CMA 大小重点概念总结完整版

PlanningPlanning process:defines the objectives and goals, prioritizing how to develop, communicate and carry out accomplishing them.Value chain analysisIdentify the value chain activities, identify the cost driver, and develop a competitive advantage. R&D, design, production, marketing, distribution, customer service1.Set company’s objectives and goals●Prioritize the company’s objectives●Clearly stated in specific terms●Communicated t all individuals that they will impact2.Types:2.1Short-term; long-term2.2Tactical – quantitative, around production, expenditures, inventory;2.3Operation – day-to-day, single-purpose;2.4Strategic – defines the corporate mission, addresses the long-term objectives of the organization and coversperiods greater than one year. Be Directional, rather than operational.2.5Standing-purpose plans: developed for a specific item such as construction and operation plans fall into thiscategory2.6Contingency planning: develops for prepare for possible future events.◆External contingencies: uncontrollable factors that influence the strategic planning process. Like changes inthe competitive environment, regulations, political issues, demographic trends, advances in technology◆I nternal contingencie s: within the control of the organization. Changes in the mission of the organization,objectives, culture and design issuesFulfilling objectivesPolicies: general statement that guides the thinkingProcedures: specific directions about how a particular task or work item should be accomplished;Rules: more detailed and less flexible then procedures.3.Budget:1.Master budget: the culmination and the goal of the budgeting process. It is summarized set of budgeted financial statements, or pro forma financial statementses: put the plans into quantitative form, motivationi.A llocate resourcesii.C ommunicates and authorizes actions and promotes coordinationiii.M easure performanceiv.C ommunicating the goals3.Types: sales budget, production budget, direct labor budget, cost of goods sold budget, the cash budget, operating and financial budgets, capital expenditures budget, master budget, flexible budgeting,✧Zero-based budgeting: the budget is prepared without any reference to, or use of, the current period’s budgetand the likely operating results for the current period.✧Life-cycle budgeting: follows a product through its entire life – from development through its decline.✧Activity-based budgeting: identified, a budgeted level of activity for each of these drivers is determined basedon a budgeted level of production.✧Kaizen budgeting: continuous improvement✧Continuous budget: rolling budget, automatically prepared for a certain period of time ahead of the present.✧Project budgeting: for a specific project, depend upon the length of the projectBudget reports: Establish measure, analyze and compare, investigate, devise and implement, review and revise.MBO:is widely used technique is planning and budgeting and for evaluating performance, it is usually successful at improving performance and achieving organizational objective.Standard costs: Historical data; target costing; strategic decisions; benchmarking: comes from industry information, associations of manufacturers. The best performance can be chosen as the attainable standard.4.Strategic planning process:4.1.Defining the company’s mission by means of its mission statement;4.2.Analyzing the external environment: opportunity and threat- industry, national environment, microenvironment Michael Porter’s five forces model✧The risk of entry by potential competitors;✧The intensity of rivalry among established companies within an industry;✧The bargaining power of buyers and suppliers (like large discount store chains or the ability to raise the pricesof inputs such as materials or direct labor)✧The closeness of substitutes to an industry’4.3.Analyzing internal environment: strengths and weaknesses – efficiency, quality, innovation, and responsivenessto customersDistinctive competencies: differentiation advantage and cost advantage.Superior efficiency, superior quality, superior innovation and superior customer responsivenessProfitability: derived from the value customers place.Utility that the customer gets – costs = created valueUtility that the customer gets – price = Consumer Surplus4.4.SWTO analysis: select the strategies that will do the best to align the company’s resources and capabilities to thedemands of its environment.Functional-level strategy:manufacturing, marketing, materials, management, product development, and customer service.Business-level strategy: cost leadership, differentiation, focusing on a particular marketing niche or segment,a combination of more than one of these. Organizational structure, market structure, geographic structure,matrix structures (vertically by function and horizontally by product), product-team structures Restructure: streamlining its hierarchy of authority and reducing the levels in the hierarchy;Reducing the employees, sometimes it’s done by the change in the business environment Global strategy: about how to expand operations outside the home country.Global standardization, localization, transnational, internationalExporting, licensing, franchising, entering into a joint venture, setting up a wholly owner subsidiaryCorporate-level strategy: consider what business the company should be in so as to maximize its long-run profitability and profit growth. Implement: enter a new industry, joint venture, mergers and acquisitions.Horizontal integration, vertical integration, strategic alliances, strategic outsourcing, diversification4.5.Developing and implementing the chosen strategies:Organizational structure: function, tall vs. flat hierarchies, centralization and decentralization, integrating mechanisms (direct contact, liaison roles, teams)Control systems: monitor how well the firm is using its resources to build its distinctive competencies and its performing, create incentives to keep its employees focused on the important problems;Organizational culture: the top management creates the organizational culture and influences the values and norms that develop in an organization. Heart: values that promote action; business model is focused on its mission; organizational design motivates employees to do their best.5.Manufacturing paradigms:1)JIT: based on a mfg philosophy that combines purchasing, production and inventory control into on function. It reduces the level of inventory, it’s a pull system. It’s reorganized to permit what is known as lean production, where the plant payout is arranged by manufacturing cells that product.2)Kanban: is a simple parts movement system or an inventory used to keep track of inventory and its movement. Production of components is pulled to the production line.3)MRP: an approach that uses computer software to help manage an mfg process.4)Outsourcing: an external company or some of its internal functions. Management can free up resources and focus on the primary operations. Cheaper, specialize, but loses direct control over these function.5)Theory of constraints:Throughput time= the time that elapses between the receipt of a customer order and the shipment of the order Throughput contribution is the rate as which contribution dollars are being earned.Buffer is a minimum level of WIP inventory provided as protection against delays that would delay the drum.Drum is the bottleneck or the constraint, because it provides the “beat” that the entire operation must march to Rope is the schedule for releasing materials to the floor to begin processing, so that they will reach the drum at just the right time.Steps to managing:●Recognize that the bottleneck operation determines throughput contribution the best use of the bottleneck of the system as a whole;●Calculate the best use;●Maximize the flow through the bottleneck by using the drum-buffer-rope system,●Increase the production capabilities●Analyze the systemThroughput contribution= price – totally variable costsCIM CAD FMS CAMTQM: d escribes an approach that is committed to customer satisfaction and continuous improvement of products or services. Enhanced and consistent quality of product; timely and consistent responses to customer needs; elimination of non-value adding work, quick adaptation and flexibility in response to the shifting requirement of customers A company should always strive for improvement in performing its job and producing its product correctly the first time. Features:It’s an organizational action; employees at all levels participate in continuing education and training,People within the organization are also customers,Quality circles – a group of employees work together and discuss and resolve work-related problems,The role of quality management is to every person in the organizationControl chart, histogram, Pareto principle, cause-and-effect diagram or IshikawaMicroeconomicDemand1.Determinants: consumer income, prices of related goods, consumer expectations, consumer tastes and preferences, number of consumers.2.Elasticity= (Q2-Q1)/ [(Q2+Q1)/2]/ (P2-P1)/[(P2+P1)/2] Perfectly inelastic=0; inelastic<1;unitary elasticity=1; elastic>13.Items influence the demand elasticity: luxury or necessity, percentage of consumer income, number of substitutes, time period considered.4.Utility theoryi.The benefit derived by an individual from a product or service.ii.Principle of diminishing marginal utility states that equal increments of additional consumption of a good will result in successive reductions in the incremental utility received by the consumer.iii.Indifference curves: reflect consumers’ preferences; and budget constraints reflect consumers’ real income. 5.Elastic>1 VS. Price increase -> Total revenue decreases6.Cross-elasticity of demand -> Positive=substitute or Negative=complementary goods; 0=unrelated7.Income elasticity: Positive=normal goods; Negative= inferior; 0= no changeSupplyDeterminants: production prices, number of firms, prices of complementary and substitute goods, price expectations, taxes and subsidies, changes in technologyItems influence the price elasticity: cost of storage, production process, timeMarginal resource cost: MRP=MRCMinimizing costs: marginal product of labor/price of labor = marginal product of capital/ price of capitalMaximizing profits: marginal revenue product/price of labor = marginal resource cost/ price of capitalEconomies of scale: when average costs of production tend to decline as firms expand their output. Increase in the size of markets lead to production advantages associated with greater size.Market structure:1.Prefect competition2.Monopolistic competition – water systemWages in monopoly are lower than in competitive markets.3.Oligopoly – restaurants4.Pure and natural monopoly – oil, steel, carsbor unions: its activities may indirectly have a negative effect on nonunion workers: MacroeconomicGDP: the total market value of all final goods and services produced within a country.Inflation:1.Types: cost-push, demand-pull2.Cost of inflation3.Measurement: CPI (general level prices for goods and services rising); WPI (prices in the wholesale level); GDP Deflator (GDP/1+CPI)4.Aggregate demand & supply:✧The aggregate demand curve shows how a change in the overall prices level of goods will change aggregate expenditures on the goods and services produced by an economy. It’s not a market demand curve, and it’s not the sum of all the market demand curves in the economy. It’s all of the expenditures of individual consumers, businesses and governments, as well as the net demand for the economy’s exports.✧The aggregate supply shows how much quantity of output an economy will supply at various price levels in the short run. It includes input prices (wages, land and capital inputs, resource prices); productivity, legal and institutional environment.✧Prices are flexible changing in the long run and sticky (no changing) in the short run.Economic growth: As the rate of change in the GDP✧PPC: the production possibilities curve shows all the possible combinations of output that a country has, holding all existing input variables constant.✧Influence factors: increase in productive resource, increase in the supply of capital, technological advancements, improved education and training, international specialization and trade, demand factors are also necessary for growth. Business cycles - Recovery, peak, recession, troughCauses:Major innovations, major changes in productivity, government creates business cycles by its control of the money supply, fluctuations in real estate values, cyclical changes in the levels of total spending.Money and economyThe supply and the demand for money are key issues in macroeconomics.M2= (currency+ demand deposits +checkable deposits at depository institutions +travelers check) + saving deposits+ small time deposits of less than 100,000 +Money market accounts + money market mutual funds of non-institutional investo rsShort-term demand◆Interest rates: in the short term, the money supply is fixed and the interest rate is the opportunity cost of holding money.◆The level of income: a change in the level of income in an economy will be connected to a change in the GDP.◆The liquidity preference function is the demand curve for money. It explains the inverse relationship between interest rates and the demand for money. If the interest rate is high, people are less likely to hold large amounts of cash.Money multiplier = 1/ excess reserveMonetary policy: Open market operation, Reserves, Discount rateUnemployment and the economy✷Types: frictional, structural (regional, technological), cyclical, seasonal✷Cost of unemployment: economic costs (lost of output that results from those who are unemployed not working), non-economic costs (individual and social degradation, implicit in the loss of income)✷Full employment occurs when cyclical unemployment is zero.✷Natural rate of unemployment= equals the sum of structural and frictional unemployment.✷Inflation vs. unemployment – Phillips curveGovernment and economy1.Demand-side fiscal policy: tax rate, government spendingGovernment transfer payments– income redistribution in the private sectorGovernment consumption – public goods are characterized by services to the public; private goods allow only one individual to benefit from particular goods.2.Supply-side fiscal policy: changes in aggregate supply determine levels of inflation, unemployment, and economic growth. Taxation is a key aspect of supply-side economics.Laffer curve: how people will react to various income tax rates.ernment funding3.1.Debt financing: i ssues the bonds. (Crowding out effect: when the government tries to finance its expendituresthrough the sale of bonds; it’s directly competing against corporations, who are also trying to sell their own bonds) 3.2.Taxes: Lorenz Curve –the relationship between %of income and %of population, 45% line is perfectly equaldistribution of incomes.3.3.Automatic stabilizers are elements in the economy that reduce the economy’s sensitivity to shifts in aggregatedemand. They support aggregate demand when it would be weak, and hold down aggregate demand when it is strong, slow down the speeding economy. Progressive income taxes, corporate taxes and unemployment insurance are automatic stabilizers.3.4.Discretionary fiscal policy is active fiscal policy like changes in government spending and in taxes,nondiscretionary fiscal policy is passive like automatic stabilizers.Macroeconomic theories1.Classicalist – free markets and flexible prices will solve any problems.2.Keynesians–wage flexibility would not provide full employment, GDP would not necessarily provide full employment, there need to be government intervention to ensure the economy functions.3.Monetarist– control of the money supply is more important than fiscal policy, there needs to be slow, constant growth of the money supply4.Supply-siders– free markets, limited government intervention and low tax ratesGlobal business1.MNCs –multinational corporations –large companies that have operations in more than one country, bring efficiencies of scale to large operations, and a more efficient distribution network.2.Trade barriers◆Tariffs are taxes that are designed to reduce the level of imports, by making the imported good more expensive.◆Import quotas set limits on the number of units of different products that can be imported.Embargo - total ban on the import of certain goods in to a country◆Exchange controls– limit foreign trade through the manipulation of exchange rates or limiting the access to foreign currency.◆Export subsidies are payments that the government makes to domestic producers in an attempt to increase exports. “countervailing duties”反倾销税◆Domestic content rules require that a certain minimum percentage of any imported product must be constructed from parts that were manufactured in the importing nation.◆Voluntary export/Import quotas –a voluntary export quota is set by the government of the exporting country as a way to please the requests of the importing country by providing less of the exports to the foreign country.◆Influence: higher price for the domestic producers, increased domestic production, higher price to paid by consumers, total consumption declined, decline in imports, tariff revenue received by the government.parative advantage – cost of producing food 自己/它品；cost of fur costs 它品/自己Absolute advantage – compares the costs of inputs to produce the same product in two or more countries. The country that can produce a particular product more cheaply, meaning more efficiently in that4.Free tradeBenefits4.1.Promote competition and acts as a deterrent to monopolies;4.2.The domestic firms are forced to use the lowest-cost production techniques, increasing the efficiency;4.3.The domestic firms have to be innovative in both their product quality and production methods in orderto compete effectively with foreign firms. The result is economic growth.4.4.Consumers have a wider range of product choices;4.5.Free trade breaks down national animosities.仇恨Disadvantages4.1.Some groups with smaller share of the larger world output will be hurt by trade;4.2.A small country may encourage diversity;4.3.Nations have national defense concerns and thus some industries need to be protected, even thoughthey may be less efficient than foreign competitors;4.4.Unskilled workers’ wages and living standards will tend to decline.Foreign currency1.Exchange rate: direct quote ￥1= $0.1446；indirect quote $1=￥6.82292.Determination: floating, fixed, managed float, gold standard3.Short-term: the forces of supply and demand determine the rate at which two currencies will be exchanged.4.Long-term floating exchange rate:In the long term, the price for a particular good should be the same in any country. It’s called PPP, purchasing power parity theorem. The exchange rates will automatically adjust until the prices for similar goods are the same in all countries. Exchange rate= foreign price level for the good/ domestic price level for the good5.Medium term floating exchange rate: the exchange rate of the currency is determined by the economy within that country relative to the economy in other countries. For example, when the U.S. is experiencing a recession, it spends less on imports and this decreases the demand for foreign currencies.6.Discount– spot rate greater than its forward rate; Premium the spot rate lower than forward rate7.Foreign exchange rate risk management✷Natural hedges; Operational hedges; Currency market hedge; Forward contracts✷International financing hedges – borrow in a foreign currency to offset a net receivables position;✷Currency futures; currency options8.Interest rate parity theorem: Forward exchange rate/ spot exchange rate = 1+ foreign nominal interest rate / 1+ domestic nominal interest rate9.Eurocurrencies are moneys deposited by corporations and national governments in banks away from their home countries. Eurodollars are a type of Eurocurrency in U.S. dollars10.Eurobonds are international bonds that are denominated in a currency that is different from the currency of the currency of the issuer’s home country.11.Direct foreign investment involves investment by a multinational corporation in real assets in foreign countries and managing those assets by the company directly.Benefit of Direct foreign investment:New sources of demand; enter profitable markets; monopolistic advantages; reaction to trade restrictions; international diversification; economies of scale; availability of lower cost foreign factors of production; availability of lower cost foreign raw materials, foreign technology; take advantage of exchange rate movements; offset exchange rate fluctuations; decrease demand fluctuations caused by exchange rate fluctuations; interest rates in another country may be more favorable.12.Benefits of international diversification – reduce a company’s overall risk because of benefits from diversification13.Transfer pricing refers to the prices charged for goods or services that are exchanged between the related units ofa multinational corporation. Varying tax rate s and laws in different countries cause the company to set transfer prices, such that most of the profits are booked in the low tax region.Cost managementStandard cost1.Ideal – attainable only under the best possible conditions2.Practical– challenging to attain, but attainable under normal, expected conditionsMost companies use practical expected standard costs in their standard cost system and in their flexible budgets. Historical – cost involved in the manufacture of a similar product in prior periods3.Target cos t: the target price – required profit margin4.Strategic decisions–if management made a strategic decision to pursue kaizen, it will be set at the most challenging level at all times;5.Benchmarking associations of manufacturers that collect information from their membersSettingActivity analysis– most accurate way of determining standard costs; it’s performed by people from several different areas, including product engineers, industrial engineers, and production workers, management accountants.Procedure1.Establishing DM, DL, OH standards2.Determining the level of activitySupply denominator-levelTheoretical - produces at its absolute most efficient level at all times;Practical– theoretical level reduced by allowances for idle time and downtimeDemand denominator-levelMaster budget capacity utilization– called expected actual capacity, output actually expected during the next budget period based on expected demand.Normal capacity utilization–will be achieved in the long run, taking into account seasonal changes in the business and cyclical changes. Generally useCarrying costs: the costs incurs when it carries inventory (rent and insurance, taxes)Committed cost: have not yet been spent, but have been committed to the companyDiscretionary cost: in the long run they need to be spentEngineered costs: physical relationship to the activity base or measureImputed costs: not really exist, but is needed for use in a decision-making process.Production V.S. Period costs; COGS V.S. COGM; Product cost V.S. Inventorial cost5.ABC5.1A ctivity– a specified purpose; Cost object– be accumulated for managerial purpose; Cost driver – cause cost to be incurred5.2P rocess: Identification of activities;✷Spoilage in process costing– used for defective units that are not transferred to the next process✷Normal spoilage– the spoiled costs are transferred to finished goods✷Abnormal spoilage– in excess of normal level of spoilage – expensed on the income statement◆Shrinkage- loss quantity; Rework– charged to the factory OH account; Waste – unused7.Job-order costing; operation costing; backflush costing system; life-cycle costing8.Service cost allocation: Direct method; Step method; Reciprocal method9.Joint products:Physical-unit methodEstimated net realizable value method10.ByproductInventory the byproduct costs – recognized at production - revenue from byproduct is as a reduction of the main costs Revenue from byproduct – recognized at time of sale, 和正常的产品一样处理。