ACCT2012 Management Accounting A Complete Notes

1 Found helpful • 77 Pages • Complete Study Notes • Year: Pre-2021 • Previously uploaded under: ACCT2012 - Management Accounting A

Organizational vision • The most far-reaching decision managers make is to identify and shape the organization’s vision • Organizational success increases when employees understand the organizational vision and work collectively to achieve it • To clarify and communicate the vision to employees and other stakeholders, managers sometimes divide the vision into one or more written statements • A vision statement is a theoretical description of what the organization should become • A mission statement is a high-level declaration of the organization’s purpose • A core values statement is a summary of the beliefs that define the organisation’s culture Organisational core competencies • Organisational core competencies are the entity’s strengths relative to competitors • The organisational vision and core competencies are closely related • To create value for stakeholders, an organisation must have strengths relative to competitors. The vision should build on existing and achievable strengths. Of course, these core competencies need to be revisited from time to time as both the internal and external environments change

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