Vision and Mission Statement and High-low Method of Analysis

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Assignment (1)
-123825417195Deadline: Saturday 16/10/2021 @ 23:59
Assignment Question(s):
Q1. Examine with suitable examples how “Vision and Mission statement” influence the organization’s decision-making process? Also, provide the vision and mission statement of any two Saudi companies.
A vision statement refers to where a company sees itself in the future or where the firm intends to be in future to effectively meet its stakeholders’ needs. On the other hand, a mission statement describes the purpose of the existence of an organization.
A vision statement influences a company’s strategic decision-making process in that it acts as a source of guidance for a firm’s management to make critical strategic decisions that significantly impact future operations, products and stakeholder relations (Khurram, 2012). A mission statement ensures that the management’s decisions are in line with the firm's core purpose because it determines what the firm does and how it does it.
Vision and Mission Statements of Two Saudi-based Companies
* Firm: Saudi Aramco
The Saudi Aramco website states the following vision and mission statements:
Mission Statement: Today, we continue to deliver on our core mission of reliably supplying energy to the Kingdom and the world, and continue to progress towards becoming the world’s leading integrated energy and chemicals enterprise, a top refiner and a creator of energy technologies.
Vision Statement: In 2020, Saudi Aramco was the world’s leading integrated energy and chemicals company, focused on maximizing income, facilitating the sustainable and diversified expansion of the Kingdom s economy, and enabling a globally competitive and vibrant Saudi energy sector.
* Firm: Almarai Food Processing Company
According to Almarai company website, their mission and vision statements are as follows:
Mission Statement: To provide quality and nutritious food & beverages that enrich consumers’ lives every day.
Vision Statement: To grow our leading position as the trusted choice for food and beverages in the region, delighting consumers with quality nutrition every day.
Q2. The following data has been taken from the records of ABC Company for the year 2015:
Month

Units Produced

Total Cost (SAR)

January

3,500

35,500

February

3,750

35,750

March

4,000

36,000

April

4,250

36,250

May

4,500

38,000

June

4,750

43,000

July

2,750

32,000

August

3,250

32,500

Required:
Using the high-low method of analysis, find out the variable cost, fixed cost and determine a cost function.
Answer: High-...