MOS 1023 Feb 6

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Western University
Management and Organizational Studies
Management and Organizational Studies 1023A/B
Maria Ferraro

MOS 1023 Notes Feb 6: Management Control and Performance Evaluation & Issues in Non Profit Organizations – Non profit organizations can often be more difficult to manage i.e. Evaluating and motivating employees. Goals – Critical in organizations – We must know the company's goals/objectives – Non-profit – goals will vary. Some organizations' goal is to no longer exist i.e. Canadian Cancer Society. Western's goal is to be research-intensive and provide education. Conflicts in Goals Organization doesn't make the decision; the people within it do. – Their goal may not be the same as the individual employee – actions that are going to make the company closer to the objective may not necessarily make the individual employee improve – Goal alignment is critical so employees are motivated Motivations of Behaviour – Money tends to become less and less important as people move on in their careers – Positive incentives – rewards i.e. Gift cards, nicer offices – tend to work better than negative ones – Negative incentives – punishment i.e. Ranking people on a chart for amount of sales 3M – many products. Made a goal that a certain percentage of sales must come from newer sales. Objective to achieve this is the rewards structure. Management Control Systems – i.e. Being cost-conscious – m.c.s will support this. Roles for Budgets – Control mechanism. – Important for benchmarking – Evaluate both positive and negative variances – In the short run, profit may be made, but in the long run, the company may suffer. – eg. cleaning a hotel too fast – detrimental to company's quality standards The Master Budget: An Overview – Materials and labour will match manufacturing amount needed – Manufacturing amount needed will not necessarily be the same produced – look at leftover inventory from last sales period first. Question: The net profit (loss) of the budgeted income statement will equal the total cash generated (used) in the cash budget a true *b false – Income statement has non-cash items eg. Revenue that hasn't been received yet, depreciation expenses. The Budgeting Process eg. video: Babycakes NYC – vegan bakery Erin McKenna Budgeting – Makes company more efficient, more responsible planning – Promote efficiency, can serve as a warning sign, knowing how much to
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