What is Informal Reporting? (Definition, Explanation, Example, Purpose, and More)

Performance Management

Business reports provide users or readers with useful information. There are various types of reports that businesses may prepare. Usually, these reports have a proper structure and are long in size. However, these are formal reports. Formal reports, as the name...

What is a Managerial Report? Definition, Purpose, and Key Points to include

Managerial Accounting, Performance Management

Companies and businesses prepare various types of reports. These include both external and internal documents prepared for informed decision-making and other purposes. Of these, the most prevalent external reports include the financial statements. These statements...

What Does ‘Management by Exception’ Mean? How Does It Work?

Managerial Accounting, Performance Management

Management is a very significant function in any business organization. All the departments of a business entity will collapse if there is no systematic managerial approach. Therefore, managers at different scales are very crucial to the success of every department...

What is Lean Management Information System? And How Does It Work

Performance Management

Overview The principles of lean management systems urge the efficient use of resources, minimizing waste, and continuous improvements. As the principles suggest, lean management is not a one-time process. It is an iterative process that seeks perfection and continues...

The Bottleneck In Production – What Is It and How to Deal With It?

Managerial Accounting, Performance Management

The bottleneck in production is some scarce resource that reduces the production capacity of the whole chain. The bottleneck needs to be efficiently managed to ensure profit maximization and enhanced business efficiency. It’s called a bottleneck because the neck...

Activities Based Management (Example and Implementation)

Performance Management

Definition: Activities Based Management is used to describe the cost management applications of Activities Based Costing. Activities Based Management views the business as linked activities that ultimately add value to the customers. It focuses on managing the...