Book Description
Hilton/Maher/Selto (HMS) addresses traditional cost concepts, but makes cost accounting functional by focusing on measuring and managing costs. HMS maintains that, "Costs don’t just happen," and with a pro-active approach toward costs, accountants can add value to an organization. The real-world approach of this text, including the use of focus companies and the accompanying focus sites, provides a realistic business environment, and aids in student comprehension and interest in the subject.
Book Description
Provides and integrated, action-oriented roadmap to all the control system tools and techniques that are needed to manage a business effectively.
New accounting techniques including profit wheel analysis, and Strategic profitability analysis. Provides the most comprehensive presentation of the Balances scorecard approach by one of its originators. A carefully integrated structure.
For managers and MBAs who are interested in learning more about Management Control Systems.
Customer Reviews:
Excellent Book, the best book I've ever read.......2007-02-12
The five stars rating is not enough. No need to say more words after all the previous reviews.
Excelent book.......2007-01-11
An excelent help for managing a business. Very practical, proven in real businesses and related with high level strategy
Absolutely Fantastic.......2004-03-02
WITHOUT QUESTION this book is the best practical business text I have ever read. Thank you Robert for unequivocally adding value - in a meaningful and tangible way that can be taken to the market and capitalised on. It's books like this that inspire me to invest (what would otherwise be leisure) time in learning & continuing my education.
The book is clear, concise, comprehensive & practical, and helped wrap together many general strategy concepts into an effective action based set of implementation tools. VERY, VERY HIGHLY RECOMMENDED.
Comprehensive Integration with Strategy, Easy to Implement.......2000-03-10
I rarely get excited about textbooks, but this particular treatment of strategy, balancing leading and lagging indicators with a view of past, present and future, was enlightening. This book should be a "must read" for any mid- or senior- level manager. It shows how to make your decisions more fact-based and less 'art'. With the coming of age of "management of knowledge" this is a great tool to use to improve business processes. Definitely worth every single penny spent - but especially if you are interested in learning tangible methods!
Book Description
Today's competitive environment requires that companies distinguish themselves in the marketplace using factors other than prices. Companies that excel at on-time delivery, short cycle/leadtime, quality, and fast response to the market gain a competitive edge - and have the ability to market based on these features. A proven approach to achieve this is the Theory of Constraints (TOC) production solution known, as drum-buffer-rope scheduling. Just in time (JIT), Total Quality Management (TQM) and other philosophies aim at exploiting these competitive edge factors. However, accounting systems, financial, and incentive measurements continue to be the biggest stumbling blocks to companies wishing to improve their financial performance with these tools. Agreement on the need for a measurement system that encourages local actions in line with bottom line results is common, but solutions have remained elusive. Whether a company is pursuing JIT, TQM, or TOC, cost accounting is the common enemy. Attempts have been made to introduce "new" costing methods such as activity based costing and economic value added, but they have failed to recognize the basic difference between product costing for financial statement purposes and collective management information to make real time decisions. The Measurement Nightmare shows you how to resolve the conflicts and remove the accounting systems, financial, and incentive measurement roadblocks to adopting TOC, thereby gaining improved performance and sustaining competitive advantage. The techniques that the author, leading authority Debra Smith, has implemented and tracked at various companies highlight "the productivity measurement nightmare". Especially important are the day-to-day tools she developed to ensure successful implementation.
Customer Reviews:
Debra Smith.......2006-05-15
Debra knows and applies TOC as well as anyone including Goldratt. This book is still a key part to understanding TOC.
Good book, but stack it with others..........2005-10-21
This is a grate book that explains how measurment indicators might confuse management, and make mistakes that really happen in buissness. In states several measurment indicators based on TOC that help in understanding what should be done in the company.
Very good book, but if you want to learn about TOC, you should stack it with other TOC books.
Great TOC book.......2004-04-12
Debra has done a nice job with this book. I would recommend it to anyone interested in learning more about Theory of Constraints.
Great Material - Difficult Read.......2004-02-24
This is an excellent book if you are serious about TOC. It covers the basic how-to subjects currently in the liturature, and goes into new territory showing how to reconcile Management/Throughput Accounting with GAAP Acounting. Despite the great material I have two complaints: 1) The book is difficult to read due to the small font and wordy style 2) The book fails to recognize the existance of Lean Manufacturing and Six-Sigma tools that could break the dilemia presented about sprint capacity and buffer size. The second issue is one that any experience practitioner of Lean/6-sigma will easily recognise and correct.
Getting to the core of the problem.......2003-05-22
The book focusses on the root problem behind all those dysfunctional metrics around us. It explains very clearly (also for people not trained in financial jargon) how the wrong focus on the wrong metrics in the top of the organization can have impact on the complete organization and may impact negatively the quality of decisions throughout the company.
Very much recommended!
Average customer rating:
- Excellent Book on Activity-Based Pricing
- Activity Based Costing Success Story
- A Must Read for Manufacturers
- Valuable insights into profitable pricing
- Excellent!
|
Pricing for Profitability: Activity-Based Pricing for Competitive Advantage
John L. Daly
Manufacturer: Wiley
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Similar Items:
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The Strategy and Tactics of Pricing: A Guide to Growing More Profitably (4th Edition) (Pie)
-
The Price Advantage (Wiley Finance)
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Pricing on Purpose: Creating and Capturing Value
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Winning the Profit Game: Smarter Pricing, Smarter Branding
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Pricing Strategy: An Interdisciplinary Approach
ASIN: 0471415359 |
Book Description
Three things can happen when establishing a product price. A price set too high is a lost sale that could have been profitable at a lower price. A price set too low is rewarded with unprofitable work. Only when a price is set appropriately does a company make both a sale and a profit. Just as activity-based costing and activity-based management revolutionized the cost accounting world, activity-based pricing will bring a disciplined approach to developing pricing. Activity-based pricing examines the relationships between price, cost and sales volume and how this relationship effects profitability. Pricing for Profitability joins the disciplines of marketing, economics, business strategy, engineering and cost accounting to achieve maximum profitability.
Customer Reviews:
Excellent Book on Activity-Based Pricing.......2006-10-15
John Daly came up with a well written book that is interesting and informative on activity-based pricing. This book complements my knowledge and expertise on activity-based costing and I now know how to develop my prices based on a disciplined methodology for fixing the price.
John Daly avoids the mistake of focusing of maximizing revenue, advocated by some marketing professionals but rather puts the focus where it belongs namely maximizing profitability and ultimately shareholder value.
Any manager with responsibility for pricing will benefit immensely from reading this book.
Activity Based Costing Success Story.......2003-03-26
We have used the concepts outlined in John Daly's book to develop an activity based costing model. In fact, it has proven to be so useful that we are in its third revision. It is has been a critical tool for us to remain profitable during these difficult economic times. I do not know how we got along with out it!
A Must Read for Manufacturers.......2003-01-30
Pricing for Profitability has allowed our company to intelligently quote new projects and answer a critical question during price negotiations - "Should I walk?". We have also found the activity based pricing concepts useful for evaluating the countless cost down requests we get from our customer and understanding what we can and cannot do. I would recommend this book to anyone in a highly competitive, tight margin business.
Valuable insights into profitable pricing.......2003-01-16
John Daly has written an excellent book with important insights into the desirability and mechanics of using Activity Based Pricing to achieve a profit-driven pricing model.
Why is this important?
If you really understand and properly allocate your costs and use that understanding to develop an Activity Based Pricing model for your products and/or services then you are pretty well assured of profitability, particularly as you increase unit volume. Of course, this assumes you can sell at a price higher than your fully loaded, properly allocated costs.
As Mr. Daly clearly describes, traditional cost allocation methods (not to mention back of a napkin allocations) result in problematical cost distortions and lead to potentially serious pricing errors.
Anyone with profit and loss responsibility, or who would like to get there, would be well served to buy this book, read it and take it to heart. It is well written, coherent and was a pleasure to read. Daly has struck an excellent balance in that the book is not so filled with technical accounting/finance detail it is inaccessible to a non-accountant and yet it has sufficient substance to be of interest to accounting and finance specialists.
As investment bankers we receive financing requests from many companies seeking capital that are not profitable or not as profitable as they could be. Activity Based Pricing is one of the disciplines we are introducing to our clients and prospective clients to help them achieve profitability or become more profitable in order to better position them to compete for capital.
Excellent!.......2002-10-25
Mr Daly's writing style is smooth and casual, and the book is loaded with common sense. His discussion of overhead allocation problems certainly makes the point that GAAP accounting practices lead to serious errors in cost accounting.
Full disclosure: I personally prefer an engineering model or standard cost approach, reality-checked with what might be called sampled-ABC: old fashioned time and motion studies.
Average customer rating:
|
Six Sigma for Financial Professionals (Wiley Essentials)
D. H. Stamatis
Manufacturer: Wiley
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ASIN: 0471459518 |
Book Description
Praise for Six Sigma for Financial Professionals
"Dr. Stamatis has tackled an area that is just learning the tremendous value of the Six Sigma methodology and how to use it. The financial community is proving that Six Sigma can and will reduce errors and prevent mistakes from occurring. Dr. Stamatis lays out the formula for success by starting with the foundations of Six Sigma and then moving into its application in financial arenas. He has given numerous examples and references that will assist in developing this methodology into a reality for your organization."
-Roderick A. Munro, PhD
Business Improvement Coach
"A strong and thorough blueprint to follow for companies that are planning to implement Six Sigma. The book helps one understand how to focus on processes, not just projects, to help achieve business transformation."
-Tammy S. Mitchell
Vice President Controller
TRW Automotive
"Dr. Stamatis's approach to Six Sigma is insightful and would benefit readers outside the quality sector and quality professionals alike. The book is refreshing in truthfully identifying Six Sigma as a collection of proven methodologies, not a new 'silver bullet.'"
-William M. Harral, CQA, CQE, CQMgr, CRE, ASQ-Fellow
CEO, Arch Associates LLC
"As a rule, financial executives focus on the bottom line for directions and ultimate decision-making. Dr. Stamatis's manuscript is clearly written, easily followed, and absolutely describes the potential benefits of Six Sigma and the need to incorporate it for long-term survival in any industry."
-William P. Lianos
President and Treasurer
Michigan Rivet Corporation
"Amid the crushing time crunch to compete, effective leaders have found an important tool in the Six Sigma method. Yet the plethora of information in the field often generates a confusing light without generating the necessary heat. Dr. Stamatis has penned an important, coherent, and complete contribution without cheerleading a single-minded approach. If you only have the time for one book to help you plan, prepare, or advance your Six Sigma effort, this is it."
- A. J. Deeds
President
Team Quality Development, Inc.
Download Description
Praise for Six Sigma for Financial Professionals
"Dr. Stamatis has tackled an area that is just learning the tremendous value of the Six Sigma methodology and how to use it. The financial community is proving that Six Sigma can and will reduce errors and prevent mistakes from occurring. Dr. Stamatis lays out the formula for success by starting with the foundations of Six Sigma and then moving into its application in financial arenas. He has given numerous examples and references that will assist in developing this methodology into a reality for your organization."
-Roderick A. Munro, PhD
Business Improvement Coach
"A strong and thorough blueprint to follow for companies that are planning to implement Six Sigma. The book helps one understand how to focus on processes, not just projects, to help achieve business transformation."
-Tammy S. Mitchell
Vice President Controller
TRW Automotive
"Dr. Stamatis's approach to Six Sigma is insightful and would benefit readers outside the quality sector and quality professionals alike. The book is refreshing in truthfully identifying Six Sigma as a collection of proven methodologies, not a new 'silver bullet.'"
-William M. Harral, CQA, CQE, CQMgr, CRE, ASQ-Fellow
CEO, Arch Associates LLC
"As a rule, financial executives focus on the bottom line for directions and ultimate decision-making. Dr. Stamatis's manuscript is clearly written, easily followed, and absolutely describes the potential benefits of Six Sigma and the need to incorporate it for long-term survival in any industry."
-William P. Lianos
President and Treasurer
Michigan Rivet Corporation
"Amid the crushing time crunch to compete, effective leaders have found an important tool in the Six Sigma method. Yet the plethora of information in the field often generates a confusing light without generating the necessary heat.
Book Description
Hilton/Maher/Selto (HMS) addresses traditional cost concepts, but makes cost accounting functional by focusing on measuring and managing costs. HMS maintains that, “Costs don’t just happen,” and with a pro-active approach toward costs, accountants can add value to an organization. Faculty will appreciate the new and more conventional chapter organization in the first two sections of the text. The real-world approach of this text, including the use of focus companies and the new accompanying focus sites, provides a realistic business environment, and aids in student comprehension and interest in the subject.
Book Description
A number of peripheral discussions have been eliminated, particular those for which there was substantial mathematics with little insight to show for it.
* Chapter on measuring cost and benefit advantage have been eliminated.
* Integrates insights from the theory of the firm, industrial organization, and strategy research.
* Contains hundreds of examples to illustrate how the economic principles of strategy apply to the actual business world.
Customer Reviews:
Good for Basics.......2007-07-18
This was the text used in a graduate Economic Strategy course I took. The text provides a decent overview of economic strategy and is only slightly more advanced than what I learned as an undergraduate. The math involved was elementary.
The text attempts to cover a very broad range of topics and does not go into any single topic very deeply. For example, only 3-4 pages are used to cover Game Theory; pricing is another area that's covered at a very high level, with not much at all about price optimization, an area growing in importance in industry.
I did think Porter's Five Forces were covered sufficiently, and the watch-outs of such an approach were reviewed which is important in a class where the students were asked to test many of the topics empirically.
In all, a good text to provide a broad overview of many sub-topics, but don't count on it for a rigorous review.
Cram 101 Econoics of Strategy.......2007-03-25
This is not an especially helpful book since most of us can find definitions on our own. If the advertising material for the book plainly identified the content as mere definitions the book's actual value would be obvious, and actually increased in one sense, since buyers would know it did provide certain definitions of terminology the original text contained. The had no value whatever in terms of increasing one's understanding of the subject of economics however.
Correction --- See review by L. Skoufa........2007-03-10
The reviewer L. Skoufa is correct; there's an error on pages 20-21 of the first printing of this text. We're fixing it in subsequent printings. Sorry for the mistake, and thanks for pointing it out. The paragraph should read as follows:
As discussed earlier, an important cost excluded from a firm's
accounting costs is the opportunity cost of its capital assets, such
as its plant and equipment. When a firm's accounting earnings do not
cover this opportunity cost, the firm will earn a positive accounting
profit but a negative economic profit. For example, in 2002
McDonald's had a positive accounting income of more than $2 billion,
but it had a negative economic profit of $124 million. (Table
P.3. shows McDonald's economic profit, and that for other selected
food and beverage chains, between 1997 and 2004.) What does this
negative $124 million mean? Just as with the owner of our software
firm, a negative accounting profit indicates that McDonald's assets,
when liquidated and deployed elsewhere, would have earned $124 million
more in income for its owners than McDonald's earned in 2002. In this
sense, in 2002 McDonald's "destroyed" $124 million of its owners'
wealth because its owners could have earned $124 million more that
year by deploying the funds they had invested in Starbucks in their
best alternative use. Not all firms, of course, make a negative
economic profit. In 2004, Starbucks earned an accounting profit of
slightly over $390 million and a positive economic profit of $151
million. This positive econoimc profit means Starbucks created $151
million more in income for its owners than its sources would have
created for themselves if they liquidated Starbucks assets and
invested them in their best alternative use. In this sense,
Starbucks "created" an additional $151 million in wealth for its
owners that they could not have gotten elsewhere.
A good update but not 100% correct.......2006-09-12
I teach strategic management to undergraduates at an Australian university and have used the 2nd and 3rd editions of this book in the past three years to supplement the theory from our prescribed texts. It is heavy going in some places for the students but I like the book's rigour. The only criticism I have is that the 4th edition I just received has some minor errors. For example, pages 20-21 in the "Economic Profit versus Acccounting Profit" section has errors in the figures quoted for economic profit for McDonalds and Starbucks. I think this has occured because the 3rd edition figures have been carried over to the 4th edition without a proper proof-reading. Another minor mistake is that Table 10.2 (page 329) should read "Five-Forces Analysis of the Commercial Aciation Industry" and not "Five-Forces Analysis of the Chicago Hospital Market". Sorry to be pedantic but I guess these things can detract from the perceived quality of an otherwise top-quality text. Please note I will be buying your next edition in a couple of years. Cheers from "DownUnder Australia!"
great book.......2006-01-13
Actually, this book is used as a text book in Competitive Strategy courses at U. of Chicago. Kudos to Dr. Besanko for writing such an interesting well-grounded book. Kellogg may not appreciate his writing and use this book and his other book as textbook, however, here at U. of Chicago, we do.
I have enjoyed reading this book and his other book of Economics.
Book Description
In the 1970s and the 1980s, developments in the valuation of capital-investment opportunities based on options pricing revolutionized capital budgeting. Managerial flexibility to adapt and revise future decisions in order to capitalize on favorable future opportunities or to limit losses has proven vital to long-term corporate success in an uncertain and changing marketplace.
In this book Lenos Trigeorgis, who has helped shape the field of real options, brings together a wealth of previously scattered knowledge and research on the new flexibility in corporate resource allocation and in the evaluation of investment alternatives brought about by the shift from static cash-flow approaches to the more dynamic paradigm of real options -- an approach that incorporates decisions on whether to defer, expand, contract, abandon, switch use, or otherwise alter a capital investment.
Comprehensive in scope, Real Options reviews current techniques of capital budgeting and details an approach (based on the pricing of options) that provides a means of quantifying the elusive elements of managerial flexibility in the face of unexpected changes in the market. Also discussed are the strategic value of new technology, project interdependence, and competitive interaction.
The ability to value real options has so dramatically altered the way in which corporate resources are allocated that future textbooks on capital budgeting will bear little resemblance to those of even the recent past. Real Options is a pioneer in this area, coupling a coherent picture of how option theory is used with practical insights in into real-world applications.
Customer Reviews:
Good insight with strong mathematical background.......2004-07-21
This is one of the first few books i reviewed during my recent research on real options. I would rate it as a more advanced text for those who are already familiar with real options and its ensuing mathematical formulation. Honestly it took me a while to figure out some of the maths ! Definitely not for the faint hearted.
By far the best RO book around.......2004-04-15
Trigeorgis provides a rigorous treatment of the concepts that are required to facilitate understanding of RO. In fact, a section in Chapter 2 can serve as a reference for a half-semester course in corporate financial theory. Amram's book is a disappointment. Copeland's book is a good alternative for those that seek a readable introductory RO book. However, the edition that I got had numerous errors (check the book's website for corrections). Once you familiarize yourself with the concepts, upgrade yourself to the level of Trigeorgis.
Good classic on Real Option Theory.......2002-06-23
A classic text on Real Option Theory. In comparison with Mr Copelands Text on Real Options, Trigeorgis has more depths, but Mr Copelands book is easier to read, as Copeland targets practitioners. The chapter on Real Options for the analysis of competetive strategies is worth reading, and much better than Mr Copelands remarks on that topic, but possibly not fully up to date. The future of real options seems to lie in their combination with game theory, CFROI and dynamic oligopolistic markets. Mr Trigeorgis describes that field of research in its baby stage, as the book is 6 years old, but his theories are still much better, than many other books on that topic.
Sound Analysis on Pricing Your Options.......2002-03-20
Real Options is the study of how to value potential business based on the real options they create rather than on discounting a simple stream of (erroneously) forecasted cash flows. Any business venture can be seen as a tangible corollary to a financial option, most commonly the Call or Put Option. For example, when Toyota and Honda build electric-fuel hybrid cars, they are not counting on an immediate stream of cash flows from hybrid car sales. Instead they are establishing a "Real" American Call Option on the ability to go to full hybrid car production ahead of the competition when the market for such vehicles manifests itself. How much they spend on their hybrid car programs is determined by finding the value of this option.
Lenos Trigeorgis shows how this is done. Conceptually, one can follow it well enough, but Lenos is merciless with the math. Still, one can grasp the basic concept by studying this book. A good read on the subject.
A really path-breaking work!.......2002-01-24
It's a very good book, which has changed my way of thinking in
some sense. Real options method is an exciting and challenging
subject in corporate finance.For sure, it deserves more
attention. Thanks for Mr.Trigeorgis'good job.
Customer Reviews:
Easy to grasp and yet informative.......2000-06-19
This textbook ties everything together very well and in a proper sequence which makes it easy for the reader to understand. Graphical approac made the linkage even more easier and understandable. The cases were quite good too and aid students in applying the concept. Certainly a suitable book for anyone who wants to see how management accounting takes place in an organization .
Average customer rating:
- For all who want to approach this in a practical manner
- Not so good for novice
- Cuts to the chase - practical approach
|
Essentials of Balanced Scorecard (Essentials Series)
Mohan Nair
Manufacturer: Wiley
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Similar Items:
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Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results
-
Balanced Scorecard
-
Balanced Scorecard (Instant Manager)
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Balanced Scorecard Diagnostics: Maintaining Maximum Performance
-
Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies
ASIN: 0471569739 |
Book Description
Balanced scorecard is a widely recognised and accepted performance measurement tool that is currently used in thousands of organisations around the world. This book will help to implement the organisations' balanced scorecard strategies into action by defining performance objectives, measures, and targets in four linked and balanced perspectives: Financial, Customer, Internal Process, and Employee Learning and Growth.
* Explains what balanced scorecard is and addresses the challenges and solutions for its implementation.
* Addresses the concerns of the mid to small corporation as well as the emerging business
* Each chapter provides tips and techniques as well as real world examples
Download Description
Balanced scorecard is a widely recognised and accepted performance measurement tool that is currently used in thousands of organisations around the world. This book will help to implement the organisations' balanced scorecard strategies into action by defining performance objectives, measures, and targets in four linked and balanced perspectives: Financial, Customer, Internal Process, and Employee Learning and Growth.
* Explains what balanced scorecard is and addresses the challenges and solutions for its implementation.
* Addresses the concerns of the mid to small corporation as well as the emerging business
* Each chapter provides tips and techniques as well as real world examples
Customer Reviews:
For all who want to approach this in a practical manner.......2007-08-08
I found this book to be one of the best step by step guide for application to focus organization.
It takes technical approach and merges it with organizational thoughts to guide actionable results.
For anyone doing Balanced Scorecard, this is one of the best step by step guide that addresses strategy from the holistic and bottoms up approach.
A must read for senior management.
Not so good for novice.......2006-03-21
Probably the book is good for the experienced, but not so good for beginners like me. Although it addresses the questions like "what BSC is", I failed to get a clear picture of the art, and I'm waiting for some other books on the topic from Amazon.
Anyway, "essentials" are not introduction. To the title of this book, it's especially true.
Cuts to the chase - practical approach.......2004-06-23
I've read a number of BSC books, from Kaplan & Norton's original classic, to later works, and this is one of the very few that goes into practical implementation and management of a balanced scorecard.
What makes this book better than the others I've read is the way the author points out the pitfalls as well as the advantages of implementing and using this tool. He is objective and, more importantly, experienced, which is evidenced by how he places the BSC in context. This context is shown in the gap he uncovers between strategic themes, mission/vision/values, competencies, and purpose, and initiatives, objectives, measures and targets. The BSC fills that gap - if properly done and all of the key factors are understood.
I liked the way this book uncovers subtle key factors, such as the differences between strategy and operational effectiveness (often mistakenly viewed as the same thing), and what you should and should not be measuring. I also liked the way strategic themes were defined as a concept, as well as the use of tool called a paradox map to verify the alignment of tasks to strategy.
The bulk (and value) of this book is the implementation plan, which is governed by six critical success factors necessary to implement a BSC. It is here that the book shines because the implementation is laid out as a project (in fact, one of the six CSFs is to treat the implementation as a project), and is achievable with no non-value added steps.
If you want to gain an objective view of balanced scorecards and their value, and a pragmatic approach to implementing one, this book is the one I recommend.
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Intermediate Accounting
Accounting Information Systems
MP Principles of Auditing and Other Assurance Services with Updated Chapters 5, 6 & 7
Core Concepts of Accounting Information Systems, Ninth Edition
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Schaum's Outline of Financial Management
Schaum's Outline of Cost Accounting, 3rd, Including 185 Solved Problems
