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Discuss the importance of measuring variability for managerial decisions?
Wiki User
∙ 12y ago
discuss the importance of measuring variability for managerial decision making
Wiki User
∙ 12y ago
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Could you use managerial accounting tools to assess the profitability of an organization other than a manufacturing business or are the topics you are learning only related to manufacturing?
Managerial accounting deals with financial information resulting from a company's production process or other internal functions. Where financial accounting focuses on measuring a company's overall financial performance, managerial accounting focuses on individual business functions or processes. College courses typically focus on a few important areas of managerial accounting relating to accounting tools most commonly used by business owners and managers.Cost AllocationsCost allocation refers to the attribution of business costs to the goods and services the company produces. This process can be based variably on job-, process-, production output- or activity-based calculations. Managerial accountants review expenditures relating to materials, labor and overhead, breaking down the data to calculate how much of each resource makes it into each item produced. Many instructors focus on these concepts extensively, since each method usually includes several steps that are technically complex.BudgetsBudgets are an accounting tool that companies use to outline future cash expenditures. Managerial accounting not only focuses on overall company budgets, but also on specific variances relating to the production process. Accountants attempt to trace every budget variance to determine whether variances are favorable or unfavorable. Unfavorable variances are not necessarily bad if the company needs to produce more items to meet demand. Instructors often create exercises in which students complete individual budgets for business processes and compile one company budget from this information.ForecastingForecasting in managerial accounting typically relates to a break-even or cost/volume/profit analysis. Accountants prepare this information to determine how many items a company must sell to pay for business expenditures. This information can also tell owners and managers how many items a company must sell to make a certain level of profit. While other forecast methods may be taught, these are the primary approaches found in managerial accounting. Instructors typically give students basic information and require them to calculate certain sales figures.
How do you improve our understanding of quality?
You can improve your understanding of quality by making a commitment to be more efficient at what you do and measuring the success of that. Mistakes can also be tracked and then improvements can be made.
Should every individual employee in an organization plays a role in controlling work activities?
Control is something that every individual employee plays a role in, particularly in organizations where employees have been empowered. But even in organizations where employees haven't been empowered, these employees play a role in measuring, comparing, and correcting performance. However, managers will still be responsible for establishing the standards, approaches, and guidelines for measuring, comparing, and correcting
What do you think is the main benefit of the Monitoring and Controlling process group?
Continually measuring actual project performance against planned performance lets you know when your project is in danger of not meeting its objectives
Does earned value management measure project performance and progress?
"Yes. Earned value management is very good at measuring project performance. In fact, it can usually accurately predict how good a project will be in the future."
How many surveys will it take to get a minus 3 or plus 3 percent?
It depends on the variability of whatever it is that you are measuring.
What is the difference between repeatability and reproducibility?
Repeatabilityis the variability of the measurements obtained by one person whilemeasuring the same item repeatedly.Reproducibilityis the variability of the measurement system caused bydifferences in operator behavior. Mathematically, it is the variability of the averagevalues obtained by several operators while measuring the same item.
What is the importance of measuring skills?
you use measurement everyday. For example, just regular measuring.
Give the importance of health examination of methods of weighing measuring?
Health examinations that involve methods of weighing and measuring are important for assessing an individual's overall health status, detecting any abnormalities or potential health risks, and monitoring changes in body composition over time. These measurements help healthcare providers make informed decisions about an individual's healthcare, track progress in weight management, and provide personalized recommendations for diet and exercise. Regular health examinations that include weighing and measuring can also help identify conditions such as obesity or malnutrition early on, increasing the chances of successful intervention and treatment.
What are the Need and importance of measuring area?
length times width
What are the importance of measuring devices in your daily activities?
They help you to measure things.
What is the importance of measuring height and weight?
proper growing health rate.
What is the importance of test reliability and validity?
Test reliability ensures consistent results when the test is repeated, indicating the test is reliable and consistent. Test validity ensures that the test measures what it is supposed to measure, providing meaningful results. Both reliability and validity are essential for ensuring the accuracy and effectiveness of a test in assessing the intended construct or concept.
Is the unit of a number have importance in significant figures?
No, the units are independent of the accuracy. If you are measuring volume, how accurate the measurement is (or isn't) will not affect what you are measuring - it will always be volume.
How do you measures variability?
Variables are measured differently depending on what you are measuring. Liquids are measured in mL and distance is measured in metres.There are lots of ways to measure different things so you should be more specific.
What is the importance and use of the vernier caliper?
The accuracy in measuring small distances such as diameter of tiny metallic cylinders.
Importance of scientific instruments?
To aid people in scientific experimentation s and measurements.They are more refined and specialized than other measuring instruments.
