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Unformatted text preview: Class 3-Review of Class 2 Organizations are transmutative social entities forming goal-directed structured activity systems Organizations create value through managing their business and information processes At the heart of managing is the decision making involved in planning, executing, controlling and evaluating the business processes Organizations typically have three main types of business processes o Acquisition/ expense/ payment process o Conversion process o Sales/ collection process Information processes include o Recording o Maintaining o Reporting Digression: What is a process? o A time-dependent sequence of steps governed by a rule called a process law. All processes have five common ingredients The entities participating in the process The elements describing the steps in a process The relationship between these elements The lings to other processes The resource characteristics of the elements-Class 3 Accountants specialize in the measurement of business Strategy must come first in the business processes/event...
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- Spring '11