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Lecture 8

MGTA02H3 Lecture Notes - Lecture 8: Income Statement, Financial Accounting


Department
Management
Course Code
MGTA02H3
Professor
Arif Toor
Lecture
8

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Review Production
A ratio that compares:
Outputs -> inputs
Inputs -> outputs
Operations managers plan and organize the creation of the product
To do it efficiently
1)
To do it correctly
2)
Measures of Productivity
GDP : Capita
GDP: Hours worked
Revenue : Store
Revenue : Square Foot
Cars : Hours of Labour
Why Businesses Need Info
World's most coffee shop:
With appropriate information it could
Know when to make coffee
1)
Know how much to make
2)
Not disappoint & frustrate customers
Information needed for "decision making"
Data
Data: raw facts and figures
Data lacks analysis
Data lacks context
Example: My midterm mark was 78%
Information
Information: data organized, data analyzed, data put into context
Examples:
Lecture 8 (Collecting Financial Information)
Monday, February 24, 2020
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Examples:
My midterm mark was 78%
Class average was 70%
Median was 71%
Knowledge
Knowledge: through education and experience, use information to
make decisions
Examples:
My mark is above average
I'm in top 25% of the class
My current study habits are fine
Businesses Need Information
How much they made this/last year?
How much other companies in their industry made/last year?
What other information is needed by the stakeholders?
Management Information System
Any system that allows managers to:
Record and store data
Organize and analyze that data
Therefore -> create information
Use the information to make informed decisions
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