Question

Create an account ledger outline and plan that has an emphasis on the interpretation of accounting information and the language of financial accounting to participate effectively in activities such as planning, investing, controlling, and managerial decision-making.

Answer 1

Answer:-

Management Decision consists of Planning, Directing, Controlling and Business value

Planning – Planning must occur at all levels. First, it occurs at a high level of setting strategy. It then moves to broad-based thought about how to establish an optimum “position” to maximize the potential for realization of goals. Finally, planning must give thoughtful consideration to financial realities/constraints and anticipated monetary outcomes (budgets). Mainly includes Strategy, positioning , Budgets . First it occurs at the high level of setting strategy . it then moves to broad-based thought about how to established an optimum position to maximize the potential for realization of goals

Strategy – Strategy is important because the resources available to achieve these goals are usually limited. Strategy generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources). A business should invest considerable time and effort in developing a strategy . Strategy divided into three major parts – core value, Mission, and Sustainability.

Positioning mainly involved in Cost / Volume/ Profit Analysis , Global trade and transfer, Branding, Pricing /Sensitivity and Competition

Budget mainly includes –Operating , capital , Financing

Controlling part mainly consist of Monitor, Certificate and reliability, Scoreboard . Monitor includes Standard costs, Variances , Flexible tools, Scoreboard includes- Balance and Improvement

Under Monitoring process – Monitoring is the systematic process of collecting, analyzing and using information to track a programme’s progress toward reaching its objectives and to guide management decisions. Monitoring usually focuses on processes, such as when and where activities occur, who delivers them and how many people or entities they reach. It is an assist in monitoring productive efficiency and cost control

Variance –managers will focus on standard variance an manager should take corrective managers

Managerial decision – Any decision regarding the operations of a firm. These decisions include setting target growth rates, hiring or firing employees, and deciding what products to sell, this decision making will help achieve the goals of the Organization . Leaders should be the decision maker. Before taking decision, a manager makes a decision. Managers should make reliable, comprehensive strategies. This needs a proper strategy – Decision making is one of the most vital management skill because it involves the final execution of a well thought of plan

Program Portfolio Project involves – mix of interrelated , dependent and connected Projects.

Program portfolio Project grouped together – past, present and future – and calculates the optimal prioritization and sequencing of projects to maximise ROI.PPM is generally used by Organizations to identify the potential return on a project. It makes it possible for companies that want to invest in new projects to forecast risks inherent in each and make an informed decision .

The primary objective of PPM is to maximize the benefits a company accrues from the projects it undertakes. Establishing an optimal mix of projects , Project management ensure a company is better placed to achieve its operational and financial goals

The portfolio project manager is integral to successful execution of the Organization strategy