BUSI 4008 Lecture 5: BUSI 4008 5
26 Feb 2018
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Document Summary
Financial results controls three core elements: financial responsibility centers the apportioning of accountability for financial results within the organization, planning and budgeting systems to define performance expectations and standards for evaluating performance. Incentive contracts to define the links between results and various organizational incentives. Planning & budgeting produces written plan that specify: Objectives where the org wishes to go. Strategies how it intends to get there. Performance targets what results should be expected. Planning decision making in advance, long-term thinking. Coordination sharing of information across the org; top-down, bottom-up & lateral. Facilitate top management oversight pre-action review; establish (cid:862)challenging-but-achievable(cid:863) performance targets. Motivation targets that are linked to performance evaluations and org rewards. Relatively broad process of thinking about the missions, objectives, and strategies. A plan that sets out the path of action for business to achieve their objectives by building on. Senior executives corporate and entity managers their strengths.
