Question

Managers are responsible for numerous activities including planning, operating, and controlling.

Define these three types of activities and provide at least one example of each.

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2.

Grant Enterprises is considering the introduction of a new product. The marketing and production departments have begun informal discussions about its design, production, and sales. List three examples of accounting information that the marketing and production managers would find useful in their meeting.

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A friend has informed you of a part-time job for which you are well-qualified. It would begin next semester and require working 20 hours a week at a rate of $35 per hour. You would have to commute 2 hours round trip four days a week to work. You have already registered for 18 credit hours (6 classes) next semester, and you have been told that each of the classes is very demanding, requiring projects and extensive study time. If you complete these 18 hours, you will graduate. You are only taking 12 credit hours this semester. You have enough money for tuition ($100 per credit hour) and room and board but would love some extra spending money.

3.

a. Define your problem related to the information above.

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4.

b. What information above would you consider relevant to the decision? Why?

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5.

c. What information above would you consider not relevant to the decision? Why?

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6.

d. What other factors not provided above might be relevant to the decision?

7.

e. What are some possible alternatives?

8.

f. Which alternative would you choose? Why?

Answer 1

1. Planning - It is the first and foremost step about the activities need to be chronologically lined up to achieve the desired objective. Example - Procurement of stock at stores may involve planning about the what needs to be produced, what qty to be produced, what amout of labour would be required, what are the ideal procurement options etc.

Operating - This is process of adminsitration of business activities with the objective of achieving highest level of efficiency. Example - In order to maximize profits companies strive to maximize efficiencies in procurement of material, cheap and productive labour and economies in other input costs.

Controlling - This is the process of management that involves seeking to achieve the planned goals at all levels.Example - A sales team is given a monthly target and the head of sales reviews the achivement at the end of each month.

2. Three examples of accounting information that may be useful in the marketing and production department meeting.

a. Funding options that may be currently available.

b. What is the annual budget available for the spend.

c.Cost benefit analysis inputs based on historical information.

3.a - The problem relates to the choosing the optimal number of credit hours for both semesters such that a balnce is maintained between class hours and part time work.

4 b - The information that I would consider relevant for the decision

(i) Credit hours registered in this semester - Because I would know exactly the number of hours i need to attend.

(ii) Number of hours i need to spend to travel to work place - Because these are hours spent in addition to the 20hrs per week requireement.

(iii)- Amount of effort required to be put to complete the credit hours.

5 c - Information that I may not considered relevant to the decision

(i) - $100/hour, room and board - Because i already have money to defray these expenses.

6 d - Relevant factors not provided would be

(i) Flexibility in choosing credit hours - Because difficult credit hours could be completed this semester.

7 e - Possible Alternatives could be :

(i) - Identify alternative part time jobs.

(ii) - Find options where travel time could be reduced.

8 f - I would prefer the alternative (i) because I might be able to identify a less time demanding and better paying part time job.