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Cost Management: Measuring, Monitoring, and Motivating Performance (Management Accounting)
Leslie G. Eldenburg , and
Susan K. Wolcott
Manufacturer: Wiley
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Binding: Hardcover
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ASIN: 0471205494 |
Book Description
Cost Management" was written in response to changes in the global business environment. Unbridled access to information and intense competition has meant that cost accounting has become an increasingly important tool for managers and accountants alike. Most textbooks focus on content knowledge and then expect students to 'magically' demonstrate skills such as decision-making and critical thinking. "Cost Management" better prepares students for professional success by bridging the gaps between Knowledge, Skills and Abilities. Many students fail to recognize the assumptions, limitations, behavioral implications and qualitative factors that influence managerial decision-making. The dynamic, new author team focuses on cost accounting methods, techniques and the quality of cost accounting information used for decision-making to deliver a thoroughly modern treatment of cost accounting topics.
Book Description
The dramatic changes in the financial services industry have had a great effect on profitability, forcing financial institutions to change their management focus. Increased competitive pressures, tightening interest rates spreads and declining deposits balances have made goals even more difficult to achieve. The Financial Services Industries Consulting Practices at Ernst & Young LLP have developed this perfect guide to help readers reach those increasingly difficult goals. This reliable source of guidance has insight on asset/liability management, branch profitability and complete bank-wide performance program. It looks at all aspects of profitability, including hands-on approaches to: profitability philosophies and structures; balance sheet, revenue and expense components: transfer pricing of funds; planning and budgeting; performance measurements.
Customer Reviews:
Excellent, both on banking and project management aspects.......1998-12-03
This is the only book that covers all of the aspects of performance management in banking : 1. the analysis of performance measurement is very good even though, the coverage of financial data is overweight with respect to the rest of the book 2. the project approach is excellent and the various "pitfalls" described are so true that the people that wrote it necessarily had a good project experience, only problem is that the system architectures described did not evolve with the new edition (the word "data warehouse" is evoked once or twice) 3. As usual with this type of books, the "using the information" chapters are a bit a dry, even thought some interesting ideas are described regarding "customer information" In summary, a must read for any person trying to implement a performance indicators or Balanced Scorecard systm in its bank ("financial institutions" in the title is actually retail or commercial banking) PS : I am not an E & Y employee ... so this is not an advertising review
Book Description
No matter what industry your company competes in, you need to have a firm understanding of how to create a direct link between shareholder value and critical business processes in order to improve performance and achieve long-term value. Performance Dashboards and Analysis for Value Creation contains the information and expertise you need to do just this—and much more.
Customer Reviews:
How to link and then drive both performance and value.......2007-04-27
All vehicles have dashboards and those manufactured in recent years have dashboards with gauges which measure more than engine temperature, miles driven, available fuel, etc. Those within the dashboard in my wife's Honda Pilot, for example, measure tire pressure, the temperature outside, and the current percentage of oil efficiency. It also has a built-in compass. I thought about all this as I recently read Wayne Eckerson's Performance Dashboards and Jack Alexander's Performance Dashboards and Analysis for Value Creation. If viewed as vehicles, all organizations need means by which to measure, accurately, performance at all levels and in all areas of operation. Burn rate is analogous with consumption of fuel, as are the costs of replacing customers and valued employees analogous with the costs of repairs necessitated by neglect of scheduled (preventive) vehicle maintenance. Comparisons can also be made in terms of alignment and torque. The performance of organizations as well as of vehicles can be measured accurately; only then is it possible to minimize or, better yet, eliminate waste of available resources.
In Performance Dashboards and Analysis for Value Creation, Alexander does a brilliant job of introducing and then explaining what he calls the "Value Performance Framework" (VPF) which will enable those who execute it effectively to link and then drive both performance and value. Within his crisp and eloquent narrative, he focuses on performance dashboards and Excel models which are included in a companion CD-ROM. They are identified in the book with a CD-RM logo. As Alexander explains, the dashboards and spreadsheets are intended as working examples for use after appropriate modification to each reader's own circumstances (i.e. resources, needs, and objectives). I hasten to add that the VPF can be of substantial value to any organization, whatever its size and nature may be.
After discussing "the single greatest challenge in creating an effective measurement system" in Chapter 1, Alexander carefully organizes his material as follows:
Part One (Chapters 2-4): Creating Context and Covering the Basics
Excerpt: "Typically, more can be learned by understanding why firms differ on key [valuation] measures than by selecting a peer group that shares common characteristics. A much richer picture is framed by comparing [and contrasting] your firm to market averages and several best-practice companies in addition to a peer group. Further, the use of a broad set of [valuation] measures, with appropriate benchmarks, would help to avoid the level of valuation errors that were made in the recent stock market bubble." (Page 58)
Part Two (Chapters 5-10): Linking Performance and Value
Excerpt: "There are hundreds of potential measures to choose from to measure different aspects of operating effectiveness. Great care must be exercised in selecting the measures that are most appropriate to a firm at a specific point in time. The performance dashboards must reflect key business priorities. The measures should be evaluated periodically and revised to reflect ever-changing priorities and conditions. It is also critical to provide balance to ensure that a focus on efficiency is not achieved at the expense of quality, customer satisfaction, or growth." (Page 142)
Part Three (Chapters 11-13): Driving Performance and Value
Excerpt: "The single most important factor for achieving success with a [Performance Measurement Framework] is to create context for the measurement system. This is achieved by creating linkage among strategy, performance management, process and quality initiatives, financial performance, and shareholder value. It is also critical to integrate and link operating measures to financial measures and then to shareholder value measures. The time spent in establishing this linkage will improve understanding and ultimately the effectiveness of the framework." (Page 232)
Those who share my high regard for this brilliant book are urged to check out the aforementioned Performance Dashboards written by Wayne Eckerson as well as Joseph Bower and Clark Gilbert's From Resource Allocation to Strategy, Jeanne Ross's Enterprise Architecture as Strategy, Henry Chesbrough's Open Business Models, Dean Spitzer's Transforming Performance Measurement, and Ram Charan's Know-How.
Great for Small Businesses too!.......2007-04-12
As a CPA in Public Practice, I found that the "Value Performance Framework" laid out in Alexander's book very adaptable to the small business perspective. It's a very good read and I often refer back to it during my small business engagements.
A must read for public company functional managers.......2007-04-03
Public Company CFO - I have made this a must read for each of my direct reports. This book takes what many have made overly complex and turns it into a real tool to use within the company in driving improved performance. Logically outlines the concepts in terms that are easily understood by both finance and non finance managers. The use of detailed examples, defining key terms and providing working/tailorable templates enables the reader to accelerate real value creation. For a public company it is a valuable enabler for the finance team and it allows functional managers to see the connections between their actions and building value for our shareholders
Great workbook for every management level.......2007-02-05
I've used this book repeatedly since I purchased it a couple of months ago. It is both an excellent reference source and, more importantly, a mechanism for action for all managers that contribute to a company's performance.
The dashboard concept provides easily understood and asimilated performance data for every level of management. The book provides a step by step approach that if implemented corporate wide, must increase awareness and forms the platform for sustained value creation.
The spreadsheet examples on the attached disk are easy to customize to your own situation and take all the pain out of getting started.
Great Book for the Mid-Level Manager.......2007-02-01
I am a mid level manager in a Fortune 500 company. I found Jack's book to be an excellent resource for understanding Value Creation and how to quantify Value Creation to non-finance people within the organization. Jack does a great job of explaining the concepts in an easy-to-read style. It's a "must read" for lower and mid level managers in today's business environment.
Book Description
The annual budgeting process is a trap. Pressured by fixed targets and performance incentives, managers focus on making the numbers instead of making a difference, meeting set goals instead of maximizing potential. With their compensation at stake, managers often resort to deceitful-even unethical-behavior. In the end, everybody loses-the employee, the company, and ultimately the customer.
Now, finance experts Jeremy Hope and Robin Fraser reveal the results of an intensive study aimed at fixing the broken budgeting process. They argue that companies must abandon traditional budgeting contracts in favor of a radical new model that links performance measurement to evolving competitive benchmarks-and shifts the firm's focus from controlling employee behavior to delivering customer value.
The Beyond Budgeting model is built on the best practices of companies that have successfully revised their centralized planning and budgeting processes. It combines a leadership vision that devolves more authority to operating managers and a finance vision that enables fast decision making through appropriate tools and accessible information. Through vivid examples, Hope and Fraser illustrate how companies can implement these shared visions-and the long-term benefits that accrue from embracing them.
Offering a compelling case for breaking free from the budgeting trap, this book paves the way toward making organizations better places to work for, invest in, and do business with.
Customer Reviews:
Must read for corporate managers.......2007-08-20
It's time to review some standard practices in all corporations. Most haven't come out of industrial age views on how to manage and run organizations. Today's risk and opportunity environment needs some fresh thoughts and views on how to solve common problems and improve standard processes. This book takes a new approach on one of the most damaging and least critized processes - read it.
How to avoid or escape from "the annual performance trap".......2006-11-17
Given what Hope and Fraser perceive to be an obsolete core management model driven by the annual budgeting process, they offer an alternative to that model. It is based on "the decision-making needs of front-line managers [as well as] a coherent set of alternative processes that support relative targets and rewards, continuous planning, resources on demand, dynamic cross-company coordination, and a rich array of multilevel controls." In Part I, they explain how to break free from the annual "performance trap" and how this trap is sprung whenever managers are pressured to meet fixed targets by fixed dates. They provide an overview of two opportunities to think and act "beyond budgeting." In Part II, they examine the first opportunity and explain how a number of organizations have used beyond budgeting principles to implement more adaptive processes. Then in Part III, they examine the second opportunity and explain how and why abandoning the traditional (and ineffective) budgeting process can help to achieve what they characterize as "radical decentralization." In the last Part, Hope and Fraser examine how and why the adaptive and decentralized organization (as opposed to one with a traditional budgeting process) "meets the vision of business leaders in the 21st century."
Of special interest to me is what Hope and Fraser have to say about the differences between the fixed performance contract (FPC) and the relative improvement contract (RIC). For example, here are two of the six cited:
In terms of targets,
FPC: "Your [sales/profit] target is fixed at [$]"
RIC: "We trust you to maximize your profit potential to continuously improve against the agreed-upon benchmarked KPIs [key performance indicators] and to remain in the top [quartile] of your peer group."
In terms of resources,
FPC: "The agreed resources to support the capital and operating budgets are set out in the attached budget statements."
RIC: "You trust us to provide the resources you need when you need them. We trust you to keep within agreed KPI boundaries."
Note the references to "trust." Hope and Fraser insist (and I wholly agree) that there must be mutual trust between and among everyone involved when making a commitment to beyond budgeting principles. It is important to emphasize that Hope and Fraser did not write this book solely for CFOs. On the contrary, what they propose requires that all senior-level executives in a given organization understand and actively support the beyond budgeting principles. Although CFOs and heads of HR have responsibility for the implementation of strategy, more often than not, they are not centrally involved in the formulation of strategy. That is a serious mistake. Beyond budgeting initiatives will succeed only if a CFO can be trusted to make prudent and effective use of resources provided, and only if she or he trusts the given organization to make sufficient provision of them.
Otherwise....
Excelent real life cases.......2004-07-01
This book does capture the findings from the work of Beyond Budgeting Roundtable in a excellent way. The cases in the book are real and are brilliant proofs of the fact that it is possible to run even a large corporation with out traditional budget models. I'm really looking forward to the follow up.
Good Book on Relatively New Topic.......2003-12-30
As a business consultant with many years experience in budgeting, I found this a very useful overview of a relatively new topic in finance. The authors clearly show the limitations of the traditional budgeting process and present a comprehensive alternative.
However, while the book brings many examples from real companies, many of the ideas still seem a little conceptual and difficult to imagine how they would actually work in practise.
This book will certainly interest anyone seriously involved in budgeting.
Book Description
Successful methodology for identifying earnings-related reporting indiscretions
Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices.
Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices.
Download Description
"Successful methodology for identifying earnings-related reporting indiscretions
Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices.
Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices."
Customer Reviews:
The best book on the subject.......2007-10-01
I was a student of Dr. Mulford during my MBA, and I can say that the book is as great as his class. He definitvely was one of the best professors I ever had.
We are used to see in many valuation books to take Free Cash Flow as a given; therefore not understanding the real implication of FCF manipulation in enterprise value.
This book explains how the FCF can be calculated and what are the usual "tricks" that companies do in order to show better (or worse?) results. And that is what is all about: building financial criteria for managers in order to make the best decisions.
The best: meaty, well-written and thorough.......2007-08-23
This is not your typical accounting/finance book (i.e., unclear, unfocused and boring). Creative Cash Flow Reporting is the best and most important accounting/finance book I've read in many years. The authors are certainly focused on the right area (determining sustainable cash flow from operations). The interesting nuances of cash flow reporting are laid out in simple terms (e.g., debt funding and repayments are reported with Financing cash flows, but the related interest expense is reported with Operating cash flows). The authors also go beyond the numbers to provide good background re: a number of strategic alternatives (e.g., why one might enter into a sale/leaseback transaction). There are many other reasons to recommend the book.
In summary, this book is a "must have" for accountants and financial analysts, and I would strongly recommend for CEOs, COOs, corporate and securities attorneys, and corporate middle managers.
Nothing new in here.......2006-12-13
this book serves more as a dictionary of cash flow related items rather than offering any prescription for active monitoring of cash flow related mischief.
save your time and money.
Groundbreaking book.......2006-03-18
Mulford and Comiskey have delivered a tour de force for the financial and accounting community in this book. Whether you are a financial analyst, corporate accountant, auditor or an executive with a small or large firm, you absolutely will benefit from this book. It is one of the most important books of the last 20 years, and in my opinion, it is the finest book ever written on the concepts and methods of deciphering Operating Cash Flow, it's relationship to earnings, calibrating and measuring free cash flow, as well as the mechanics and drivers (and sometimes deliberate manipulation by unscrupulous management) within the business system that can lead to distortions in the Cash Flow statement.
What about earnings supported by artificial means? What are the core drivers of cash flows? What should our view be, vis a vis the Operating Cash flows, regarding non recurring charges and depreciation? Are capital expenditures really as cut and dry as we like to think they are, under GAAP? How does it impact our cash flows, in the real world? How is it sometimes manipulated, to distort the underlying cash flow realities?
If you are a financial or accounting professional, read this book. Read it twice. Read it three times. An absolutely extraordinary book. Well written, insightfull, never boring, always intriguing with unique content. The authors have such an extraordinary grasp of accounting and financial flows, and bring such groundbreaking concepts and ideas to the field, that you won't put this book down, and there are not many accounting or finance books we can say that about !! "Creative Cash Flow" by Mulford and Comiskey is absolutely a virtuoso performance. Amongst, and compared to, the entire literature that exists in the field of accounting and financial analysis, this book is an extraordinary achievement.
Simply the best book on the subject........2005-09-04
Messers Mulford and Comiskey have released a primer on what has lately become a messy subject. Unlike other books with a focus on cash--Hackel's book, for example--this one delves a little bit deeper into the subject of financial misreporting. The reader is given a synopsis of how companies say that their cash is operating, whereas it ought to be put under financing or investing cash flow. There is a multitude of similarly constructed arguments. The examples are lucid, apropos, and contemporary. The book also has a deterministic model for calculating CFFO. Read it.
Book Description
The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.
Customer Reviews:
Good book for real estate practitioners and lay investors who are interested in REITs.......2006-05-05
This book is the most authoritative analysis and synthesis of modern scholarly research on different complicated issues surrounding REITs. No currently available books can examine this investment vehicle as comprehensive and organised as this one.
This book consists of 12 chapters that provide readers with full understanding on how to manage and invest in REITs. Chan et al suggest that REIT stocks are different from real estate investment because investors should judge the value of a REIT stock not only by the assets it holds but also by its organisational structure (traditional vs UPREITs), management style (externally advised vs internally advised REITs), and growth strategy (diversification vs focus). They conclude that equity and mortgage REITs remain an attractive long-term investment vehicles because of their high dividend-payout ratios that generate a more stable income stream when the overall stock market is down and interest rates are low. However, investors should avoid purchasing stocks in the IPO market because the initial-day return of REIT IPOs is far lower than non-REIT stocks. In other words, REIT stocks seldom perform well in the short run.
Chan et al also suggest that REITs with significant investment from institutional investors and adoption of a focused investment strategy will offer more potential opportunities for investors to earn above-average profits. However, they do not recommend investors to buy captive REIT stocks because the sponsor-shareholder conflict will lower the value of the REIT.
This book has its limitation because it was published in 2003. The REIT concept has been becoming very hot in overseas real estate markets, particularly in Europe and Asia. For instance, US REIT players such as GE Capital, ABM, Morgan Stanley, and Goldman Sachs have undertaken active property investments in Japan, China, and Hong Kong. I highly recommend Chan et al to add 1 or 2 chapters on investment strategy in emerging markets and the laws and regulations that circumscribe activities in these markets to their next edition.
Book Description
A new perspective on risk management
Risk management has evolved to address the more strategic issue of optimization of return on risk. This has been accompanied by statistical, mathematical, and financial techniques which-when actively applied-can aid an institution in producing disproportionately high returns on risk. Adding Value Through Risk Management aims to describe these techniques, illustrate their application, and discuss their strategic value for financial institutions.
David Belmont is Director of Group Risk Control for Nexgen Financial Solutions Group (NFS).
Customer Reviews:
Very timely. Thoughtful presentation.......2005-05-03
This book is a gem - very timely and well-thought out. David Belmont obviously has a lot of experience in this area, but also has put in a lot of thought-leadership into this book. He traces the Basel II accord to its roots in M&M economics, and convincingly argues why bank risk management is a critical function. He then traces a thread from risk management to capital management and shows why and how banks can make use of Basel implementations to achieve a high degree of control and positioning of their operations.
The only knock on this book is that I found several typos and simple editing errors - it is clear that deadlines won over editorial quality. Hopefully the next edition will be cleared up in this regard - nevertheless I highly recommend this book.
Risk management as an asset, not a cost.......2004-05-01
This is a book that every bank board member should read. Sure, any board member worth his/her salt will be familiar with Basel II and risk measures such as VaR, but how many think of Basel II as a cost or imposition, and VaR as just another piece of information? Mr Belmont's easy to follow approach should allow readers to examine the way in which they can differentiate their own institution by using the investment in regulatory risk management to create, rather than just protect,shareholder value.
Thankfully, Mr Belmont strikes a good balance between theory and reality, both in his explanantion of market behaviour and in the presentation of his arguments. This is a book that the "mathematically challenged" like me can still enjoy and benfit from.
Timely and useful for bankers contemplating BIS 2.......2004-04-14
Even without the incentives provided by the upcoming Basel 2 guidelines, this book is timely and convincingly puts forth the proposition that active risk management is in itself a valuable component in the creation of shareholder value. Returns on investment in more sophisticated tools for risk quantification will be enhanced when the information is not only used for performance measurement, but also for such shareholder value-added activities such as capital allocation and balance sheet structuring.
I recommend this book for all practitioners of risk management.
Practical Application.......2004-03-22
Belmont has done an exceptional job at communicating the importance and practical application of risk measures for today's business environment. The book offers the reader a thorough assessment of what banking executives face everyday and how best to manage these risk and regain the control necessary for any banking executive to grow its business without putting into jeopardy the best interest of its shareholders, which in no small measure is a testament to Belmont's clear understanding of the challenges faced by most executives and the demands they face in terms of managing near term performance goals with long term stability.
Essential Reading for Risk Managers Implementing BIS 2.......2004-03-17
Given the dual pressures banks face from regulators and investors to address the challenges of Basle 2 and create shareholder value, this book is highly relevant and timely. It provides practical, concise and real world guidance to any senior bank executive seeking to add value in his institution by optimizing the usage of economic capital. Economic capital based performance measures are clearly presented and illustrated with real life examples. Additionally, anyone implementing Basle 2 must ask how this can be done and what value it creates for the organization. This book provides the answers.
The book quickly gives a real world context the value of risk management information to bank CEOs, CFOs, institutional security analysts, and investors. It then goes on to demonstrate theoretically and practically how risk management information can be used to address key strategic decisions faced by senior bank management.
Any risk manager, CFO, or CEO in a financial institution should find this book valuable if they seek to create shareholder value in their institution. Similarly, anyone seeking to rise to the executive suite must understand the issues addressed in this well written book.
Book Description
Designed for both undergraduate and graduate students, this popular study guide25,000 copies were bought of the first edition! covers everything from financial analysis and forecasting, planning and budgeting to leverage and capital structure, mergers and acquisitions and multinational business finance. This closest-thing-to-a-personal-tutor includes many problems with fully worked out solutions and a comprehensive exam. It's ideal for independent study, as preparation for CMA and CFA exams and for professional review.
Customer Reviews:
Effective reminder ... Efficient reference.......2007-01-07
I recommend this text to financial professionals I teach ... VERY helpful to clear the cobwebs several years after college!
Good Study Material but Some Sloppy Errors.......2005-03-11
I read this book to supplement my CFA curriculum studies. Compared to other Schaum's books, Financial Management by Shim and Siegel merits a rating of between 3 and 3 1/2.
Four chapters covering topics of Risk Return & Valuation, Capital Budgeting, Capital Budgeting Under Risk, and Cost of Capital were excellent. Other chapters were also well written. The problem sets solidified concepts and were a pleasure to work through.
The authors present the material in a straight forward and easy to understand manner. They provide numerous examples of how to apply the concepts which are truly beneficial.
My main complaint is that there are dozens of errors throughout the book, which indicate sloppy proofreading. This can potentially frustrate readers new to the field of financial management. Calculation errors (!), misapplication of formulas (Do vs. D1) and mislabeling of charts (time lines / cash flows) were particularly frustrating and can be confusing.
I welcome the authors to contact me if they plan to release an updated edition (this book copyrighted 1998). I'll be glad to share with them the errors (at least I think they are!) I found.
It would also have been nice if the authors utilized financial calculators for some of the TVM (time value of money) applications and indicated the keystrokes. A break-out box showing the steps on a Texas Instrument BA-II or HP12-C (two popular financial calculators) would be helpful.
In sum, Financial Management is a very readable book. It is comprehensive, practical, and provides a good depth of discussion without getting too theoretical. Just watch out for the silly mistakes.
great resource.......2004-11-03
I don't know what that reader below is saying.?? This book was very helpful to me when I used this for a finance class. It's great because it has quizzes/exams, definitions, key terms, a useful index, many many sample problems, and formulas in bold. When you are a busy person and are using this as a refresher, or in conjunction w/ a textbook, it's very helpful to have this paperback workbook to go through for a quick reference.
I've referred to it many times while reading through my textbook, doing homework problems, or studying for a test.
Love the schaum's series - this one in particular has been very useful to me.
Financial Management y Schaum's.......2003-07-21
This work is a good supplement to the class text. It has hundreds
of solved problems depicted. In addition, the Schaum's covers
international financial management problems which are not always
found in the standard texts. This is a good practice
workbook to reinforce the current text and class notes.
Complex cash flow problems, present value and return on investment problems are shown with accompanying diagrams to aid
in the visual presentation. This text is excellent in order to
prepare for formal licensing exams and other comprehensive
tests .
lack of knowledge.......2003-05-27
just open the first sample page. you see that the author does not even understand what profit maximization, as defined by economists, is. i would be careful if i were you.
Book Description
Notable changes occurring in the global marketplace since the publication of the first three editions of this book (1982, 1987, and 1993) have included e-commerce and widespread use of the Internet, growth of supply chain management, a continued explosion of computer and information technology worldwide, development of 24-hour markets with many organizations operating worldwide, and a continued corporate emphasis on quality and customer satisfaction. Trade agreements such as North America Free Trade Agreement (NAFTA), European Union, ASEAN and Mercosur have enabled corporations to implement regional, if not entirely global, logistics strategies. The fourth edition of Strategic Logistics Management has been significantly expanded to reflect these and the many other changes that have occurred, as well as to include state-of-the-art logistics information and technology. The basic tenets of the previous editions have been retained, but new material has been added to make the book more managerial, integrative, and "cutting edge." Strategic Logistics Management is still the only text that takes a marketing orientation and views the subject from a customer satisfaction perspective. While emphasizing the marketing aspects of logistics, it integrates all of the functional areas of the business as well as incorporating logistics into supply chain management. This book has been extensively revised and updated in the areas of technology, global coverage, and transportation. This book features brand new chapters on Supply Chain Management (Ch 2) and Measuring and Selling the Value of Logistics (Ch 17).
Customer Reviews:
Fourth Edition Selected for Graduate Course.......2002-03-12
I reviewed six different texts in preparing for a graduate level course in International Logistics at Baruch College before deciding on Stock and Lambert's Fourth Edition. This text combines currency, and breadth and depth in a way that is most relevant to the manner in which I wish to conduct the class. It provides a useful and usable reference to the students after the course is completed. Furthermore, the related web site has been very helpful in utilizing this text. I will complement the text for certain modules (i.e., E-Commerce, Culture Change, Logistics as a Career). One always needs, no matter who the author, to provide relevant current material from other sources. A big thanks goes to Stock and Lambert for this text.
Excellent Logistics Textbook.......2002-02-13
I have used this book as the primary text for my Supply Chain Management class at the College of New Jersey. My students are Junior and Senior undergraduate level students in the School of Business. The book provided excellent coverage of all major aspects of the logistics discipline.
I believe that the book would also be appropriate at the graduate school level. There are excellent case studies that can be expanded into worthwhile class discussions or projects.
The supplemental material for instructors is very helpful in preparing for lectures.
Useful concepts, but outdated in nature.......2000-07-30
I used this textbook for a recent college course. I was very disappointed because the book was published in 1992 when the computer was a novel concept "for the future of logistics management". If you can get by this "minor" point, there are other good points to be learned in warehousing and inventory managment that are useful. In short: A good reference book.
Only good as a reference book.......1999-10-04
This is not so much a text book for students, but rather a cook book for consultants. I found it boring to read and very superficial. But, as a reference guide in your professional carrier, it is probably quite useful.
This is definitely for the mathematically minded logistician.......1998-10-18
This book focusses on each and every aspect of Logistics management starting from generating an order for a product/commodity right through the manufacturing process, waehousing, inventory management, transportation and customer service. It goes into a little more detail when it comes to inventory management incorporating some basic mathematics and algorithms. It explains each and every step of the logistics "supply chain" process with great detail and finesse. This book can almost (not entirely) replace a swag of other logistics books within its genre. A perfect text for any logistics/industrial engineering curriculum.
Book Description
Practical examples of all important concepts and procedures enrich this clear, logical, and popular guide to financial accounting. This new edition updates material about cash flows and accounting rules and includes new information about accounting software, payroll accounting and federal income taxes. The hundreds of problems with step-by-step solutions prepare students for success with everyday practice and with the CPA exam. Typical exam questions with answers help students measure their comprehension and progress.
Customer Reviews:
Straight and to the point.......2006-07-27
Most texts I've read on Accounting (from my father's extensive library) are long on explanation and short on worked examples. The Schaum series on Accounting is just the opposite. No need to wade through a ton of explanation. A short explanation is followed by worked examples and numerous test questions followed by the answers, fully worked. I'm just starting out in accounting, and sometimes the concepts didn't really gel with me. But by doing the test questions, and in particular being able to check the results and supplied workings, I found that I learnt the principles much more quickly than I would have otherwise, and was able to retain the understanding.
I borrowed this book from my local library, but then I decided it was a perfect reference book to own.
And I bought almost the entire set of the Schaum's accounting series on the strength of my experience with this learning approach.
An excellent book - an excellent series.
Well Organized Material.......2005-11-23
Schaum's Financial Accounting is a well-written book which augmented my accounting studies.
I especially like the way the table of content is organized. The first three chapters provide an introduction to financial accounting, financial statements and the process of analyzing and recording transactions.
The next three chapters spend time on adjusting and closing entries and then on trial balance worksheets (both for service-oriented and merchandise-oriented businesses). This sets the stage for examining all major aspects of the balance sheet, which chapters 7 through 12 cover.
Following Schaums Outlines typical format, this book presents material in an easy-to-understand manner and then offers the reader with opportunities to solidify their understanding of course material through "Solved Problems" and chapter-end questions.
Shim and Siegel do a fine job of keeping material concise while discussing all major topical points.
They conclude their book with chapters covering partnerships, financial statement analysis, statement of cash flows and multinational operations.
This book merits a 3 1/2 star rating. You might consider Schaums Principles of Accounting I and II for a more thorough examination of the same topical material. However, if you wish to buy just "one book" to augment your studies, "Financial Management" would be a fine choice.
Schaum's Financial Accounting 2 Ed. .......2005-10-14
I am an accounting student. I love this book! I have bought all the Schaum's books related to Accounting. If I had to choose just one book, it would be this one. I get lost trying to follow our textbook. I open this puppy up and it has everything. I'm able to follow the explanations and examples without any problem. Trust me! You will not be disappointed. I was very impressed by how fast my books got to me. I had books coming to me within 2 days. In less than one week's time, I had all 7 books. It really is worth it. :-)
Good Investment.......2000-09-28
I bought this book to complement a senior level financial accounting course that I took. The book is concise, provides plenty of examples, and helps to solidify theories & actual practices of financial accounting. There are plenty of exercises to go through to help solidify your practical understanding of the material. I found that it was particulary useful to help me review & brush up before my tests in my financial accounting course. Overall a good investment.
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