ACCT 463 Lecture Notes - Lecture 1: Financial Statement, Controllability, Time Management
19 Aug 2019
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The act or skill of controlling and making decisions about a business and deciding how to use its resources. Identify direction: effort we put in, the ability for us to do these things. Are they capable of doing it? (ability: environment is constantly changing dynamic situation. Strategy ( formulation : define the objective and strategy of the company based on the environment. Page 1: we will focus on control and feedback in this course! Direction: company objectives, goal formulation (set desired outcomes, opportunity versus resources. What should we do given what we are good at: strengths, weaknesses, opportunities, threats. Soft goals (difficult to measure: ex. pharmaceuticals, help society, employee welfare. Hard goals (easier to measure?: ex. pharmaceuticals want to make large profits as well. This will be your targets need to find a way to measure it: measuring roi, income, etc. Generic strategies: low cost vs. differentiation, product vs. customer focus, characteristics, timing, resources.
