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Look at this scenario. You are attempting to make a decisionwhether to eat out tonight or cook. What is the process you gothrough to make your decision? Use the decision making process asyou explain your results. Do not assume it is best to cook. It maynot be depending on your meal and how many people you have to feed.Explain in 125 words with a credible resource.

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Collen Von
Collen VonLv2
28 Sep 2019

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Please complete the following essay in a single page (nomore than two) Word document, double-spaced, 12 pt.font.

Instructions: Identify and discussa minimum of 5 managerial accountingtopics that could apply to the following situation! Pleaseanswer in complete sentences.

You have just graduated with your degree in accounting and areplanning on sitting for the CMA (Certified Managerial Accountant)examination. Managerial accounting was your favorite course ofstudy in accounting, and you can’t wait to show the world whatyou’ve learned! You have begun the interview process with severalmanufacturing companies. The larger companies look at you as justanother graduate. You have an interview with a smaller manufacturerwho is very impressed with you! Since the salary is the best you’vebeen offered, you’re just as eager to demonstrate your skills andknowledge. Your potential boss begins to tell you a little abouthis dilemma.

“I started this business with an idea and a prayer. For so long,I could do just fine operating out of my hip pocket. Then thingsreally started happening fast. Demand for our products increased,we built new manufacturing facilities, and hired more people than Icould keep up with. I think we are profitable, but I never knowuntil the end of the year when financial statements are prepared. Iwant to make sure the company can keep up with its growth, but Idon’t know what to do. That’s why I’m interested in hiring amanagerial accountant. Before I do, I need to know that whomever Ihire has some ideas as to how to help my company. I wouldappreciate it if you would prepare a short memo highlighting theareas that you think could use some attention. Once I have that, Ican make my decision about hiring you. I think you would be anasset (!) to our business, but I want to be sure I’m doing theright thing, not just hiring another worker for the office!

“Let me tell you a little about our company. We have threemanufacturing facilities in the United States, producingThis and That, but I’m not sure what the productcost is of each. We are in the process of considering production ofThe Other, which may involve construction of anothermanufacturing facility. We employ 250 people, including officestaff and managers. The overhead is a big chunk of money each year,and I don’t know what it goes for! I pay everyone what they’reworth, and try to give raises when I think I can. It’s really hardto know who is doing a good job since we’ve grown so big. Weusually handle things on a day-to-day basis, trying to resolvemajor problems as we go. Sometimes that means coming up short oncash to pay bills or product to meet demand. I’m sure there has tobe a better way. Do you think you can help us?”

You leave the interview confident that you will be the bestperson for this job! Your mind is racing with all of the things youlearned in accounting! With pen in hand, you begin expressing yourthoughts and suggestions...

please help. thank you!

Read the article below and write a brief (1-2 paragraph) summary. This assignment should be approximately 250 words . Complete this assignment as a Word document.

Time to Scrap Performance Appraisals

Times have changed. More and more companies have decided to radically change (read “scrap” or “re-engineer”) their performance appraisal process.

Last week at our research conference we spoke with Adobe, Juniper, Kelly Services, and a variety of other companies who have decided to do away with traditional performance ratings and dramatically change the annual appraisal process.

Our research shows that this is a strong and positive trend.

Why the process must change.

Why do companies have annual reviews in the first place? They are an artifact from traditional top-down organizations where we had to “weed out” the bottom performers every year. By forcing managers to rate people once per year we can have annual talent reviews and decide who gets more money, who to promote, and who to let go.

Coupled with the performance rating is the “potential” rating, which tries to capture an individual’s potential to move up two levels in the organization (the traditional definition).

This approach is based on a philosophy that “ we cant totally trust managers” so we’re going to force them to fit people into these rating scales. And in many companies (around 20%) there are forced distributions, which mandate that some percent of employees are rated at the bottom and only a limited percent can be rated at the top.

The well publicized problems with this process abound. These include:

Employees need and want regular feedback (daily, weekly), so a once-a-year review is not only too late but it’s often a surprise. Regular coaching is the key to alignment and performance.

Managers cannot typically “judge” an entire year of work from an individual at one time (imagine if your spouse gave you an annual review!), so the annual review is awkward and uncomfortable for both manager and employee.

Manager-employee relationships are not 1:1 like they used to be. We work with many leaders and peers during the year, so one person cannot adequately rate you without lots of peer input.

While some employees are a poor fit and likely are poor performers, these issues should be addressed immediately, not at the end of the year.

Some companies really do have a lot of high performers, so forced ranking eliminates great people and damages the culture.

People are inspired and motivated by positive, constructive feedback – and the “appraisal” process almost always works against this.

The most valuable part of an appraisal is the “development planning” conversation – what can one do to improve performance and engagement – and this is often left to a small box on the review form.

Companies are nervous about eliminating this process because:

We need a fair and validated way to distribute compensation increases (don’t we?)

We need a record of low performance when we let someone go

We need to capture performance data in an employee’s profile for future promotion and other talent reviews, development plans, and career migration

We need a way to make sure managers are doing their jobs well.

Well, I’ve probably discussed these issues with 100+ companies over the last five years and our research shows more and more that companies are ready to let this process go.

Organization structures have changed and companies need to be more agile. We have a shortage of key talent and the keys to success now focus on regular alignment, coaching, creating passion and engagement, and continuous employee development.

The new keys to success:

Develop a “feedback-rich” culture and set of tools (often online, sometimes formal, often informal) that encourages all employees to give each other feedback. Tools from companies like Achievers, Globoforce, and most HR software vendors now enable and make this easy.

Separate the discussions about performance from discussions about potential and future career plans. Yes we need to evaluate people when raise time comes, but that can be a totally different conversation from.

Talk about performance regularly and let employees create their own goals on a regular basis. Force managers to provide ongoing feedback and teach them how to have honest conversations.

Assume that employees already know something about their own performance, and force them to self-assess. People tend to have a good idea of their own strengths and weaknesses – give them an open and positive opportunity to share it. That starts the dialogue about expectations and the match between their self-assessment and that of the organization.

Enable managers to assess performance regularly. Software teams now use Agile tools which evaluate code on a weekly basis. Managers should be giving people feedback regularly. If they learn to do this on a regular basis it will get easier and employees will learn to appreciate it.

Focus managers on hiring the best, so they build a team which strives for 100% high performers. This is never possible of course, but rather than assuming that 20% of your employees will perform poorly, spend more time on assessment, culture, and fit to make sure very few low performers make it into the organization in the first place.

Remember that everyone wants to succeed. If they aren’t performing well it’s not necessarily their fault – the organization should take responsibility for helping them find a better fit if possible.

Set and reset goals frequently. Companies that set performance goals quarterly generate 31% greater returns from their performance process than those who do it annually, and those who do it monthly get even better results. This means employees get feedback on a continuous basis (most sales organizations work this way). Read our research for more details.

Beware of pay for performance plans. While many companies (particularly investment banking, sales) have large pay for performance plans, research showsthat these can create perverse behavior. People focus on their own goals at the expense of the organization. In sales related roles this process works well – when you move to customer service, engineering, and other “builder” roles they can create problems.

Give your leaders a cultural framework and set of values to work from. Companies like Juniper and Deckers (Uggs shoes) focus very heavily on corporate values, forcing managers to hire and manage to these values. This makes selection easier and enables us to evaluate and coach people against higher level frameworks.

Invest in leadership development. Being a manager is a tough job. Managers at all levels struggle with selection, hiring, training, coaching, and evaluation. Give them time and tools to learn, a framework for feedback, and a continuous development process so they learn how to become better.

Reward talent “production” not talent “hoarding.” If you pay your managers to “produce output,” they will focus heavily on talent performance and evaluation. This may be a good thing, but ultimately companies thrive by building skills – so in addition to encouraging managers to produce good work, incent them to produce good talent as well.

I’ve had the opportunity to study HR and performance management for almost 15 years now, and this topic has been controversial for a long time. In today’s globalized,talent constrained workplace it’s clear to me that the traditional appraisal has to change.

Businesses thrive on agility, speed, passion, and alignment. The process of driving and measuring performance has to do the same.

Read the attached article, “How the cost of shirt adds up” andanswer the following question. For amounts, if there is a rangegiven, use the high value. Each question is worth 2 points.

1. What are the direct material costs of the making the shirt?List each item and the cost. Then total up the direct materialcosts. Item Cost Total Direct materials:

2. How much is the direct labor cost of producing the shirt?

3. The total cost of producing the shirt is $30.00. Using youranswers to #1 and #2, how much manufacturing overhead cost must beassigned to each shirt? Show your computation here:

4. Katherine & Jared MacLane sell the shirts to awholesaler/retailer. Compute the profit per shirt that they make.Show your computation here:

5. The shirt is then sold by the wholesaler/retailer. Computethe profit per shirt that retailer makes. Show your computationhere:

A KP MacLane polo shirt.

CBS News

(CBS News) Ever wonder who figures out how much a shirt willcost? Erin Moriarty of "48 Hours" has been ADDING IT UP:

Designers Katherine and Jared MacLane so believe in the poloshirt they brought to market this past November that they arewilling to share the nuts and bolts of their business - and theydon't shy away from a tough question, such as pricing:

"Most of the polo shirts I can buy at retail are $90," saidMoriarty. "And you're asking $155. How do you convince somebody tospend that kind of money on a polo shirt?"

"We just say, 'Just try it on!'" she laughed. "I think thatpeople will see the difference.

"We almost took a backwards approach to manufacturing. A lot ofpeople look at, 'Oh, how are we going to keep our costs low so wecan make a higher profit?' And what we looked at is, 'What can wedo to make this the best shirt possible?' And then we'll price itfrom there."

Katherine and Jared met while working at the Hermes boutique inBeverly Hills - which may help explain why they looked to Francefor the fabric for their shirts.

"A woman's shirt can take anywhere from a yard to a little lessthan a yard of fabric, per shirt," said Jared. "And that runs about$6.10 or $6.50 depending on what time of the year we buy."

True mother of pearl buttons were too expensive - a dollar each.They found similar but sturdier versions in Hong Kong.

"Our buttons are about three cents apiece," said Jared. Thereare three - plus an extra one "in case, you know, you need it downthe road."

And instead of a box, the shirts are placed insidehand-embroidered linen bags from Vietnam.

"We didn't want to give the customer something that could beeasily, you know, thrown away," Jared said. "We wanted it to bereused, wanted to be special. And we wanted to be of the samequality that the shirt is made.

The linen bags: $2.90 apiece.

But what adds most to the cost of the shirts? The MacLanesactually produce them here in the United States.

Jared said manufacturing the shirts domestically costs 75percent more than making them outside the U.S. - a little over $11per shirt.

And for how little could they be made in, say, China? One or twodollars.

There is also the cost of thread, the labels, cloth tape for theshirt vents, tissue paper, and shipping from the New York factoryto the MacLanes' home in Atlanta.

All told, one KP MacLane polo shirt costs about $30 to make.Using the standard mark-up, the wholesale cost is $65.

As for the retail price? You may be surprised that clothing isusually marked up MORE than 100%. That's how the MacLanes arrivedat $155.

"It sounds like, in order to make this company successful andhave people buy your shirts, they really do have to kind of knowthe story behind each shirt," said Moriarty.

"Yeah, and we're happy to tell it," said Jared. "A lot of timeswe go shopping and you don't always consider what goes into agarment."

"If they know the kind of thought that we're putting behind ourproduct, and they know the kind of quality that we're putting outthere, I think if you build that loyalty and build trust, I thinkthat that will keep you around a lot longer than somebody who'sjust craving a brand - as opposed to a brand and a qualityproduct," said Katherine.

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