ACCT8004 Strategic Management Acc Assignment Sample MTU Ireland
ACCT8004 Strategic Management Acc module is about the strategic management of accounting to make organizations more competitive. Strategic management of accounting is a process that helps organizations make decisions about how to create and sustain value. This module will cover topics such as the role of accounting in strategy, competitive advantage, stakeholder management, and environmental scanning. Students will learn how to use financial statements to make strategic decisions and how to assess an organization’s competitive position. In addition, students will be able to apply these concepts to real-world examples.
Students will develop an understanding of the strategic planning process, the role of financial and non-financial information in strategy development and implementation, and how organizational structures impact strategic decision-making. In addition, students will learn how to use accounting information to assess a firm’s competitive position and performance.
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In this section, we are describing some assigned activities. These are:
Assignment Activity 1: Analyse and ascertain the complex changing role which the Strategic Management Accountant plays in the modern business environment.
The role of the strategic management accountant has changed significantly in recent years. In the past, the focus was largely on financial reporting and compliance with regulations. However, in today’s business environment, the role of the strategic management accountant is much broader. They are now responsible for providing decision support and advice to managers on a wide range of strategic issues.
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One of the most important roles of the strategic management accountant is to help the organization create value. They do this by providing insights into the financial and non-financial drivers of value creation. In addition, they develop models and tools to help managers make decisions about how to allocate resources to create the most value for the organization.
Another key role of the strategic management accountant is to help the organization manage risk. They do this by identifying and assessing risks, developing strategies to mitigate risks, and monitoring organizational performance to ensure that risks are being managed effectively.
The strategic management accountant also plays an important role in helping the organization manage its finances. They do this by developing financial plans, forecasting future cash needs, and monitoring organizational performance against financial targets.
Finally, the strategic management accountant also provides advice and support on a wide range of other strategic issues. For example, they may help the organization develop strategies for growth, expansion into new markets, or mergers and acquisitions.
Assignment Activity 2: Compute and compare complex and specialized cost management and pricing techniques that have emerged with or as a response to the changing business environment.
In the past, cost management and pricing were largely focused on financial reporting and compliance with regulations. However, in today’s business environment, cost management and pricing have become much more complex. There are a variety of specialized techniques that have emerged in response to the changing business environment.
One popular technique is activity-based costing (ABC). ABC is a method of allocating costs to products or services based on the resources that are consumed in their production. ABC is often used in manufacturing environments where there are many different products with complex production processes.
Another popular technique is target costing. Target costing is a method of setting prices for products or services based on the desired profit margin. This technique is often used in environments where there is intense competition and companies need to be very strategic about pricing.
Finally, value-based pricing is a method of setting prices based on the perceived value of the product or service. This technique is often used when companies are selling products or services that are unique or have a high level of customer satisfaction.
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Assignment Activity 3: Critique modern cost management techniques.
There are a variety of specialized cost management techniques that have emerged in response to the changing business environment. While these techniques can be effective, they also have some limitations.
One limitation of activity-based costing is that it can be difficult to allocate costs accurately. This is because ABC relies on estimates of the resources that are consumed in production. These estimates can be inaccurate, which can lead to incorrect cost allocations.
Target costing can also be difficult to implement effectively. This is because it requires companies to have a good understanding of their costs and the market they are operating in. Without this information, it can be difficult to set prices that will achieve the desired profit margin.
Value-based pricing can also be challenging to implement. This is because it requires companies to have a good understanding of customer perceptions and what customers are willing to pay for the product or service. Without this information, it can be difficult to set prices that will maximize value for the company.
Assignment Activity 4: Apply the specialized strategic management accounting techniques to a range of business contexts.
There are a variety of specialized strategic management accounting techniques that have emerged in response to the changing business environment. These techniques can be applied to a range of different business contexts.
For example, activity-based costing can be used to allocate costs across different products or services. This can be helpful for decision-making purposes, such as deciding which products to promote or which services to offer.
Target costing can be used to set prices for products or services. This can be helpful for companies that need to be very strategic about pricing to remain competitive.
Value-based pricing can be used to set prices for products or services. This can be helpful for companies that want to maximize the value they generate for customers.
Each of these techniques can be applied to different business contexts, depending on the needs of the company. Companies should carefully consider which technique is best suited for their particular situation.
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