How strategic management process can be approached
What are the various modes that the strategic management process can be approached?
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The strategic management method can be approached in many modes. To gain an insight to how this might be completed, one well-established approach, comprising five steps that are illustrated below:
a) Establish mission and objectives.b) Undertake a position analysis.c) Recognize and assess the strategic options.d) Choose strategic options and formulate the plans.e) Perform, review and control.
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
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Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Common Data Source: All of the programmatic and financial information available for the cost, budgetary, and financial accounting processes. This comprises all financial and much non-financial data, like environmental data, which are
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Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
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