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