Management and Organizational Studies 1023A/B Study Guide - Midterm Guide: Financial Statement, Controllability, Chief Financial Officer

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Barry Hawn

Document Summary

Help decision makers measure the costs and benefits of decision options. Whether to invest in firm, lend money, calculate taxes owed. No cost effective to produce specific information. Defined rules (gaap) with guidelines by organizations such as the ias. Whether to run promotion, what to purchase, who to hire. Need specific data for the smaller decisions. Might need both financial and non-financial data. Non pre-set rules for how to process. Managers who plan for and control an organization: time focus. Need not follow gaap or any prescribed format: requirement. ***managers need information to perform each of these functions. From this they prepare a list of objectives. Vision is to be a market leader. Objective is to take 10% of market share from competitors. Strategic management: strategic management > the art and science of formulating, implementing, and evaluating cross functional decisions that enable an organization to achieve its objectives. A strategic plan is a company"s game plan.