...Sciences Vol. 1. No. 1. March 2011. Pp. 148 - 164 Significance of Management Accounting Techniques in Decision-making: An Empirical Study on Manufacturing Organizations in Bangladesh Farjana Yeshmin* and Md. Amran Hossan** Management accounting is concerned with gathering and reporting internal financial information to facilitate decision-making process. As management accounting is not required to conform to national accounting standards, it allows business to customize the management accounting techniques as per demand of company. As a process of this customization, some advanced quantitative as well as number of qualitative techniques accompany with the traditional techniques, have been emerged to cater the information need in decision making. This study attempts to measure the significance of management accounting techniques in decision making of the selected manufacturing organizations in Bangladesh. In doing so, a total of 74 manufacturing organizations have been surveyed with a structured questionnaire by using 5 point Likert Scale measurement from different categories of manufacturing organizations. Findings reveal that cash flow statement analysis, ratio analysis, budgetary control, CVP analysis, variance analysis and fund flow analysis have been frequently high-ranking techniques. Secondly, the authors have recognized five factors to calculate the variability in decision-making with the help of rotated component matrix which shows that 75.125 % of the total variability has...
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...Decision making is the process of choosing among alternative courses of action for the purpose of attaining a certain goal. In this paper I am going to scrutinise a number of courses offered in four different disciplines within a business school and identify how these courses relate with decision making. The conclusions are presented in tabular form. IVEY Business School and The University of Pennsylvania were my source of information. There school of Business offers many different courses all of them lying under or comprising of the different disciplines that are found in business school. Some of these include: i. Business, Economics and Public Policy Course Relation to Decision making Focus Computerized support Intro to Business Economics Explores the economics and politics of public policy to provide the student with an analytic framework. Policy issues relating to taxation, social security, low-income assistance. High Financing and Managing Government Covers cost-benefit evaluations which influence decision making. Role of public policy in affecting the efficiency of markets and the distribution of resources in society. High. Economic Analysis of Law Teaches students how to think as an economist about legal rules and evaluate alternative legal rules. Interpretation of legal rules Moderate Behavioural Economics, Markets, and Public Policy Applies insights from psychology to the study of economic phenomena and decision making. How psychology plays out in markets, where...
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...Report on Business Decision Making ( Prity) INTRODUCTION Because of the globalization everyone can do business wherever find profitable place or location, for technological development it become easier and accessible to do business one corner from another corner of the world. Although there is lots or benefits for technological advancement, for operating every business in every place there are some problem also. So for effective business organization should plan for their project. For market research, Abacus Research and Analytics (ARA) a research institute, this institute is going to do a research on consumer behaviors and attitudes towards Food Discount in Retailing by Wm Morrison in Greater London for providing the customer better services. This research will help the organization to take correct and concrete decision for the improvement of customer service for customer satisfaction. Amicus company ltd., Royal company ltd., and . Every company has some problem to operate business although these companies located in good places. These companies want to acquire customer satisfaction by improving customer services. So for better improvement in customer services, Abacus Research and Analytics (ARA) is doing a research for taking correct decision. Abacus Research and Analytics (ARA) collect their information from primary and secondary sources which are authentic as well as accurate, and necessary tools which are relevant to this research used to analysis and calculating data...
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...S(t)imulating Creativity in Decision Making Niamh O Riordan, Philip O’Reilly Business Information Systems, University College Cork. Ireland. niamhmoriordan@yahoo.com | philip.oreilly@ucc.ie The significance of the earliest phase of decision making stems from the fact that decision makers 'frame' problems during this phase. These frames shape all subsequent decision making phases (Beach, 1997), fundamentally conditioning decision making outcomes (Daly et al., 2008). Avenues not considered at this stage are unlikely to be considered in the future (Adam, 2008). Further, decision making is most creative at these stages: there is a great deal of uncertainty at play but there are fewer constraints and there is less at stake. This paper argues that virtual worlds offer a potent combination of social, sensory and simulational capabilities that can stimulate creativity in decision making; and it also reports the findings of an investigation of the behavioural and cognitive aspects of creative decision making in Second Life®. The findings illustrate that Second Life users are faced with a kind of "tyranny of freedom": if anything is possible, where does one start? The answer appears to lie in a kind of "retrospective foresight" whereby decision makers draw upon prior experiences and use analogical reasoning to articulate metaphorical systems of thought. ABSTRACT. KEYWORDS: problem definition; framing; creative decision making; virtual worlds Journal of Décision Systems. Volume x –...
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...Research Methods for Strategic Managers to Aid in Decision Making Abstract [P1] Managers can be trained to make better decisions. They also need a supportive environment where they won’t be unfairly criticised for making wrong decisions and will receive proper support from their colleague and superiors. A climate of criticism and fear stifles risk-taking and creativity; managers will respond by ‘playing it safe’ to minimise the risk of criticism which diminishes the business’ effectiveness in responding to market changes. It may also mean managers spend too much time trying to pass the blame around rather than getting on with running the business. The study is based on all-embracing research to assemble information from a variety of sources such as internet, interview and books. The research was conducting on the decision making in the different economic scenario data was collected and results were evaluated. Introduction [P1] [1.1] Some decisions are difficult because of the need to take into account how other people in the situation will respond to the decision that is taken. The analysis of such social decisions is more often treated under the label of game theory, rather than decision theory, though it involves the same mathematical methods. From the standpoint of game theory most of the problems treated in decision theory are one-player games (or the one player is viewed as playing against an impersonal background situation). In the emerging socio-cognitive engineering...
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...Definition of Marketing Research: Marketing research is defined as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems (and opportunities) in marketing. 1) Identification: Involves defining the marketing research problem (or opportunity) and determining the information that is needed to address it. 2) Collection: Data must be obtained from relevant sources. 3) Analysis: Data are analyzed, interpreted, and inferences are drawn. 4) Dissemination of information: The findings, implications, and recommendations are provided in a format that makes this information actionable and directly useful as an input into decision making. Classifications of marketing research.: 1) Problem identification research: The goal is to identify existing or potential problems not apparent on the surface. Examples include market potential, market share, market characteristics, sales analysis, short-range forecasting, long-range forecasting, and business trends research. 2) Problem solution research: The goal is to solve specific marketing problems such as segmentation, product, pricing promotion, and distribution research. Steps involved in the marketing research process: 1) Problem definition: Defining the marketing research problem to be addressed is the most important step because all other steps will be based on...
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...TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2 2. INTRODUCTION 2 3. METHODOLOGY 3 3.1 Research Objectives 3 3.2 Research Methods 3 3.3 Justifying the Research Methods 4 3.4 The impact of BI on Sensible Solution Ltd 4 4. LITERATURE REVIEW 7 4.1 BI Architecture and components 8 4.2 Enterprise Resource Planning (ERP) 9 4.3 Levels Of Strategy Within An Organisation And Linkage To Bi 11 4.3.1 The Corporate Level Strategy 11 4.3.2 Business-Level Strategy 12 4.3.4 Operational Strategy 13 4.3.5 Bi implementation strategies 14 4.3.5 Balance Scorecard (BSC) 15 5. The Macro Environment of Sensible Solution Ltd 17 5.1 Swot Analysis 17 5.2 Pestle Analysis 18 6. CONCLUSION/RECOMMENDATIONS 19 7. REFERENCES 21 LIST OF FIGURES Figure 1:Linking Sensible Solution Ltd strategy and goals with Business Intelligence 5 Figure 2:Linkage in Organisation & Functional Benefits of Business Intelligence 6 Figure 3:What business intelligence means in practice 7 Figure 4:The Road Map of BPM define the steps that the company needs to follow as a guide to ensure that the I.T Strategic has the same goals as business strategy 9 Figure 5:ERP integration of all departments within organisation 10 Figure 6:The Enterprise Data Model is the Foundation for Linking Strategy and Analytic Capabilities - it Links the Data to the Business Strategy 11 Figure 7:Business Strategy and BI capabilities 12 Figure 8:The layout of Corporate Strategy, Business Strategy and...
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...Managing marketing information by means of IT has become one of the most vital elements of effective marketing. By collecting and sharing marketing information and by using it to promote corporate and brand image, IS offer new ways of improving internal efficiencies of the firm. Information systems allow dynamic marketing communication between personnel in corporate planning, accounting, advertising and sales promotion, product management, channels of distribution and direct sales. Information technology-based marketing information systems (MkIS) have been with us for many years. The importance of computers in marketing was highlighted by Kotler[2]. Traditionally, MkIS has been seen as a system to support marketing management in its decision making. In addition to the management perspective, MkIS can be an essential tool for the entire marketing organization. Some researchers have classified IS in marketing by the tasks for...
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...Analysis of external and internal risks in project early phase Authors: Alquier A.M. Cagno E. Caron F. Leopoulos V. Ridao M.A. Abstract During the early “conceptual” phase of a project life-cycle – considering for instance a competitive bidding process when a request for bidding has been received by an engineering & contracting company and the decision to bid has been made – the main objective of the proposal manager is to achieve an effective trade-off between the bid competitive value on the side of the client expectations and the project baseline in term of time/ cost / performance constraints on the side of the utilisation of the internal resources. Since project final performance depends primarily on risk analysis and management, a “risk driven approach” to Project Management appears to be necessary, particularly during the project early phase when only scarce information is available and contractual obligations are to be taken. In this context, both “internal” risk (e.g. probability of cost overrun) and “external” risk (e.g. probability of winning) must be taken into account. The paper presents the PRIMA (Project RIsk Management - IST-1999-10193) research project aiming at implementing such a “risk driven approach” to Project Management through the development of a Risk Management Corporate Memory and a Decision Support System allowing for collecting, storing, sharing, using company knowledge both in terms of data records and experts knowledge in order to improve...
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...becoming model citizens of society. The authors undertook a qualitative research of West Point, an institution based in the United States of America that focuses mainly on training cadets to be commissioned into the United States Army (Dufresne & Offstien, 2012) . The article presented a background on ethics and highlighted a number of cases involving companies that have been cited for ethical breaches. In developing the background to the research, landmark court cases were cited and the relatedness to the research was presented. Included in the background discussion is a brief summary of West Point. This gives the reader an opportunity to understand the rational for selecting the institution of the research. The primary research question; “to better understand how West Point engages in character development of its students to inform how schools of business may learn from this model” was noted (Dufresne & Offstien, 2012). The methods employed in doing the qualitative research were established. The authors indicated the use of an anthropological and phenomenological orientation. The purpose for using these methods was explained and reference cited. The data collection methods included observation, interviews, and documents as primary data sources and involved an integrative and iterative data analysis using triangulation as well as other methods of data analysis. The authors indicted the research will have elements of a case study, grounded theory and ethnography...
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...67–87 & 2005 JIT Palgrave Macmillan Ltd. All rights reserved 0268-3962/05 $30.00 palgrave-journals.com/jit Research article A critical analysis of decision support systems research David Arnott1, Graham Pervan2 1 2 Monash University, Melbourne, Australia; Curtin University of Technology, Perth, Australia Correspondence: G Pervan, Curtin University of Technology, Perth, Australia. Tel: þ 618-92667390; Fax: þ 618-92663076; E-mail: pervang@cbs.curtin.edu.au Abstract This paper critically analyses the nature and state of decision support systems (DSS) research. To provide context for the analysis, a history of DSS is presented which focuses on the evolution of a number of sub-groupings of research and practice: personal DSS, group support systems, negotiation support systems, intelligent DSS, knowledge management-based DSS, executive information systems/business intelligence, and data warehousing. To understand the state of DSS research an empirical investigation of published DSS research is presented. This investigation is based on the detailed analysis of 1,020 DSS articles published in 14 major journals from 1990 to 2003. The analysis found that DSS publication has been falling steadily since its peak in 1994 and the current publication rate is at early 1990s levels. Other findings include that personal DSS and group support systems dominate research activity and data warehousing is the least published type of DSS. The journal DSS is the major publishing outlet;...
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...Marketing research Marketing research is “the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”[1] It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.[2] Marketing research is often partitioned into two sets of categorical pairs, either by target market: • Consumer marketing research, and • Business-to-business (B2B) marketing research Or, alternatively, by methodological approach: • Qualitative marketing research, and • Quantitative marketing research 1 Role The task of marketing...
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...Organization and Informatics, University of Zagreb, Pavlinska 2, Varazdin, Croatia Abstract –This paper employs combination of SWOT analysis and Analytic Hierarchy Process (AHP) in strategic planning for tourism of small mid-european city Varazdin, which is located in the north west of Croatia. SWOT analysis identifies internal and external factors which are prioritized by expert in tourism domain by means of AHP. The prioritized SWOT factors are used in strategies formulation using TOWS matrix. Results indicate that proactive communication strategy and isolation strategy with effective marketing promotional strategy were the best strategies that could have been implemented. Keywords – SWOT, AHP, strategy formulation. cases in the strategic management process. One of them is the SWOT analysis. This article explains the SWOT analysis, provides the theoretical background and an overview of the application of the SWOT analysis. As some authors have identified weaknesses of the SWOT, analysis is combined with a method for multi-criteria decision analytic hierarchy process (AHP) in order to avoid these disadvantages. Therefore, in the second part of the paper AHP method and SWOT AHP hybrid method are described. Following the basic steps method, SWOT AHP is applied to the example of the city of Varazdin strategic marketing plan definition. 2. SWOT analysis SWOT is an acronym of strength, weakness, opportunities and threats. The first two factors (strengths and weaknesses) are related...
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...Philosophy of Science (All Science, not just social science) During the time of the ancient Greeks—that is, Socrates and Plato, but before them and after them as well, the study of “philosophy” (Greek for “love of wisdom”) began. At that time, philosophy included both the natural and physical sciences as well what we know as philosophy today. The development of philosophy created a tension between philosophy, science, and religion. Remember that Socrates was put to death for allegedly questioning the existence of the official state-worshiped gods. This tension between philosophy, science and religion continued through the 1400’s and 1500’s when the European “Enlightenment” emphasized the concept that both “rational thought” and “science” was separate from religion. Today, they are still generally in tension. Whether these methods of gaining knowledge are consistent or not is constantly debated among scientists, theologians, and philosophers. Science=observation of the physical universe which includes (beginning in the late 1800’s) the study of human behavior using our five senses (sight, hearing, taste, touch, smell); Religion=the study of the “divine” (i.e., god, however a person conceives of that notion, and it’s implications) Philosophy=the study of questions unanswerable by science through the use of “reason” (rational thought) alone. Thus, there are 4 different philosophical views on how humans can obtain knowledge: 1. mysticism/divine revelation—a...
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...Significance and Limitations of Rational Decision-making Managers as Decision-makers The Rational Model Non-rational Models Decision-making Process Types of Managerial Decisions Programmed Decisions Non-programmed Decisions Decision-making Under Certainty, Uncertainty and Risk Management Information System vs Decision Support System The Systems Approach to Decision-making Group Decision-making Forms of Group Decision-making Decision-making Techniques Summary Decision-making describes the process by which a course of action is selected to deal with a specific problem. The success of an organization depends greatly on the decisions of managers. There are two major types of models used by managers to make decisions - (1) rational model and (2) non-rational models. In the rational model, managers engage in rational decision-making processes. At the time of decision-making, they possess as well as understand all the information that is relevant to their decision. In contrast, non-rational models of managerial decision-making suggest that limitations of information-gathering and information-processing make it difficult for managers to make optimal decisions. The three non-rational models of decision-making discussed in the chapter are: satisficing, incremental, and garbage-can models. Any decision-making process contains seven basic steps: (1) identifying the problem; (2) identifying resources and constraints, (3) generating alternative...
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