Accounting Using Cost Information as A Strategic Tool
Each part needs to be roughly 250 – 500 words each. Try to make each posting engaging if you can and please follow the CRISP format below. Part 1 Discuss all of the following: • • • Different managerial uses of cost information The meanings and decision making uses of sunk costs, opportunity costs, avoidable costs and relevant costs Experiences you have with these costs, whether it be in your daily personal life or in your professional life Part 2 Discuss all of the following: • • • The flow of costs from raw materials to cost of goods sold (the flow all the way through the production process until they are sold to a customer) in a manufacturing organization. How the cost flows differ in a depending on the type of business (retail organizations, service organizations, and manufacturing organizations). How costs flow in your organization based on your understanding of the material Part 3 Discuss all of the following: • • The advantages and disadvantages to using an ABC system Why an organization might not experience financial improvement after implementing an ABC system with hopes of process improvement and cost reductions Part 4 Discuss the following: • Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work. This work could arise in a manufacturing setting, such as assembling cars or producing chemicals, or in a service setting, such as processing invoices or responding to customer orders and requests. Clearly, the workers would benefit from feedback on the quality (defects, yields) and process times of the work they were doing to suggest where they could make improvements. Identify the role, if any, for sharing financial information with these employees to help them in their efforts to improve quality, productivity, and process times. Be specific about the types of financial information that would be helpful and the specific decisions or actions that could be made better by supplementing physical and operational information with financial information. Part 5 Discuss all of the following: • • Any experience you have with utilizing the balanced scorecard and strategy map Ways in which you may be able to utilize managerial accounting and the balanced scorecard or strategy map in your field Part 6 Discuss all of the following: • • • The key uses of a budget for an organization that you are a part of (manufacturing, service, nonprofit) The ways that budgeting can be extended beyond an organization to your personal life The best approach to making budget cuts across an organization
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