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MODULE 1: INTRODUCTION (23) - Coggle Diagram
MODULE 1:
INTRODUCTION
(23)
PART A:
VALUE
(26)
Role: support management in creating, managing, prtecting value (26)
Value is wealth
Value creation needs creativity & imagination
SMA
(29): a process that decises:
direction
industry it operates within
types of products/services it provides
structure, system & processes;
goals and objectives
Shareholder value
(27)
ultimate outcome;
Customer value
(27):
primary task;
key requirement: cost < value output
Organisational value chain (27 - F1.3)
Stakeholder value
(27):
Include
critical
Viewpoint
(27)
anything that is good for the business organisation;
Organisational value vs. society viewpoint (F1.4 - 28)
development of CSR indicates that sustainable value is considered more than mere econimic value;
business model is highly dependent on a broad range of relationship and activities, in a societal and enviromental context
PART B:
THE STRATEGIC MANAGEMENT PROCESS
(30)
Management activities classification (30):
strategic management
operational management
Process
(30)
Strategic management
(30):
Analysis external & internal >> planning & choice >> implementation >>> evaluation (performance, measurement, feedback and review)
Strategic analysis (31):
scanning internal and external environment
understand trends and changes
analyse resources and capablities
use management tools and techniques
strategic planning and choice (31)
develop specific strategies, actions and measures
Strategic implementation
entails crafting effecting organisational structure
Strategy evaluation
Measure performance
provide feedback
take continuous review
Operational management
(32)
Pyramid: relation btw strategic and operational
Differences (T1.1. - 32)
SMA in specific cases
Line managers (34):
flattened hierachies to improve flex. and responsiveness
they need supports from management accountants to perform more complex, non-routine and strategic tasks
Service industries (35)
diff from products: intangible, no storing, unique offering, unused capicity is lost
so it is difficult to measure and maintain quality of services
Public sector (35)
do not use profit as main measurement
metrics for measuring:
effectiveness
efficiency
economy
PART C:
THE ROLE OF MANAGEMENT ACCOUNTANTS IN STRATEGIC MANAGEMENT
(38)