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Cost Management: Measuring, Monitoring, And Motivating Performance, 2nd Edition Lecture Notes

With Cost Management: Measuring, Monitoring, And Motivating Performance, 2nd Edition Lecture Notes, you�ll have everything you need from class lectures, including explanations, key points, and study tips.

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Chapter 1: The Role of Accounting InformationinEthicalManagement DecisionMakingChapter OverviewThis chapter lays a foundation for several topics that are pervasive throughout the textbook.Students are not likely to fully understand this material at the beginning of the course; theirunderstanding should improve as the course progresses.The chapter introduces a framework for management decision making (Exhibit 1.1) that helpsstudents understand the role of cost accounting in measuring, monitoring, and motivatingperformance. It will also help them in future chapters understand why and how factors such asprofessionalcompetencies and strategies affect managers’ decisions. The framework is formallyreviewed and expanded upon in Chapter 17withtheintroduction of the balanced scorecard.A unique aspect of this text is its focus on uncertainties, biases, and quality of information. Thischapter explains why business decisions are often made under a “cloud of uncertainty.” Manystudents in the course have little understanding of business uncertainty or how it affects thequality of decisions; they tend to believe that “good” managers should always be capable ofmaking the “right” decision. In other words, they do not understand that true uncertainty existsor that it varies across settings. Chapter 1 also introduces manager bias and discusses howinformation can be used in a distorted way. The concepts of uncertainty and bias are thencombined into a discussion of information and decision quality. It is very difficult for moststudents to understand that some informationis ofhigher quality than other information and howinformation quality affects the quality of decisions. Therefore, these topics are introduced in thefirst chapter and are emphasized throughout the text.Chapter 1 introduces relevant versus irrelevant cash flows for decision making. This topic iscentral to the course and is addressed repeatedly in future chapters.Steps for Better Thinking, a decision-making model, is introducedin Appendix 1B. It is notnecessary for professors to focus on this model when they teach the course; its use is optional.A framework for ethical decision making is introduced and illustrated. The framework isdesigned to help students address ethical scenarios that do not have simplistic, “correct”solutions. Instead, students are asked to address ambiguities, conflicts of interests, and valuejudgments. All chapters in the text include an ethical dilemma(Focus on Ethical Decision-Making)and one or more ethicaldecision-makinghomework problems.

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Cost Management: Measuring, Monitor...

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