University of Waterloo Accounting Conference (UWAC) 2010

UWAC 2010 is proud to announce this year’s theme: Setting the Stage. Setting the Stage focuses around the decision making process and the opportunities available to a business. This theme incorporates the importance of accounting in corporate strategy decisions and how these decisions will impact the direction of an organization.

The word strategy can be defined as a plan, method or series of action for obtaining a specific goal or result. Thus, strategic management is the practice of directing and controlling company strategies. In any business, strategic management is vital to a company’s performance as it encompasses three major processes – planning, implementation, and evaluation. Planning is required to outline the overall goals of a company. Implementation is needed to develop the methods of how goals will be achieved. Lastly, evaluation is necessary to measure the success of the plan and whether company goals have been met.