Reaping the benefits of IT
What do you mean by the term reaping the benefits of IT? Explain n brief?
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The impact of information technology or IT on the development of management accounting is difficult to overstate. The capability of computers to process big amounts of information signifies that routine reports can be generated rapidly and accurately.
In reality, certain reports might be generated on a daily or even real-time basis. This can be imperative to businesses operating in a highly competitive atmosphere that risk the loss of competitive benefit from making decisions mainly based on imprecise or out-of-date reports. IT has as well enabled information to be more broadly spread all through the business. Rousingly, via their personal computers, staff at all levels is capable to gain access to relevant reports and information to guide their actions and decisions.
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Write down a short note on the Performance evaluation and control in decision making process?
Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.
Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
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Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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