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Free «Accounting for Decision Making» Essay Sample

Every individual or organization should have goals set in every activity to achieve the set target. There are methods developed in order to achieve such goals. The set goals and objectives can be both long term and short term, and strategies to meet these goals must be formulated (Managerial accounting: Tools for decision making, n.d). The process through which these goals are selected, set, and achieved is called planning. 

Organizing is the process of developing and setting sub-goals from the set goals in the planning stage as well as delegating duties to individuals or groups within an organization in order to achieve the sub-goals. The process of organizing involves arranging the work schedule in the organization to ensure that there is order in the entire organization. Organizing also ensures that the duty to implement the plans is delegated to specific individuals within the organization (Managerial accounting: Tools for decision making, n.d). Organizing also involves the development of an organizational chart indicating clearly the relationship between the various elements of the organization.

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The process of controlling involves ensuring the results obtained in the actual performance correspond with the initial stage plans. Controlling compares the results with the initial plan (Managerial accounting: Tools for decision making, n.d). Through controlling, performance reports are prepared in sectors such as the cost of the activity. If actual performance deviates from the initial plans, the plans may be changed to fit the circumstances.

The three processes of planning, organizing, and controlling are interlinked and each one of them depends on the other. The process of controlling depends on the way the organization performs the duties. On the other hand, the organization follows the planning process, which sets up the goals and sub-goals, organizes the employees, and assigns them duties. Finally, controlling compares actual performance with the set plans. These plans are developed at the planning stage. It is therefore evident that these three processes are a continuous cycle starting with planning, organizing, and finally controlling.

   

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