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Module Code :AC6002
At the end of this module, students should have achieved competency in the following areas: Knowledge/Thinking skills
1. Analyse and critically evaluate current developments in management accounting
2. Develop and defend reasoned arguments on current developments in management accounting
3. Critically evaluate organisational performance through the application of management accounting techniques. Subject-based practical skills
4. Undertake research within the literature on management accounting Skills for life and work (general skills) 5. Work in small groups, 6. Produce an effective management report.
USING THE BALANCED SCORECARD TO IMPLEMENT STRATEGY A management control system only relates to financial planning and control. The balanced scorecard recognises that financial performance is only one criterion of corporate success. Imagine that you are the Management Accountant for an organisation of your choice. Performance management is currently being discussed at senior management team meetings and you have been asked to prepare a report for the next meeting where you are expected in a report style, to critically evaluate the balanced scorecard approach illustrating your answer with appropriate examples. You need to support your report with relevant literature and appropriate references. Your report should cover the following areas:
a. An evaluation of the traditional management accounting system, a critical discussion of the Balanced Scorecard and demonstrate how the Balanced Scorecard has helped to overcome the drawbacks of traditional management accounting system with reference to appropriate and relevant literature. Give examples to support your answer (40Marks).
b. A design of the Balanced Scorecard for your selected company bearing in mind its objectives and strategies for the next 3 years. You are also required to suggest a strategy that will help it gain competitive advantage over its competitors (40Marks).
c. Porter (1979) recognized that organizations are likely to keep a close watch on their rivals, but he encouraged them to look beyond the actions of their competitors. Using the Porter’s Five Forces Model, critically examine what other factors could impact the business environment with reference to appropriate and relevant literature (20Marks).
3 This individual assignment must show cohesion in analysis and development. It must be your own work with supporting evidence from the literature appropriately acknowledged. Also a match between your in text citation and bibliography must be maintained, consistent with Harvard style. Please note, plagiarism does not only exhibit lack of academic discipline BUT constitutes a serious offence!