Management and Organizational Studies 3370A/B Lecture Notes - Lecture 4: Extortion, Embezzlement, Fiduciary

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

Document Summary

Role for accounting: help decision makers measure the costs and benefits of decision options. Company vision: senior managers set a vision statement. From this they prepare a list of objectives. This is usually a stretch because these are simply aspirations. Strategic management: the art and science of formulating, implementing, and evaluating cross-funtional decisions that enable an organize to achieve it"s objectives. A strategic plan is a company"s game plan. A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations. Planning: identify alternatives, select alternative that does the best job of furthering organization"s objectives, develop budgets to guide progress toward the selected alternative. Directing and motivating: involves managing day-to-day activities to keep the organization running smoothly. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function. Variance is the difference between actual cost and budgeted cost.