Response to Person 1
Hello, nice discussion on ways of managing the business effectively. I agree that for any business to be successful, there should be techniques that apply to today's business environment. I believe that economics is an essential measure for any economic activity. For instance, real wages, investments, and labor productivity have considerable impacts on the success of any business. As a result, an organization needs to focus on exceptional skills and talents to perform specific tasks when it comes to workers. Staff who are experienced play the most significant role in the organization because they enhance creativity and improve productivity. Managers, therefore, need to focus on identifying opportunities for each staff and develop ways of using their skills positively. I support that many organizations tend to fail in measuring economic performance because they mainly generalize many issues. An organization needs to measure the overall success using its assets, liabilities, and general market strengths. For example, the firm needs to take regular stocks as either formal or less formal as a ground for overall economic performance to ensure that it remains on the right track financially to achieve excellent economic results.
Response to Person 2
Hello, well-analyzed discussion about the financial strength of any business. Selecting the right costing tool is indeed essential for any business. I realized that when accountants design organizational performance with excellent costing techniques and procedures, it will offer a detailed road map and help the finance and accounting professionals recognize weaknesses in the company's financial obligations. Also, the company will be in a position to identify loopholes and opportunities. I support your point that managers play a significant role in the company because they understand vision, mission, business goals, as well as objectives. When a company incorporates the latest technologies with the right costing tool, it will be in a position to control systems and focus on consumption as well as the integration of measures and management of the organization. Activity-based costing is undoubtedly the best thing for each organization because, for instance, the company I am currently working in has unique tools that assign the cost of each activity, such as products and service, and the actual consumption. After all the entries, the accounting professionals then will compare indirect and direct costs with conventional costing.
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Response to Person 3
Hello, excellent discussion. I like your analysis of the role of managers and the techniques of identifying maximum productivity for the firm. I concur that economic outcomes need managers to concentrate on the efforts, especially on a small number of products, services, clients, markets, end-users, and distribution channels. I believe that managers play the most significant role in determining the effectiveness of the business because they understand the activities, staff efforts, and other procedures that can produce positive results for the company. I support three giant steps for better financial decision making. For example, there should be a thorough analysis of the opportunities and actual cost of the products. Secondly, the managers should allocate the resources according to the anticipated results. It should include ways and steps of allocation. Lastly, managers should be ready to take the painful stages of identifying the products, staff processes, as well as costing areas that must produce quality business results.
