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MANAGERIAL ACCTG BOOK NOTES CH 1 Managerial acctg- info to managers for se within the organization Financial acctg emphasizes importance of past activities/performance, managerial concerned w decisions affecting future, timeliness, segment performance Segment- part or activity of an organization about which managers would like cose, revenue, or profit data ie product lines, customer groups, territories, departments Financial—GAAP, managerial- does not comply w externally imposed rules 3 vital activities- 1) PLANNING- establishing goals and how to achieve 2) CONTROLLING- gathering feedback to ensure the plan is properly executed 3) DECISION MAKING- selecting course of action from competing alternatives 1)Budget- detailed plan for future expressed in quantitative terms 2) performance report - compares budgeted data to actual data in effort to identify and learn from excellent performance and identify and eliminate sources of unsatisfactory performance Strategy- game plan that enables company to attract customers and distinguish itself from competitors Customer value propositions--- customer intimacy (Nordstrom), operational excellence (google), product leadership (BMW, apple) Enterprise risk management- process that identifies risks in business strategy and develops responses to them Business process- series of steps that are followed in order to carry out some task in a business Value chain-
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