Stratgic Management Accounting (case study) Essay

Stratgic Management Accounting (case study) - Essay Example Management accountants provide important financial information that facilitate strategic planning, help to formulate and review budgets of the organization and identify existing discrepancies in budgets. They also remove wastages, set cost of production and prices of products produced as well as support good corporate governance. The above roles and functions of management accountants are explained below. First, management accountants facilitate strategic planning by providing information on costs and related activities in the organization. This is because they collect and analyze important information on all the activities that organizations engage in. The information may include all production, marketing and administrative costs. They also attempt to allocate costs and revenues to all activities in the organization. The management accountants record all the activities and associated cost. Therefore, they are able to develop indicators of business performance. In addition, they make comparison of various activities and develop benchmarks that form the basis of business monitoring and evaluation system for the business organization. The information they provide, help management teams to make various investment decision. Secondly, management accountants formulate and review budgets of the business organization. Budgets are important in apportioning financial resources to various activities of the company. Financial resources are scarce and require detailed analysis and planning to ensure that all departments receive adequate amount of money to conduct their daily operations. Management accountants enable the organization to allocate money and other resources to productive areas of the company based on their detailed cost analysis. This ensures that the business spends money only on what is important and that all activities are fairly considered. The budgets include capital budgets, cash budgets and production budgets. Management accountants

INTRODUCTION TO MANAGEMENT Essay Example | Topics and Well Written Essays - 2000 words

INTRODUCTION TO MANAGEMENT - Essay Example For providing a flexible work approach and induce engagement among employees, result oriented employee programme was implemented. Also, an innovative employee incentive programme was initiated by the company where employees were asked to make choices with respect to rewards and incentives. Contents Introduction 4 Answer 1- Best Buy Employee’s Programmes 4 Answer 2: Assessment of Best Buy’s Job Listings 5 Answer 3: Employee Recognition Program 7 Answer 4: Motivation of Store employees 8 Conclusion 9 Reference List 10 Introduction In order to succeed in a business, effective management of employees is essential. Employee management programs are one of the few important HR strategies included in every stage of the overall human resource management process. The objective of the present report is to evaluate the various employment as well as customer retention strategies used by Best Buy. The case study has been evaluated as various strategies have been identified. The advan tages and disadvantages of the various employee programs implemented by Best Buy have been discussed. The study also analysed various theories relative to employee management and their applications in real business environment. With an understanding of the various theories and successful management of employee programme, a new employee recognition programme was also developed. Answer 1- Best Buy Employee’s Programmes Best Buys initiated three different employee programmes with the objectives of increasing overall growth and performance of the organisation. These are: 1. Customer- Centricity Customer centricity approach was implemented by the CEO of best buy in order to find out the most profitable customers of the organisation and giving maximum attention to them so that they become regular and loyal customers. This approach is based on Maslow’s need hierarchy theory. Thus, the company is aimed at satisfying the highest order needs of their customers. Advantages- thoug h it is difficult to identify the needs of different customers, through regular feedback, conversations and observations, it is possible to identify the exact requirements of important customers. This will help the employees as well as the store managers to prepare specific strategies for customer retention as well as increasing loyalty towards the products and services. Disadvantages- the major disadvantage is that it cannot be tested empirically and the theory does not apply to all form of jobs or work. In case of organisations set of needs which govern different customers might be different. 2. Results Oriented Work Environment Results oriented work environment or ROWE was implemented in the organisation so that employees are able to perform job in their most creative as well as efficient manner. The application of the programme is based on Vroom’s expectancy theory. According to the expectancy theory, individuals act in a particular way because they expect that choosing a particular behaviour over other will give them the desired or expected result. Advantages- the major advantage of expectancy theory is that it helps in achieving maximum satisfaction and minimum dissatisfaction within the interest of an individual. Since the psychological focus is ultimate satisfaction, individuals will always be willing to rectify their mistakes and take correct steps in order to achieve results. Disadvantages-