33:010:275 Lecture Notes - Lecture 1: Customer Relationship Management, Management Accounting, Cost Accounting
11 Aug 2017
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Document Summary
All businesses are concerned about revenues and costs. Key success factors: cost and efficiency, quality, time, sustainability. Innovation: sustainability is important because investors care about sustainability, companies prefer products with good sustainability records, society and activist nongovernmental organizations monitor sustainability. Decision making, planning, and control: the five-step decision-making process: daily news example. Identify the problem and uncertainties: increase the selling price of the newspaper or increase the rate per page charge to advertisers: the key uncertainty is the effect that either will have. Consistent strategies provide a common purpose for different decisions. Behavioral effect of motivating and rewarding employees: different costs for different purposes: managers use alternative ways to compute costs in different decision-making situations because there are different costs for different purposes. Line and staff relationships: line management: production, marketing, distribution management, is directly responsible for achieving the goals of the organization, staff management: management accountants, information technology and hr manager.
