Management and Organizational Studies 4410A/B Study Guide - Midterm Guide: Variable Cost, Product Engineering, Human Resource Management

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 4410A/B
• Professor: John White

Document Summary

Benefits: unanimity of purpose, organizational culture/tone- strengthened through a unified sense of purpose, attracting/engaging/retaining talent. Increasing productivity while leveraging all resources to successfully implement a strategic plan. Improve decision making- clarity of the big picture: enhance cross-functional relationships- shared understanding of priorities. Results: firms with a formalized mission statement have twice the roe as ones who don"t, firms with mission statements do up to 30% better on various financial measures. Developing: characteristics, customer driven benefit- most effective if, considers the customers to be an integral part of the firm"s culture, treats customers as living documents, systematically revisits their vision and mission statement. Reasons firms don"t have one: takes too much time, don"t need one, expensive, don"t want to have to commit to a defined mission and vision, objectives. Short term: relative to 1 financial year, examples, skills of employees, condition of production equipment.