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Strategic Financial Management Assignment Help

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BU7006 Strategic Financial Management Assignment

Master the complexities of financial leadership with our comprehensive Strategic Financial Management assignment assistance-tailored for the H/615/3242 unit of the OTHM Level 7 Diploma in Accounting and Finance.

Learning Outcome 1: Master critical awareness of how management accounting has developed tools and techniques in order to improve strategic decision making and performance management.

Answer: Management accounting has evolved significantly to provide tools and techniques that enhance strategic decision-making and performance management. Beyond traditional financial reporting, it now incorporates strategic cost analysis, balanced scorecards, and activity-based costing. These techniques help organizations identify value-adding activities, allocate resources effectively, and measure performance against strategic objectives. By providing timely and relevant information, management accounting empowers decision-makers to make informed choices that align with the organization's long-term goals and drive sustainable success.

Learning Outcome 2: Deploy appropriate accounting theory and techniques to the evaluation and analysis of performance measurement.

Answer: Evaluating and analyzing performance measurement requires a robust theoretical framework and practical techniques. Agency theory, for instance, helps understand the alignment of principal and agent interests, ensuring that performance measures motivate desired behaviors. Goal congruence theory emphasizes the importance of aligning individual and organizational goals to drive effective performance. Additionally, techniques like balanced scorecards and key performance indicators (KPIs) provide a comprehensive and balanced view of performance. By applying these theories and techniques, organizations can develop effective performance measurement systems that support strategic objectives, drive accountability, and facilitate continuous improvement.

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Case Study - Fuzz electronics Ltd

Fuzz Ltd is a UK based manufacturer of confectionery. They provide a variety of own label goods for two of the largest supermarket chains in the country. The sales of the company vary up and down from quarter to quarter depending on the state of the general economy and competitive forces. They and most of their competition has been in business for decades and so the business is mature with little scope to be innovative in new product development. The supermarkets prefer to sign suppliers to long-term contracts and so it is difficult for new entrants to gain a foothold in this market. The management styles at Fuzz Ltd is very much command and control.

The CEO has asked for your advice concerning the budgeting process at Fuzz Ltd. Currently. Operations' managers forecast sales volumes and costs months in advance of the budget year. These provisional budgets are then scrutinised by the main board, and revised significantly by them in line with targets they have set for the business. Senior management then set the final budget. No variations to budget are allowed once agreed by senior management. The finalized budgets are also often approved after the start of the accounting year.

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Last year's results were poor compared to the annual budget. Managers, who are appraised on the financial performance of their own division, have complained about the length of time that the budgeting process takes and that the performance could have been better but was constrained by the budgets which were set for them. Managers grumble that the budget process is very time consuming and that the results are ultimately of limited value from their perspective. Some of them also complain that they must frequently explain that the variances are not their fault.

The CEO wants to know your views on whether this way of budgeting is appropriate for the company and whether the managers' complaints are justified. The CEO is satisfied that there is no dysfunctional behaviour which may lead to budget slack or excessive spending and that all managers are working in the best interests of the company.

You have been asked as a performance management expert for your advice. The CEO needs to know whether Fuzz's budgeting process is appropriate for the business, and how this contributed to last year's poor performance and, more importantly, how does it need to change the process to prevent this happening in the future, such as a move to beyond budgeting.

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Task - Required - Write a report to the board of Fuzz confectionery to:

Question 1 - Critically analyse the purpose of budgetary control in organisations.

Question 2 - Evaluate the current budgeting system and whether it is suitable for the environment in which Fuzz Ltd operates.

Question 3 - Critically analyse the role of 'beyond budgeting' in improving the budgeting process.

Question 4 - Evaluate the impact on Fuzz Ltd of moving to beyond budgeting.

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