ACC 6350 F15 Midterm Exam Study Guide

Chapter 1 – 3 multiple choice questions (all conceptual)
What is strategic management?
  * The development and implementation of a sustainable competitive position.
  * Most important management function.
  * Monitoring of CSF is necessary.
  * Critical to a firm’s success due to global competition and rapidly changing markets.
What is a critical success factor?
  * A measure of those aspects of the firm’s performance that are essential to its competitive advantage and, therefore, to its success.
What constitutes cost management information?
  * It is developed and used to implement the organization’s strategy.   It consists of financial information about costs and revenues and nonfinancial information about customer retention, productivity, quality, and other key success factors for the organization.
  * Cost management information should be used to develop and monitor strategic information.
  * It is used in all four of the management functions (Strategic Management, Planning and Decision Making, Management and Operational Control, and Preparation of Financial Statements) and is important in the pursuit of a firm’s mission and goals.
Chapter 2 – 5 multiple choice questions (all conceptual), 1 problem
What is the relationship between critical success factors and performance measures?
  * Identifying critical processes and developing measures for the CSFs involves a careful study of the firm’s business processes.   The objective at this step is to determine the specific measures that will allow the firm to monitor its progress toward achieving its strategic goals.(pg. 37)
Understand SWOT analysis.
  * A systematic procedure for identifying a firm’s critical success factors: its internal strengths and weakness and its external opportunities and threats. (pg. 36)
  * Identification of CSFs tied to strategy. (PP slide 5)
  * Identification of quantitative measures for the specified CSFs. (PP...