Accounting for Business Decision Making: Strategy Assessment and Control

Start Date: 10/18/2020

Course Type: Common Course

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About Course

Accounting information is the lifeblood of the organization, as it facilitates and influences operational and strategic decisions intended to achieve organizational goals. Organizations benefit from three decision-oriented roles of accounting: measurement, control, and communication. This course provides an introduction to accounting’s role in helping managers develop and implement, and improve the organization’s strategy. In particular, you will learn how non-financial and financial information is created, organized, and communicated to help managers make strategic decisions, as well as measure strategic success. This course also provides an introduction to accounting as a control function inside the organization, which helps influence the alignment of managers’ and employees’ decisions with organizational goals. You will learn about different types of controls, including process controls, budgets, and performance measurement and evaluation tools and techniques. Upon successful completion of this course, you will be able to: • Create and communicate accounting information that facilitates strategic decisions. • Use accounting information to develop, implement, and improve organizational strategy. • Implement controls that align managers’ and employees’ decisions with organizational goals. • Measure and evaluate manager and employee performance to control and motivate operational and strategic decision-making. If you enjoy this business course and are interested in an MBA, consider applying to the iMBA, a flexible, fully-accredited online MBA at an incredibly competitive price offered by the University of Illinois. For more information, please see the Resource page in this course and

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Course Introduction

Accounting for Business Decision Making: Strategy Assessment and Control The course will explore an important aspect of business decision making. It will begin with an overview of critical business decision making criteria and approaches, and will progress to a more in-depth consideration of various aspects of decision making. The course will also focus on the use of attribution in business decision making, including the concepts of conflict of interest, the need to mitigate risk, and attribution in business decision making decisions. The course will focus on decision making when the relevant decisions require an understanding of the decision-making process and the various decision making tools and techniques that are used to make the decision process more efficient. Adopting a critical aspect of business decision making has the potential to improve decision making for the organisation as a whole, but also potentially improve the decision making of individual business decisions. Investing time and effort in an aspect of business decision making that is not critical to the overall decision making process but is critical to the decision making of the individual business decision can have a significant impact on the outcome of the decision making process. This course is designed to help you identify and adopt the critical decision making aspects of business decision making, and to incorporate the relevant aspects of business decision making decisions by business decision making managers. Upon successful completion of this course, you will be able to: • Describe the key elements of business decision making and the elements of business decision making decisions. • Understand the elements of business decision making and the elements of business decision making decisions

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Decision-making Evaluation and analysis of past decisions is complementary to decision-making. See also Mental accounting and Postmortem documentation.
Decision-making Other studies suggest that these national or cross-cultural differences in decision-making exist across entire societies. For example, Maris Martinsons has found that American, Japanese and Chinese business leaders each exhibit a distinctive national style of decision-making.
Collaborative decision-making software Most decision-making and discussion surrounding business processes occurs outside organizational BI platforms, opening a gap between human insight and the business data itself. Business decisions should be made alongside business data to ensure steadfast, fact-based decision-making.
Social decision making Social decision making is a new concept for making business decisions. Studies find that half of all business decisions fail because of poor management and lack of buy in from employees. Due to the population in many countries decreasing, companies are entering a war for talent, and one way they can attract young talents is by finding a more efficient and inclusive way for their business decision making.
Naturalistic decision-making and Control (FM 101-5) includes for the first time a section on intuitive decision making, largely influenced
Accounting management Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision making. This includes the maintenance of bank accounts, developing financial statements, cash flow and financial performance analysis.
Collaborative decision-making software The benefits of the collaborative software starts with Business Intelligence which is also the collaborative decision making (CDM) software. It is typically used to report, analyze, and to provide better and faster fact-based decision making. Web 2.0 is the main platform for the implementation of the collaborative decision making software. Virtual world is also emerging as a platform for collaborative decision making software by conferences and events.
Decision-making During their adolescent years, teens are known for their high-risk behaviors and rash decisions. Recent research has shown that there are differences in cognitive processes between adolescents and adults during decision-making. Researchers have concluded that differences in decision-making are not due to a lack of logic or reasoning, but more due to the immaturity of psychosocial capacities that influence decision-making. Examples of their undeveloped capacities which influence decision-making would be impulse control, emotion regulation, delayed gratification and resistance to peer pressure. In the past, researchers have thought that adolescent behavior was simply due to incompetency regarding decision-making. Currently, researchers have concluded that adults and adolescents are both competent decision-makers, not just adults. However, adolescents' competent decision-making skills decrease when psychosocial capacities become present.
Accounting, Organizations and Society "Accounting, Organizations and Society" focuses on the relationship between accounting and both human behaviour and organizations' structures, processes, social, and political environments. Specific topics covered include the social role of accounting and social accounting; processes influencing innovations in accounting; organizational strategies for designing accounting and information systems; the behaviour of users of accounting information; and cognitive studies of accounting and decision-making.
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Alternatives assessment There is no single protocol that dictates how options should be identified, evaluated, and compared in an alternatives assessment. Rather, a number of different alternatives assessment "frameworks" exist, which serve to structure decision-making and to enable systematic consideration of the key factors. Jacobs and colleagues identify six major components of alternatives assessment: evaluation of hazard, exposure, life cycle impacts, technical feasibility, and economic feasibility; and an overall decision-making strategy.
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Intuition and decision-making Intuitive decision-making can be contrasted with deliberative decision-making, which is based on cognitive factors like beliefs, arguments, and reasons, commonly referred to as one's explicit knowledge. Intuitive decision-making is based on implicit knowledge relayed to the conscious mind at the point of decision through affect or unconscious cognition. Some studies also suggest that intuitive decision-making relies more on the mind's parallel processing functions, while deliberative decision-making relies more on sequential processing.
Decision-making In the 1980s, psychologist Leon Mann and colleagues developed a decision-making process called GOFER, which they taught to adolescents, as summarized in the book "Teaching Decision Making To Adolescents". The process was based on extensive earlier research conducted with psychologist Irving Janis. GOFER is an acronym for five decision-making steps:
Business decision mapping Business decision mapping (BDM) is a technique for making decisions, particularly for the kind of decisions that often need to be made in business. It involves using diagrams to help articulate and work through the decision problem, from initial recognition of the need through to communication of the decision and the thinking behind it.
Intuition and decision-making Traditional literature attributes the role of judgment processes in risk perception and decision-making to cognition rather than emotion. However, more recent studies suggest a link between emotion and cognition as it relates to decision-making in high-risk environments. Studies of decision-making in high-risk environments suggest that individuals who self-identify as intuitive decision-makers tend to make faster decisions that imply greater deviation from risk neutrality than those who prefer the deliberative style. For example, risk-averse intuitive decision-makers will choose to not participate in a dangerous event more quickly than deliberative decision-makers, but will choose not to participate in more instances than their deliberative counterparts.