Classify the different operational support systems, managerial support systems, and strategic support systems, and explain how managers can use these systems to make decisions and gain competitive advantages.
What will be an ideal response?
Being able to sort, calculate, analyze, and slice-and-dice information is critical to an organization's success. Without knowing what is occurring throughout the organization, there is no way that managers and executives can make solid decisions to support the business. The different operational, managerial, and strategic support systems include:
Operational: A transaction processing system (TPS) is the basic business system that serves the operational level (analysts) in an organization. The most common example of a TPS is an operational accounting system such as a payroll system or an order-entry system.
Managerial: A decision support system (DSS) models information to support managers and business professionals during the decision-making process.
Strategic: An executive information system (EIS) is a specialized DSS that supports senior level executives within the organization.
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A pay policy line
A. shows the mathematical relationship between the minimum pay and the maximum pay in an organization. B. can seldom provide information on the market pay level for a given job evaluation. C. reflects the pay structure in the market, which always matches rates in the organization. D. requires market-pay-rate data on all jobs in the organization. E. can be generated using a statistical method called regression analysis.
Which of the following activities is not a component of the operating cycle?
a. Payment of employees' wages b. Sale of merchandise c. Purchase of merchandise d. Collection of cash from merchandise sales
Explain the differences between life-cycle product costing and target costing.
What will be an ideal response?
The liability protection that the corporate form of ownership provides for its shareholders is known as ______________________________.
Fill in the blank(s) with the appropriate word(s).