Chapter one Flashcards
What is planning?
Identify alternatives
Select best alternative for objectives
Develop budgets
Directing and Motivating
Manage day to day activities to run smoothly
Example of Directing and Motivating
Employee work assignment
Routine problem solving
Conflict resolution
Effective communication
What is controlling?
Ensure plan being followed
Feedback in the form of performance reports to compare actual result to budget
What is Decision Making
Ability to make intelligent, data, driven decision
Questions related to Decision making
What should we be selling?
Who should we be serving?
How should we execute?
Describe Big data
Large collection of data gathered from inside or outside company to provide opportunities for ongoing reporting analysis
what two formats of Big data and give an example of each?
Structured: memo and reports
Unstructured: Videos, pictures, audio
Discuss the 5 Vs
Variety
Volume - gather, clean, organize and analyze
Velocity - rate data received and acted on
Value - expenditure of time and money to analyze big data that give insights
Veracity - accurate and trustworthy
What is Data analytics?
process of analyzing data with aid of specialized system and software to draw conclusions
Communicate through data visualization
What is descriptive analytics?
What happened?
What is Diagnostic analytics?
Why did it happen?
What is Predictive analytics?
What will happen?
What is prescriptive?
What should I do?
Describe the 7 difference between Financial and Managerial
- Reports to outside of organization vs reports inside the organization
- Past activities vs decisions with future
- objectivity and verifiability vs relevance
- Precision vs Timeliness
- Summary of data vs detailed segment for reports about departments
- Must follow GAAP vs not following any rules
- Mandatory vs not Mandatory
what are the business functions making up the Value Chain
Research and development
Product Design
Manufactoring
Marketing
Distribution
Customer Service
Ethics
Accountants must maintain a level
of competence appropriate to their
designation
Confidentiality
is essential because of the
importance of the information they analyze
Integrity
Maintained by avoiding conflict of interest, communicating the limits of professional competence, and by not accepting bribes
Objectivity
Present to receive both favourable and unfavourable information
What are the 2 common themes for leaders
Pursing strategic goals and making optimal decisions
Intrinsic motivation
comes within us
Extrinsic Motivation
type of reward
Cognitive bias
Must recognize and help reduce it for others
