CIMA E2 Project and Relationship Management

The Chartered Institute of Management What is CIMA? The Chartered Institute of Management Accountants (CIMA) is a United Kingdom- based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.

Cima divided into 3 study levels: Certifications: Cima divided into 3 study levels: Operational level: Management level: P1 Management Accounting E1 Organisational Management F1 Financial Reporting and Taxation P2 Advanced Management Accounting E2 Project and Relationship Management F2 Advanced Financial Reporting Strategic level: Further Study P3 Risk Management E3 Strategic Management F3 Financial Strategy Certificate in business accounting C01 Fundamentals of Management Accounting C02 Fundamentals of Financial Accounting C03 Fundamentals of Business Mathematics C04 Fundamentals of Business Economics C05 Fundamentals of Ethics, Corporate Governance and Business Law Gateway route: G1 Management Accountant Gateway

Cima E2 Project and Relationship Management A strategy employed by an organization in which a continuous level of engagement is maintained between the organization and its audience. Relationship management can be between a business and its customers (customer relationship management) and between a business and other businesses (business relationship management).

Here are some questions of Cima E1. http://www.exams4sure.com/CIMA/E2-practice-exam-dumps.html

Question No 1: What is Strategy? A plan of action designed to achieve a goal or objective. The aim of a strategy is to gain some kind of competitive advantage or to help to exploit future opportunities.

Question No 2: What is Strategy in business? A course of action, including the specification of resources required, to achieve a specific objective. Business strategy therefore is concerned with the overall management of an organisation and includes the management of and taking decisions about: a) Products b) Markets c) Locations (production and sales) d) Structure e) Personnel f) Buildings and machinery g) How to compete

Question No 3: What is Key features of strategic management? Long term approach - decisions are made over the long term, often for periods exceeding one year Focused on organisational objectives - the aim being to ensure that the plan of action achieves the most important objectives for a wide group of key stakeholders Aligned with internal strengths and weaknesses - the aim should be to capitalise on the business strengths and overcome any key weaknesses. Devising a strategy will often follow a position audit of the business to ascertain the businesses current position. Adapted to the changing business environment - so that changes in political, economic, social and technology factors are taken account of, while adapting to industry changes, such as competitive threats, supply issues or changing customer needs.

Question No 4: What is The importance of strategy? •Provides a clear direction, focusing management decision making •Adapts the organisation to the changing environment ensuring it's continuing survival and success •Ensures competitiveness through understanding and adapting to competition •Focuses in building key competences to meet customer needs •Co-ordinates all elements of the business in a structured planned approach.

Question No 5: Director's role in strategy? Responsibility to decide on and take decisions on strategy in the organisation.

Question No 6: There are three different levels on which strategy can be set: Corporate Strategy 2. Business Strategy 3. Operational/Functional Strategy

Question No 7: What is Corporate Strategy? The corporate strategy provides the direction for the business as whole, including all parts of the business. It includes consideration of: •The overriding purpose and scope of the business •Which businesses and markets should the organisation operate in? •What should the core competencies be? •Resources and financing •How to compete •How to integrate and structure the business

Question No 8: What is Business Strategy? Each business unit or subsidiary of the business is likely to have different goals, competitors, suppliers, manufacturing approaches, IT, financial requirements and so on, and so each strategic business unit (SBU) needs its own strategy. This covers: •Which competencies? •Which products? •Which markets? •Tactics to beat competition in this market •Business resources (people, buildings, machinery, processes) •How to compete in this business area?

Question No 9: What is Operational/Functional Strategy? Each functional area within each business unit will then have its own strategy, so there will be strategies in each department e.g. HR, IT, production, finance and marketing. These should be designed to be consistent with the business strategy of the SBU.

Question No 10: What is Strategic Analysis? •Defining the direction (e.g. Mission and objectives) •External analysis of the business environment (e.g.PESTEL analysis, Porter's 5 forces) •Internal analysis of the firm (e.g. Value chain, Resource audit, Product analysis) •Corporate appraisal (e.g. SWOT analysis)

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CIMA E2 Project and Relationship Management