COST ACCOUNTING
COST ACCOUNTING
LATEST Edition
ISBN: 9781323440834
Author: Horngren
Publisher: Pearson Custom Publishing
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Textbook Question
Chapter 12, Problem 12.1Q

Define strategy.

Expert Solution & Answer
Check Mark
To determine

To explain: Strategy.

Explanation of Solution

Strategy

The word strategy may also be regarded as generalship. It may be defined as the pre-defined series of steps in order to achieve a particular target.

  • Strategy is an inter-linked series or plan of action to achieve a particular goal or target.
  • Strategy tends to define the scope of every step and the resources required to complete the step hence promotes effectiveness and efficiency of operations.
  • In the event of undesired results, the outcome may be evaluated against the benchmarks set as per the strategy thereby gives ample scope of fixing problems.
  • Strategy pre-defines the steps of the processes to be undertaken by the organization in order to achieve certain desired goals.
  • The pre-definition of each step creates accountability and thus ensures effectiveness and efficiency at each level, and in the case of deviations from the benchmarks responsible personnel may be accountable.

Hence the strategy is a set of pre-defined steps of operations in order to complete or achieve a particular goal.

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