AFM341 Chapter Notes - Chapter 2: Business Process Model And Notation, Data Flow Diagram, Business Process

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM341
• Professor: Jee Hae- Lim

Document Summary

Past; accountants focused on stewardship and reporting functions: kept financial records, prepared financial reports and audits. Now: business intelligence and enterprise resources planning systems have increased the availability of data throughout the organization -> business management support: act as business partners: strategic planning, process improvement, compliance. To perform new roles, accountants must first understand the business as well as the various ways that the business collects data. Business process: defined sequence of business activities that use resources to transform specific inputs into outputs to achieve a business goal. Business analysis: process of defining business process requirements and evaluating potential improvements, involves ascertaining, documenting, and communicating. Business model: simple, abstract representation of one or more business processes. Documentation: explains how business processes and business systems work. Allow us to depict the important features of business processes and systems clearly and concisely: suited for planning business transformations because it allow managers to assess what needs to be changed.