Critically analyze the financially related performance metrics of the organization.

Learning outcomes covered by this assessment
 To critically analyze the financially related performance metrics of the organization.
 To critically evaluate financially related information with the aim of supporting the financially measured improvements.

In this assignment you are being asked to analyse and evaluate the adequacy of financially related performance information, ideally within your own department. You should consider this information in terms of its ability to facilitate the processes of operational and financial control, at an operational level of management, and a strategic business level. The focus will not be so much on the technical aspect of how accounting information is produced, but how it allows management to make decisions to improve the financial performance of the business.

– Critically analyze financially related performance information that is being applied at your workplace, in particular to your own department.
– Evaluate how this information assists you or your manager in improving financial performance.

Additional guidelines
It will be most beneficial for your learning and your “financial effectiveness” at work, if your report is based on research conducted within your own workplace. The question is very open-ended, and initially will seem difficult to start. You would need to conduct more research into your course notes and relevant literature, with the aim of becoming more aware and confident of what the management accounting department can offer.

You then need to consider which are the key information drivers within your chosen organisation, in supporting the decisions of managers, ideally yourself. It is recommended that you talk to your “management accountant” and “financial controller”.

You need to achieve a definition of financial management with which you can feel comfortable. You should become aware of its purpose and the ways in which accounting-based activities support it.

You could select an aspect of the business that is being investigated for financial reasons, or which might benefit from financial performance measurement. With any luck, this should provide you with a number of possibilities to develop. This could include the way costs are being controlled within the business, by using accounting based information, and what the effective solutions might be.

Your submission should cover areas of study that are within the range of the indicative content of the module, and of course they should address the specified learning outcomes.

It is suggested that you provide sections on each of the following, although you may amend the format if you consider that there are more appropriate ways of demonstrating the achievement of the learning outcomes. You can also attach an appendix which may contain more detailed information that supports what you have included in the main body of the report.

* A clear statement of objectives, supported by a justification.

* An introduction to your organization, which explains its business function, its market, and something of its financial profile. This would be derived from the organizations externally provided financial statements. Ratios, which enable you to evaluate the company strategy achievement, or its financial position, are desirable, as long as the associated analysis helps to set up a “financial context” for your chosen objectives. Any issues of significance for the achievement of your stated objectives, are likely to be considered in your analysis.

* You should at least briefly introduce yourself, your role and position within your organizations hierarchy. Do you have involvement or responsibilities of a financial nature? What is your assessment of your financial competence?

* You should produce the outcomes of research into financial literature, or reading based research which is relevant to your objectives. This might explain frameworks and theory in the area or aspect chosen as your objective. You are not required to explain financial accounting methods.

* You should critically analyze the extent to which your chosen aspects are applicable. In other words you should examine organizational practice in light of the theory or frameworks. Can improvements be made? How might these improvements be achieved? What might the impact be of making changes?

* You should include references to academic material and company information where applicable using the Harvard referencing system. You may include an appendix of supporting information.

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