Management information systems

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Management Information Systems Terry DeGroff Burwell, Nebraska Books, Records & Controls Management is… • Planning, organizing, directing, and controlling a business The most important and challenging is control… the process of analyzing, evaluating and interpreting the production and financial performance of a business Information… • Can and does come from many sources Some of the best and most needed information can come from each business’ own financial and production records Systems… • Need to be implemented that allow for only necessary record keeping and effective use of records Summary information from these records should be invaluable in day to day business decisions Management • Planning • Organizing • Directing • Controlling Management Control • The Best Decisions Require the Best Information Uses and Purposes of Financial Records Management Decision Making Income Tax Reporting Credit Acquisition Keys to Successful Record Keeping Keys to Successful Record Keeping • Simple yet Useful Keys to Successful Record Keeping • Excessive detail often ends in Confusion, Frustration, and Failure Financial Analysis Requires • Basic Set of Financial Statements Basic Financial Statements • • • • Balance Sheet Income Statement Statement of Owner Equity Statement of Cash Flows Assets = Liabilities + Equity Equity = Assets - Liabilities Beginning Balance Sheet Assets Liabilities Ending Balance Sheet Assets Equity Liabilities Equity +/- Net Income +/- Valuation Changes - Capital withdrawals + Capital contributions Financial Analysis Requires • Basic Set of Financial Statements • Understanding of how to Analyze and Interpret the Financial Statements Ratio Analysis • Liquidity • Solvency • Profitability • Financial Efficiency • Repayment Capacity Financial Analysis • Objectives – Measure Financial Condition Financial Analysis • Objectives – Measure Financial Condition – Measure Financial Performance Financial Analysis All business owners should have a basic set of financial statements at their disposal and they should know how to analyze and interpret them Profitable Management of the “Extensive” Enterprise • Forage-based cow/calf production has long represented a management paradox Very high investment requirements per dollar of output provides a strong incentive to increase output per head (thereby reducing investment per dollar of output) Unfortunately, this ever-so-tempting objective has been regularly frustrated by the low economic responsiveness to performance enhancing technology In short, it simple has not paid to manage beef cows or perennial grass with the same “intensity” as we with more intensive enterprises like dairy cows, hogs, and row crops Profitable Management of the “Extensive” Enterprise • In extensive enterprises (such as the commercial cow/calf business), we seldom find it profitable to maximize yield per acre or performance per animal Rather than “pouring on the technology”, we must recognize the nature of the brute, live harmoniously with nature, and make a very discriminating use of yield or performance-enhancing technology In brief -we generally have to finesse a profit Profitable Management of the “Extensive” Enterprise • Output maximization may approximate optimal management for intensive enterprises However, optimal management of the extensive enterprise comes closer to input minimization V.E Jacobs, 1984 A Paradox • Farmers believe they benefit from agricultural technology…but they don’t • Consumers don’t believe they benefit…but they Technology is… • Productivity enhancing • Management intensive • Capital intensive • Not scale neutral The End [...]... a very discriminating use of yield or performance-enhancing technology In brief -we generally have to finesse a profit Profitable Management of the “Extensive” Enterprise • Output maximization may approximate optimal management for intensive enterprises However, optimal management of the extensive enterprise comes closer to input minimization V.E Jacobs, 1984 A Paradox • Farmers believe they benefit... All business owners should have a basic set of financial statements at their disposal and they should know how to analyze and interpret them Profitable Management of the “Extensive” Enterprise • Forage-based cow/calf production has long represented a management paradox Very high investment requirements per dollar of output provides a strong incentive to increase output per head (thereby reducing investment... enhancing technology In short, it simple has not paid to manage beef cows or perennial grass with the same “intensity” as we do with more intensive enterprises like dairy cows, hogs, and row crops Profitable Management of the “Extensive” Enterprise • In extensive enterprises (such as the commercial cow/calf business), we seldom find it profitable to maximize yield per acre or performance per animal Rather...Keys to Successful Record Keeping • Meet your Needs, Abilities, & Limitations Keys to Successful Record Keeping • Know your Purpose for Keeping Records Management Income Taxes Banking Accounting Rules • Standards of Communication Accounting Rules • Generally Accepted Accounting Principles – (GAAP) Keys to Successful Record Keeping • Accurately Match Expenses... minimization V.E Jacobs, 1984 A Paradox • Farmers believe they benefit from agricultural technology…but they don’t • Consumers don’t believe they benefit…but they do Technology is… • Productivity enhancing • Management intensive • Capital intensive • Not scale neutral The End
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