Strategic management accounting and control process of provision and analysis of management accounting data about a business and

d its competitors for use in developing and monitoring business strategy Characteristics 1. 2. 3. 4. Awareness of competitive conditions Recognition of rivalry of competitors Logically consistent business strategies Focus on the use of accounting data

Importance 1. Help select best choices 2. Freedom to choose industry 3. Assess external information

Time management ones attitude and behavior with regarding to spending his or her time Objectives 1. 2. 3. 4. 5. 6. Develop skills and values Improve effectiveness Avoid or reduce time wasters Handle interruptions Clarify goals Develop decision-making skills

Advantages 1. 2. 3. 4. 5. 6. Self-enhancement Discipline Effectiveness Eliminates time wasters Wise decision-making skills Leads a person with a vision

Disadvantages 1. 2. 3. 4. 5. Relationship breakdown Dishonesty to ones self Planning eats most of the time It makes life too mechanical Affects personal routines

Management by objectives process by which they set organizational goals and one who do their work best is apprised Foundations 1. Goal setting 2. Feedback 3. Participation Advantages 1. 2. 3. 4. 5. 6. Increase employee motivation Competitiveness Reduces conflicts Good planning Identify problems Develop leadership qualities

Disadvantages 1. 2. 3. 4. 5. Failure to give guidelines to goals Inflexibility Managers competition may lead to tug of war Time consuming Failure to teach the philosophy of MBO

Benefits 1. 2. 3. 4. Improvements of managing Clarification of organizational roles Encouragement of personal commitment Development of effective controls

Principles 1. 2. 3. 4. 5. Cascading of organizational goals Specific objectives for each member Participative decision making Explicit time period Performance evaluation and feedback

Objectives must be: 1. Focused on a result 2. Consistent 3. Specific

4. Measurable 5. Related to time 6. Attainable

Management styles 1. 2. 3. 4. Autocratic Democratic Participative Laissez-faire

Autocratic management style manager makes decisions unilaterally and without much regard for subordinates Advantages 1. 2. 3. 4. 5. Instruction is forceful Fast decision No unexpected side track Boost personal morale Implement decided new policy

Disadvantages 1. 2. 3. 4. 5. Staff fell useless No new ideas No team work Delays No initiative

Best for: 1. 2. 3. 4. Military Natural disasters Crisis management Traffic control

Democratic management style manager seeks opinion from staffs before giving instructions Advantages 1. 2. 3. 4. Encourage group decision Look more friendly Value opinion Reduce implementation conflicts

Disadvantages 1. 2. 3. 4. Decision made may not be for the best Time consuming Conflict No enough knowledge between staffs

Best for: 1. 2. 3. 4. 5. 6. New managers Management seeking new ideas Different interest group Election Board meetings Social activities

Participative management style managers seeks participation from members who are going to be affected by a decision Advantages 1. 2. 3. 4. 5. Boost staff morale More ideas Good networking Look friendly Reduce implementation conflicts

Disadvantages 1. Time consuming 2. Staff feel offended if their idea is not implemented 3. Consultation look artificial Best for: 1. Seeking new ideas

2. 3. 4. 5.

Reducing conflict Change of policy Board meetings Election

Laissez Faire managers do not make decision and leave the task to the people they assign to Advantages 1. 2. 3. 4. 5. Maximum delegation Manager has more time for other things Staff has amber chance to develop knowledge Empowered staffs Discover informal leaders

Disadvantages 1. Time consuming 2. Decision contrary to company interest Best for: 1. Sports activities 2. Internal committee election 3. Union affairs