ACCT 2230 Lecture Notes - Lecture 1: Watt, Greeting Card, Three Steps

• School: University of Guelph
• Department: Accounting
• Course: ACCT 2230
• Professor: Alireza Talebi

Document Summary

Three approaches to improving business processes: lean production o organizes resources around the flow of business processes o only produces units in response to customer orders o often called just in time (jit) production o number of units produced tends to equal the number of units sold, therefore minimal inventory o fewer defects, less waste effort and quicker customer response times, enterprise systems o a single software system that integrates data across an organization, thereby enabling all employees to have simultaneous access to a common set of data o all data are recorded only once in the company"s centralized database o the unique data elements contained within a database can be linked together, risk management o a process used by a company to proactively identify and manage risk o once a company identifies its risks, perhaps the most common risk management tactic is to reduce risks by implementing specific controls.