) Materials 4) People

Answer 59

1) Machinery or equipment 2) methods or processes 3) people 4) materials

Answer 60

Determination of costs and benefits that will flow from a particular decision or alternative course of action important is effective determination in dollar amounts of benefits and costs judgemental assessment has to be made of how likely the alternative is of succeeding and a probability, stated in percentage erms, assigned to that assessment value of c/b - forces manager to identify costs and benefits in dollar terms asso'd w/ alt addition of prob consideration further improves the dec making process b/c asks the manager to make an assessment of the likelihood of a particular alt achieving the benefits at the identified costs attaching prob allows mngr to discriminate between an alt that has a substantial difference in benefits and costs but with a low probabilty of success from one that has a smaller difference in benefits over costs but a high prob of success ROI

Answer 61

Sometimes called ACTIVITY DIAGRAM Process used to flesh out the network of activities, activity durations, and elapsed time for a project The critical path of a project is comprised of a series of activities that has no slack (no delay in sequencing and therefore drives the critical path of the project) Positive slack indicates a project is ahead of schedule Negative slack indicates behind schedule Zero slack indicates on schedule Purpose = identify the minimum length of time needed to complete a project, where you should accelerate activities to complete the project within the available time, and where you have slack in your schedule Often combined with flowcharting, with task boxes filled with data related to: duration, start and completion times for activity Program Evaluation and Review Technique (PERT) is type of CPA Move from pt A to pt B in most efficient way

Answer 62

qualitative tool used to ITERATIVELY collect individual input and feedback through a written process where the individuals - usually experts in the field - build upon the ideas of each other to synthesize a result experts answer question, then anonymously give all results to everyone, then revise answers, converge to come to most likely correct answer brainstorm from a distances

Answer 63

pictorial representation of steps and decision points in a process Std symbols are - Oval = inputs - Box or rectangle = task or activity - Diamond = where decision is required

Answer 64

Process Developed by Kurt Lewin for listing "RESTRAINING FORCES" and "DRIVING FORCES" affecting a change or change situation Forces both drive and restrain change (persons, habits, customs, attitudes) usually done in conjunction w/ brainstorming where driving and restraining forces are identified generally agreed by change management experts that it is easier to affect change by reducing restraining forces than by increasing driving forces UNFREEZE -> TRANSITION -> REFREEZE Use in change managemet

Answer 65

another form of ACTIVITY DIAGRAM activities are charted in a spreadsheet format on the left side and calendar dates are spread across the top start and competion dates are then marked on the spreadsheet for each of the activities

Answer 66

Bar charts way of presenting data (e.g. historical perf info) in a bar chart format the vertical axis on teh chart represents frequency and the horizontal axis represents measurement data which may vary over time used when you need to discover and display the distribution of data by bar graphing the number of units in each category

Answer 67

a form of vertical bar graph which helps us to determine which problems to solve in what order bar chart and line chart combined; individual represented in bars and cumulative represented by line purpose - highlight most important among many factors pareto principle - 80% of business from 20% of customers

Answer 68

a team-based, problem solving process that enhances participation and improves the quality of analysis and decision-making involves individual generation of ideas, round-robin expression of these ideas, discussion and clarification of ideas, preliminary individual weighting of problems/issues/causes and/or ideas, discussion of preliminary weighting, and final agreement on weighted importance Share ideas and then rank "Dot Mocracy"

Answer 69

Political Economic Social Technological Look at poli, econ, soci, and tech circumstances of org'n and determines what impact each might individually and collectively have on strategy direction used in strategic planning like SWOT

Answer 70

show the relationship between two variables plotted against x and y axis x axis - DEPENDENT VARIABLE or effect y axis - INDEPENDENT VARIABLE or cause used to show if there is a CORRELATION btwn variables degree of correlation can be mathematically determined by doing a regression, which produces a regression line on the graph that best fits all fo teh data points diagram of correlation between 2 variables +ve correlation or -ve correlation (inverse rel'p)

Answer 71

Internal elements - STRENGTHS & WEAKNESSES External elements - OPPORTUNITIES & THREATS used as basis for determining strategic direction and planning New acronym in some textbooks SOAR - strengths, opportunities, abilities, and resources

Answer 72

analytical and decision-making technique used to assess the "usefulness" or "success" of an initiative, program or strategy quantitiave method that estimates the dollar value of benefits generated by an intervention based on the improvement it produces in productivity and/or performance provides managers w/ info they can use to evaluate the financial impact of an intervention, including computing a return on their investment in implementing it E.g. in relation to assessing recruitment procedures, utility analysis is defined as "a decision making procedure that is used to evaluate selection systems by determining the net gains that accrue to the organization from their use Purpose = how useful is this method/strategy

Answer 73

simply explain or describe what is provide a "snapshot" in time

Answer 74

- mean - median - mode

Answer 75

average of all data points or values used for compensation surveys

Answer 76

the mid point of the scores where half of the distribution is greater than, and half is less than the located data point used for epee surveys

Answer 77

the data point that occurs most often used for epee surveys bimodal = two data pts

Answer 78

describe how spread out the distribution of data points is include range and variance

Answer 79

the difference between the highest and lowest data points or values

Answer 80

the average difference between any one data point and the mean of all the data points indicates how values are spread around the expected value - usually the mean variance indicates the scale of the values or how dramatically the value differs from the expected value or mean when doing the calculation, all differences need to be squared to avoid an outcome of 0

Answer 81

measures the square root of the variation of the distribution of data points around the mean at least 75% of values in any pop'n are w/in 2 std deviations from meand approx 95% of values in population having normal distribution are within 2 std deviations away from mean most common measure of statistical dispersion if data pts close to mean, std dev is close to 0 if many data pts are far away from mean, then std dev is far from zero if all data pts are equal, then std dev is zero low std devi on particular question on survey indicates strong agreement

Answer 82

extremely important probability distribution in many fields std normal dis'n has a mean of zero, the mean and the median being the same and a std dev of 1 often called a bell curve b/c graph of it resembles a bell 68-95-99.7 rule

Answer 83

techniques for drawing inferences or predictions from data involve DEPENDENT AND INDEPENDENT variables where data pts are entered on a SCATTER DIAGRAM and inferences are made as to how significantly the dependent variable is influenced by the independent variable (e.g. how much t/o is influenced by epee attitude as measured by an attitude survey) used to evaluate characteristics of workforce for strategic planning

Answer 84

a measure of legitimacy, correctness, or accuracy of the INFERENCES that are drawn from a set of measurments are we measuring what we purport to be measuring is it accurate

Answer 85

ensures that the assessment method or test accurately asesses the skills and knowledge it sets out to assess (i.e. a typing test actually assess the speed and accuracy of the typist) least complicated level of validity to measure

Answer 86

measures teh accuracy of an assessment (e.g. IQ test) to predict or correlated with job perf i.e. that the skills required on the job can be effectively assessed through the assessment and that those who score high on the assessment will perform better on the job than those who score low on the assessment relation

Answer 87

occurs when test doesn't measure everything that's important e.g. employment tests - assessment would be criterion deficient if it did not assess all of the essential skills required to perform on the job have neglected to assess key piece

Answer 88

occurs when the assessment measures things that are irrelevant assessment would have criterion contamination if the assessment was really measuring language skills instead of knowledge when language skills are not important to perform on the job testing irrelevant items

Answer 89

ensures that the assessment method or instrument accurately predicts performance on the job initially it involves assessing candidates using an assessment tool, and then reassessing the selected candidates later on the job because only successful candidates are hired, on disadvantage is what is called "range restriction" since it is less likely that it can be proven that the tool would also predict poor performance

Answer 90

type of criterion related validity involves the collection of test data and perf measures at the same time from a group of current job incumbents in order to assess whether proven good performers do well on the assessment being used to select new candidates

Answer 91

shows that the assessment is related to what it should be theoretically be related to determined by correlating results of one test with the results of another test that is designed to measure the same thing

Answer 92

relates to whether a test appears to be good measure or not judgment made on face of test

Answer 93

criterion related validity such as concurrent validity suffer from range restriction b/c unlikely existing epees will score low on assessment since low performers either were never hired or have since been terminated have to have low scores to determine if poor performance no way to tell if scores correlated with perf

Answer 94

a measure of stability of dependability over repeated applications of a measurement procedure the degree to which observed scores are free from random measurement errors same/similar result if repeated

Answer 95

shows how a person's score would vary, on average, over repeated observations that were made under identical conditions

Answer 96

the strength of relationships between two variables, indicating both size and direction of the relationship perfect correlation is +1.00 or -1.00 0. 90 to 1.00 v. high 0. 70 to 0.89 high 0. 50 to 0.69 moderate 0. 30 to 0.49 low 0. 00 to 0.29 little to none

Answer 97

the mathematical equation for the straight line that best fits the data points in a scatter diagram (illustrating g a correlation between two variables)

Answer 98

the use of a number of independent of "predictor variables" combined into an equation to indicate the extent to which they, taken as a whole, are related to the dependent or "criterion variable" this relationship is called a correlation it is possible to have a correlation between and independent and dependent variables, as well as between two independent variables

Answer 99

combines the results of several studies that address a set of related research hypotheses performed in an attempt to overcome the problem of reduced statistical power in studies with small sample sizes because analyzing the results from a group of studies increases the sample size and therefore increases the probability that the data accurately reflects the real situation focused on contrasting and combining studies to find patterns not same power as larger study

Answer 100

field concerned with the theory and techniques of psychological measurement such as aptitude tests and interest inventories

Answer 101

often used in assessing org'l effectiveness, conducting epee surveys, est'g comp'n surveys, eval'g training, and testing job candidates e.g., if a selection test does not measure the skills required of a job, the assessment would be found to not have criterion related validity if the skill is not a BFOR and systematically discriminates against individuals protected by HuRi leg'n, the assessment could be considered illegal

Answer 102

financial plan outlining anticipated revenues

Answer 103

associated with an accounting period, project, or initiatives

Answer 104

part of financial control process most budgeting done by HR professionals is for costs

Answer 105

presents a budget in terms of the anticpated cost of a particular activity or program, rather than traditional budget which lumps costs under factors such as: - compensation - travel - training across all activities Advantage - organization can effectively assess the activities that make the greatest contribution to the bottom line thereby decreasing the costs associated with activities of little value, while focusing on improving the cost effectivness of those activities that are essential to the success of the organization sometimes referred to as PROGRAM BUDGETING

Answer 106

based on the principal that the "clock is reset" at the beginning of each budget period with anticipated costs being based upon plans not past expenses zero based budgeting is aimed at eliminating a sense of entitlement and complacency by making managers think about and justify their planned expenses

Answer 107

type most typically found in the HR function each expense item (e.g. wages, benefits, materials etc) is a line item in the budget and projected amounts are entered in the budget for each of these line items most common

Answer 108

lists all of the anticipated expenses and income for a specified period of time

Answer 109

lists the estimated costs of all items of a capital nature such as the purchase of equipment, furniture and vehicles that are planned in that budget year they are budgeted separately because they will not be used up during the budget period or budget cycle

Answer 110

detailed estimate of cash inflows and outflows incorporating revenue, expenses and capital estimate of future cash receipts and payments tabulated in such a ways as to show the forecasted cash balance (i.e. what is in the bank account) of a business at certain time intervals

Answer 111

statement of the financial position of a business at the end of an accounting period (fiscal year end) ``` Assets = Liabilities + Equity items that are typically found on a B/S - assets - liabilities - retained earnings - shareholder equity ```

Answer 112

a listing of everything that an organization owns or that is due to it current (i.e. cash, accounts receivable, finished inventory, and materials) fixed (buildings, and machinery) intangible (patents, trademarks, copyrights and goodwill - example of goodwill is rep'n and gen difference between value of assets and purchase)

Answer 113

listing of everything the org owes short term (wages owed to epees, accounts payable) long term (mortgages, bonds, debentures, or other forms of debt owed by the org)

Answer 114

represent the difference between assets and liabilities and are the sum of all profits (that were not paid out to the shareholders) the org has made since its inception

Answer 115

represents the total of retained earning plus the original investment made by the shareholders to start the org

Answer 116

the charge that is applied to capital or fixed assets on the B/S represents the reduction in value of those assets over their useful working life also referred to as AMORTIZATION it is an expense that is entered on the income statement

Answer 117

the amount allowed to be deducted from income by tax authorities for depreciation calculation purposes

Answer 118

the value of an asset on the company's books after depreciation has been deducted

Answer 119

calculated as current assets less current liabilities and represents the monies the organization has to work with in the ST CA - CL

Answer 120

summary of revenues and expenses incurred for a given time period (fiscal year) or period within the year items that are typically found on an I/S - sales revenue - other income - cost of goods sold - selling and admin expenses - amortization expenses - interest expense - tax expense - profit - EBITDA

Answer 121

total value of goods and services sold to customers during the accounting period

Answer 122

income to the company other than sales revenues (i.e. the sale of investments or real estate that are not core to the business)

Answer 123

cost of the units of inventory sold during the accounting period

Answer 124

total of all the expenses (salaries, rent, etc) during the period expenses may be ACCRUED in that they have occurred but not yet been paid for or PRE-PAID and not yet used

Answer 125

depreciation costs assigned to capital assets for the period

Answer 126

amount of interest the organization paid during the period on its debts

Answer 127

taxes levied on the company's profits during the period

Answer 128

difference between the revenue generated and the expenses incurred for the accounting period NET INCOME OR EARNINGS Revenue - Expenses

Answer 129

term used in assessing org's financial health EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION represents money, in cash, made by an organization from its operations

Answer 130

statement of the changes in the org's cash position shows inflows of cash - from either operations (i.e. profit on the I/S) or financing (i.e. borrowing or sale of shares) shows outflows of cash to either cover operating expenses or investments in assets CASH FLOW movement is important to an org because its financial stability is ultimately dependent upon whether the flow is positive or negative

Answer 131

represents the initial amount of money put into the org by investors to start and maintain its operations

Answer 132

difference between revenue and cost of goods sold Rev - COGS

Answer 133

use of cost information to manage organizations effectively and may include activity-based cost accounting that portrays costs (after-the-fact) of projects and services delivered

Answer 134

Fixed or Variable Fixed - do not change with an increase in production or service Variable - increase with production/service Related to breakeven Costs can be direct or indirect

Answer 135

Point where the revenues that are being generated are equal to the fixed and variable costs associated with those revenues B/E units = FC / CM CM = P - VC [per unit]

Answer 136

costs that can be directly assigned to a product or service and are often variable e.g. the cost of manuals for a training program

Answer 137

cannot be assigned to a product, program, or service and are sometimes referred to as overhead tend to be allocated to projects/units

Answer 138

when revenue from activity covers all of its direct costs any surplus revenue that is generated is referred to as

Answer 139

can be done on a ACCRUAL BASIS (where expenses and revenues are recognized in the period in which they occur and not when actual cash flows in or out) Or a CASH BASIS (where revenues and expenses are recognized when the cash flows in or out)

Answer 140

accounting where expenses/reve are recognized in the period in which they occur and not when actual CF occurs

Answer 141

accounting where rev/exp recognized when CF occurs

Answer 142

the set of policies and procedures an organization puts in place to ensure its assets and financial reporting systems are protected from corruption or theft

Answer 143

analytical technique for relating different aspects of the financial statements to one another common ones: - profitability ratios --> return on assets/equity/investment/capital employed - ROA, ROE, ROI, ROCE - liquidity ratios (current ratio and acid test) - solvency ratios (debt/equity and interest/dividend cover) - earnings per share - price/earnings ratio (P/E)

Answer 144

ratio of net income or profit the organization has earned to the assets, equity, investment or capital employed to earn that income they are calculated by dividing the net income number on the income statement by the balance sheet numbers for assets, equity or investment

Answer 145

show the ratio of current assets to current liabilities and are an indication of whether the org can meet its financial commitments in the ST - Current ratio = CA/CL - Acid test = (Cash + Accounts Rec + ST inv) / CL

Answer 146

show whether the org can meet its financing commitments to pay its debts or cover interest or dividend obligations

Answer 147

ratio calculated by dividing the org's earnings by the number of shares owners have it in. It is a way of showing return on investment on a per share basis

Answer 148

is a ratio that represents the number of times the earnings per share have to be multiplied to equal the value of a share

Answer 149

value today of a series of payments in the future using an agreed interest rate to discount those future payments way of showing in financial terms how future payments have less value than payments received in the present concept of future payments having less value is often referred to as the time value of money

Answer 150

the lost earnings that might have been achieved by making a different investment or expenditure e.g. if an investor leaves all of his/her capital as cash in a bank account that pays no intererest then the opportunity cost is the interest she/he might have earned had the money been put in an interest bearing account

Answer 151

financial term that relates to an org's use of debt to improve the return to shareholders represents the difference between what an org has to pay to borrow money (i.e. interest) and what it can make on its operations (i.e. earnings or income)

Answer 152

cost of funds that an organization raises and uses, and the return that investors expect to be paid for putting funds into it it is the MINIMUM RETURN that an organization should make on its own investments, to earn the CF out of which investors can be paid their return

Answer 153

the after-tax cash generated by a business minus the cost of capital it has deployed to generate that cash representing real profit versus paper profit, EVA underlies shareholder value built on concept that the key business processes of the firm are capital and represent investments Accounting systems that expense salaries, software development, rent, training, and other ongoing costs that are integral to company's success to often obscure this fact EVA proponents say forget the accounting rules and for internal purposes, call these things what they are - capital investments - and then determine the economic benefit they provide to the firm By treating processes and process improvements as capital assets and investments, firms can ensure that these assets directly contribute to economic value added

Answer 154

guidelines established by financial accounting standards boards used by org to put together their accounting information purpose of financial accounting system is to gather, track and provide info to management and others so that the org's resources can be effectively managed

Answer 155

measurements - mostly ratios - that calibrate an org's human resource management performance E.g. include revenue/employee, attrition rate, payroll as % of total rev/exp, annual training investment per epee, etc When fully developed and reported, these metrics generally make up an HR BALANCED SCORE CARD

Answer 156

application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations of a project

Answer 157

Also referred to as Project Coordinator or Leader manages the details of the project on a day-to-day basis

Answer 158

ongoing challenge that requires an understanding of the broader contextual environment of the project and the ability to balance conflicting demands between: - available resources and expectations - differing stakeholder priorities - identified needs and project scopes - quality and quantity Process described in terms of - inputs - tools and techniques - outputs

Answer 159

1) initiating 2) planning 3) executing 4) monitoring and controlling 5) closing

Answer 160

1) Project Integration Management 2) Project Scope Management 3) Project Time Management 4) Project Cost Management 5) Project quality Management 6) Project Human Resource Management 7) Project Communication Management 8) Project Risk Management 9) Project Procurement Management triangle - 3 corners - timeline, quality, and cost (interconnected)

Answer 161

1) Clear Objectives (from outset) 2) A Good Project Plan 3) Communication 4) A Controlled Scope 5) Stakeholder Support

Answer 162

1) allows everyone involved to understand and perform their part; shows who is responsible for what and estimates resources required (money, ppl, equipment, and time) 2) serves as a monitoring tool, allowing early action to be taken if things go wrong

Answer 163

Project = collaboration effort btwn all indv and org involved everyone needs to work together to maintain effective and continual communication

Answer 164

numerous problems occur and not all contribut to the projects overall objective important to stay focused on priorities with little wasted time or attention

Answer 165

typ involve stakeholders who invest tim and resources in project important to maintain stakeholder support throughout the project so the project team can meet its objectives

Answer 166

1) ground rules - need to understand and agree to rules that will govern project; ensure obj clearly stated so there is no disagreement later 2) helps control and measure progress 3) help deal with any changes that may occur 4) help to cement stakeholder support over the coming months and years of the project

Answer 167

needs to be relevant, understandable and complete, and reflect size and complexity of project Elements: 1) a project charter 2) a calendar of activities 3) a time schedule 4) a responsibility matrix 5) a project plan budget 6) major milestones with target dates 7) a risk management strategy

Answer 168

Document that demo. mngmt support for project authorizes project mngr to lead allocates resources as required

Answer 169

Divides project into individual tasks; important tool - provides detailed view of scope - allows for monitoring completed and remaining tasks - allows tracking of labour, time, and costs for each task - allows for assigning responsibility for specific tasks to team members - allows team members to understand how they fit into the "big picture"

Answer 170

Allows for - Identifies logical rel'p btwn project activities - Ensures personnel is available for tasks when needed - helps manage time effectively and complete the project when planned Requires a review of all the tasks and sequences ``` Dependent tasks (can only be started w/ the completion of others) Concurrent tasks (same time if sufficient HR) ``` external factors may influence schedule Project Mngmt software permits use of Gantt charts for schedules, which are popular b/c graphically display rel'p btwn tasks

Answer 171

Ensures that someone accept responsibility for each major project activity and nothing falls through cracks. Codes for various responsibilities: - S --> sign off - A --> accountable - P --> participant - I --> input

Answer 172

further identifies cost estimates for all tasks outlined in the time schedule Major cost categories: - Wages - Materials and Supplies - Overhead

Answer 173

Milestones = significant events in project, usually the completion of major deliverable

Answer 174

inherent in all projects Risk --> uncertain event or condition that has a cause and, that if it occurs, has a positive or negative effect on a project's objective and consequence on project cost, schedule, or quality

Answer 175

1) Identifying Risks - identify risks that might affect the project 2) Developing Risk Response Strategies - cannot prepare for all; high probability or high impact risks merit immediate actions; effectivness determines whether risk increases or decreases for your project's objectives

Answer 176

1) Avoidance 2) Transference 3) Mitigation 4) Acceptance

Answer 177

changing the project plan to eliminate the risk or protect the objectives from its impact

Answer 178

shifting the management and consequence of the risk to a third part

Answer 179

Reducing the probability and/or consequence of an adverse risk event to an acceptable threshold taking early action is more effective than trying to repair the consequences after it has occurred

Answer 180

deciding not to change the project plan to deal with a risk PASSIVE ACCEPTANCE requires no action ACTIVE ACCEPTANCE may include developing contingency plans for action should the risk occur

Answer 181

Identifies a cluster of related activities that, when performed together, achieve a set of goals that are important Each each key process, there are 5 definitions or common features: - Goals - Commitment - Ability - Measurement - Vertification

Answer 182

Metrics used to indicate and assess performance Sub categories: - quantitative (presented w/ #) - qualitative (cannot be presented w/ #) - leading (predict future outcome) - lagging (present success/failure after the fact) - input (amount of resources consumed to generate output) - process (efficiency or productivity of process) - Output (reflect outcome or results of process activities) - practical (interface with existing company processes) - directional (indicate whether org is improving or not) - actionable (sufficiently in control of org to affect change) - financial (used in perf measurement and when looking at operating index)

Answer 183

Maturity refers to degree of formality and optimization of processes. Viewed as a set of structured levels that describe how well the behaviours, practices, and processes of an org can reliably and sustainably produce required outcomes Identifies 5 levels of process maturity for an org: 1) Initial (chaotic, ad hoc) - starting point for new or undocumented repeat process 2) repeatable (project manageable, disciplined) - process is sufficiently documented that repeating the same steps may be attempted 3) Defined (insitutionalized) - process is defined/confirmed as a standard business process 4) Managed - the process is quantitatively managed in accordance with agreed upon metrics 5) Optimizing (ongoing organic improvement) - process management includes deliberate process optimization/improvement

Answer 184

global system for establishing consistency in quality and performance based upon agreed measures, processes, and standards of performance

Answer 185

collecting of information about a program, or some aspect of a program, in order to make necessary decisions about it program evaluation can include any or all of a variety of different types of evaluation, such as - needs assessments - accreditation - cost/benefit analysis - formative - summative - goal based - process - outcomes - etc the type of evaluation undertaken depends on what needs to be known program evaluation takes place mostly in the non-profit sector

Answer 186

Collection and storage of epee info payroll and benefits, plus administration changing expectation have increased importance of analyzing and utilizing HRI - managing and developing epee - ensuring efficient perf of HR func'n - strategic planning and measuring of org'l perf increase in data collection + migration of HRIS from paper to computers = privacy and security concerns - what is collected - how it is stored and use - who has access

Answer 187

1) Income Tax Laws and Regulation 2) Workers Compensation and Occupational Health and Safety Legislation 3) Employment Equity Legislation 4) Human Rights Legislation 5) Employment Standards Legislation 6) Personal Information Protection and Electronics Document Act (PIPEDA)

Answer 188

regarding payroll witholdings and remittances

Answer 189

covers information related to controlled substances, the reporting of accidents and incidents occurring in the workplace, and release of epee information for claims filing and administration purposes

Answer 190

requires federally regulated or contracted organizations (doing over a certain dollar amount of business with the federal gov't) to collect and report epee population demographics regarding target groups

Answer 191

Requires epee info to be retained by organizations for a minimum period of time

Answer 192

law relating to data privacy enacted by the federal gov't in 2000 but rolled out in three stages 2001 - the law applied to federally regulated industries (e.g., airlines, banking and broadcasting) 2002 - the law was expanded to include the health sector 2004 - any org that collects personal info in the course of commercial activity was covered by PIPEDA, except in provinces that have substantially similar privacy laws Personal information = information about an identifiable individual, but does NOT include the name, title, or business address or telephone number of an employee of an organization

Answer 193

- know why an org collects, uses or discloses PI - expect an org to collect, use, or disclose PI reasonably and appropriately and not use info for any purpose other than that to which they have consented - know who in the org is resp for protecting PI - expect an org to protect their PI by taking appropriate security measures - expect the PI an org holds about them to be accurate, complete and up to date - obtain access to PI and ask for corrections if necessary - complain about how an org handles their PI if they feel their privacy rights have not been respected

Answer 194

- obtain consent when they collect, use, or disclose PI - supply an indv w/ a product/service even if they refuse consent for the collection, use, or disclosure of your PI unless that info is essential to the transaction - collect info by fair and lawful means - have PI policies that are clear, understandable, and readily available

Answer 195

Does not create an automatic right to sue for violations of the law's obligations follows an ombudsman model in which complaints are taken to the Office of the Privacy Commissioner of Canada The Commissioner is required to investigate the complaint and to produce a report at its conclusion The report is not binding on the parties but is more of a recommendation The commissioner does not have any powers to order compliance, award damages, or levy penalties The organization complained about does not have to follow the recommendations the complainant with the report can then take the matter to the Federal Court of Canada for a hearing with respect to the subject matter of the complaint The Court has the power to order the org to correct it practices, to publicize the steps it will take to correct its practices and to award damages

Answer 196

implementation of HRIS extends availa/utility of epee info to HR and line mngrs The kinds of information collected, stored and available for use and analysis are: - "tombstone" data - application forms, resumes, employment contracts/letters of engagement - HR planning information, including recruitment and selection information - performance (including attendance) and disciplinary data - compensation and benefit information - skills inventories - training records - health and safety records - career interests

Answer 197

collected only once securely stored integrated used only for legit purposes to benefit org/epee

Answer 198

1) ACCURACY - are data accepted/rejected according to agreed standards and is there a data verification/audit process? 2) ACCESSIBILITY - can the info be easily accessed and updated? 3) COMPLETENESS - are all the data there? 4) AUTHORIZATION - is access properly controlled according to rules? 5) RECONSTRUCTION - can information be recovered? 6) INTEGRITY - does the information remain accurate? 7) SECURITY - is the system protected from intrusion? 8) PROCESSING - can changes be made and integrated easily into the system? 9) INTEGRATION - how well does the system integrate with other systems? 10) RESPONSIVENESS - is it responsive to the needs of users? 11) COMPLIANCE - does it comply with applicable policies and legislation? 12) COST EFFECTIVE - does it meet established cost management benchmarks?

Answer 199

Can be a very powerful COMMUNICATION TOOL for mngmt to disseminate epee related info and epee self serve access to policies and programs Other design considerations include: - build today's system FOR TOMORROW (SCALABILITY) - design for FLEXIBILITY - design for DECENTRALIZED ACCESS and administration - create public data for MULTIPLE USERS - include OUTSIDE DATA as well as internal information - ensure it has capacity to store and MANAGE HISTORY - design for REGULATORY COMPLIANCE - build in TRAINING AND DOCUMENTATION - accommodate management and employee SELF-SERVICE where appropriate - build in performance METRICS - include policies and procedures, NOT JUST DATA

Answer 200

historically - computer-based part has been built on client-server basis expansion of internet, becoming web-based and use of intranet for many aspects of system (e.g. epee policy info, newsletters, records updating, perf mngmt, etc) Cloud computing enables the delivery, storage, and access of data by a third part, resulting in economies of scale over a network software requirements - decisions have to be made as to which of the many available programs should be used. All of the tests outlined previously apply when considering which software to use

Answer 201

generally - measuring HR processes and effectiveness provides opportunities for continuous improvement 1) how effectively is the HR function contributing to the organization's mission, strategy, goals and objectives? 2) How well is the organization managing its human assets?

Answer 202

- necessary in order to translate essential trasactional services into strategy programs and initiatives - generally recognized that a BALANCED SCORECARD approach is the most appropriate way to measure these two areas, considering cost, process, people, and customer satisfaction

Answer 203

1) COST --> cost per hire, benefit cost per epee, training cost per epee, etc. 2) MOVEMENT/DEPLOYMENT --> turnover, attrition, transfers, promotions 3) ENGAGEMENT/SATISFACTION --> opinion, grievances, absenteeism, exit interview results 4) HR SERVICE SATISFACTION --> time to fill, benefit reimbursement time, survey, etc 5) EMPLOYEE DEVELOPMENT - training days per epee, training evaluations, etc. 6) ADMINISTRATIVE EFFECTIVENESS --> payroll errors, file audit, processing times 7) HEALTH AND SAFETY --> lost-time injuries, FEAP utilization 8) PROGRAMS --> metrics for each program (e.g. performance management would be % of up-to-date performance plans on file)

Answer 204

increasingly important part of HRM important to monitor performance of HR dept important because organizations as they migrate towards a balanced scorecard approach to measuring corporate performance are realizing that the way they manage their human assets has significant impact on their performance in other areas

Answer 205

leading CAD resource for providing up to date HR business data collaborate venture by the BCHRMA, Human Resource Institute of Alberta (HRIA), the Human Resource Management Association of Manitoba (HRMAM), and the Human Resources Professionals Association (HRPA)

Professional Practice (24%) Flashcards

(229 cards)