Management and Organizational Studies 3370A/B Lecture Notes - Lecture 1: Problem Solving, Operational Excellence, Management Accounting

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3370A/B
• Professor: Bill Dawson

Document Summary

Chapter 1: managerial accounting and the business environment. Must identify, understand and address expectations of suppliers, customers, employees and communities in which the organization operates. Providing info to managers for use in planning and controlling operations and decision making: develop internal accounting information for managers to make better decisions that satisfy customers, continually monitoring costs and improving efficiencies. Providing information shareholders, creditors and others outside organizations. The work of managers and their need for managerial accounting information: Planning: developing goals and how to achieve them, accompanied by a budget (quantitative plan for future time period, ex. Fathering feedback to ensure plan is properly executed and modified if necessary. Prepare performance reports (detailed reports that compare budgeted date to actual data: decision making. Flow of mgmt. through planning, directing and motivating and controlling and then back to planning. Conflict between planning and control: managers have specialized information useful for planning decisions, but any info can be used to evaluate the manager.