sma_study_guide_3rd_edn (1)

Acknowledging and minimizing the impact on the natural environment.

It allows time to be devoted to more complex, non-routine, and strategic-level tasks.

Services are intangible, cannot be stored as inventory, and are unique offerings.

The need to broaden their role from traditional scorekeeping to business advisory positions.

Developing plans and strategies that set the direction of the organisation.

The extent to which resources of a given quality were acquired at the lowest cost.

As a continuous process that evaluates the business environment and competitors.

To help people understand the sustainable value or effect of an organization’s activities from a social and environmental perspective.

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

They allow management accountants to focus on non-routine and strategic decisions.

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

Target costing, life cycle costing, competitor cost analysis, activity-based costing, and strategic performance measurement systems.

Increased health-related costs and social issues in communities.

Zeta Pty Ltd heavily discounted a similar toy, attracting market share away from Alpha.

Economies of scale and mass production.

Potential employees often lack 'soft skills'.

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

To improve organisational outcomes.

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

Their roles have expanded to include problem-solving and improving competitive positions.

Strategy implementation.

The extent to which an organization achieved its objectives.

Reduce the selling price by 15% and increase advertising.

Strong leadership and healthy, inclusive communities.

Tasks of collecting and communicating key performance information are often delegated to line managers and employees.

It helps the organisation understand itself and its competitors.

It captures the broader role of management accountants in assisting strategy formation and implementation.

Intellectual property (IP).

By evaluating external information such as trends in costs, prices, market share, and competitors.

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

By being creators, enablers, preservers, and reporters of value.

It enhances the usefulness of internal data like product costing.

Understanding financial information and disciplined use of control mechanisms.

Business analyst, commercial analyst, decision support, commercial manager, finance business partner, and business adviser.

Negotiation, communication, and team management skills.

Economic value to the organization and sustainable value to other stakeholders within society.

By being placed in different areas or project teams within the organization.

To support managers in both strategic and operational management.

To model the decision to reduce the price and increase advertising to boost market share.

Strategic management is an organization-wide phenomenon, whereas operational management relates to specific operations.

Strategic analysis through scanning the internal and external environment.

$130,000.

It helps in transitioning from a management accountant to a competent business partner by adopting the right mindset and values.

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

To ensure activities and processes align with strategic goals and adapt to changes in the external environment.

Both the organisation's internal and external environments.

It ignores other important stakeholders and their interests.

It can force suppliers to reduce prices, threatening their viability.

From which perspective should value be determined?

Communicating clearly and concisely in both written and oral forms.

The ability to use ERP systems, databases, and spreadsheets.

Variance analysis.

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

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

Unused capacity is lost forever and cannot be recovered once the service is provided.

Product life cycle costing, customer profitability analysis, and balanced scorecards (BSCs).

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

Information related to integrated built and natural environments.

Creativity and innovation.

Reviewing own work and that of others.

By supporting diverse, well-planned neighborhoods and a strong local economy.

It includes various stages that help organizations define their strategic direction and create value.

To provide support and training to assist line managers and employees.

A clear strategy based on a vision and mission, effective resource use, and alignment of day-to-day activities with overall strategy.

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

They act as information providers for business processes, organizational planning, resource management, and value creation.

SWOT analysis.

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

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

Strategic business planning, customer profitability management, and cost management.

Strategic management accounting includes a broader range of data, such as financial, operational, and qualitative data.

People are interested in how economic value is created, not just the value itself.

A delay in product delivery to several large retailers who had sold out.

Profit.

To generate wealth for the owners.

To reach solutions and agreements.

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

High-level strategic management orientation.

Direction, industry, products/services, structure, systems, processes, goals, and objectives.

Risk management and mitigation.

Intellectual skills, interpersonal and communication skills, personal skills, and organisational skills.

As engaged business partners rather than just number-crunchers.

Because organizations require community permission, infrastructure, customers, and employees to operate effectively.

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

Loss of independence.

A clean, healthy city with accessible open spaces, cleaner air, and water.

Competitor analysis, customer cost and profitability analysis, supplier analysis, and external benchmarking.

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

Tactical management orientation focused on implementation and achieving operational excellence.

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

The iPhone.

As strategic implementation rather than a separate process.

It helps organizations create long-term, sustainable value for all stakeholders.

Organizations are viewed as chains of resources and activities that produce products and services of value to consumers.

To effectively communicate with internal and external stakeholders.

The maximization of outputs for a given set of inputs.

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

The ability to write concise and understandable reports.

Cost classifications, CVP analysis, product costing, marginal costing, and working capital management.

Fewer employees and flattened hierarchies with greater authority delegated to lower-level employees.

Raw material price increases due to unfavorable foreign exchange fluctuations.

It focuses on forward-looking information and external factors rather than just internal accounting data.

Value.

The effective use of controls to manage risk.

Competitor activity, economic and regulatory factors, technological advancements, and social changes.

Intellectual skills.

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

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

Strategic management and operational management.

It emphasizes a safe, sustainable, and effective transport network.

Constant feedback and adjustment of objectives if there is a deviation from the plan.

They must adapt to changing circumstances due to regulations, competition, and technological advances.

By providing information for planning, evaluating performance, and setting targets.

Challenges include adapting to changes in the business environment and ensuring alignment with strategic goals.

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

Creating sustainable value by supporting strategy formation, selection, implementation, and evaluation, and synthesizing financial and non-financial information.

As increasing shareholder wealth.

Economy, efficiency, and effectiveness.

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

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

Strategy evaluation.

Demonstrating a commitment to lifelong learning.

It is not sustainable and may ignore other areas of value creation.

Strategic management is a long-term process, while operational management focuses on short and medium terms.

Non-routine activities.

Strategic management manages critical success factors (CSFs), while operational management performs day-to-day activities.

Strategic management is directly linked to the survival of an organization, while operational management indirectly influences it.

Routine day-to-day activities.

Strategic management can be very ambiguous, while operational management does not involve any ambiguity.

$165,000.

Creating, managing, and protecting value for multiple stakeholders.

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

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