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Lecture Cost management: Measuring, monitoring, and motivating performance (3rd edition) – Chapter 1

Chapter 1 - The role of accounting information in ethical management decision making. Learning objectives of this chapter include: Describe the process of strategic management and decision making, identify the types of control systems that managers use, explain the role of accounting information in strategic management, | Lecture Cost management Measuring monitoring and motivating performance 3rd edition Chapter 1 COST MANAGEMENT Measuring Monitoring and Motivating Performance Third Canadian Edition ELDENBURG WOLCOTT CHEN COOK CHAPTER 1 The Role of Accounting Information in Ethical Management Decision Making Learning Objectives LO1 Describe the process of strategic management and decision making LO2 Identify the types of control systems that managers use LO3 Explain the role of accounting information in strategic management LO4 Explain the information systems and information that is relevant for decision making LO5 Describe how business risk affects management decision making LO6 Appreciate how biases affect management decision making LO7 Determine how managers make higher quality decisions LO8 Explain the importance of ethical decision making LO1 Describe the process of strategic management and decision making Management Decision Making Organizational Vision Core purpose and ideology Create value for stakeholders Owners for-profit Donors not-for-profit Constituents government Employees Customers clients Suppliers Others Core Competencies Strengths Relative to Competitors Productivity Skills Knowledge Technologies Physical resources Customer supplier relationships Reputation Legal rights Organizational Strategies Long term goals Organizational structure Financial structure Long term allocation Investments divestments Nature of operations Products or services and markets Operating Plans Specific performance objectives Short-term financing Short-term resource allocation Production of goods services Inbound and outbound logistics Marketing and sales Service Technology Human Resources Cash Flows Actual Operations Actual operations are the various actions taken and results achieved over a period of time customer orders received revenues earned number of employees hired costs incurred units of goods or services produced cash received and paid Measuring Monitoring amp Motivating .