week 7 ACCY 111 RJD Lecture 2

A well formulated strategy helps to marshal and

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“A well-formulated strategy helps to marshal and allocate an organisation’s resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment, and contingent moves by intelligent opponents.” (Quinn, 1980)
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Strategy Strategy as plan – or a consciously intended course of action – what are we going to do and where do we want to go? Strategy as pattern – or an emergent series of actions – what are we doing and where is that taking us? Strategy as position – risks to be avoided – what things will we do and what things won’t we do? Strategy as perspective – core values – what do we believe in and what do we value?
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Strategy – not just another word for important Strategic decisions - are those that determine the long term policies that are necessary if the enterprise is to reach its objectives. Operating decisions – are decisions that focus on the efficient use of resources that are available to the enterprise in the short term.
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Strategic Management Accounting Strategic management accounting helps to provide an enterprise with a clear sense of purpose and to identify actions that will link the resources available to the organisation with its objectives.
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Strategic Management Accounting - What is the purpose of the organisation? - What are the organisation’s objectives? - A situation analysis – economic, market, competitor - Benchmarking - against other organisations to identify areas of relative strength and weakness. - What alternative strategies are available? - Evaluation – monitoring with financial and non- financial information. - Accounting system implications – do we have the appropriate information and the systems to capture and report it?
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What is the purpose of the enterprise? Business may aim to: retain customers provide a return to investors contribute to the well-being of society survive Public Sector organisations may aim to: uphold the law protect the environment and its resources promote social well-being promote economic well-being maintain the efficient and effective operation of government
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What is the purpose of the enterprise? Not-for-profit, or third sector, organisations may aim to achieve a combination of all of the purposes of private sector businesses and public sector agencies.
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Air New Zealand Our Vision By creating a workplace where everyone is committed to our customers in a distinctively New Zealand way, we will enjoy superior industry returns and be the number one airline in every market we serve. Our Guiding Principles We will be the customers' airline of choice when travelling to, from and within New Zealand. We will build competitive advantage in all of our businesses through the creativity and innovation of our people.
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