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18 Cards in this Set

  • Front
  • Back
Business Process
– is a series of steps that are followed to carry out tasks in business.
Value Chain
Processes of various departments are often organized to promote value to the company’s goods and services.
Non-Value Added activities.
Processes that consume resources but do not add value (from the customer perspective)
Activities of managers
. 1.) Planning, 2.) Directing and motivating, and 3.) Controlling.
involves a strategy of identifying alternatives, selecting the best alternative, and implementing the strategy.
represents a “game plan” to distinguish itself from its competitors
3 Stratagies for identifying business alternatives
Customer value proposition, Operational excellence, Product leadership
Directing and Motivating
involves mobilizing people in the organization to carry out the plans efficiently and effectively.
involves developing measurement mechanisms to ensure that the plan is carried out appropriately and modified when circumstances change.
The manager responsible for the day to day activities n
delegation of decision making authority throughout an organization... managers can make decisions
Managarial accounting places more emphasis on ________
relevance and timeliness of data
Financial accounting places most emphasis on ____
accuracy and completion
Managerial accounting is not bound by ____
Total Quality management --> 3 approaches
Lean Production, Theory of constraints, Six Sigma
Lean production
results in lean thinking... using models such as just-in-time manufacturing, supply chain management, theory of constraints, continuous improvement, enterprise system
Theory of Constraints
anything that prevents you form getting more of what you want done, key is effective management of constraints
Six Sigma
sometimes associated with term "zero defects" - relies on customer feedback and fact based gathering/analysis to drive process improvement