Strategic Paradoxes Of Management Journal -Myassignmenthelp.Com

Question: Discuss About The Strategic Paradoxes Of Management Journal? Answer: Introduction Accounting is regarded as comprehensive and systematic process of recording business financial transactions. This consists of measurement, classification, identification, recording, measurement and communication of financial transactions relating to stakeholders. It is a system of information processing, business activities measurement and making the findings available to decision makers. Accounting information is used by individual such as shareholders and investors for evaluating the effectiveness of their investment. Accounting has been classified into two categories as per financial literature that is management accounting and financial accounting. Management accounting is the branch of accounting that deals with the cost accounting and interpretation of financial statements (Colquitt et al. 2015). Financial accounting on other hand is primarily concerned financial statements preparation. Advantages of accounting: Accounting helps in throwing light on causes and weakness and identifying the deviations from the budgeted plans along with disclosing the level of performance of organization. Accountants of any organization serve important functionary roles that are responsible for playing crucial role in management control process. Business records are maintained in a systematic manner using the accounting system and enable users in making comparison of financial informations over time (Sharma et al. 2014). Importance of information is realized with the help of accounting as it helps in making effective accounting decisions by providing reliable, timely and accurate information. Accounting information helps organization in managing their routine affairs such as managing and operating their book of accounts and making proper investments (Smith 2014). Evaluation of business can be enhanced and such information can be produced as evidence in any legal matter of operations of business. Disadvantages of accounting: Disadvantages of accounting are associated with the estimates, accounting policies, verifiability and professional judgment that are made by organization while treating accounting information. Organization measuring their assets and liabilities at historical costs does not account for changes in fair value over time. This makes accounting information relevance to be subjective and thereby fails to provide accurate information. Resources that do not have any monetary value fail to be accounted in the financial statements and it becomes difficult to assign reasonable value to assets such as goodwill (Eldenburg et al. 2016). Accounting system has a room for errors and fraud as humans do the preparations of financial statements. This would lead to undermining of reliability and credibility of financial statements and leads to creation of predetermined results by deliberately manipulating the financial information. Schedule of Expected Payments to Suppliers: Decision-making is all about fundamentally choosing between available alternative solutions that help in dealing effectively with the business problems. Managerial decision-making is the ongoing process that deals with evaluation of problems by considering alternatives, making choices and hereby coming up with required and needed information. One of the essential points that are required in the process of decision-making is identification of range of potential choices. Making decision is one of the essential aspect and part of management activities. In most of cases while making decisions, managers are faced with to make choice from set of alternatives that will help them in achieving desired results. Managerial decision making consist of organizing, planning, controlling, directing and staffing. In order to meet different possible situations, managers are engaged in preparation of planning alternative plans. Manager selects the most appropriate plan under the business environment in tellectually. Furthermore, issues influencing the outcome of any decisions are incorporated in the qualitative factors. This takes into consideration wide range of facets such as need of considering the influence of decision making on human resources. Cost and benefits of any choice will be explained by the concepts of business outsourcing that might occur in many functional areas. It is certainly possible that certain operational aspects of company such as tech support, data processing and payroll services are outsources by companies. Ana analysis of all relevant benefits and cost should be used in the process of outsourcing decisions and it would be required by organization to make study between buy alternative and make alternative. In making decisions about outsourcing, companies are required to carefully consider qualitative issues. While outsourcing, issues such as production scheduling and quality control is placed in hand of their party. For business to deliver quality products on timely basis, financial health of suppliers should be monitored carefully. Other qualitative issues that can be faced by organization might be related to language barriers, politically unstable environment and other significant disruptions. Quanti tative decisions are based on statistical analysis and making use of algorithm for making quantitative decisions (Klenke 2016). This lead to in depth evaluation of information that takes into account all the possible factors affecting managerial decisions. Quantitative factors are the numeral basis for making decisions that has a considerable impact on decision making of stakeholders and company as a whole (Rezaei 2015). Decisions that are eventually taken by managers of an organization may be based on balance between perceived effects of qualitative and quantitative criteria (Kerzner and Kerzner 2017). Nevertheless, it might be difficult to measure and assess the difficulties of qualitative decisions. The combination of different methods that is qualitative and quantitative factors is considered as best choice for arriving at any managerial decisions (Otley 2016). It is so because it helps in balancing the limitations of each method while allowing for triangulation and complementarities. Nonetheless, qualitative decisions are considered as subjective in nature as it takes into account many other associated factors along with numerical statistical data. However, there lie challenges in combinations of these qualitative and quantitative factors for ensuring that limitations and conventions of each method are respected. There should not be presentation and quantification of qualitative data into percentage forms and organization should prefer iterative and flexible methodology compared to linear and thereby avoiding complex and elaborative designs (Thamhain 2014). References list: Anderson, D.R., Sweeney, D.J., Williams, T.A., Camm, J.D. and Cochran, J.J., 2018.An Introduction to Management Science: Quantitative Approach. Cengage learning. Colquitt, J.A., Long, D.M., Rodell, J.B. and Halvorsen-Ganepola, M.D., 2015. Adding the in to justice: A qualitative and quantitative investigation of the differential effects of justice rule adherence and violation.Journal of Applied Psychology,100(2), p.278. Eldenburg, L.G., Wolcott, S.K., Chen, L.H. and Cook, G., 2016.Cost management: Measuring, monitoring, and motivating performance. Wiley Global Education. Kaner, S., 2014.Facilitator's guide to participatory decision-making. John Wiley Sons. Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Klenke, K., 2016.Qualitative research in the study of leadership. Emerald Group Publishing Limited. Otley, D., 2016. The contingency theory of management accounting and control: 19802014.Management accounting research,31, pp.45-62. Rezaei, J., 2015. Best-worst multi-criteria decision-making method.Omega,53, pp.49-57. Sharma, R., Mithas, S. and Kankanhalli, A., 2014. Transforming decision-making processes: a research agenda for understanding the impact of business analytics on organisations.European Journal of Information Systems,23(4), pp.433-441. Smith, W.K., 2014. Dynamic decision making: A model of senior leaders managing strategic paradoxes.Academy of Management Journal,57(6), pp.1592-1623. Thamhain, H.J., 2014. Assessing the effectiveness of quantitative and qualitative methods for RD project proposal evaluations.Engineering Management Journal,26(3), pp.3-12. Wangrow, D.B., Schepker, D.J. and Barker III, V.L., 2015. Managerial discretion: An empirical review and focus on future research directions.Journal of Management,41(1), pp.99-135.