BUSI 601: Strategic Management
⏹ cost management information. Answer: consists of financial
information about costs and revenues and nonfinancial information
about customer retention, productivity, quality, and other key success
factors for the organization.
⏹ cost management. Answer: is the development and use of cost
management information.
⏹ management accounting. Answer: involves: devising planning
systems. - helping formulate organizational strategy -- decision making.
⏹ main focus of cost management information. Answer: usefulness and
timeliness
⏹ main focus of financial reports must be. Answer: accuracy and
compliance with reporting requirements
⏹ Information Value Chain. Answer: business events - data -
information- knowledge-decisions
⏹ Four Functions of Management. Answer: strategic management -
planning and decision making - management and operational control -
preparation of financial statements
,⏹ strategic management. Answer: This is the most important
management function. cost management information is needed to make
sound strategic decisions regarding choice of products, manufacturing
methods, marketing techniques and distribution channels, customer
profitability, and other long-term issues. development and
implementation of a sustainable competitive position in which the firm's
competitive advantage provides continued success.
⏹ Planning and Decision Making. Answer: Budgeting and profit
planning, cash flow management. Cost management information is
needed to support recurring decisions regarding replacing equipment,
managing cash flow, budgeting raw materials purchases, scheduling
production, and pricing.
⏹ Management and Operational Control. Answer: cost management
information is needed to provide a fair and effective basis for identifying
inefficient operations and to reward and motivate the most effective
managers. operational control- takes place when mid-level managers
monitor the activities of operating level managers and employees.
management control- is the evaluation of mid-level managers by upper
level managers.
⏹ Preparation of Financial Statements. Answer: cost management
information is needed to provide accurate accounting for inventory and
other assets, in compliance with reporting requirements, for the
preparation of financial reports and for use in the three other
management functions. management complies with the reporting
requirements of relevant groups. financial statement info is often an
important part of planning and decision making, control and strategic
management.
, ⏹ strategy. Answer: set of goals and specific action plans that, if
achieved, provide the desired competitive advantage.
⏹ strategic thinking. Answer: involves anticipating changes; products,
services , and operating processes are designed to accommodate
expected changes in customer demands.
⏹ Types of Organizations. Answer: business firms, governmental units,
not for profit
⏹ business firms. Answer: type of organization that is usually
categorized by industry. The main categories being merchandising,
manufacturing, and service
⏹ service industries. Answer: in the United States, service industries are
growing at a much faster rate than manufacturing or merchandising.
⏹ governmental and not for profit organizations. Answer: provide
services, much like the firms in service industries. However, these
organizations provide the services for which no direct relationship exists
between the amount paid and the services provided.
⏹ downstream costs. Answer: service and warranty costs that occur after
manufacturing.
⏹ cost management information. Answer: consists of financial
information about costs and revenues and nonfinancial information
about customer retention, productivity, quality, and other key success
factors for the organization.
⏹ cost management. Answer: is the development and use of cost
management information.
⏹ management accounting. Answer: involves: devising planning
systems. - helping formulate organizational strategy -- decision making.
⏹ main focus of cost management information. Answer: usefulness and
timeliness
⏹ main focus of financial reports must be. Answer: accuracy and
compliance with reporting requirements
⏹ Information Value Chain. Answer: business events - data -
information- knowledge-decisions
⏹ Four Functions of Management. Answer: strategic management -
planning and decision making - management and operational control -
preparation of financial statements
,⏹ strategic management. Answer: This is the most important
management function. cost management information is needed to make
sound strategic decisions regarding choice of products, manufacturing
methods, marketing techniques and distribution channels, customer
profitability, and other long-term issues. development and
implementation of a sustainable competitive position in which the firm's
competitive advantage provides continued success.
⏹ Planning and Decision Making. Answer: Budgeting and profit
planning, cash flow management. Cost management information is
needed to support recurring decisions regarding replacing equipment,
managing cash flow, budgeting raw materials purchases, scheduling
production, and pricing.
⏹ Management and Operational Control. Answer: cost management
information is needed to provide a fair and effective basis for identifying
inefficient operations and to reward and motivate the most effective
managers. operational control- takes place when mid-level managers
monitor the activities of operating level managers and employees.
management control- is the evaluation of mid-level managers by upper
level managers.
⏹ Preparation of Financial Statements. Answer: cost management
information is needed to provide accurate accounting for inventory and
other assets, in compliance with reporting requirements, for the
preparation of financial reports and for use in the three other
management functions. management complies with the reporting
requirements of relevant groups. financial statement info is often an
important part of planning and decision making, control and strategic
management.
, ⏹ strategy. Answer: set of goals and specific action plans that, if
achieved, provide the desired competitive advantage.
⏹ strategic thinking. Answer: involves anticipating changes; products,
services , and operating processes are designed to accommodate
expected changes in customer demands.
⏹ Types of Organizations. Answer: business firms, governmental units,
not for profit
⏹ business firms. Answer: type of organization that is usually
categorized by industry. The main categories being merchandising,
manufacturing, and service
⏹ service industries. Answer: in the United States, service industries are
growing at a much faster rate than manufacturing or merchandising.
⏹ governmental and not for profit organizations. Answer: provide
services, much like the firms in service industries. However, these
organizations provide the services for which no direct relationship exists
between the amount paid and the services provided.
⏹ downstream costs. Answer: service and warranty costs that occur after
manufacturing.
