Preview
Preview

Strategy and Control Frameworks Essay

:: 5 Works Cited
Length: 1140 words (3.3 double-spaced pages)
Rating: Purple      
Open Document




- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Strategy and control form an important relationship in management accounting as they inform the nature and use of control systems to guide decision makers. Strategy is concerned with strategic issues and the aim of having sustainable competitive advantage. Strategies need to be well thought out as well as specific, measureable, attainable, realistic and timely. Control is the task of setting standards, measuring performance and taking corrective action to ensure objectives are achieved. Strategy and control frameworks provide a means of determining the link between strategy and control. One framework is Ferreira and Otley’s performance management system which provides a more holistic view of the organisation to ensure valuable information is available to decision makers. A second framework is Kaplan and Norton’s strategies map which shows the steps and links between the development of strategies and the operations of the organisation to provide decision makers with information regarding difficult areas of operations.

Strategy can be defined as complementary actions working towards maintaining competitive advantage; however, it might be more important to understand the definition of strategic management accounting. Hopper, Ashton and Scapens (1995) define this as “an approach to management accounting that explicitly highlights strategic issues and concerns. It sets management accounting in a broader context in which financial information is used to develop superior strategies as a means of achieving sustainable competitive advantage (p. 162). The importance of an organisation’s strategy can be noted when implementing control system tools as guidance is required. This often comes in the form of the strategies. Strategy can provid...


... middle of paper ...


...n makers would not otherwise have and will impact the outcome of decisions made for the better.









Works Cited



Brookes, A., Eldenburg, L. G., Oliver, J., Wolcott, S., & Vesty, G. (2011). Management accounting. Queensland, Australia: John Wiley & Sons Australia Ltd.
Ferreira, A., & Otley, D. (2009). The design and use of performance management systems: an extended framework for analysis. Management Accounting Research, 20(4), 263-282
Hopper, T.M., Ashton, D., & Scapens, R.W. (1995). Issues in Management Accounting (2nd ed.). Edited by D. Ashton, T. Hopper & R. Scapens. , UK: Prentice Hall.
Kaplan, R. S., & Norton, D. P. (2000). Having trouble with your strategy? Then map it. Harvard Business Review78(5), 167-176
Sanchez, M. (2007). 8 strategies for achieving SMART goals. Retrieved from http://www.projectsmart.co.uk/8-strategies-for-achieving-smart-goals.html


Click the button above to view the complete essay, speech, term paper, or research paper

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »







This essay is 100% guaranteed.


Title Length Color Rating  
Major Theories, Frameworks, Techniques, and Applications Essay - Major Theories, Frameworks, Techniques, & Applications What is Strategy. A majority of our course centered on the seemingly simplistic question: What is strategy. Strategy is one of those words that several individuals know, but cannot necessarily define; I was one of those individuals prior to this course. Strategy is about positioning an organization in a way that is competitively advantageous and can deliver long-term, sustainable, and superior results. This ranges from making decisions based on which industries to participate in, what goods and services to offer, and how to allocate resources most efficiently....   [tags: strategy, objectives, focus, learning] 2245 words
(6.4 pages)
Powerful Essays [preview]
Essay about Sustainability and Triple Bottom Line Reporting - Today’s world is extremely complex in the sense that it is constantly changing. Not only is the world itself changing, but societies and the environment are consistently growing and developing. This constant fluctuation between these two categories is affecting all types of organizations, especially businesses. Due to the constant changes in today’s world, shareholders and stakeholders expect information about the financial, operational and investing activities of a business. Businesses are either flourishing or failing, but all the businesses that are most successful do not only owe their success to the products or services that they provide but also dedicate a portion of that success towar...   [tags: Global Reporting Initiative, Internal Control]
:: 14 Works Cited
1638 words
(4.7 pages)
Powerful Essays [preview]
A Conceptual Model for Metadata-based Frameworks Essay - Abstract. Recent frameworks employ the strategy to define a specific metadata schema for applications to use in their classes and programming elements, enabling framework behavior customization. Despite this technique is being widely used, there are not models, design patterns or development guidelines that aim to help in the creation of this kind of framework. This thesis proposes a conceptual model for metadata-based frameworks that has the aim to identify appropriate solutions for its internal structure and scenarios where it is suitable for....   [tags: Software]
:: 24 Works Cited
2425 words
(6.9 pages)
Research Papers [preview]
Formulation and Implementation of Corporate Strategy Essay - Formulation and Implementation of Corporate Strategy Corporate strategy is concerned with broad decisions about an organization's scope and direction. It is defined as "the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principle policies and plans for achieving those goals, and defines the range of business the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities" (Ghoshal, Lampel, Mintzberg, & Quinn, 2004, pp....   [tags: Business Strategy Planning Management] 721 words
(2.1 pages)
Good Essays [preview]
Essay Unilever's Financial Strategy - Table of Contents Page 1. INTRODUCTION…………………………………………………………………………………………….2 2. THE EVALUATION OF UNILEVER’S CAIPTAL STRUCTURE………………………………3 2.1 Why do Unilever use debt as the main source of finance over equity?...............3 2.2 The disadvantage of using debt that affects Unilever’s financial strategy…….4 2.3 Evaluation on financial instruments…………………………………………………………..4 3. THE EVALUATION OF COMPANY’S DIVIDEND POLICY……………………….……………5 3.1 Unilever’s dividend policy…………………………………………………………………………5 3.2 Signalling effect………………………………………………………………………………………...5 3.3 Unilever’s preferences of dividend payments…………………………………………….6 4. RECOMMENDATIONS……..………………………………………………………………………………7 5. CONCLUSION……………………...   [tags: Unilever’s Financial Strategy]
:: 4 Works Cited
2416 words
(6.9 pages)
Term Papers [preview]
Essay about The Discussion of Conceptual Frameworks - The Discussion of Conceptual Frameworks The existence of a CF is to serve as a guide for the standard setters to provide them with a set of objectives and constraints. Furthermore, CF provides a framework for setting standards, a basis for resolving accounting disputes and fundamental principles, which then do not have to be repeated in the Standards. The CF has been developed over the years, and it is continually being developed due to the changing environment, especially in a politically charged rulemaking environment to pursue the appropriate structure for a ‘real’ CF designed to provide a base for the standards....   [tags: Papers] 2938 words
(8.4 pages)
Powerful Essays [preview]
Marks And Spencer Strategy Evaluation Essay - Marks and Spencer Strategy Evaluation (a) MARKS AND SPENCER’s SUCCESS This question is answered in relation to the success achieved before the downturn in performance in the late 1990’s. • The strategic intent was to have a simple pricing policy and the use of the ST MICHAEL LOGO as a sign of quality. • Had structured formula for all its stores whereby a set of principles were held as core to the organisation • The value chain was well managed suppliers been local and control could be exercised over suppliers and the manner in which the supply to the customers was dealt with in a uniformed manner throughout....   [tags: Business Strategy Analysis] 1732 words
(4.9 pages)
Strong Essays [preview]
Essay on Internal Cash Control - Internal cash control is very important to any business. Without effective methods in place to ensure that funds and resources are being used in an ethical and efficient way, a company may lose money or run into many other problems. Through proper establishment of responsibly, segregation of duties, document procedures, and security measures, any company should be able to maintain their funds and feel confident that their employees are producing accurate and ethical results. In the exercise detailing the cash disbursement within Idaho Company one could find some major weaknesses....   [tags: Business Management Strategy Cash Control] 1013 words
(2.9 pages)
Strong Essays [preview]
Operation Strategy Of Toyota Essay - Introduction Toyota is Japan's biggest car company and the second largest in the world after General Motors. It produces an estimated eight million vehicles per year, about a million fewer than the number produced by GM. The company dominates its home market, with about 40% of all new cars registered in 2004 being Toyotas. Toyota also has a large market share in both the United States and Europe. It has significant market shares in several fast-growing South East Asian countries. The - 1 -company produces a large range of vehicles which are highly regarded for their quality, engineering, and value; their designs set global standards for safety, reliability and ease of maintenance....   [tags: Business Analysis Strategy Toyota] 1967 words
(5.6 pages)
Strong Essays [preview]
Organizational Control Essay -  Controlling is the fourth management function and its purpose is straightforward- to make sure that actual performance meets or surpasses objectives. It is well used for decision making and problem solving. Effective control depends on other management functions and it gives feedback to them. These functions are planning, organizing and leading. Planning sets directions and allocates resources. Organizing puts people and material resources together in working combinations. Leading motivates people to use these resources in the best way....   [tags: Management Functions Control] 1881 words
(5.4 pages)
Powerful Essays [preview]