Chapter 1 The Manager And Management ing 5e5s1f
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1.
2.
The Manager and Management ing
Copyright © 2015 Pearson Education, Inc. All Rights Reserved
3.
Distinguish financial ing from management ing Understand how management ants help firms make strategic decisions Describe the set of business functions in the value chain and identify the dimensions of performance that customers are expecting of companies
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-2
4.
5.
6.
7.
Explain the five-step decision-making process and its role in management ing Describe three guidelines management ants follow in ing managers Understand how management ing fits into an organization’s structure Understand what professional ethics mean to management ants
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Management ing—measures,
analyzes, and reports financial and nonfinancial information to help managers make decisions to fulfill organizational goals. Management ing need not be GAAP compliant. Financial ing—focuses on
reporting to external s including investors, creditors, banks, suppliers, and governmental agencies. Financial statements must be based on GAAP. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-3
1-4
1
Cost
ing – measures, analyzes and reports financial and nonfinancial information related to the costs of acquiring or using resources in an organization.
Today, most
ing professionals take the position that cost information is part of management ing; therefore, the distinction between the two is not clear-cut and in this book, we often use the interchangeably. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-5
Strategy
specifies how an organization matches its own capabilities with the opportunities in the marketplace. There are two broad strategies: cost leadership or product differentiation Strategic cost management—describes cost management that specifically focuses on strategic issues.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-6
Management ing helps answer important questions such as: Who are our most important customers, and how can we be competitive and deliver value to them? What substitute products exist in the marketplace, and how do they differ from our own? What is our most critical capability? Will adequate cash be available to fund the strategy or will additional funds need to be raised?
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-7
1-8
2
Creating value
is an important part of planning and implementing strategy. Value is the usefulness a customer gains from a company’s product or service. The entire customer experience determines the value a customer derives from a product.
The
Value chain is the sequence of business functions in which a product is made progressively more useful to customers. The Value chain consists of: 1. 2. 3. 4. 5. 6.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Research & development Design of Products and Processes Production Marketing Distribution Customer service Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-9
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-10
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-11
1-12
3
Production
and Distribution are the parts of the value chain associated with producing and delivering a product or service. These two functions together are known as the Supply-Chain The supply chain describes the flow of goods, services and information from the initial sources of materials, services, and information to their delivery regardless of whether the activities occur in one organization or in multiple organizations.
Customers want
companies to use the value chain and supply chain to deliver everimproving levels of performance when it comes to several (or even all) of the following: Cost and efficiency Quality Time Innovation Sustainability
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-13
1-14
Planning selects goals
and strategies, predicts results, decides how to attain goals, and communicates this to the organization.
1. 2. 3. 4.
5.
Identify the problem and uncertainties. Obtain information. Make predictions about the future. Make decisions by choosing between alternatives. Implement the decision, evaluate performance, and learn. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
.
Budget—the most important planning tool-is the quantitative expression of a plan of activity by management and is an aid to coordinating what needs to be done to execute that plan.
Control
takes actions that implement the planning decision, evaluates performance, and provides and learning to the organization. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-15
.
1-16
4
Three guidelines help management ants provide the most value to the strategic and operational decision- making of their companies: Cost–benefit approach: benefits of an action/purchase generally must exceed costs as a basic decision rule. Behavioral and technical considerations: people are involved in decisions, not just dollars and cents. Different Costs for Different Purposes: Managers use alternative ways to compute costs in different decision-making situations. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-17
The
four standards of ethical conduct for management ants as advanced by the Institute of Management ants are: Competence Confidentiality Integrity Objectivity
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
.
1-18
The Sarbanes-Oxley legislation was ed in 2002 in response to a series of corporate scandals. The act focuses on improving: 1. Internal controls 2. Corporate governance 3. Monitoring of managers 4. Disclosure practices of public companies
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-19
1-20
5
to LEARN
Page Number Reference
to LEARN
Page Number Reference
Budget
Page 11
Design of products and processes
Page 6
Chief Financial Officer
Page 14
Distribution
Page 6
Control
Page 11
Finance Director
Page 14
Controller
Page 14
Financial ing
Page 3
Cost ing
Page 4
Learning
Page 12
Cost-Benefit approach
Page 12
Line Management
Page 14
Cost Management
Page 4
Management ing
Page 4
Customer Relationship Management (CRM)
Page 7
Marketing
Page 6
Planning
Page 11
Customer Service
Page 6
Production
Page 6
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-21
to LEARN
Page Number Reference
Research & Development (R&D)
Page 6
Staff Management
Page 14
Strategic Cost Management
Page 5
Strategy
Page 5
Supply Chain
Page 7
Sustainability
Page 8
Total Quality Management (TQM)
Page 8
Value Chain
Page 8
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-22
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-23
.
1-24
6
2.
The Manager and Management ing
Copyright © 2015 Pearson Education, Inc. All Rights Reserved
3.
Distinguish financial ing from management ing Understand how management ants help firms make strategic decisions Describe the set of business functions in the value chain and identify the dimensions of performance that customers are expecting of companies
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-2
4.
5.
6.
7.
Explain the five-step decision-making process and its role in management ing Describe three guidelines management ants follow in ing managers Understand how management ing fits into an organization’s structure Understand what professional ethics mean to management ants
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Management ing—measures,
analyzes, and reports financial and nonfinancial information to help managers make decisions to fulfill organizational goals. Management ing need not be GAAP compliant. Financial ing—focuses on
reporting to external s including investors, creditors, banks, suppliers, and governmental agencies. Financial statements must be based on GAAP. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-3
1-4
1
Cost
ing – measures, analyzes and reports financial and nonfinancial information related to the costs of acquiring or using resources in an organization.
Today, most
ing professionals take the position that cost information is part of management ing; therefore, the distinction between the two is not clear-cut and in this book, we often use the interchangeably. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-5
Strategy
specifies how an organization matches its own capabilities with the opportunities in the marketplace. There are two broad strategies: cost leadership or product differentiation Strategic cost management—describes cost management that specifically focuses on strategic issues.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-6
Management ing helps answer important questions such as: Who are our most important customers, and how can we be competitive and deliver value to them? What substitute products exist in the marketplace, and how do they differ from our own? What is our most critical capability? Will adequate cash be available to fund the strategy or will additional funds need to be raised?
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-7
1-8
2
Creating value
is an important part of planning and implementing strategy. Value is the usefulness a customer gains from a company’s product or service. The entire customer experience determines the value a customer derives from a product.
The
Value chain is the sequence of business functions in which a product is made progressively more useful to customers. The Value chain consists of: 1. 2. 3. 4. 5. 6.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Research & development Design of Products and Processes Production Marketing Distribution Customer service Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-9
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-10
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-11
1-12
3
Production
and Distribution are the parts of the value chain associated with producing and delivering a product or service. These two functions together are known as the Supply-Chain The supply chain describes the flow of goods, services and information from the initial sources of materials, services, and information to their delivery regardless of whether the activities occur in one organization or in multiple organizations.
Customers want
companies to use the value chain and supply chain to deliver everimproving levels of performance when it comes to several (or even all) of the following: Cost and efficiency Quality Time Innovation Sustainability
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-13
1-14
Planning selects goals
and strategies, predicts results, decides how to attain goals, and communicates this to the organization.
1. 2. 3. 4.
5.
Identify the problem and uncertainties. Obtain information. Make predictions about the future. Make decisions by choosing between alternatives. Implement the decision, evaluate performance, and learn. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
.
Budget—the most important planning tool-is the quantitative expression of a plan of activity by management and is an aid to coordinating what needs to be done to execute that plan.
Control
takes actions that implement the planning decision, evaluates performance, and provides and learning to the organization. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-15
.
1-16
4
Three guidelines help management ants provide the most value to the strategic and operational decision- making of their companies: Cost–benefit approach: benefits of an action/purchase generally must exceed costs as a basic decision rule. Behavioral and technical considerations: people are involved in decisions, not just dollars and cents. Different Costs for Different Purposes: Managers use alternative ways to compute costs in different decision-making situations. Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-17
The
four standards of ethical conduct for management ants as advanced by the Institute of Management ants are: Competence Confidentiality Integrity Objectivity
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
.
1-18
The Sarbanes-Oxley legislation was ed in 2002 in response to a series of corporate scandals. The act focuses on improving: 1. Internal controls 2. Corporate governance 3. Monitoring of managers 4. Disclosure practices of public companies
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-19
1-20
5
to LEARN
Page Number Reference
to LEARN
Page Number Reference
Budget
Page 11
Design of products and processes
Page 6
Chief Financial Officer
Page 14
Distribution
Page 6
Control
Page 11
Finance Director
Page 14
Controller
Page 14
Financial ing
Page 3
Cost ing
Page 4
Learning
Page 12
Cost-Benefit approach
Page 12
Line Management
Page 14
Cost Management
Page 4
Management ing
Page 4
Customer Relationship Management (CRM)
Page 7
Marketing
Page 6
Planning
Page 11
Customer Service
Page 6
Production
Page 6
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-21
to LEARN
Page Number Reference
Research & Development (R&D)
Page 6
Staff Management
Page 14
Strategic Cost Management
Page 5
Strategy
Page 5
Supply Chain
Page 7
Sustainability
Page 8
Total Quality Management (TQM)
Page 8
Value Chain
Page 8
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-22
Copyright © 2015 Pearson Education, Inc. All Rights Reserved.
1-23
.
1-24
6
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