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Lecture 1

MGT223H5 Lecture Notes - Lecture 1: Byrsonima Crassifolia, Enterprise Risk Management, Corporate Social Responsibility


Department
Management
Course Code
MGT223H5
Professor
Abraham Iqbal
Lecture
1

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Lecture 1 - Managerial Accounting and the Business Environment (chapter 1) !
September 10th, 2014!
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Managerial accounting is: !
-Analyzing, measuring, identifying, interpreting, communication to pursuit organizational goals !
-Users of management: budgeting, revenue, take account of their costs, determine cash flows,
and income levels, no strict accounting guidelines!
-Not too concerned with precession, more concerned with the big picture !
-Information does not have to be made available to all stakeholders !
-Grey areas ~ chose to present information in a certain way, because it is not guided by IFRS !
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Comparison of Financial and Managerial Accounting: seven key differences!
Work of Management/ Measurement Skills!
3 responsibilities: !
Planning, directing & motivating (eg. sales are this last year, therefore this year, we need to get
x), controlling !
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Planning and Control cycle !
Planning!
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Directing and Motivating !
Day to day activities in the organization smoothly !
-employee work assignments !
-routine problem solving !
-conflict resolution!
-effective communications !
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Controlling !
-Ensures plans are being followed !
-Feedback in form of performance resorts that compare actual results with the budget are an
essential par of control function. !
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Strategic Management Skills !
-Game plan, sets itself from others - move towards mission statements !
-Targets consumers !
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Customer Value Proposition!
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Product leadership strategy ~ Mercedes, Luxes!
Operational Excellence Strategy ~ Walmart !
Customer Intimacy Strategy ~ Dell, get to know their product and tailor the customers !
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