MAN 3025 Lecture Notes - Lecture 21: Speedometer, Competitive Intelligence, Balance Sheet

• School: University of Florida
• Department: Management
• Course: MAN 3025
• Professor: Professor Archambeau

Document Summary

Hire, train, write job descriptions, write goals, evaluate: informational. Balance sheet ( nancial position) vs income statement (pro t-and-loss statement highlights rm"s nancial performance) Allocates increased or decreased funds to a department by using the last budget period as a reference point. Only incremental changes in the budget request are reviewed: budgetary control: setting targets and monitoring expenditures. Budgets are associated with a division or department. Fixed vs variable budgets: fixed budgets: resources are allocated on a single estimate of costs, variable budgets: resources are varied in proportion with various levels of. Audits: formal veri cation of an organization"s nancial and operations systems, external: performed by outside experts, internal: performed by organization"s own professional sta , structural. Why measure-managed firms succeed: 4 key mechanisms. Coherence: top executives agree on strategy. Goal reinforcement: there is better focus and alignment. Behavior reinforcement: the organizational culture emphasizes teamwork and allows risk taking, challenges.