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CIMA C01 Fundamentals of Management Accounting Planning within organisations

CIMA C01 Fundamentals of Management Accounting Planning within organisations

CIMA C01 Fundamentals of Management Accounting Planning within organisations: A sign hanging on the wall of a business establishment said: ”Managers are Paid to Manage — If There Were No Problems We Wouldn’t Need Managers.” This suggests that all organizations have problems, and it is management’s responsibility to deal with them. While there is some truth to this characterization, it is perhaps more reflective of a “not so impressive” organization that is moving from one crisis to another. Managerial talent goes beyond just dealing with the problems at hand.

What does it mean to manage? Managing requires numerous skill sets. Among those skills are vision, leadership, and the ability to procure and mobilize financial and human resources. All of these tasks must be executed with an understanding of how actions influence human behavior within, and external to, the organization. Furthermore, good managers must have endurance to tolerate challenges and setbacks while trying to forge ahead. To successfully manage an operation also requires follow through and execution. Because each management action is predicated upon some specific decision, good decision making is crucial to being a successful manager.

CIMA C01 Fundamentals of Management Accounting Planning within organisations: Decision Making

Good decision making is rarely done by intuition. Consistently good decisions result from diligent accumulation and evaluation of information. Managerial accounting provides the information needed to fuel the decision-making process. Managerial decisions can be categorized according to three interrelated business processes: planning, directing, and controlling. Correct execution of each of these activities culminates in the creation of business value. Conversely, failure to plan, direct, or control is a road map to failure. The central theme is this: (1) business value results from good decisions, (2) decisions must occur across a spectrum of planning, directing, and controlling activities, and (3) quality decision making can only consistently occur by reliance on information.

CIMA C01 Fundamentals of Management Accounting Planning within organisations: Planning

A business must plan for success. What does it mean to plan? It is about deciding on a course of action to reach a desired outcome. Planning must occur at all levels. First, it occurs at the high level of setting strategy. It then moves to broad-based thought about how to establish an optimum “position” to maximize the potential for realization of goals. Finally, planning must give thoughtful consideration to financial realities/constraints and anticipated monetary outcomes (budgets).

A business organization may be made up of many individuals. These individuals must be orchestrated to work together in harmony. It is important that they share and understand the organizational plans. In short, “everyone needs to be on the same page.” As such, clear communication is imperative.

CIMA C01 Fundamentals of Management Accounting Planning within organisations: Strategy

A business should invest considerable time and effort in developing strategy. Employees, harried with day-to-day tasks, sometimes fail to see the need to take on strategic planning. It is difficult to see the linkage between strategic endeavors and the day-to-day corporate activities associated with delivering goods and services to customers. But, strategic planning ultimately defines the organization. Specific strategy setting can take many forms, but generally includes elements pertaining to the definition of core values, mission, objectives, and sustainability.

CIMA C01 Fundamentals of Management Accounting Planning within organisations: Core Values — An entity should clearly consider and define the rules by which it will play. Core values can cover a broad spectrum involving concepts of fair play, human dignity, ethics, employment/promotion/compensation, quality, customer service, environmental awareness, and so forth. If an organization does not cause its members to understand and focus on these important elements, it will soon find participants becoming solely “profit-centric.” This behavior leads to a short-term focus and potentially dangerous practices that may provide the seeds of self-destruction. Remember that management is to build business value by making the right decisions, and decisions about core values are essential.

Be aware that the IMA (Institute of Management Accountants) is a representative group for the managerial accounting profession. The IMA has established a set of ethical standards for its members that are part of the core values for the profession. IMA‘s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Many IMA members have earned the CMA (certified management accountant) and CFM (certified financial manager) designations. These certificates represent significant competencies in managerial accounting and financial management skills, as well as a pledge to follow the ethical precepts of the IMA.

 

CIMA C01 Fundamentals of Management Accounting Planning within organisations : 

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CIMA C01 Fundamentals of Management Accounting Planning within organisations :

CIMA Operational Level F1 question papers and suggested answer

 Exam F1 financial operations
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CIMA C01 Fundamentals of Management Accounting Planning within organisations

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