Learning objectives
The course goals are to develop an understanding of cost analysis, budgeting and to develop business decision making skills using management accounting information. This will be achieved in in two educational stages, distinct but closely related.
The course in the first part aims to examine the principles of management accounting, including the techniques of operations research, decision theory, as well as the methods of determining the cost of a "cost object": product, service, business segments, and so on. In this context, the course also examines the "human factors" that influence costing decisions in business context characterized by risk and asymmetric information, and moreover the MA standards.
The course in the second part focuses on the ultra-complex processes of programming and planning (budgeting, capital budgeting, scorcard based methods) in business conditions characterized by flexibility and probability, as well as on ICT systems to support the management.
At the end of the course students will have mastered:
a) knowledge and understanding concerning the business Managerial Accounting System, the Standards of Business Ethics applicable to Management Accountants, the main Statements of Management Accounting, the various Costing Methods and Techniques, the traditional and innovative methods and criteria for business decision making based on MA information. In addition, students will have acquired knowledge and understanding about the diverse methods and techniques of programming and planning, as well as about the Enterprise Resources Planning Systems favouring company forecasts.
b) the ability of applying knowledge and understanding within the Planning and Control Department of SME, as well as large size enterprises. Students will be capable to assist and support Management Accountants in determining the costs of product, service and so on, as well as in the preparation of business plans and programs, and in the process of Decision Making through ERP and BI systems.
c) the potential of Making judgements to evaluate independently the issues and opportunities related to the many and varied methods of costing and budgeting and planning in business environments characterized by risk and uncertainty. In autonomy will assist or support the controller in the definition of the economic and financial consequences arising from the use of different MA methodologies and ICT tools.
d) Communication skills consisting in the use of an appropriated technical language used to relate with those involved in the management and financial accounting. The students will have improved their problem-solving skills, the relational capacity and expression, both written and oral. The latter will allow them to liaise with business stakeholders and submit their conclusions regarding studies and analyzes, expressing clearly their reasoning. The acquisition of communication skills is facilitated through active student participation in tutorials and case studies.
e) Learning skills, the ability to undertake more advanced studies with a degree of autonomy, particularly with relevance to the courses of Advance Management Accounting.