Tài liệu này bao gồm quản lý sử dụng thông tin tài chính và phi tài chính để cải thiện quy trình, thiết kế và phát triển sản phẩm mới, và thúc đẩy hiệu suất nhân viên. | 14 CHAPTER 1 INTRODUCTION TO MANAGEMENT ACCOUNTING Though enhancing the wealth of the owners may not be a perfect description of what businesses seek to achieve it is certainly something that businesses cannot ignore for the reasons mentioned. For the remainder of this book enhancement maximisation of shareholders owners wealth is treated as the key financial objective against which decisions will be assessed. There will usually be other non-financial non-economic factors that will also tend to bear on decisions. The final decision may well involve some compromise. Balancing risk and return All decision making involves the future. We can only make decisions about the future no matter how much we may regret it we cannot alter the past. Business decision making is no exception to this general rule. There is only one thing certain about the future which is that we cannot be sure what is going to happen. Sometimes we may be able to predict with confidence that what actually occurs will be one of a limited range of possibilities. We may even feel able to ascribe statistical probabilities to the likelihood of occurrence of each possible outcome but we can never be completely certain of the future. Risk is therefore an important factor in all financial decision making and one that must be considered explicitly in all cases. As in other aspects of life risk and return tend to be related. Evidence shows that returns relate to risk in something like the way shown in Figure . Figure Relationship between risk and return Even at zero risk a certain level of return will be required. This will increase as the level of risk increases. This relationship between risk and return has important implications for setting financial objectives for a business. The owners shareholders will require a minimum return to induce them to invest at all but will require an additional return to compensate for taking risks the higher the risk the higher the required return. Managers must be .
