Slide Deck 1

Question 1

Cost Management:

Answer 1

Activities include identifying, reporting, and analyzing cost operations.

IRA (Identify, Report, Analyze)

Question 2

Cost Accounting:

Answer 2

Measures and reports financial and non-financial info in relation to the cost of acquiring and utilizing resources.

Question 3

MIS

Answer 3

Marketing Information System:

Database of information for Department Managers

Question 4

ERP

Answer 4

Enterprise Resource Planning System:

Complied custom
database with reports of interdependency between business activities.

Question 5

Managerial vs Financial Accounting:

Answer 5

Managerial: HIFCHF
H: Helps Managers
I: Internal Use
F:Future-Oriented
C: Cost Benefit Analysis
H: Hourly/yearly measurement
F: Financial and Non-Financial Reports

Financial: REPGAC
R: Reports to the outside
E: External users
P: Past Oriented
G: GAAP and IFRS
A: Annually/Quarterly
C: Consilatated Finanical Documents

Question 6

Business Operations:

Answer 6

A complex set of business activities for the purpose of turning resources into goods and services ready for sale.

+Runs with little intervention from managers, occasionally requires short term decision interventions

Question 7

Strategy:

Answer 7

Pursuing an organization’s goals through matching capabilities with opportunities.

Question 8

Cost Leadership Vs Value Leadership:

Answer 8

Cost: You are of use to customers price/variety wise (Cheap) Walmart

Value: You are of use to customers quality/value wise( Valuable): Apple

Question 9

Value Chain:
What it is:
Components:

Answer 9

-The sequence of business activities that add to customer usefulness
-Research and Development
-Design
-Production
-Marketing
-Distribution
-Customer Service

Question 10

Supply Chain:
Is a way in which companies can:

Answer 10

The flow of goods, services, and information from their initial source to the delivery of product/service to customers, regardless of whether those activities occur in one or more organizations

Implement strategy
Cut costs
Create value

Question 11

CRM

Answer 11

Customer Relationship Management:
A strategy that integrates people/tech across all business functions and enhances relationship with customers/suppliers/stakeholders.

Question 12

KSF

Answer 12

Key Success Factors: CQTI
Cost and Efficiency
Quality (Total Quality Management as in: meet customers needs/wants, produce minimal defects/waste, maintain low inventory)
Time
Innovation

Question 13

The Five Step Decision Making Process

Answer 13

1. Identify The Probleme
2. Obtain Information (Benchmarking)
3. Make Predictions About Future
4. Decide on one of the alternatives (Budget and Plan)
5. Implement, Evaluate, Learn from it.

Question 14

3 Management Guidelines Approaches

Answer 14

1. Cost Benefit Analysis
   - Risk (Downside Potential)
   -Reward (Upside Potential)
2. Behavioral and Technical
   -The human side of why budgeting is used
3. Different Costs for Different Purposes
   -External and Internal cost considerations

Question 15

Cost-Benefit Approach

Answer 15

Its used to make resource allocations so that expected benefits out weight expected cost.

Take uncertainty into consideration when combining two factors of risk and return in calculating benefits

Question 16

Behavioural & Technical Considerations:

Bonus about management:

Answer 16

Behavioral: Motivate Managers and other employees to try and achieve the goals of the organization
Technical: Helps managers make wise economic choices.

Management is primarily a human activity that should focus on how individuals can do their jobs better rather than on technical performances

Question 17

Cost treatments:

Answer 17

Exteneral: Costs ma ne fully expensed in the statements cause of GAAP

Internal: Cost can be written offer over the life cycle to allow more accurate and fairer measures of performance

Question 18

Line Management Vs Staff Management:

Answer 18

Line: Directly Responsible for completing operating goals. (Production enigneers)

Staff: Indirectly responsible for achieving goals through activates that support. (Accounts/HR)

Question 19

Board of Directors and Chairperson:

Answer 19

A group of individuals that are elected to represent stakeholders to establish corporate management policies and make decisions on major company issues. (All public companies have one)

An executive elected by a company’s BOD that is responsible for presiding over committee meetings.