sma_study_guide_3rd_edn

A sequence of activities performed by the organization to create customer value.

Previous sales figures, consumer confidence, and required profit targets.

Strategic management and operational management.

Strategy evaluation.

Constant feedback and adjustments to objectives if there is a deviation from the plan.

An examination of various analytical techniques available to assist them in supporting management decisions about strategic direction.

High-level strategic management orientation.

Defining the organisation’s strategy and choosing a set of strategies for value creation.

It serves as a control mechanism to ensure alignment with the organization’s vision and mission.

A small price reduction for consumers at the expense of producers who may become unviable.

By using a wide range of tools and techniques that assist each stage of the process.

To create an output that has customer value at a cost lower than the price the customer is willing to pay.

To ensure activities and processes align with goals and adapt to changes.

To scan the organizational environment both externally and internally.

By investing in supply chain automation and increasing the number of warehouses.

They provide feedback with financial and non-financial information to support controlling functions.

They are seen as chains of resources and activities that produce products and services of value to consumers.

Acknowledging and minimizing the impact on the natural environment.

$165,000.

As a continuous process that evaluates the business environment, competitors, and defines objectives and strategy.

Local unemployment, environmental degradation, and increased injuries among poorly protected employees.

Value is created for members, citizens, or residents instead of increasing wealth for shareholders.

To generate products and services with value that consumers are willing to pay for and to constantly develop resources, activities, and processes.

Non-routine activities.

To explain the strategic management process and the role of strategic management accounting in supporting managers.

Strategic management accounting evaluates external information, while traditional accounting focuses on internal information.

As increasing shareholder wealth.

Senior managers focus on strategic tasks while operational managers focus on medium- to short-term tasks.

To generate wealth for the owners.

Creating sustainable value by supporting the formation, selection, implementation, and evaluation of organizational strategy.

It includes various stages that help organizations create value and achieve goals.

They must be linked to the organization’s overall strategy to drive desired outcomes.

Value.

People are interested in how economic value is created and its impact on society and the environment.

Increased health-related costs and social issues in communities.

To help organizations create long-term, sustainable value for all stakeholders.

Creating, managing, and protecting value for multiple stakeholders.

A clear strategy based on a vision and mission that effectively utilizes resources.

Because organizations require community permission, infrastructure, customers, and employees who need adequate wages and conditions.

Unemployment, financial pressure on communities, and additional stress for remaining employees.

To support managers in both strategic and operational management.

Strategic analysis through scanning the internal and external environment.

It allows them to capture and process routine events, enabling more focus on understanding the external environment and complex decisions.

Directly linked to the survival of an organization.

Tactical management orientation and achieving operational excellence.

The iPhone.

Raw material price increases due to unfavorable foreign exchange fluctuations.

Growing food, generating energy, providing health care, and building infrastructure.

Economies of scale and mass production.

It helps in transitioning from a management accountant to a competent business partner.

As a by-product of generating value in other areas.

$130,000.

Value is created or destroyed by management through the business model, which depends on relationships and activities in the market and societal context.

Deciding the direction, industry, products/services, structure, goals, and objectives of an organization.

It ignores other areas of value creation.

Skills that extend beyond traditional practices, including collaboration with general management and corporate strategists.

Challenges include adapting to changes in the business environment and maintaining relevance.

To improve organisational outcomes by providing forward-looking information for decision-making.

They support management in creating, managing, and protecting value.

It ignores other important stakeholders and their interests.

Creativity and innovation.

It indirectly influences organizational survival.

Research and development, accounting, human resources, information technology, and infrastructure.

Competitor activity, economic conditions, technological advancements, and social changes.

Strategy implementation.

Determining the vision, mission, and purpose of an organisation, and setting specific objectives.

To successfully complete each of the stages and improve effectiveness.

Short and medium terms.

To understand trends and changes that affect the industry and the economy.

From which perspective should value be determined?

Determining the direction and structure of the organisation and developing plans and objectives.

Strategic analysis, strategy planning and choice, strategy implementation, and strategy evaluation.

The need to support managers at a strategic level and broaden their role from traditional scorekeeping to business advisory positions.