Assignment # 1
1-2 Pick any major television network and describe some planning and controlling
activities that its managers would engage in.
We can take company XYZ as an example, as we know planning for any organization includes
defining goals and developing strategies to achieve those goals. Some planning activities in
which company XYZ can involve itself would be determining who is their target audience? What
are the preferences of their target audience? And then deciding what sort of shows they should
arrange? And at which time they schedule their shows? How much money they should allot to
each show and much more. While controlling activities of XYZ company could include
determining that either ratings of their shows are meeting with the competitors shows or not, or
are they missing any show which their competitor is providing to their audience but they are not
providing, or either they over allocated budget to one project and not to the other one.
1-4 Why is Managerial accounting relevant to the business majors and their future
careers?
No doubt business majors are quite different from Managerial accounting but still Managerial
accounting is relevant to all of these because all of these have to go through the same processes
of planning, controlling and making decisions. For instance Marketing Managers have to plan
which advertising campaign they should start for a particular product and with control they need
to check that either that campaign is working or not and in last they make a lot of decisions such
as whether they should continue particular campaign or not or if they are continuing it then for
how much time they are going to continue.
1-5 Why is Managerial accounting relevant to the accounting majors and their
future careers?
It is relevant to the accounting majors and their future as Institute of Managerial Accounting
estimates that 80% of accountants work in non-public work environments where they need to
improve their organizational performance by using planning, controlling and decision making
skills which are key pillars of Managerial Accounting.
1-7 Pick any large company and describe its strategy using the framework in
chapter.
BMW is a large company which is using Product Leadership strategy which has inspired people
around the world by its fascinating products and services for individual mobility. This company
is successfully growing because of its product leadership in its market.
1-8 Why do companies that implement Lean Production tend to have minimal
inventories?
Such companies produce goods or services just in time to satisfy their customer needs, and make
units when customer put order for them, which results in lower inventory levels for these
companies.