This week in CLS 105 I experimented with the acronym strategy in my accounting class and my strategic management class. I chose to use the acronym strategy because I am a visual and aural learner. Seeing and picturing things helps me learn much more easily than other methods.
To implement the acronym strategy in accounting the first step I took was to look for a group of terms I have to recognize. I found the relevant costs and benefits section. This section consists of four terms. The terms are as follows: avoidable costs, irrelevant costs, sunk costs, and relevant costs. The next step to implements this strategy is to take the first letter of each term and create an existing word to better help me remember these terms. A word I found all these terms creates is 'AIRS'. Now when I take the exam and I am required to identify and recognize the relevant costs and benefit's I remember 'AIRS' and I thus am able to piece together which terms belong.
Due to the benefit I received from this strategy in an especially difficult class like accounting, I decided to experiment with this strategy again in my strategic management class. I used an acronym word to help me identify the barriers to entry into an industry. The barriers are economies, capital, differentiation, access, and government policy. The word I found from the first letter of each term was 'CAGED'. From now on when I am required to identify the barriers to entry in an industry I immediately think 'CAGED' and each term easily comes to me.
In conclusion, I found the acronym strategy all in all extremely effective. It is easy to use and it does a phenomenal job with helping me remember key ideas of any given topic. I have to credit my visual/aural learning style for this. If this wasn't my learning style, I fear creating acronym's wouldn't be nearly as useful.
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