Saturday, October 5, 2019

Reflective journal entry Essay Example | Topics and Well Written Essays - 500 words

Reflective journal entry - Essay Example Goals set competition bases within the organization and in external environments. Missions are set based on the firms goal attainment strategies. A firms mission also acts as a base for attracting customers since it is linked to its activities and products. Controlling, Planning and organizing are tools of management that contribute to most of the internal decisions made by managers and departmental heads. Cost drivers are also tools used in decision-making processes. They include structural, activity and organizational drivers. Structural costs are linked to product delivery and include technologies and scope of operations. Organizational costs are incurred during the relay of information between departments and chain of command. Additionally, they are also involved in the connection between the firm and its external environments such as suppliers and other contractors. Activity costs are incurred while enhancing customer service and catering for their needs. Firms invest in these costs with the aim of customer satisfaction and profit maximization. Ethics is part of the decision-making tools that a firm has to adopt to ensure success. Ethics is linked to the social life of customers and various impacts that the firm has caused to the society. Code of ethics includes various behavioral approaches that a firm exercises with its customers. The chapter has provided in-depth information on the approaches that firms have to follow to ensure success and competency. Decision-making processes in firms are not just made abruptly, but managers have to put different principles into consideration. The tools have covered all principles and sectors that make a business unique. The chapter specializes in cost behavior analysis and estimation and their relation to the performance of the firm. The cost behavior consists of four patterns that include mixed, variable, step and fixed costs. They are

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