Ch 1 man accounting - Chapter 1 intro to man...

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Chapter 1 intro to man accounting - Managerial accounting – for managers and ceos to look at, people with higher positions, not stockholders - Planning, controlling, decision making –what who and how (managerial functions) - Cognitive bias –distorted thought processes, affect planning, controlling, and decision making - Controlling: feedback to see if plans are properly executed - Planning: establishing goals, & how to achieve - Budget – detailed plans for the future expressed in quantitative terms - Segment – part of org that managers want to gather cost, revenue, or profit data about - Lean production management – organizes resources around the flow of processes, aka just in time production, fewer defects—produces in response to customer orders - Customer chooses one company bc of customer value propositions (customer intimacy, operational excellence, product leadership) 1. Customer intimacy: choose us we can customize to your liking 2. Product leadership: choose us we offer higher quality products 3. Operational excellence: choose us we can deliver products and services faster, more conveniently and at lower price -
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