BUS 424 Chapter Notes - Chapter 8: Interest Expense, Gross Margin, Retained Earnings

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Planning and budgeting to define performance expectation and standards for evaluating performance. Vision to become the worldwide leader in retailing. Mission to give ordinary people the chance to buy the same thing as rich people. Purpose: planning to engage in longer-term thinking, to achieve coordination (top-down, bottom-up, vertical, top management oversight to enhance management control, motivation to arrive at challenging, but realistic performance targets. Characteristics: usually stated in monetary terms, generally, covers a period of one year, contains an element of management commitment. Advantages: co(cid:373)(cid:373)u(cid:374)i(cid:272)ate (cid:373)a(cid:374)age(cid:373)e(cid:374)t"s pla(cid:374)s th(cid:396)oughout the o(cid:396)ga(cid:374)izatio(cid:374, planning as top priority, resource allocation, uncover potential bottlenecks, coordinates activities of the entire organization, benchmark for evaluating subsequent performance. Strategic planning: relatively broad processes of thinking about the missions, goals, and strategies, normally a top-management process. Capital budgeting (programming: specification of specific action programs to be implemented over the next few years and specification of the resources each will consume. Involves more people at different organizational levels (top-down/bottom-up)

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