1.0 Executive summary
The main aim of this report is a proposal to implement managerial decisions that could enable Triton Corporation to cut costs and improve on its returns. Initially Triton Corporation went into a recession but has recently emerged as a well performing company to realize the recent $15.2 million in 2014. Having a six operating divisions, Triton Corporation management have to craft decisions that will in the future ensure better performance.
Organizations in the contemporary business environment have been faced with challenges pertaining to allocation of resources that are inevitably scarce. As a rationale, any business is in place to create value for the shareholders and ...view middle of the document...
Triton Corporation, a manufacturing company located in country with massive competition and economic growth in the late 1990’s and then to an economic recession in the following decade has now proved to be an economic giant thanks to the reforms and application of lean strategies.
Synchronization of cost and departments in an organization is an activity that calls for professionalism and due diligence to the end. For every Triton Corporation manufacturing department to operate successfully, all the required resources should at least be sufficient enough to contain and match the internal controls. Managers in all various levels of management will require information on what they can base their operating decisions.
Managerial accounting, a part of which I am, therefore, is a critical element division of organizations and especially manufacturing ones in identifying, measuring, analyzing, interpreting and communication of information that can be applied for decision making. All this is in line with satisfying the firm’s goals and objectives and more so to curb competition that is highly prevalent in the industry. Generally, this will be referred to as cost accounting, an aspect of management that helps the managers to base their decisions as opposed to financial management that offer information to all company outsiders.
Efficiency being one of the operative principle, departments have to cut costs and improve on the returns. This calls for actions to cut on overheads like labor costs through reducing the number of employees and installing equipment that increase the efficiency and accuracy. Product lines with less returns and small market share need to be replaced in a bid to acquire those that are more potential in the industry. This reduces the competition gap in that a firm is in a position to concentrate on those areas that it can perform exceptionally well. Deriving the market share is an undertaking that the management should keenly analyze to be in a position to choose wisely on what product lines to capitalize on. This paper seeks to analyze the efficiency of departments and the steps that the management can undertake to realize smooth operations of the firm, while ensuring the bottleneck competition in the industry is well contained. The performance of Triton Corporation I believe will be well put in the event that proper strategies of manufacturing, staff synchronization and career match of employees take place. Application of lean strategies will realize a continued and successful growth of the company.
2.0 Low Value-Added Items in Product Divisions
Companies that comply with this accounting principle have the aspect to be in existence for the foreseeable future. Elements that therefore to be keenly analyzed include the growth in performance, efficiency and the path to dealing with the major threat from competitors (Aird, 1993). In the turbulent industry where firms have mastered the art of differentiating products...