BUSI 601 Chapter Notes - Chapter 1: Activity-Based Costing, Cost Accounting, Balanced Scorecard
12 Sep 2016
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Document Summary
Cost management: the development and use of cost management information. Profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization"s strategy. Information value chain (in ascending order: business events, data. Strategic management: development and implementation of a sustainable competitive position. Planning and decision making: budgeting and profit planning, cash flow management, and other decisions related to operations, management and operational control, management. System used by upper-level managers to evaluate the performance of other managers: operational. Takes place when mid-level managers monitor the activities of operating. Preparation of financial statements level managers and employees: requires management to comply with the financial reporting requirements of regulatory agencies. Wholesalers: merchandisers that sell to other merchandisers. Current global economic challenges (3: high public debt, high unemployment rates. Speed to market: ability to deliver the product or service faster than the competition.
