Chat with AI
Cost Management: A Strategic Emphasis 7th Edition by Edward Blocher,David Stout ,Paul Juras,Gary Cokins
Edition 7ISBN: 978-0077733773Cost Management: A Strategic Emphasis 7th Edition by Edward Blocher,David Stout ,Paul Juras,Gary Cokins
Edition 7ISBN: 978-0077733773 Exercise 1
Which is the most important function of management Explain why.
Explanation
Verified
Verified
Basically the management provides cost management information to the chief financial officer (CFO), other managers, and the employees of the organization to use the information for the firm to make more competitive and successful. For that there are four effective management functions are employed to achieve the objective:
-Strategic management
-Planning and the decision making
-Management and operational control
-Preparation of the financial statements
It is true to analysis that for every organization effective strategic management is the key to success and also in order to win over the competitors, due to reason this function of management is very crucial. These are the various reason why strategy management is an important function of the management now a day:
-As the greater pressure of economic recession is one of the major factor which made attention of the management,
-Due to increasing global competitions,
-Continuous up gradation or innovation in the technologies,
-Changes in the businesses processes also one the factor responsible for the importance of strategy management.
-Over and above management must think broad due to more competition and more awareness of the customer towards quality. There is need for the comprehensive strategy for the cost management.
-It is most significant function of the management in which programs are development in such a way to win the policy and planning of the competitors in the effective manner and help to continuous successes.
-Under this action plans are made and implement in order to raise the success rate over the competitors.
-Basically, strategies involves any changes in the product service and also any changes requires in the operating processes as per customer demand need strategy management.
-Due to e-commerce, due to change in the speed of market there is need for new management strategy.
-Management also make strategy regarding product life cycle when to add product in the market and when to remove product from the market.
Under the Strategic management flexibility is important and due to the above reason strategy management is significant role in making the dynamic planning in the changing environment.
-Strategic management
-Planning and the decision making
-Management and operational control
-Preparation of the financial statements
It is true to analysis that for every organization effective strategic management is the key to success and also in order to win over the competitors, due to reason this function of management is very crucial. These are the various reason why strategy management is an important function of the management now a day:
-As the greater pressure of economic recession is one of the major factor which made attention of the management,
-Due to increasing global competitions,
-Continuous up gradation or innovation in the technologies,
-Changes in the businesses processes also one the factor responsible for the importance of strategy management.
-Over and above management must think broad due to more competition and more awareness of the customer towards quality. There is need for the comprehensive strategy for the cost management.
-It is most significant function of the management in which programs are development in such a way to win the policy and planning of the competitors in the effective manner and help to continuous successes.
-Under this action plans are made and implement in order to raise the success rate over the competitors.
-Basically, strategies involves any changes in the product service and also any changes requires in the operating processes as per customer demand need strategy management.
-Due to e-commerce, due to change in the speed of market there is need for new management strategy.
-Management also make strategy regarding product life cycle when to add product in the market and when to remove product from the market.
Under the Strategic management flexibility is important and due to the above reason strategy management is significant role in making the dynamic planning in the changing environment.
Cost Management: A Strategic Emphasis 7th Edition by Edward Blocher,David Stout ,Paul Juras,Gary Cokins
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
