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Abstract This paper will identify my top five values and how they are used in business decision making. Examples will be given to explain the personal foundation of the values and justification as to why the corresponding values were place at their respected position on the list. Values Used in Business Decision Making Values have an influence on how we make decisions in our personal and professional lives. It is a difficult task to narrow the list of values to the top five. However, this paper will identify my top five professional values and their influences on my business decision making process. Examples will be given to explain the personal foundation of the values and justification as to why the corresponding values were place at their respected position on the list. In the attempt to narrow the field to the top five values, I researched the definition of values so I could properly identify what my professional values were and their influences. According to Fukukawa, Shafer, and Lee (2007) values are characterized as "the determinants of specific attitudes and behavior" (p. 383). Keeping this in mind, my list became very long. After careful consideration and thought, the field was narrowed down to the following top five professional values: religion/spirituality, family, integrity, loyalty, and personal growth. Value One Religion/Spirituality Religion/spirituality keeps me grounded. I was raised in the church and whenever there are situations that I must address, I turn to religion/spirituality. Knowing decisions I make will affect those around me, some more than others, I try to make the decision that I can live with both in this life and the after life. While working at my present job, I have often been given the task of making a decision that affects the employee. For example, for the pass six months, the company I am currently working for begin reorganization and downsizing. This has placed an enormous amount of stress on the employees, to include myself. Prior to the reorganization and downsizing, the managing consulting firm informed upper management that there is a possibility of this taking place within the next several months. The rumors started at that point. A training consultant that I supervised requested a meeting with me to discuss the rumor. The employee asked if she should take a position that she was offered at another company or stay with this organization and if she stayed with the company could I guarantee her position was safe from downsizing.
Accounting Information: Accounting information can be used by business owners to carry out a financial analysis of the businesses and their operations. The use of this information for such function is attributed to the fact that it usually contains quantitative and qualitative characteristics. While quantitative characteristics are the calculations of financial transactions while qualitative characteristics can be described as the business owner’s apparent significance of financial information
Functions in Business Usually the conversation about philosophy in society is centered on the universal structure of values as part of their lives. Conversely moral philosophy relates to certain ideologies or statutes which are used by societies in determining right or wrong. It is imperative to comprehend there is a difference between “moral philosophies” and “business ethics”. The “moral philosophies” pertain to individual’s values, whereas “business ethics” is centered on groups’ decisions or relate
to assist in data analyzing which are business intelligence (BI) and data visualization. Business intelligence is a technological process enabling users to present the maximum of data in order to make better decisions. Its advantage is to present all sorts of information coming both internal and external sources combined into dashboard that would raise the level of information during the decision making process. Data visualization is a process to assist decision makers in truly consider the importance
Historical cost accounting is the accounting practice that measures a value of an asset on the balance sheet based on its acquisition cost or original cost when it is acquired by the business. For example, a building purchased twenty year ago cost RM 300,000 and is still owned by the business is still reported at RM 300,000 in the balance sheet even though the value of the building had increased. The main principle in historical cost accounting is that the asset should be report at its cost when
Statistics in Business Statistics refers to the use of numerical information in everyday life to calculate facts and figures in limitless circumstances such as, batting averages, market share, and changes in the stock market. In addition, statistics refers to the scientific collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. Statistics involves describing data sets and drawing conclusions based on sampling about the data sets (McClave, Benson & Sincich,
An individual's personal, organizational, and cultural values are the foundation of their personal and professional decision-making cycle. These values form the core of that individual's moral fabric, and his actions and decisions are predicated on those beliefs. Shalom H. Schwartz defined values as "conceptions of the desirable that guide the way social actors (e.g. organizational leaders, policy-makers, individual persons) select actions, evaluate people and events, and explain their actions and
Decision-Making in Global Organizations In today's business environment, there is sustained pressure for companies to maximize productivity in order to be competitive in the marketplace. Many businesses are moving a variety of activities, such as manufacturing and product development, to countries with low labour costs. They are also opening up sales channels in many new markets. The resulting global organizations need to structure themselves, so that they can effectively manage operations across
Decision-Making Models Negotiations and decisions are a part of everyday business. In order to make a successful decision, it is necessary to understand how to make rational and sound decisions. Decisions that are rash, made on snap judgments, and past experiences can prove detrimental to a business. A deficit in basic thinking and decision making is felt at all levels of an organization (Gary, 1997). Decisions can have long term and short term impacts on organizations and their world in which
principles of leadership and management are helps to understand the management style and make the effective decision. An effective decision helps to gain the success of an organization. Lots of way to manage and collect information/question for leadership and management which are describing in the below: 1.1 Explain the importance of defining the objectives, scope and success criteria of the decisions to be taken The objectives can lead a better understanding and take analyzing steps. The scope is working
Managers are in positions of authority, which makes them accountable for any and all ethical conduct throughout the company. With managers being in such high positions, they are held to high standards of ethical behavior. Managers are in charge of making sure employees are made aware of the company’s ethical codes and that they have the opportunity to ask questions to clarify their understanding. As a manager, it is very important that you understand and adhere to the ethical and legal obligations
Decision-making is a process where by managers respond to chances and threats. In this process managers analyze alternatives to deal with chances and threats and finally pass decisions about objectives and strategies. Managerial decision- making relies heavily on the availability of relevant, reliable and timely information. Till now , managers depend on the company’s management information system to obtain relevant, reliable and timely information needed to base decisions. The accounting information
Unit 8 Assignment Introduction Integrity should be used in making decisions in business. Integrity means making decisions based on moral soundness and honesty (Sherman, 2003). Using the eight steps outlined by Sherman (2003), using integrity to make decision will provide seamless integration. Analysis of Situation The situation that will be analyzed is that a business is not in compliance with new zoning laws. The law states that any out building be at least six feet away from property lines. The
information useful for management decisions (planning or control phase). Required: Discuss the statement above and support your opinion/argument with relevant review on the implementation of management accounting practices. Accounting information is the language used by businesses to communicate with interested parties. Each party has its own information requirements. Access to accounting information differs according to the relationship between the business and the interested party. There are
of accounting information by the management of an entity with the aim of making business decisions that would create a competitive edge in the market and control the firm’s activity with the aim of achieving profitability. The aim of this study is to investigate if the application of SMA techniques among small businesses in Nigeria can combat business failures prevalence. The study obtained data from fifty (50) small business owners in Nigeria through a cross-sectional questionnaire survey approach
profitability analysis for the management accountant and for today’s business. Perhaps more than any other information, organizations would like to know the profitability of their product, customers, and any other business segments. Organizations want this information to decide what segments to drop and add value and which to emphasize. This essay will help us to have a firm grasp of the importance of customer profitability analysis in today’s business world. Reason for the choice of Customer Profitability Analysis