Operations & Process Management Flashcards

Which action best protects confidentiality of owner records?

Answer: Limiting access to authorized persons and following records-disclosure law

Access must be restricted to authorized persons consistent with governing documents and law.

When preparing for a board meeting, what is the manager's most essential operational task?

Answer: Circulate a notice and agenda within required timeframes

Proper notice and agenda ensure valid, transparent meetings.

A vendor invoice exceeds the approved contract amount by 20%. What is the proper handling?

Answer: Verify the cause, obtain required approval or change order, then pay per policy

Variances require verification and authorization before payment.

What is the purpose of segregation of duties in association finances?

Answer: To reduce the risk of error or fraud by dividing approval, payment, and reconciliation

Separating duties creates checks and balances over funds.

Which is an example of a standard operating procedure (SOP) benefit?

Answer: Consistent task performance regardless of who performs it

SOPs standardize processes so results stay consistent across staff.

A reserve study update is due. Which input is most important for accuracy?

Answer: Current condition and remaining useful life of components

Component condition and useful life drive reserve funding calculations.

After a significant incident on property, what should the manager do first regarding insurance?

Answer: Promptly document the incident and notify the insurance carrier or agent per policy terms

Prompt documentation and notice preserve coverage and support claims.