by EssayRoyal, Nov. 13, 2019, 5:55 p.m.
CHOOSING THE BEST MEASURE: Suppose you applied to be a waiter or waitress at a local restaurant and asked the manager what a typical dinner shift was like. How might the manager describe the typical size of a party at a table? The mode would be useful, since there are a few repeated values. You might have an occasional table for 20, but, for the most part, parties consist of one to five people. What if you asked for the typical size of a check, so you could estimate your tips? The mode makes no sense, since you would not likely have many repeats, and the mean is easily distorted by that table for 20, but the median tells you that half the time you can expect to earn a certain amount of money in tips. Now suppose you were a real estate agent and you were asked by a client about the "typical" home in a subdivision. Being the astute agent you are, you have gathered the following information on each house in the subdivision: Price, square footage, number of bedrooms, number of bathrooms, and age. What statistic (mean, median, or mode) would you use to describe each aspect of the typical home and why? Try to imagine the type of answers you would be giving your client based on your selections for a subdivision that has 100 homes with a wide variety of sizes and prices.
Statistics is majorly used in the distinction and description of specific items and people. According to Bian (2012), statistics is a mathematical branch that deals with data collection, analysis, organization, interpretation, and presentation. Thus, the subject is popularly used in the hospitality and real estate industries to answer and explain questions to the customers. This paper answers the question of what statistic averages I would use to describe the aspects of a typical home in the real estate industry and why.
As a real estate agent, I would use mean ...
by EssayRoyal, Nov. 12, 2019, 4:37 p.m.
Discuss the five key forces to consider when analyzing an industry. How do these forces impact the balanced scorecard?
Analysis of an industry or market oftenly entails an exploration of the weaknesses, profitability the attractiveness and the intensity of competition in the industry. The Porter's Five Forces Model is oftenly used for the analysis of the above-mentioned factors. The Balanced Scorecard, on the other hand, takes into consideration the learning measures, the customer and learning measures in addition to the financial measures. The balanced scorecard is a performance measurement tool used to pinpoint and improve the various aspects of internal business functions. This paper focuses on Porter's five key ...
by EssayRoyal, Nov. 10, 2019, 1:09 p.m.
“Strategy, plans, and budgets are unrelated to one another.” Do you agree? Explain. Explain how the manager’s choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees.
Business plans, strategies, and budgets are essential elements of organizational success. The three elements are used concurrently and effectively to serve the purpose of the organization. Therefore, the statement that strategies, plans, and budgets are unrelated is disagreeable. This paper intends to explain the reason for disagreeing with the statement. The paper further explains how the manager’s choice of the type of responsibility center affects the behavior of employees.
Lee (2016) noted that a strategy is a plan of action taken by the managers of a company in order to ...
by EssayRoyal, Nov. 9, 2019, 12:02 p.m.
“Companies should focus on financial measures of quality because these are the only measures of quality that can be linked to bottom-line performance.” Do you agree? Explain. How are financial measures and quality related? What other factors should be considered?
Performance measurement is a crucial aspect of any company. For a very long time, companies have used financial measures such as profits and liquidation to assess their success. However, the tradition cost accounting measures provide limited information that can support company quality. Successful measurement of performance in an organization should therefore entail steady measurement of improvements by the customers as well as the results delivered to the shareholders and the stakeholders (Darwish & Potocnik, 2016). In addition to measuring, other measures of performance include defining and understanding the metrics, the ...
by EssayRoyal, Nov. 8, 2019, 11:51 a.m.
“A customer-profitability profile highlights those customers a company should drop to improve profitability.” Do you agree? Explain. Are all customers important? What other options does the organization have instead of “dropping” the customer?
Organizations rank their customers based on their revenue contribution, the frequency of purchases and other factors like creditworthiness. According to Cokins (2015), a customer-profitability profile is a rank used as a management tool to improve customer satisfaction as the operating income. Therefore, it is disagreeable that customer-profitability profile highlights those customers a company should drop to improve profitability. On the contrary, the profile enables the companies to monitor the frequent and loyal customers to make them happy in various ways. For instance, some companies have free usage of luxury hotel ...
by EssayRoyal, Nov. 7, 2019, 3:15 p.m.
The controller of a retail company has just had a $50,000 request to implement an ABC system quickly turned down. A senior VP, in rejecting the request, noted, “Given a choice, I will always prefer a $50,000 investment in improving things a customer sees or experiences, such as our shelves or store layout. How does a customer benefit by our spending $50,000 on a supposedly better accounting system?”. How would you respond to the VP? What value does ABC provide to customers, if any? What are “selling” point that should be noted about the benefits of ABC?
Cost allocation is an important function in any firm. It determines the amount the firm is going to spend in order to deliver the products to the customer. Resources are always scarce. In the case study, the VP suggests that the $50,000 could be used to improve customer experience, the benefits may be instant. However, in the long term, some costs activities may not be clearly identified hence the loss of resources. The use of Activity Based Costing (ABC) system is inevitable as it provides accuracy and efficiency in the ...
by EssayRoyal, Nov. 6, 2019, 1:36 p.m.
Why might an advertising agency use job costing for an advertising campaign by Pepsi, whereas a bank might use process costing to determine the cost of checking account deposits? How are these approaches similar? What importance to these results make to managers?
Job costing refers to an accounting system used to assign the costs of manufacturing to a single commodity or batches of commodities. This system is used only when the commodities produced are suitably different from one another. Due to the substantial variance in produced items, job costing method will generate each item with its own job cost record. This record will contain the direct labor and direct materials essentially utilized in addition to the manufacturing overhead allocated to an individual job. On the other hand, process costing is utilized when ...
by EssayRoyal, Oct. 11, 2019, 6:38 p.m.
As a new controller, reply to this comment by a manager. “As I see it, our accountants may be needed to keep records for shareholders and Uncle Sam, but I don’t want them sticking their noses in my day-to-day operations. I do the best I know how. No bean counter knows enough about my responsibilities to be of any use to me.” Why are accountants valuable to the organization? What responsibilities do managers have in understanding financial information?
Given the knowledge and experience possessed by plant managers, managers may underestimate the importance of accountants in business. However, this does not give managers the ability to despite and undermine the role that accountants play in improving and facilitating business operations. Accountants play a significant role that are reflected in the overall performance of a firm. This paper aims to explain the value of accountants to a firm apart from the usual “bean counting” roles assumed by the general public. The paper will also discuss the manager’s ...