ADMN 3021H- Midterm Exam Guide - Comprehensive Notes for the exam ( 18 pages long!)
12 Oct 2017
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Chapter 1 managerial accounting & the business environment. Work of management: planning, controlling, directing and motivating, decision making. Identify alternatives: select alternative that does the best job of furthering organization"s, develop budgets to guide progress toward the selected alternative objectives. Involves managing day-to-day activities to keep the organization running smoothly: employee work assignment, routine problem solving, conflict resolution, effective communications. Controlling: ensures that plans are being followed, feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function. Strategy itself from competitors: a (cid:498)game plan(cid:499) that enables a company to attract customers by distinguishing, focal point should be its target customers. Customer value propositions: customer intimacy strategy: understand and respond to individual customer needs, operational excellence strategy: deliver products and services faster, more conveniently, and at lower prices, product leadership strategy: offer higher quality products. Organizational structure: decentralization is the delegation of decision-making authority throughout an organization.
