The aim of the course is to give the students higher insights to apply various management accounting techniques to all types of organizations for planning, decision making and control purposes in practical situations and to strengthen their theoretical knowledge and critical skills. Hence, a suggested prerequisite is to have successfully completed a course of Management Accounting at Bachelor degree level.
At the end of the course, the students will be able to:
a. Comprehend the contents (Knowledge and understanding) of advanced costing methodologies (such as Time-Driven Activity-Based Costing, Resource Consumption Accounting and GPK), and decision-making and planning in contexts characterized by first-best conditions and business risk (such as linear programming and probabilistic forecasting, including the application of Markov processes to management accounting), then the knowledge concerning the use of some softwares aimed at optimizing company objectives, such as Solver and @Risk;
b. The ability to apply the acquired knowledge and understanding to prepare an analysis of production costs or, more generally, to determine the value of a 'cost object' through the use of advanced costing systems such as Time-Driven Activity-Based Costing and the RCA Likewise, students will have acquired the ability to apply and use some softwares (MSExcel, Solver and @Risk) to facilitate decision-making and business planning processes and, therefore, to solve business decision-making problems (income optimization, definition of the optimal production mix, of budgeting subject to production and market constraints) through an analytical approach.
c. The autonomy of judgment in the evaluation of the opportunity to apply the multiple methodologies in the processes of cost evaluation and therefore to critically evaluate in comparative terms the quantitative consequences of the application of Activity-Based Costing, TD-ABC, RCA and traditional quantitative techniques for determining the value of the ‘cost object’. Likewise, students will have acquired independent judgment in evaluating the multiple analytical approaches to company forecasts and decision-making (linear and probabilistic optimization) and the quantitative consequences given their application.
d. The communication skills consisting in the ability to deal with experts in the field (internal controllers, management accountants, chartered accountants and administrative managers) on the preparation of management accounting reports (for determining the value of production costs, analysis of business budgets in contexts characterized by multiple constraints) as well as reading and interpretation of the same.
e. The ability to learn through the use of multiple sources (not just textbooks) but also through the direct use of Management Accounting Principles of IMA and CIMA.