ADMN 3021H Chapter 1: Chapter 1

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Business Administration
ADMN 3021H
Malcolm Mac Taggart

Chapter 1 – Managerial Accounting & The Business Environment Work of Management • Planning • Controlling • Directing and motivating • Decision making Planning • Identify alternatives • Select alternative that does the best job of furthering organization’s objectives • Develop budgets to guide progress toward the selected alternative Directing and Motivating • Involves managing day-to-day activities to keep the organization running smoothly o Employee work assignment o Routine problem solving o Conflict resolution o 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 Decision Making • The ability to make intelligent, data driven decisions o What should we be selling? o Who should we be serving? o How should we execute? Planning and Control Cycle • Strategy • A “game plan” that enables a company to attract customers by distinguishing itself from competitors • 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 Comparison of Financial and Managerial Accounting • • Organizational Structure • Decentralization is the delegation of decision-making authority throughout an organization • Line and Staff Relationships • Line positions are directly related to achievement of the basi
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