This course emphasizes the use of accounting information to facilitate effective management decisions. Topics include cost determination, cost control and analysis, budgeting, profit-volume analysis and capital investment analysis. This course is not normally offered to 7th or 8th semester students. The theory of the firm is used to analyze production and resource use in agriculture. Resource allocation issues, risk responsive decision-making, and firm strategy on vertical and horizontal integration are studied.
Consumer theory is used to analyze food purchase decision.
How theoretical relationships are quantified and used in the analysis of public policy issues is emphasized. The decision-making role of the operations manager in transforming inputs into desired outputs is the primary focus of this course. The major issues and problems of designing, scheduling, operating, and controlling the production system will be examined. The viewpoint taken in the course is that of the senior financial officer of a business firm. The focus is on the management of cash, accounts receivable, inventory and short and intermediate term liabilities.