ACCY 301 Final: ACCY 301 Final.docx

• School: University of Illinois
• Department: Accountancy
• Course: ACCY 301
• Professor: Esther Finegan

Document Summary

Measurement framework: measurement: the assignment of numerals and other symbols to represent the magnitude of an attribute of a phenomenon, phenomenon: a thing or event of interest, attribute: a property or a characteristic or quality of the phenomenon to be measured, magnitude: the extent to which the phenomenon has the attribute, numerals: a symbol that has no quantitative meaning unless we give it such a meaning, direct observation of the relevant attribute of the relevant phenomenon. Input: assets used to provide good, service, experience (# of suppliers, # of stores, # of baristas, cash: output: indicators of what amount of goods were delivered, services and experiences provided (# of cups served, # of customers served, revenue, outcome: measures that assess how well goals were accomplished (bean quality, baristas tenure, tip jar amounts, # of return customers, # of complaints, revenue from return customers, efficiency: amount of resources required to produce a single unit of output (cost plus a true zero.