MGT223H5 Study Guide - Final Guide: Sarbanes–Oxley Act, Lean Manufacturing, Operational Excellence
Document Summary
Managerial accounting: provide info to managers to help decision making and controlling operations not required to be objective and verifiable but must be relevant. Financial accounting: provide info to shareholders, creditors and all other outside organizations. Strategy: game plan to enable firm to attract and keep customers: customer intimacy: understand & respond to individuals needs, operational excellence: deliver products faster, more convenient and cheaper than, product leadership: operational excellence, high quality. Decision making: formulating long and short term plans (planning) implementing plans (directing and motivating) measuring performance (controlling) comparing actual to planned performance (controlling) Business plan: consist of info about company"s basic g&s and steps it will take to reach potential market. Operational plan: provide details of financial resources required and forecasted rev and exp. Organizational structure: decentralization: delegate decision making authority throughout various operating levels managers. Line position = job achieves firm"s basic objectives: staff position = job indirectly achieve organization basic objective (supports line positions)
