Management and Organizational Studies 1023A/B Lecture 4: MOS Lectures 4&5

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maria Ferraro

Document Summary

Help decisions makers measure the costs and benefits of decision options. Whether to invest in firm, lend money calculate taxes owed. Defined rules (gaap) with guidelines by organization such as ias or acsb. Company visions: senior managers set a visions statement from this they prepare a list of objectives. Ex: vision is to be a market leader, objective: is to take 10% market share from competitors. Directing and motivating involves managing day-to0day activities to keep the organization running smoothly. Variance is the difference between actual cost and budgeted cost. If actual cost is greater than budgeted cost the variance is unfavourable. If actual cost is less than budgeted cost the variance is favourable. Detailed plans that sets out, in monetary terms, plans for income and expenditures in future period. Prepared in advance based on agreed objectives and strategy start with sales budget build up master budget. Senior managers who are response for designing strategy.