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Critically evaluate the impact that they have for management accounting practice

by | Apr 18, 2022 | Accounting | 0 comments

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Critically evaluate the impact that they have for management accounting practice and management control.
Key Learning Outcomes for this Assignment:
▪ Demonstrate a critical understanding of the role of management accounting and control in the context of complex challenges facing today’s organisations.
▪ Synthesise and evaluate key arguments drawing on range of relevant readings to support your arguments.
▪ Present and articulate your opinions in a well-structured essay that clearly sets out informed arguments.Previous knowledge by the reader can be assumedPlease can the below references be used as a base, but additional references are required;
CIMA (2008) Topic Gateway Series No. 28 Introduction to managing risk
CIMA (2008) Topic Gateway Series No, 49 Enterprise Risk Management
Power (2009) The risk management of nothing, Accounting, Organizations and Society, 34, 849-855
Simons (2016) Strategy Execution Module 13: Identifying Strategic Risk, Harvard Business School Publishing
To overcome issues surrounding implementation the use of strategy maps within the scorecard is vastly important for successful performance measurement. They demonstrate the relationship between the performance measures and the strategic objectives they relate to. A manager can utilise strategy maps to aid their decision making regarding non-financial measures. They allow a manager to analyse the significance of a measure relative to strategic objectives, and how this can be transferred into tangible returns (Banker et al., 2011; Hurtado Gonzalez et al., 2012). Furthermore, strategy maps help reduce managerial ambiguity by focussing on the key aspects relative to financial performance and could help the firm to gain an advantage in the market (Hurtado Gonzalez et al., 2012). However, developing strategy maps within the scorecard is a complex process. For example, a manager is limited in forming a decision analytically due to the various measures involved and the complexity of their relationships (Banker et al., 2011). Also, the development of strategy maps and performance measures is a subjective process. Nevertheless, Banker et al., (2011) demonstrate the success of those who formulated strategy maps with those who did not; it allowed them to place more weight on measures linked to strategy leading to greater success regarding BSC implementation.Therefore, this enables an organisation to
been widely adopted and is a leading management tool. Research suggests that the BSC has
led to some improved organisational performance and has increased focus across the
organisation through linking goals at individual level to overall company goals (Albertsen
and Lueg, 2014; Sharma, 2009; Norreklit and Mitchell, 2007). Yet, the results are mixed and
there is also limited empirical evidence suggesting that it is hard to prove that a scorecard can be linked to improvements in organisational performance and control (De Geuser et al., 2009)

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