1-3 List and define the four basic management activities?
Planning is the ongoing process of developing the business' mission and objectives and determining how they will be accomplished. Planning includes both the broadest view of the organization (its mission), and the narrowest (a specific tactic for achieving a specific objective).
Organizing is the process of converting plans into action. Organizing can include creating a list of duties, developing deadlines and timetables for work, assigning tasks, determining and assembling the necessary resources and carrying out the plan. It is the organizing function that most people think about when they think of management. The organizing function is also where the process of supervising others and assigning authority occurs
Leading is the act of directing the behavior of all personnel to accomplish the organization's mission and goals. In order for the goals to be achieved, a shared vision and a clear understanding of everyone's role in the process must be developed. The leading function allows the person or persons in charge of the organization's mission or individual goals and objectives to inspire all personnel involved in the task to work together for the best result. We will talk more about leadership later in this module.
Controlling is an aspect of management that is frequently underestimated. Like planning, it is a continual process; like organizing, it involves translation (although this time, from actions into evaluations) and like leading, it involves diplomacy. Controlling is the function of monitoring work to check progress against goals, and taking corrective action when required.
1-6 List and describe four important differences between managerial and financial accountant?
Financial accounting reports are prepared for the use of external parties such as shareholders and creditors, whereas managerial accounting reports are prepared for managers inside the organization. Aggregation. Financial accounting reports on the results of an entire business. Managerial accounting almost always reports at a more detailed level, such as profits by product, product line, customer, and geographic region. Efficiency. Financial accounting reports on the profitability (and therefore the efficiency) of a business, whereas managerial accounting reports on specifically what is causing problems and how to fix them. Proven information. Financial accounting requires that records be kept with considerable precision, which is needed to prove that the financial statements are correct. Managerial accounting frequently deals with estimates, rather than proven and verifiable facts. Reporting focus. Financial accounting is oriented toward the creation of financial statements, which are distributed both within and outside of a company. Managerial accounting is more concerned with operational reports, which are only distributed within a company.
1-7 Distinguish between cost accounting and managerial accounting? Cost accounting is an input into management accounting. Cost accounting focuses on understanding and optimizing costs in a complex business environment. Management accounting focuses on the bigger picture of using data to make planning and strategy decisions for the company. Cost Accounting Cost accounting tracks and analyzes costs, including material, labor, overhead and time, for every activity performed in producing and delivering goods and services. This information can be used to improve efficiencies and reduce overall cost. Management Accounting Management accounting uses input from finance, operations, suppliers, customers and competitors to drive internal decision-making and planning.
...costing (ABC) is a costing methodology that identifies activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption by each. This model assigns more indirect costs (overhead) into direct costs compared to conventional costing.
Aims of model
With ABC, a company can soundly estimate the cost elements of entire products ACTIVITIES and services. That may help inform a company's decision to either:
Identify and eliminate those products and services that are unprofitable and lower the prices of those that are overpriced (product and service portfolio aim)
Or identify and eliminate production or service processes that are ineffective and allocate processing concepts that lead to the very same product at a better yield (process re-engineering aim).
In a business organization, the ABC methodology assigns an organization's resource costs through activities to the products and services provided to its customers. ABC is generally used as a tool for understanding product and customer cost and profitability based on the production or performing processes. As such, ABC has predominantly been used to support strategic decisions such as pricing, outsourcing, identification and measurement of process improvement initiatives.
So what is really the difference between ABC and traditional cost accounting...
...1. A Traditional Class vs. an Online Class
As technology progresses substantially, it has bearings on every area of our life, even onthe way of learning. At present, we could either attend traditional classes in brick-and-mortar learning institutions, or virtual classes in online universities and colleges. Despitesharing some superficial similarities, the differences between a traditional class and anonline class are remarkable. Both types of learning require instruction from teachers, andhave comparable method of assessments. Though, they differ from one another in termsof scheduling, cost (tuition), and communication (interaction with other students)
The first distinction between a traditional class and an online class is scheduling.Traditional class requires a fixed place or environment for learning and teaching. This restricts the number of students that can study at the same time. Number of students would depend on the size of class and learning institution. Furthermore, traditional classis not flexible as it requires the students and teachers to attend a particular place atspecific times. For example, students of traditional class have the responsibility to showup for class to meet attendance requirement (Quality Distance Education at your Fingertips, n.d.). Therefore it is not convenient for full-time workers since they would have difficulties in...
...Activity-Based Costing (ABC) is a method of allocating costs to products and services. It is generally used as a tool for planning and control. It was developed as an approach to address problems associated with traditional cost management systems that tend to have the inability to accurately determine actual production and service costs, or provide useful information for operating decisions. On the other hand, Activity-Based Management (ABM) is an approach to management that aims to maximise the value adding activities while minimizing or eliminating non-value adding activities. The overall objective of ABM is to improve efficiencies and effectiveness of an organization in securing its markets. It draws on activity-based costing (ABC) as its major source of information and focuses on reducing costs, creating performance measures, improving cash flow and, producing enhanced value products.
Yes, information from activity-based costing is better because the traditional costing system do not trace indirect costs, such as salaries and utilities, directly to the product. The other problem with traditional costing is that for most overhead activities, the proportions of the activity actually consumed by a specific product, does not correspond with a single cost driver. This is true for most companies in the world now where products are produced by a mixture of manpower and technology. The...
...Robyn CampbellCampbell 1
March 19, 2013
Traditional Students vs. Non Traditional Students
A non traditional student will transition into college better than a traditional student due to allotted responsibility and independence on their part. A non traditional student has a more serious approach where as a traditional student lacks focus in their first steps as an adult.
The demographic of a student has changed over the years. A college student is not typically eighteen years old and living in a dorm on campus anymore. A college student is over the age of twenty five and a single parent in some cases. They have family and financial obligations and possibly a full time job. Some may not even possess a high school diploma, but a GED.
Both traditional and non traditional students have responsibilities outside of college. While the majority of students right out of high school will likely only have a part time job, students twenty five and older will be juggling far more. A traditional student will continue to live with parents and not worry too much financially. As a non traditional student, not only will most have a full time job, but a family to care for, a mortgage, and a car payment on top of the class and homework time. It is estimated that only 13% of younger students are...
...Progressive teaching versus Traditional Teaching
Pedagogy comes in a myriad of differing appearances. Pedagogy is the art and science of how something is taught and how students learn it. Pedagogy includes how the teaching occurs, the approach to teaching and learning, the way the content is delivered and what the students learn as a result of the process. In some cases pedagogy is applied to children and andragogy to adults; but pedagogy is commonly used in reference to any aspect of teaching and learning in any classroom. Pedagogy depends on where you are and who you are. It cannot be discussed without looking at one’s personal philosophy towards teaching and one’s government authority documents. The way it looks is dependent on all this and also on many other factors including but not limited to the cohort being taught, the community in which the teaching occurs and the country that the teaching is occurring in. Most pedagogy and teaching can be categorised into two distinct but broad groups – Progressive and Traditional. This paper will look further into each of these two topics, define them and categorize the pedagogy that is involved. It will discuss the idea that both can be effective and also limiting in their own rights. A personal opinion will be discoursed at the conclusion of the discussion.
John Dewey has played a consistent and powerful role in the debate between Progressive and Traditional teaching or...
...Introduction to the History of Western Architecture
August 26, 2013
Final Written Assignment
Traditional Architecture (Batcheller Mansion)
On our way home from dropping the kids off at the mid-point between Albany and Hilton Head Island my wife and I decided to deviate from driving through the I-95 route we normally take. Making the better choice to travel through the beautiful countryside of Pennsylvania saved us countless hours of never ending traffic. As we rolled through the countryside of the historic state we had to make a couple of stops. At one of the stops we picked up a Pennsylvania vacation guide.
Once home I took a few minutes to browse through the guide. To my delight I found two places I would like to visit the next time we drive through Pennsylvania. One is not what you think. The first place I put on our agenda the next time through the Keystone State is a model train barn with miles of track. As a beginning enthusiast of model railroading I took interest in what the Choo Choo Barn has to offer. The next item on our agenda would have to be Fallingwater (Figure 1) in Mill Run, PA, roughly 60 miles southeast of Pittsburg.
Fallingwater is an architectural marvel designed by Frank Lloyd Wright, arguably America’s most famous architect and as luck would have it is one of the architects mentioned in the module assignment. Wright designed the house for his clients,...
October 7th, 2013
Traditional and Intellectual Methods of Digging
To break away from a tradition is often a means of upholding it. This is the case in “Digging,” a poem written by Irish poet and playwright Seamus Heaney. Through alliteration that subtly alters tone, changes in tense that gently signify a change from real time to memory, imagery that appeals to all the senses, a free form that allows for the manipulation of stanzas, and the tying together of ideas through repetition, Heaney effectively communicates the importance to and influence of tradition on the speaker of the poem. Clearly, the speaker is a man motivated by the wish to maintain the traditional value of hard work that his ancestors displayed and which he admired as a child through the use of his own tool: a pen.
The poem begins with a man, the speaker, preparing to write when he hears his father digging with a spade among the flowerbeds below his window. The sound of the spade reminds him of the digging his father had done when he was younger, and, through a change to the preterite from the present tense, Heaney makes a transition to the memories of the speaker. While still in the present tense, the speaker remarks, “My father, digging. I look down/ Till his straining rump among the flowerbeds/ Bends low” (5-7). The father of the speaker, although older than in the recollections recorded later in the...
...Project Delivery Method
The selection of a project delivery method is likely to be influenced by an array of things including –
Standard/common practices used by the principal i.e. if the delivery method worked well in the past then why change it.
The uniqueness of contracting roles and responsibilities.
The level of documentation available before contracts are entered.
The difficulty of meeting at a contract price.
The lender’s preference (to protect their investment).
After thorough comparisons of various project delivery methods such as the traditionalmethod, design and construct method and in house development method I came to the conclusion the best option would be the traditionalmethod of project delivery.
Traditional project delivery is the most frequently used method for construction projects. Using this method, the owner, designer and contractor are the 3 main parties of the structure. If a project manager/construction manager is involved in the process, the designer may assist the owner in administering the construction contract, including determining project progress for payment reasons.
Reasons for the use of a Traditional project delivery method:
This method has been the standard delivery method for many years...