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Mastering Managerial Accounting Assignments: A Comprehensive Guide to Success

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• A Comprehensive Guide for Success in Managerial Accounting Assignments

Understand the Basics:

Stay organized:, microsoft excel:, quickbooks:, sap business one:, scenario-based problem solving:, budget creation for real businesses:, performance metrics in action:, utilizing cost-volume-profit (cvp) analysis:, seek additional resources:, stay updated on industry trends:, time management is crucial:, review and revise:, conclusion:.

The realm of managerial accounting can be intricate, demanding a nuanced approach. In this comprehensive guide, we will delve into an in-depth exploration of effective strategies and practical tips to empower you in solving your managerial accounting assignment successfully. From grasping the fundamentals to leveraging advanced tools, we've got you covered every step of the way.

To embark on a journey of managerial accounting mastery, start at the roots. Understand the fundamental concepts that serve as the building blocks of this discipline. Delve into topics such as cost behavior, cost allocation, budgeting, variance analysis, and break-even analysis. A robust foundation in these areas will fortify your ability to unravel the intricacies presented in your assignments.

Begin by familiarizing yourself with various costing methods, such as job order costing and process costing. Recognize the distinctions between variable and fixed costs, as well as direct and indirect costs. The deeper your understanding of these basics, the more confidently you can approach more complex problems in your assignments.

Here are five fundamental points that one needs to grasp before diving into managerial accounting assignments:

• Understanding Cost Classification:

Managerial accounting revolves around the analysis of costs within an organization. It's crucial to comprehend how costs are classified. The two primary classifications are variable costs and fixed costs. Variable costs change proportionally with the level of activity, such as direct materials and direct labor. Fixed costs, on the other hand, remain constant regardless of the level of activity, such as rent and salaries. Understanding these distinctions is essential for accurate cost analysis.

Example: Consider a manufacturing company. Direct materials, like the raw materials used in production, are variable costs, while rent for the factory space is a fixed cost.

• Cost Behavior and Analysis:

Building on cost classifications, one must understand how costs behave in response to changes in production or activity levels. Variable costs fluctuate with changes in activity, while fixed costs remain constant. This understanding is crucial for predicting and budgeting, as well as for making decisions that impact costs.

Example: If a company increases its production, variable costs like raw materials and direct labor will increase proportionally. Fixed costs, such as factory rent, will remain unchanged.

• Budgeting and Forecasting:

Managerial accountants are often involved in the budgeting process. Budgets are financial plans that outline expected revenues, costs, and expenses over a specific period. Grasping the principles of budgeting, including the creation of master budgets, flexible budgets, and cash budgets, is essential. This skill helps organizations plan and control their financial activities.

Example: A sales budget outlines the expected sales for a period, while a production budget details the units that need to be produced to meet those sales targets.

• Variance Analysis:

Variance analysis involves comparing actual financial results to budgeted or expected results. Understanding the reasons behind the differences (variances) is critical for managerial decision-making. Variances can be favorable or unfavorable, and identifying their causes enables management to take corrective actions.

Example: If actual production costs are higher than budgeted, variance analysis helps determine whether the variance is due to increased costs of raw materials or inefficiencies in the production process.

• Break-Even Analysis:

Break-even analysis helps determine the level of sales or production at which a company covers all its costs and neither makes a profit nor incurs a loss. This analysis involves understanding fixed and variable costs, contribution margin, and the break-even point. It's a valuable tool for decision-making and assessing the financial feasibility of various options.

Example: Knowing the break-even point is crucial when considering whether to launch a new product, as it helps determine how many units need to be sold to cover all costs.

Organizational skills are paramount when navigating the landscape of managerial accounting assignments. Establish a dedicated study schedule that aligns with your strengths and peak concentration periods. Break down the assignment into manageable sections, and set realistic goals for each study session.

Moreover, employ tools like to-do lists, calendars, and project management apps to keep track of deadlines and priorities. Staying organized not only alleviates the stress associated with looming assignments but also enhances your ability to maintain focus and sustained effort throughout the entire process.

Use Relevant Software:

In the digital age, proficiency in accounting software is indispensable. Platforms like Microsoft Excel, QuickBooks, or specialized accounting tools can significantly enhance your efficiency in solving managerial accounting problems. Excel, in particular, is a powerful tool for data analysis, financial modeling, and creating dynamic reports.

Here are some key software tools that can greatly enhance your efficiency and effectiveness in tackling managerial accounting tasks:

Overview: Microsoft Excel is a versatile spreadsheet software widely used in managerial accounting for data analysis, financial modeling, and creating reports. It provides a robust platform for performing complex calculations, organizing financial data, and generating graphical representations.

Key Features:

• Formulas and Functions: Excel offers a vast array of formulas and functions, including SUM, IF, VLOOKUP, and more, facilitating various calculations.
• Pivot Tables: Pivot tables are instrumental in summarizing and analyzing large sets of data, enabling you to extract meaningful insights.
• Charts and Graphs: Excel's charting capabilities assist in visually representing financial data, making it easier to interpret and present.

Example Use Case:

• Creating a budget spreadsheet with income and expense categories, utilizing formulas to calculate totals and variances.

Overview: QuickBooks is an accounting software designed for small and medium-sized businesses. It streamlines financial processes, including invoicing, expense tracking, and payroll management, making it an invaluable tool for managerial accountants.

• General Ledger: QuickBooks maintains a detailed general ledger, offering a comprehensive view of financial transactions.
• Financial Reporting: The software generates customizable financial reports, aiding in the analysis of profitability, cash flow, and other key metrics.
• Budgeting: QuickBooks facilitates the creation and tracking of budgets, providing real-time comparisons between actual and planned financials.
• Recording and categorizing daily transactions, generating financial statements, and tracking budget performance.

Overview: SAP Business One is an enterprise resource planning (ERP) software that integrates various business functions, including accounting and finance. It's suitable for larger organizations with complex financial structures.

• Integrated Financial Management : SAP Business One seamlessly integrates financial data with other business processes, ensuring consistency and accuracy.
• Cost Tracking: The software allows for detailed cost tracking across different departments and projects.
• Advanced Reporting: SAP Business One provides advanced reporting tools for in-depth financial analysis.
• Managing financial transactions across departments, tracking costs for specific projects, and generating comprehensive financial reports.

Proficiency in these software tools empowers managerial accountants to efficiently manage financial data, analyze trends, and generate insightful reports. While the specific software used may vary based on organizational needs, developing skills in these tools will undoubtedly enhance your ability to excel in managerial accounting assignments and contribute meaningfully to the financial decision-making process.

Apply the Concepts Practically:

In the realm of managerial accounting, the application of theoretical knowledge to real-world scenarios is the crucible where expertise is forged. Applying concepts practically is more than an academic exercise; it is a dynamic process that hones critical thinking skills and fosters a deeper understanding of how financial principles operate in business contexts.

Practical application involves solving problems that mirror actual business situations. For instance, consider a scenario where a manufacturing company faces fluctuations in production demand. Applying managerial accounting concepts in this context would entail devising a production budget that aligns with sales forecasts, managing variable and fixed costs, and implementing cost-control measures to adapt to the changing environment.

Crafting budgets for real businesses provides a tangible application of managerial accounting. Suppose you're tasked with creating a budget for a startup. This entails forecasting revenues, estimating expenses, and strategically allocating resources. By doing so, you not only grasp the theoretical aspects but also develop the skills needed to navigate the complexities of financial planning in practical business settings.

Explore how performance metrics influence managerial decisions. For example, in a retail setting, analyze how metrics like return on investment (ROI) and gross profit margin impact decisions such as inventory management and pricing strategies. By practically applying these metrics, you gain insights into how financial indicators steer operational choices within a business.

Take on scenarios where Cost-Volume-Profit analysis becomes paramount. Imagine a service-oriented business contemplating expansion. Applying CVP analysis involves assessing how changes in sales volume or pricing might affect profitability. This hands-on application provides a nuanced understanding of the delicate balance between costs, volumes, and profits in practical decision-making.

In the dynamic field of managerial accounting, seeking additional resources is a cornerstone for academic and professional success. Beyond textbooks and classroom lectures, diverse resources such as online tutorials, academic journals, and industry publications provide invaluable perspectives and real-world examples. Joining study groups or engaging in online forums fosters a collaborative learning environment, offering opportunities for discussion and exposure to diverse problem-solving approaches. This multifaceted approach not only enriches your understanding of complex topics but also broadens your perspective on how managerial accounting principles are applied in various industries.

Embracing additional resources is akin to unlocking a treasure trove of knowledge, propelling you towards a deeper and more nuanced comprehension of managerial accounting concepts. In a landscape where continuous learning is paramount, the proactive pursuit of diverse resources becomes a strategic tool for mastering the intricacies of managerial accounting assignments.

Managerial accounting is inherently linked to the dynamic business environment. To truly excel in your assignments, stay informed about current industry trends, changes in regulations, and emerging technologies. Follow reputable business publications, attend webinars, and engage with industry professionals to gain insights into the latest developments.

For instance, if your assignment involves cost analysis for a manufacturing company, be aware of advancements in production technologies that could impact costs. Understanding the broader business context not only enriches your assignments but also positions you as a forward-thinking accounting professional.

Effective time management is the linchpin of success when tackling managerial accounting assignments. Procrastination can be a formidable adversary, so start early and allocate sufficient time for research, analysis, and revision. Break down the assignment into manageable milestones, and establish a timeline that allows for iterative improvements.

Consider implementing time management techniques, such as the Pomodoro Technique, to enhance your focus and productivity. Additionally, recognize the importance of balancing your workload by prioritizing tasks based on complexity and deadlines. Consistently meeting assignment deadlines not only contributes to your academic success but also hones your ability to manage time efficiently – a skill highly valued in the professional realm.

In the intricate landscape of managerial accounting, review and revise stands as a pivotal stage in the journey toward mastery. Beyond the completion of an assignment, this phase is a meticulous examination that demands dedicated attention. Reviewing involves a comprehensive scrutiny of calculations, ensuring accuracy and precision, while revision seeks to refine and optimize the overall presentation. This iterative process is not merely a formality but a commitment to excellence.

Seeking feedback from peers, instructors, or online communities becomes paramount, providing invaluable insights for continuous improvement. In essence, this encapsulates the ethos of managerial accounting—an unwavering dedication to precision, a pursuit of clarity, and an unwavering commitment to delivering work that not only meets standards but surpasses them.

In the dynamic world of managerial accounting, mastery is not a destination but a continuous journey of learning and refinement. Armed with a solid understanding of the basics, organizational prowess, proficiency in relevant software, practical application of concepts, a thirst for additional resources, awareness of industry trends, effective time management, and a commitment to continuous improvement, you are well-equipped to navigate the challenges of managerial accounting assignments.

By consistently applying these expert tips, you not only enhance your academic performance but also develop a skill set that is highly sought after in the professional realm. So, as you embark on your managerial accounting assignments, approach them not as hurdles but as opportunities to sharpen your analytical acumen and emerge as a proficient and confident accounting professional. Remember, you have the tools; now, it's time to solve your managerial accounting assignments with precision and flair.

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ACCT 4251: Advanced Management Accounting

Building on ACCT 3251: Intermediate Management Accounting, students explore the integrative and interdisciplinary role of management accounting and its contribution to the strategic management process. Students discuss the provision of quantitative and non-quantitative information for planning, control, and decision making. Topics include costing systems; allocating costs and revenues including support service costs, fixed costs, joint product costs, bundled product revenues, and customer profitability; management information systems; the importance of budgeting; the importance of variance analysis; capital budgeting and investment decision making; quality issues and supply chain strategies; transfer pricing; performance measurement; compensation issues; and strategic processes and balanced scorecards.

Online, self-paced.

ACCT 3251: Intermediate Management Accounting or equivalent with a minimum C-

ACCT 4250: Advanced Management Accounting

BBUS 4250: Advanced Management Accounting

BBUS 4251: Advanced Management Accounting

Learning outcomes

On successful completion of the course, students will be able to:

• Apply management accounting concepts in a case-based, collaborative setting, communicating the results effectively both orally and in writing.
• Locate the role of management control systems (MCS) in both strategy and operations.
• Describe results control and its applications.
• Distinguish indirect controls from the direct controls, based on action and personnel/culture.
• Determine whether an entity or an area is better suited to tight or loose controls, and the types of action and/or personnel/cultural controls that ensure the desired level of tightness.
• Design and evaluate management controls in terms of methods applied and tightness, and the indirect costs of a poor MCS design and/or implementation.
• Select the best type of financial responsibility-centre, based on desired levels of control, and identify behavioural impacts of different transfer pricing schemes.
• Prepare and interpret budgets, and identify their limitations.
• Design and evaluate various types of incentive systems.
• Evaluate financial performance market and accounting measures in terms of seven criteria to determine optimal performance metrics.
• Critically analyze corporate governance structures of various companies and common management-control related ethical issues.
• Assess the ways that performance evaluators can reduce, and perhaps eliminate, the distorting effects of uncontrollable factors on measuring performance.
• Analyze and apply six financial results control remedies to alleviate myopic behaviour.

Course topics

Introduction to Case-Based Collaboration

• Module 1: Introduction to Case-Based Collaboration

Control Function

• Module 2: Introduction to Management Control Systems (MCS)

Control Alternatives and Effects

• Module 3: Control Alternatives and Effects--Results Controls
• Module 4: Action and Personnel/Cultural Controls
• Module 5: Control System Tightness
• Module 6: Control System Design, Evaluation, and Indirect Costs

Financial Results Control Systems

• Module 7: Financial Responsibility Centres and Transfer Pricing
• Module 8: Planning and Budgeting (Performance Definition and Measurement)
• Module 9: Incentive Systems (Performance Rewards)

Performance Measurement and Issues

• Module 10: Financial Performance Measures
• Module 11: Corporate Governance and Ethics
• Module 12: Controls and Risk
• Module 13: The Myopia Problem

Required text and materials

Merchant, K. A, Wim A. Van der Stede, (2017). Management Control Systems: Performance Measurement, Evaluation and Incentives . 4th ed. Pearson Education Canada. Textbook, ISBN: 1292110554

Assessments

Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact [email protected] with any questions about this.

To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.

* Mandatory

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Challenges in advanced management accounting

Course description

Course content, course reviews.

This free course, Challenges in advanced management accounting, focuses on strategic management accounting and selected concepts and techniques. It will help you to successfully navigate mid- to long-term challenges to creating sustainable organisations. This OpenLearn course requires a prior understanding of basic management accounting approaches.

Course learning outcomes

After studying this course, you should be able to:

• understand and describe strategic management accounting
• make decisions based on customer profitability using activity costing
• incorporate risk and uncertainty in project appraisal.

First Published: 23/03/2015

Updated: 05/11/2018

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Advanced Management Accounting

This online course will teach you how to develop the knowledge, skills, and competencies to evaluate the role of advanced management accounting in organisational performance and decision making., availability.

Our distance learning courses are offered throughout the year to help you fit study around your work and life commitments. Courses are offered up to 12 times per year depending on demand and availability of academic staff. Exact start dates are in the course information pages and in our Enrolment dates page:

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• Print Only  - The course will be delivered using paper based courses materials, and assignments may need to be submitted in hard copy rather than online. This will depend on the course.

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For example, a 20-week enrolment period will have 16 teaching weeks, followed by four weeks to accommodate marking, any extensions and reassessments, or exams.

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•   Level 7
•   Credits 15
•   Cost $606 NZ Domestic $1,848 NZ International
•   EFTS 0.125
• Delivery type Online only
• Teaching weeks 16 weeks
• Workload Approximately 10 hours per week
•   Exam dates 2024 Offerings Oct - 22 Jan 2025
• ACCY6101 Intermediate Management Accounting

If you need to discuss prerequisites for this course contact us

Learners who successfully complete this course will be able to:

Examine the operational and strategic role of management accounting in organisational contexts

2. Analyse strategic cost and profit management across the value chain

3. Critically analyse contemporary approaches to performance management relevant to an organisational context

4. Analyse advanced management accounting issues to inform strategic decision making for an organisation

Assessment for this course is:

• 50% internally assessed

For information on examinations, including a full list of exam times see our examination information:

  Exam dates and venue information

Examination information

Assessments for this course include an examination that you need to attend in-person.

Computer and internet requirements

To complete this course you will need access to a laptop or desktop computer, reliable broadband internet connection and a data plan able to support online learning such as streaming of videos (including YouTube), downloading content, and writing and submitting online assessments. If you are unsure if your current computer or internet access allows you to complete your online learning with us, please contact us before applying to enrol.

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Work towards

You can do this course as part of these qualifications:

Bachelor's Degree

• Bachelor of Accounting (TP4775)

Course availability over the next 12 months

Sample details

• Accounting,
• Words: 3019

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Advanced Management Accounting Assignment

Budgeting is important in an organization because it helps n setting standards of performance, it plays a critical role in strategic planning and it provides a tool to measure organization results. Budgets usually represent a detailed analysis of how a company expects to spend money in future time periods. Many companies create budgets on an annual basis so they can carefully outline the expected needs of each department in the business. Using an annual budget process also limits the amount of time companies spend creating and managing capital resources.

On the other hand, there may be a general fear and misunderstanding about the purpose of the budgetary process ND control, as it often regarded as time-consuming, unproductive, ineffective and meaningless rather than it being recognized as a tool for management, in all levels in an organization structure. Managers should be engaged in a detailed planned campaign on education and understanding the importance of budgeting as well as to encourage change from what has become an acceptable culture of imprudence towards budget preparation and suggest ways to make the budgetary process and the information become efficient, effective and meaningful.

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Total involvement of all managerial levels in budgeting is very important. It s even more necessary to get the participation in budgeting especially at the lowest or supervisory level. Thus, budgeting is no longer seen as the sole responsibility of the chief executive officer, budget officer or as that of the top executive in the company. Rather, all levels of the company will participate in the budgeting process and make commitments to achieving the goals set by the budget. The principal advantage which may accrue from full participation arises mainly from a higher level of motivation.

Allowing a person to take an active part in planning and control should result in better co-operation. According o Horseman et al (1999), there are three major benefits of budgeting that states that budgeting compels managers to think ahead by formalizing their responsibilities for planning. It will also provides definite expectations that are the best framework for judging subsequent performance and budgeting aids managers in coordinating their efforts, so that the objectives if the organization as a whole match the objectives.

It will also clearly defines areas of responsibility which will require managers of budget centers to take responsibility to achieve the budget target for the operations under their personal control and it should roved a basis of performance appraisal. Budgeting has long been recognized as the accepted procedure for profit planning and many of the most successful companies have applied this procedure. However, the budget practice has been labeled fragmented, conservative, wasteful and ineffective by critics of the budgeting process.

Some view holds that budgets are primarily concerned with the allocation of cash to specific activities, and the expected outcome of business transactions and that they do not deal with more subjective issues, such as the quality of products or services provided to customers. These other issues can be dated as part of the budget, but this is not typically done. Also, when a company creates an annual budget, the senior management team may decide that the focus of the organization for the next year will be entirely on meeting the targets outlined in the budget.

This can be a problem if the market shifts in a different direction sometime during the budget year. In this case, the company should shift along with the market, rather than adhering to the budget. Furthermore, an experienced manager may attempt to introduce budgetary slack, which involves deliberately reducing revenue estimates and increasing expense estimates, so hat he can easily achieve favorable variances against the budget. This can be a serious problem, and requires considerable oversight to spot and eliminate.

This concept and critic of budgeting has cast serious doubts on the need for a detailed and rigorously-enforced budgeting system, especially one that integrates the budget model with bonus plans. Nonetheless, the decision to install a budget is up to the management of the company. Management may opt to include a budget justification which is a narrative explanation of each of the components of the budget, which ‘justifies’ the cost in terms of the Budgeting as long been recognized as the accepted procedure for profit planning and many of the most successful companies have applied this procedure.

However, the budget practice has been labeled fragmented, conservative, wasteful and ineffective by critics of the budgeting process. Some view holds that budgets are primarily concerned with the allocation of cash to specific activities, and the expected outcome of business transactions and that they do not deal with more subjective issues, such as the quality of products or services provided to customers. These other issues can be stated as part of the budget, but this is not typically done.

Also, when a company creates an annual budget, the senior management team may decide that the focus of the organization for the next year will be entirely on meeting the targets outlined in the budget. This can be a problem if the market shifts in a different direction sometime during the budget year. In this case, the company should shift along with the market, rather than adhering to the budget. Furthermore, an experienced manager may attempt to introduce budgetary slack, which involves deliberately reducing revenue estimates and increasing expense estimates, so that he can easily achieve favorable variances against the budget.

This can be a serious problem, and requires considerable oversight to spot and eliminate. This concept and critic of budgeting has cast serious doubts on the need for a detailed and rigorously- enforced budgeting system, especially one that integrates the budget model with bonus plans. Nonetheless, the decision to install a budget is up to the management of the company. Management may opt to include a budget justification which is a narrative explanation of each of the components of the budget, which ‘justifies’ the cost in terms of the proposed work.

The explanations should focus on how each budget item is required to achieve the aims of the project and how the estimated costs in the budget is submitted, all items in the budget should be justified. Proposed work. The explanations should focus on how each budget item is required to achieve the aims of the project and how the estimated costs in the budget is submitted, all items in the budget should be justified. However, even though budgeting will be beneficial to the organization, it also has limitations in its preparation.

The budget can be seen as pressure devices imposed by management resulting in bad labor relations and inaccurate accounting record keeping. There may be existence f departmental conflicts that may arise due to the allocation of resources and various department may be blamed when the target set have not be achieved. The company will have difficult to reconcile against the company’s goals and individual goals and managers may overestimate costs so that they will not be blamed in the future should they overspend on the expenses and revenues.

In most large organizations they will ensure that various type of budget are prepared to keep track of all expenses and incomes for the businesses. It will also help managers and account for a construct their annual report. The ability to edged effectively is an important element in order for an organization becoming successful . There are several types of budgets used in the business may take any of these names; master budget, an operational budget , general cash flow budget, capital budget , and financial budget which will be defined below (Horned et al 1999).

Master Budget: This type of budget is comprehensive estimation on how management expects to conduct all aspects of business that will cover the budgetary period for a period of one year. It will summarize the estimated activity by cash budget, budgeted income statement and balance whet. It includes interrelated budgets from various departments which managers will use as a subset budget to plan and set performance objectives. This type of budget will used in large organization to ensure managers are kept on the same level. Operational Budget: An operational budget is the most common type of budget used.

It forecasts and tries to closely predict yearly revenue and expense for the business. The budget can be updated with actual figures on a monthly basis and then you can revise your figures for the year, if needed. Cash Flow Budget: A cash flow budget details the amount of cash that ill be collect and pay out. This is generally tallied on a monthly basis, but some businesses tabulate this weekly. In this budget, you track your sales and other receivables from income sources and contrast those against how much you will pay to suppliers and expenses.

When there is a positive cash flow, it indicates that the business is growing. Capital Budget: The capital budget helps you to figure out how much money you will need to put in place for new equipment or procedures to launch new products or increase production or services. This budget estimates the value of capita purchases you need for your business to row and increases revenues. Financial Budget: The financial budget will explain how the business will receives and spend the money received on a corporate scale from their capital expenditure.

They will need to manage their assets which will have significant effect of the financial health on the company. However, managers will use this budget to help with leverage financing and value the company for mergers and public offering of stocks. Budgets serve a variety of functions which includes planning, evaluating performance, coordinating activities, communicating, motivating and authorizing actions. A properly used edged can provide a benchmark or comparison point that alerts management to the first indication that their financial goals are unattainable.

Four elements must be present in order for a budget to provide this type of information and control. Firstly the budget must be well envisioned, and prepared or approved by management, whilst secondly the budget must be broken down into periods corresponding to that period’s financial statements. Thirdly throughout the year the financial statements must be prepared on a timely basis and a comparison made to the budget and fourthly management must be prepared to take action here ever the comparison with the budget indicates a significant deviation.

The budget process plays an important role in the planning, decision-making and controls within the organization. Therefore, it is essential for the company to improve the budgeting process in order to have a better understanding of the strategic goals, garner more coordinated support for those goals, and to improve the ability of the company to respond quickly to competition. There are several ways to improve the budget process. These are as follows: Link budget developments to corporate strategy Design procedures that allocate resources strategically.

Tie incentives to performance measures other than meeting budget targets. Link cost management efforts to budgeting. Reduce budget complexity and cycle time Develop budgets that accommodate change The budget expresses how resources will be allocated and what measures will be used to evaluate progress, the budget development is more effective when linked to overall corporate strategy. Linking the two gives all managers and employees a clearer understanding of strategic goals. This understanding, in turn, leads to greater support for goals, better coordination of tactics, and, ultimately, to stronger accompanied performance.

To create this link, companies must communication their strategies to employees. Top management must take the lead in developing and communicating strategic goals. However, to develop those goals, top management needs information about customers, competitors, economic and technological change – information that must come from customer-contact and support units. Companies that establish effective channels for communication find it easier to set challenging yet achievable strategic goals. Setting goals before budgeting begins makes it easier for budget developers at all bevels.

When this happens, budget developers create from the start budgets that support strategic goals and that, therefore, need fewer revisions. Budget development then becomes not only faster and less costly but also far less frustrating. Many companies still evaluate managers primarily on how closely they hit budget targets. While this may seem logical, in reality this type of one- dimensional evaluation tempts managers to “win” by playing games with budget targets. Such game playing isn’t always in the company’s best interest. For many companies, meeting budget targets is secondary to other performance assures.

Such companies use a balanced set of performance measures to chart progress toward strategic goals, and use the same measures in their incentive programs. This reinforces the importance of key strategies and communicates what results will be rewarded. At many companies, business unit managers are involved in identifying the measures that are most relevant for their operations. Typically, some measures are financial, while others track progress in other efforts. For example, an appropriate nonofficial measure for one business unit may be product defect rate; for another, speed to market for new products.

Once the measures are identified, higher-level management clarifies what targets each manager is expected to meet. Managers and employees receive training on the company’s incentive program so that they understand the reason behind the rewards. By linking cost management efforts to budgeting, companies improve the quality of information available for managers to use in developing their budgets. Accurate cost information is fundamental to budgeting. Companies that use accurate cost management techniques and provide budget developers with ready access to cost information improve both the accuracy and the speed of heir budget process.

Companies strive to reduce budget complexity and streamline budgeting procedures. Such streamlining allows management to collect budget information, make allocation decisions, and communicate final targets in less time, at lower cost, and with less disruption to the company’s core activities. By controlling the number of budgets that are needed and by standardizing budgeting methods, companies take important steps toward streamlining budgeting. Another key step is to minimize the amount of detail included in the reports used to develop budgets.

Also, in their effort to streamline budgeting, leading impasses use information technology to automate budgeting and facilitate workflow. These companies make sure that budget developers are thoroughly trained in new technologies. This training, together with ongoing monitoring of information needs accompanied, helps best practice companies deliver the right information to managers, on time and at the right cost. By developing budgets that accommodate change, companies can respond to competitive threats or opportunities more quickly and with greater precision.

They can use resources efficiently to take advantage of the most promising opportunities. Furthermore, knowing that budgets have some flexibility frees budget developers from the need to “pad” budgets to cover a wide variety of possible developments. This leads to leaner, more realistic budgets. Companies typically review budgets quarterly, monthly, or even weekly. By including in these reviews reports on changes in business conditions, companies alert managers that new tactics may be called for, if they are to meet their targets for the year.

While it is important that budgets not be revised to cover up for poor performance or poor planning, best practice companies choose to revise budgets rather than adhere to budgets that do not reflect current conditions. Some companies rely on “rolling” or “continuous” forecasts rather than on traditional annual budgets. The chief difference between such forecasts and traditional budgets is that the forecast is updated with actual results as the company moves through the year. Figures for three or more subsequent quarters are projected in decreasing degree of detail.

One way in which companies build flexibility into budgets is to prioritize according to strategic importance action plans that were rejected due to resource limitations. By doing this, they can act swiftly and decisively f additional resources become available. Another way in which companies develop budgets that accommodate change is to require managers to create scenarios based on a variety of assumptions about business conditions. The affordability of powerful information technology allows for the creation of many “what if’ scenarios.

This practice makes it possible for companies to respond more quickly and effectively if actual conditions follow the pattern of a particular scenario. Companies also build flexibility into budgets by setting aside funds at the business-unit level to take advantage of competitive opportunities. Some impasses even establish separate subsidiaries to look into promising products or technologies. It is imperative that the budget be viewed as an essential tool to help companies to formulate better strategies for achieving its goals and objectives.

The strategic planning is the long term plan of an organization and the budget is the short-term plan that contains more detail regarding the business operations. The budget is viewed as the blueprint or plan for the entire business which is prepared for the future period which it is designed by estimating and forecasting future trends in the market. The budget is used to valuate the actual performance of a company or a section of the company with desirable performance which is based on a budget. It also provides information to the shareholders or investors so they may determine whether the business is a potential investment.

Therefore, an excellent budget process should have the ability to convert objectives and desirable goods or future estimated outcomes into data. The budget should also be viewed as one way of positively influencing the behavior of managers within the organization as there are very few, if any decision and actions that managers can take which do not have some uncial effect and which will nor subsequently be reflected in a comparison between budgeted and actual result. The nature of budgets is probably the most important advantage that a budgeting process has over most other systems in a typical organization.

The ability to budget effectively is a very important part of being successful organization. This will been done through the exercise of preparing a budget which enables managers to promote planning, obtain directions, to make reasonable forecasts which will be serve as a monitoring tool which will predict financial support, promote communication and coordination, titivates and serves as a tool for evaluation and performance and ultimately determine how well the group’s mission statement will be accomplished.

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Strategic Management

(15 reviews)

Kennedy B. Reed, Virginia Tech

Copyright Year: 2020

ISBN 13: 9781949373950

Publisher: Virginia Tech Publishing

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Jiwon Suh, Assistant Professor, University of Texas at Arlington on 3/7/24

This book covers core topics that should be included in a strategic management textbook. I particularly like that the book has a chapter devoted to corporate governance, ethics, and social responsibility. I hope to see that vertical and horizontal... read more

Comprehensiveness rating: 4 see less

This book covers core topics that should be included in a strategic management textbook. I particularly like that the book has a chapter devoted to corporate governance, ethics, and social responsibility. I hope to see that vertical and horizontal alignment within an organization is highlighted at the beginning of the book. I see it in Chapter 10.

Content Accuracy rating: 5

This book contains core and major models, concepts, frameworks, and theories that should be included in a strategic management textbook. Especially, this book also explains a balanced scorecard and its linkage with organizational mission and vision.

Relevance/Longevity rating: 5

The main content is highly relevant. The concepts and frames that are included in the book are not fast-changing. This book uses a variety of examples to explain concepts to help students understand. These examples are a good mixture of timing (old and relatively new) and I believe such examples should be aged well to evaluate.

Clarity rating: 5

This book was well-written. This book uses clear language so that students including undergraduates can easily follow.

Consistency rating: 5

This book is consistent with all the structures and contents that are expected in the strategic management textbooks.

Modularity rating: 5

The topics in this book are well divided into 11 chapters so that faculty members can easily develop a semester-long course. On page 2, the authors also provide 6 modules on how these chapters can be used in a shorter course.

Organization/Structure/Flow rating: 5

The way of chapter sequencing is easy to follow: understanding strategic management -> external analysis -> internal analysis -> strategy development -> implementation. Every chapter provides ‘Learning Objectives,’ ‘Key Takeaway,’ and ‘Exercises’ from which students can effectively learn about the topics in the chapters. Also, figures, pictures, videos, and other sources are very helpful.

Interface rating: 4

External sources were hyperlinked with the original sources. This book also provides enough space between paragraphs and the next sections. This helps readers. It would be very helpful if the book included an Index at the end of the book.

Grammatical Errors rating: 5

I didn’t find any grammatical errors.

Cultural Relevance rating: 5

This book uses examples from different cultural backgrounds, such as an example of ancient China and wars on Russian soil on pages 18-20 and an example of Starbucks in Korea on page 33.

I'd like to use this book for my Strategic HR management course in the public and nonprofit sectors. Although this book doesn't 100% fit my course, I can use this book to explain and provide core/major concepts of strategic management.

Reviewed by Sergiy Dmytriyev, Assistant Professor of Management, James Madison University on 9/10/23

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc.... read more

Comprehensiveness rating: 5 see less

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc. Each sections ends with the reference list of the cited sources, and the Glossary of key terms is provided at the end of the book.

The book is well-written which makes it an easy read.

The content is up-to-date, with plenty of contemporary business situations and examples. At the same time, these examples are of general nature and can be used in a classroom for many years ahead, without become obsolete. Having said that, the textbook also has a number of historical examples which is a must to have in order to learn from strategic successes and failures.

The text is written in a more informal way than in some other strategic management textbook. This makes this textbook better perceived by undergraduate students, who are rather more excited by its interesting and accessible prose.

Consistency rating: 4

The textbook utilized common terminology and frameworks used in the strategic management field, and is consistent throughout the whole text. The only thing, sometimes I could have a feeling that there were many interesting narratives and examples, but some of them might not be well connected among themselves, which could make the reading slightly less coherent, though it wasn't a big deal.

Indeed, the text is readily divisible into smaller reading section since many of them start and end in a similar fashion making them standalone pieces. I didn't find many self-references which serves the modality purpose well.

The book is well organized in terms of the sequence of introduced topics and the transitions between them.

Interface rating: 5

The textbook offers an easy-to-follow navigation structure such as a numeration for each section/subsection as well as consistent headings' styles and the use of colors and graphical designs.

I didn't find any grammatical errors or typos in the text which speaks to its high quality.

Cultural Relevance rating: 3

The textbook is full of various examples from different countries which helps keep the reader's mind open to insights from different cultural environments. Yet, I wish there would be more examples with female and minority managers - I realize that today those groups are still underrepresented in leadership roles, but the author could have considered purposefully selecting those stories/backgrounds which may appeal to and inspire different audiences.

Most sections in the textbook end with discussion questions (often provoking ones) which can help with kicking off interactive discussion in class. The key information is summarized in the form of tables or graphs that make it easy to review the summarized learnings. There are also many videos throughout the book which can help break the monotony of reading with interesting visual experiences.

To sum it up, the textbook offers a typical content for a strategic management textbook (in terms of key strategic topics, terminology, theories and frameworks, etc.), yet it does it in a more appealing way compared to some more "formal" available textbooks in the market. In addition to offering discussion questions and exercises at the end of each section, the textbook also utilizes a more accessible prose for undergraduate students, as well as provides many illustrative or summary tables and graphs, as well as short business stories and videos done in an interesting way.

I really like the textbook and this year I started using it in my Strategic Management course.

Reviewed by Jeffrey Gale, Professor Emeritus of Strategic Management, Loyola Marymount University on 4/10/23

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up... read more

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up by a pubisher.] The coverage in the book is pretty standard for Strategic Management texts. It's a little light on implementation/execution particularly on reward systems, strategic leadership and a bit on culture. Like most of the texts, it really doesn't cover the online world. Because it was done in 2020 and used some of the materials some of the materials need newer examples--and to reflect lessons of the pandemic and de-globalization (in Chap. 9) There is a glossary but no index.

The coverage of the book is accurate in the concepts handled.

Relevance/Longevity rating: 4

All strategic management textbooks suffer from obsolescence--it is the nature of the subject matter and the need for ongoing revision of relevant examples. The concepts change more slowly. Use of the book requires instructors to fill that in to make the material relevant. The prior book (from 2020) was not updated for years which made it hard to use. Hopefully this one will be.

The book was extremely well-written and edited. This is remarkable since there was a team who worked on it at VPI. Kudos for doing a good job.

It is consistent. The framework used is very standard in strategic management texts.

The book is well done with coherent chapters and headings and subheading breaking up the text. I was able to use some of the materials out of order.

Strategic management textbooks lend themselves to a logical organization based on the analytic process common to the topic. This book is consistent with that. I did find that references and credits, which are listed in the chapter sections, are a bit distracting and would be better, in my opinion, at the end of the chapters. Likewise, I would prefer that the Exercises be at the chapter end as well. Learning Objectives at the beginning of each chapter are useful as well as the Takeaways in the sections.

My students and I used the PDF version of the book which is pretty standard with only limited jumps for Table of Contents. .

I didn't find any grammatical errors.

Cultural Relevance rating: 4

I did not see anything culturally insensitive or offensive in the book. There is, as is typical in the texts in the field, not a lot of cultural variety. There are no Black or Hispanic business in the examples.

The book did what I wanted it to in the course. I thought that Chapter 7 on Innovation is a bit of a hodge-podge of topics and doesn't flow all that well. The Powerpoint slides that the author made available are very uneven and I wasn't able to really use them--though I didn't really need to since I have taught the course for so long. They are not the equivalent of what commercial publishers provide with their texts. I did not use the text bank that is also available.

Overall, a good quality textbook that is usable with the caveats I raised earlier.

Reviewed by Stephen Horner, Associate Professor, Allen Community College on 6/9/21

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and... read more

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and classic military history encompassing ancient, modern, and postmodern eras. In addition, the critique of strategic management is refreshing to see in an introductory textbook chapter.

I find no glaring inaccuracies.

The cross disciplinary relevance of the text is demonstrated by allusion in chapter one to strategy throughout history. The text also has relevance in terms of relating the topic to contemporary issues.

This text is written at a basic level easily accessible to the common reader and especially suited to today's college senior.

The text uses the A-F-I framework consistently throughout.

The chapter topics are organized following the traditional analysis-formulation-implementation (A-F-I) framework allowing the course to be easily divided into modules. In addition, the authors have developed their own modular framework overlaying the A-F-I model.

The text uses the traditional analysis-formulation-implementation framework while taking a critical asssessment of the use of that framework.

The layout and flow of the text are satisfactory. In addition, I appreciate the smaller chunks in each chapter supplemented by references cited only in those specific chunks.

The writing demonstrates no systematic grammatical difficulties. The use of the Engish language is proper and acceptable.

The authors recognize changing sociocultural values and demonstrate sensitivity of the theory and practice of strategic management to such changes.

I found the text to be quite readable. It spawned in me new ideas for ways of reaching my students.

Reviewed by Yuan Li, Assistant Professor, James Madison University on 5/29/20

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version... read more

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version of the text does not include an index or glossary, which can be an enhancement to the book.

The content is accurate, error-free, and unbiased. However, there are a few typos in the book. Some of the labels are incorrect. For example, Level 3 of Table 10.4 is labeled incorrectly.

The content is up-to-date. For the most part, the examples are classic and do not need to be updated frequently. However, some of the examples, especially those related to movies are dated. Nevertheless, necessary updates can be easily implemented.

One of my favorite things about this text is its clarity. The text is written in a language that is accessible to all undergraduate students, including freshmen. Jargon and technical terms are explained in layman’s terms using real-world examples.

The text is internally consistent in terms of terminology and framework.

The chapters of the text are self-contained and can be individually assigned to students or used as additional readings to supplement a different text.

The structure of the text is clear and follows the structure of a standard strategic management textbook. The only difference is that international strategies are discussed before corporate-level strategies. Many of the tables and the text repeat each other. I think some of the tables can be eliminated.

There are no significant interface issues in the text. There are no hyperlinks in the pdf version of the book. All navigation is done through the search and find function of the pdf reader. The text in the examples and vignettes is too small and hard to read, at least for the pdf version I have. Overall, I would describe it as a no-frills text.

The text contains no grammatical errors.

The text is not culturally offensive in any way. The examples include both American and non-American firms mostly competing in the US market.

This is a great book for an introductory level strategic management class. Students do not have to be a management major to understand the book. Instructors can easily supplement the book with examples that are relevant to the background and major of their students. I find the book an interesting and enjoyable read. The authors did a great job in making strategic management interesting to students.

Reviewed by David Flanagan, Professor of Management, Western Michigan University on 12/12/19

This book covers all the major topics needed in a strategic management course plus a few other useful topics. read more

This book covers all the major topics needed in a strategic management course plus a few other useful topics.

First rate book. Easy to read with no errors (conceptually or grammatically).

All the conceptual information is up to date. I do have students do assignments where they research more recent examples.

Students comment that it is straight forward and easy to read. Key concepts are defined.

The text flows well from start to finish.

The chapters break up the material well as do sections within chapters.

good structure

easy to interface with

Well edited and credibly written

I detected nothing that could be insensitive

The authors are outstanding in their field. Can't find more credible sources.

Reviewed by Jason Kiley, Assistant Professor, Oklahoma State University on 5/21/18

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content... read more

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content I would use across the two books. The commercial book covered 41 topics, and Mastering Strategic Management ("MSM") covered 39. Of the discrepancies, three topics in the commercial book and one topic in MSM were topics that were probably timely when written but are less relevant now. Excluding those, each book had one topic that I would have liked to have seen in the other.

Across a number of topics, the exposition that fit my expectations about the material covered, explanations of the material, and examples that fit the material. Strategy covers a number of models that have been around for some time, and the authors seemed to do a good job of thinking about which models are reasonable to describe as they were conceived and which ones should be adjusted a bit to better reflect the underlying mechanisms or modern circumstances.

One small exception (shared in most strategy books) is the description of the BCG matrix using market share (as originally conceived). That notion is very sensitive to specification of markets, and I've seen more helpful formulations that describe it a little more generally as having dimensions that reflect using and generating cash.

The main content is fine and highly relevant. However, there are some examples which have not aged well. This is not so much the fault of the authors, as the business-relevant content is fine, but an example using Jared from Subway reads very differently in light of subsequent revelations. That is perhaps the most glaring, but there are a few others that have not aged well (e.g., the AppleTV has become reasonably successful in subsequent iterations). That said, this book is well within the norms of example relevance over time.

The book is written directly and clearly. In terms of style, it is more approachable than some alternatives, in part because I never got the sense that the authors were lowering the information density to produce more text.

Terminology and approach are generally consistent. Strategy is at the intersection of other disciplines, so there is often a change of perspective, but that comes with the content. That said, the authors have combined those well into a logical, consistent narrative.

For the most part, this book would be easy to use out of order or as selections. The chapters have numbered subdivisions that are logically coherent, and, in my view, it would be clear to students to assign selections. My initial read suggests that the brief motivating examples to begin chapters and the conclusions of chapters would be helpful to include even if the middle sections are selected from or reordered.

Overall, the organization and flow are consistent and logical, and it generally mirrors that of most strategy books. In a couple of places, the ordering is a bit different (e.g., international strategy before corporate-level strategy), but the broader logic may actually be more linear that way.

I used the epub 3 version of the book. The table elements tended to be built with markup instead of images, so they rendered nicely on a high-resolution display. Cross references were often done with links, and many text boxes were also done with markup, so the book takes advantage of the technology it uses for distribution. Given the prevalence of mobile devices among students, this is a strong positive for this book compared to others.

The writing is clear, error-free, and straightforward, including the consistent use of active voice.

Though the book (like many strategy and business textbooks) has a somewhat US-centric presentation, there are plenty of examples that include diversity along a number of dimensions where that kind of diversity is not the topic of the example. That broad level of inclusiveness is a positive for the book.

Overall, I found the book to be consistently high in quality, coverage, and consistency with other books in this area. Using it as an alternative or replacement for other books should be straightforward. The anonymous authors have done the field and our students a real service in writing this book.

Reviewed by Jiyun Wu, Associate Professor , Rhode Island College on 5/21/18

The book covers key areas of strategic management, much like other strategic management textbooks. read more

The book covers key areas of strategic management, much like other strategic management textbooks.

The content is accurate, though there are a few typos.

Relevance/Longevity rating: 3

The examples are a few years old and need to be updated.

The book is very lucidly written. I think it is one of the best written textbooks.

The book is internally consistent in terms of terminology and framework.

The text is easy to follow.

The topics are organized well and easy to follow.

I didn't encounter any problem with navigation.

I did not detect any grammar errors, although I did find a few typos.

The book is culturally relevant.

Please update the examples and correct the few typos in the text.

Reviewed by Edward Ward, Professor, Saint Cloud State University on 2/1/18

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design,... read more

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design, and more. However, it does not have a separate chapter about small business strategy.

This book is accurate as evidenced by the frequent references from both research journals and practitioners' publications. There is little in the way of the author's opinions, rather facts are emphasized.

The relevance of the book is excellent in that historical examples are often used, which by definition will not need to be updated. The examples of recent strategy uses (e.g. a goal by Coca-Cola on page 40 is for 2012) are in need of only slight modifications.

This is the paramount strength of the book. When the vocabulary (i.e. jargon) of strategic management is used, facile explanations and examples are used to clarify the term. An example is Figure 2.5, which explains financial performance measures for students who did not major in finance or accounting.

What is admirable as to the book's consistency is it's sequence of chapters, such as starting with "Mastering Strategy" as chapter one, through "Selecting Business Level Strategies" in the middle of the text, and concluding with corporate governance and ethics. There is also consistency in terms of the key takeaways and exercises throughout the book.

This is another strength of the book. For example, in clarifying "Entrepreneurial Orientation" sections such as "Autonomy", "Competitive Aggressiveness", and "Innovativeness" are presented in small sections that in total describe the term. This is done consistently in the book, such as in chapter eight the terms vertical integration, backward vertical integration, and forward vertical integration.

The topics are presented in a deductive order, starting with a superordinate term such as "Strategies for Getting Smaller", followed by retrenchment and restructuring. By describing a construct by its dimensions, the construct is more readily understood by students.

I don't think there are any such problems.

There are not any grammatical errors. I do think the reading level is for undergraduates rather than MBA students.

The photographs and examples are varied in terms of surface characteristics.

It is superior to my present textbook in terms of being written in a conversational style, which is complemented by useful tables such as 8.7 on page 293. These tables and other graphics will assist students with a visual learning style. The only negative that comes to mind is if this textbook is to be used for a MBA course, outside readings will need to be assigned.

Reviewed by Jorge Zazueta, Adjunct Professor, American University on 2/1/18

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic... read more

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic versions are searchable, obviating the need for an index.

I didn't find any inaccuracies or biases in the text (although I ran into a few minor typos). Each concept follows a critical discussion inviting the reader to reflect on the topic, rather than being dogmatic.

The topics covered are well established Strategic Management ideas with direct application in actual business practice, making the content both relevant and time enduring.

Clarity rating: 4

The book is clearly written and enjoyable. It provides straight commentary on the ideas discussed and is very easy to read. A minor drawback is that it lacks memorable design around many of the classic frameworks. For example, when discussing the diamond model in chapter 7, its elements are defined in the form of a table--rather than in a diamond shape.

The narrative is consistent throughout both in depth and style.

While the content follows a logical path, chapters are concise and mostly stand-alone, making it easy to use individual chapters or to tailor content for a class.

The topics follow a standard order of ideas in a consistent and logical flow, while maintaining modularity.

The interactive PDF version is clean and easy to use. A comprehensive table of contents is always available without being intrusive and the book is fully searchable. Making it convenient for student research or review. A keyword search results in a list of references to different chapters in the book, with a short summary of the content discussed.

Grammatical Errors rating: 4

Other than a few minor spelling typos. I found no errors.

The nature of the book is mostly transparent to cultural issues. Examples are business focused and do reflect a wide world view.

It is a great introductory text to Strategic Management. It covers all the standard material in a concise, easily accessible way. I would have enjoyed a bit more quantitative material, such as basic formulas from economics or discussions about how to quantify market competitiveness for example. Perhaps, that´s the material for a second book….

Reviewed by Bill Rossman, Instructor, Penn State University on 2/1/18

The book covers the major topics expected to be covered in a strategic management textbook. read more

The book covers the major topics expected to be covered in a strategic management textbook.

The material covered in the textbook is accurate and error-free.

Th material is up-to-date, however, some of the examples in the book could quickly become outdated. For example, there is an example referencing a 2001 movie which students may not understand. The book could easily be updated to keep examples up-to-date.

The book is clearly written without unnecessary jargon. Definitions for key terms could be emphasized to help students identify key terms and concepts. Additionally a glossary would be beneficial for students to quickly reverence the definition of key terms.

The book is consistent with other texts on the topic of strategic management.

The book is modular and chapters could be reorganized without issue. Instructors could assign chapters or subsections as they see fit without loss of educational value.

The book flowed well, the only change I would make is to move the corporate-level strategies to follow the business-level strategies. The instructor could easily make this change when assigning chapters in the textbook.

I did not encounter any issues with the interface of the textbook. The location of charts and images were appropriate and supported the material.

The book was free of grammatical errors.

The text was not insensitive or offensive.

Supporting material such as glossary, online assignments or self check exercises could be included. Overall, the book is well thought out and easily adaptable for instructors to use.

Reviewed by Sam Cappel, Professor, Southeastern Louisiana University on 6/20/17

I found the book to be comprehensive, covering in detail important parts of strategic management. read more

I found the book to be comprehensive, covering in detail important parts of strategic management.

I found the book to be accurate and well referenced. Examples were used which were most instrumental in helping students to understand important concepts.

The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement. Many of the examples used are classic or very timely. It would require little work to update concepts and examples.

The book is written without unnecessary jargon. Terms commonly used in the study of Strategy are fully explained.

The framework of the book allows for easy transitions from one topic to another. Throughout the book there is consistency in the straight forward approach to topics. There is a consistent attempt within this book to explain complex concepts in such a way as to allow undergraduate students to master them easily.

Modularity rating: 4

The text is well divided into a logical sequence of intuitively developed reading sections. Sections within the book serve to reduce confusion which can occur when learning a subject area with the diversity and complexity of Business Strategy

Organization/Structure/Flow rating: 4

I like the flow of the text but prefer a flow which started by simply following the strategic management process step by step.

I had no issues with the interface of the textbook. Navigation was simple and charts were well placed and clear.

I found no grammatical errors i the text.

Culturally the book was sensitive in dealing with issues such as ethics and the role of diversity in the workplace.

With the current push for on-line offerings I feel that it is now imperative that offerings include test banks, power-points, on-line readings, films and perhaps simulation tools that can be used on-line. I love the book for in-class use but feels that it does not offer enough support to be viable for extensive on-line offerings,

Reviewed by Cynthia Steutermann, Multi-Term Lecturer, University of Kansas on 8/21/16

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical... read more

Comprehensiveness rating: 3 see less

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical discussion areas, such as the importance of evaluating a firm's internal financial assets. While it mentioned current ratio, debt to equity ratio, and net income .. it does not show how to calculate those ratios. And, there are many, many more financial ratios that should be covered in great detail to effectively analyze an organization's internal financial capabilities. This was an area I would consider to be seriously lacking in content.

Other critical areas missing from this textbook were the discussion of entrepreneurial strategy and competitive dynamics, as well as managing innovation and corporate entrepreneurship. Likewise, this textbook did not include any strategic management cases which greatly supports a student's ability to apply concepts to a multi-page case of an organization they may be familiar with.

Also, while there was included on the website a table of contents, no such table of contents exists in the .pdf version that students would actually use. In general, this book is not written at the level of sophistication and comprehensiveness I would expect to use for college students, particularly since a strategic analysis course is often taught as a capstone course (undergraduate senior level of student). In my opinion, this textbook is written more at the senior in high school or college freshman level.

Content Accuracy rating: 4

The book's accuracy is adequate, although there are many areas of strategic analysis which I would consider to be missing in this textbook.

The one area of relevance and longevity I found to be questionable was the various references to "At the Movies". Some of the movies are quite dated and students may not have even heard of them. Or, if they have heard of the movie, they may not have seen it. While the intent seems to be a creative way to illustrate basic concepts, the use of movies is not (in my opinion) the most relevant way to accomplish this, at least to the extent that this is repeated throughout the textbook.

The book is written clearly, although not at the college reading level I would expect it to be written at.

Consistency rating: 3

The text is inconsistent since it references certain figures that actually do not exist. For instance, the Boston Consulting Group (BCG) matrix is referenced to be in figure 8.7. There is no BCG matrix figure, nor any figure 8.7. In fact, there are very few figures in the book. There are some pictures (unidentified mostly) but no figures that illustrate important concepts.

The book's modularity is done well. Within each chapter there are several smaller reading sections.

The book's organization/structure flow is generally good. I believe the organization and flow would be better if corporate-level strategies followed business-level strategy, and then the chapter about international markets would follow after that. This textbook, instead, has business-level strategy, international markets, then corporate-level strategy.

The images are generally not distorted, although on page 172 the Arby's graphic and text are out of proportion. Page 177 includes some type of graphic that is only shades of grey. I don't know what that is intended to represent.

The text contains no grammatical errors that I observed.

The text is not culturally insensitive or offensive in any way that I observed.

Reviewed by Daniel Forbes, Associate Professor, U. of Minnesota on 6/10/15

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as... read more

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as a separate chapter as is often the case but is instead partially covered under "Entrepreneurial orientation" within Chapter 2, "Leading strategically". Another exception is that there is only one chapter on corporate strategy, whereas many books have a second chapter on strategy alternatives (M&A, etc.). However, some of this content has been folded into the corporate strategy chapter. The PDF I reviewed did not contain a glossary or index.

The book provides an accurate introduction to contemporary strategic management. The authors' perspective is consistent with mainstream scholarly views in the field.

Most strategy textbooks tend to gravitate towards concepts and models that have a relatively long "shelf life," and this one is no exception. The book contains current examples and timely content. The book also does a good job presenting strategy in ways that undergraduate students, in particular, will find relevant. It does this through an emphasis on familiar, everyday brands (Facebook, Redbox) and through cultural references, such as its "Strategy at the movies" segments, which link concepts in the book to recent popular films.

The book is written in clear and accessible prose, and it carries a sense of humor. At times I would have liked to see clearer definitions that were easier to find in the text (e.g., highlighted or placed in sidebars). For example, the concept of "cost leadership" is introduced with good examples, but a concise definition seems lacking. Having clear definitions on key concepts is helpful to students studying for exams and for faculty who want to check concepts for consistency across materials without re-reading entire sections.

The book is internally consistent. It provides a framework for understanding strategy that is coherent and, at the same time, generally consistent with other major texts.

The text seems modular, and reorganizing the material is unlikely to pose a problem. It would be easy to rearrange the materials within a strategy course - provided, of course, that foundational concepts (e.g., "capabilities") have been established early on, as would be required in working with any major strategy text.

The book's flow is logical and it adheres to a structure that is common in strategy texts. One slightly unusual sequencing is the presentation of international strategy before corporate strategy (the reverse is more common), but these two chapters remain adjacent and there is a reasonable case for doing this. Given the overall modularity of the book, moreover, instructors can rearrange chapters as they see fit without much difficulty.

The interface reflects the thoughtful and creative selection of accompanying visual materials, especially photos and illustrations. There are fewer charts and tables than in the average strategy text. Some instructors and MBA students might find the text easier to navigate with fewer visual interruptions overall and perhaps more data or charts included in addition to the pictures. Overall, I think this interface that would be well received by undergraduate students, in particular.

The book's grammar is fine.

The book does not appear to be culturally insensitive. Examples are drawn primarily from the U.S., as is common in many major strategy texts, but there are also many examples drawn from outside the U.S.

Overall, I think this book is a very solid and worthwhile contribution to the set of available strategy textbooks. A particular strength of the book is its accessible writing style and its selection of "user-friendly" illustrations and examples. I think the book would be especially well-suited to first-time students of strategy who seek a general introduction. I also like that the book avoids delivering long, arbitrary lists of items in presenting material (e.g., "the nine reasons firms do acquisitions"), which is a common weakness of strategy textbooks. Instead, this book is generally succinct and reasonably comprehensive. At the same time, instructors & students seeking a more advanced treatment of strategy may find coverage of some topics to be relatively light. For example, limitations of the 5 Forces model are only briefly addressed and issues of industry evolution do not seem to be addressed.

Reviewed by David Try Ph.D., Instructor , Northwest Community College on 10/9/13

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate... read more

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate depth for an Introduction to Business Strategy/Policy course. The backend - index, glossary, on-screen reader and search engine - were accurate and faultless.

Diagrams, tables and case studies were up-to-date, professional quality and accurate. I found the text well supported by the supplemental teaching resources (quizzes, PowerPoint's, teaching notes, etc.) As with any USA based textbook, and to be fair hardly unique to this one, the content is USA-centric. Examples and in-text case studies do tend to examine issues through the lens of USA companies, and occasionally USA laws/regulations. Within this caveat, all material was well-edited, error-free, unbiased and including appropriate supplemental instructor material.

As with most introductory courses, the basic components of Business Strategy tend not to change rapidly. New tools, techniques, occasionally fads, as well as the inevitable rebranding (i.e. Management by Objectives [MBO] becomes Outcome Based Key Performance Indicators) are adopted by Business relatively slowly. The textbook covers certain recent advances in strategic and policy, as appropriate for a textbook at an introductory level. Looking forward, advances to this textbook would tend to focus on maintaining current and timeliness of in-text examples, update trends and data, and incorporate emergent strategies which could emerge in response to changing economic, business or global events, such as a global recession.

The textbook to be quite readable and engaging, and makes good use of current business examples. Terms and business jargon are properly defined, both within the text and by using small ‘call-out' (?) boxes on the side of pages and through the use of examples.

The concepts and ideas in the textbook are presented in a clear and logical order. Terminology is used consistently. As well, I found the ‘readability' of the textbook to be internally consistent – with no sense that different authors/editors had writte

The material is covered in 12 chapters, with 2 to 4 sections each, making it easy to assign weekly readings and cover the content within one semester. Chapters are fairly consistent in length and complexity. Instructors have the option to re-organize the course / subject order prior to students downloading the textbook should they wish. The text is not overly self-referential.

The flow or order of idea/concept presentation is consistent to most Strategy texts, and appropriate for an introductory textbook. Within Chapter layout is consistent; each chapter begins with "Learning Outcomes" and concludes with "Key Takeaways" and exercises, which can be assigned as homework.

Neither I, nor any of my students, experienced any interface issues at all. The underlying technology appeared faultless. The navigation process is logical and all images and text were clear and high quality, even on smaller e-reading devices. As well, color use is consistent, assisting in overall navigation. Interestingly, as the first e-textbook for NWCC Business, my students appreciated the ability to perform in-text searches and hyper-link to external electronic references (in text URLs), as well as textbook's cost of course!

I found zero (0) grammatical errors, or ‘broken' URL links. Well edited

This text is not culturally or sexually insensitive, or offensive. Overall, examples are based on business culture with limited applicability on cultural relevance. One chapter focuses on Ethics and Social Responsibility and examines these issues from a strategic perspective, with examples. However, the focus is principally from a business perspective, as compared to social, legal or moral perspectives. As the text is fairly USA-centric, Canadian students may feel that Canadian and possibly Asian business strategies should receive greater emphasis.

Overall, I was very impressed with the quality and professionalism of the text. A ‘newbie' to e-textbooks, I was surprised by the usefulness of additional features available with electronic textbooks (searching, imbedded URLs, etc.). As noted above, the textbook content is somewhat USA-centric. Examples and in-text case studies tend to focus on USA companies, and occasionally USA laws/regulations. However, given the highly integrated nature of Canadian and USA business environments, there is some value in this. And, it was certainly not difficult to incorporate Canadian examples into the Lectures. This review originated in the BC Open Textbook Collection and is licensed under CC BY-ND.

Table of Contents

• I. Chapter 1: Mastering Strategy: Art and Science
• II. Chapter 2: Assessing Organizational Performance
• III. Chapter 3: Evaluating the External Environment
• IV. Chapter 4: Evaluating the Internal Environment
• V. Chapter 5: Synthesis of Strategic Issues and Analysis
• VI. Chapter 6: Selecting Business-Level Strategies
• VII. Chapter 7: Innovation Strategies
• VIII. Chapter 8: Selecting Corporate-Level Strategies
• IX. Chapter 9: Competing in International Markets
• X. Chapter 10: Executing Strategy through Organizational Design
• XI. Chapter 11: Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Ancillary Material

• Virginia Tech Publishing

About the Book

STRATEGIC MANAGEMENT  offers an introduction to the key topics and themes of strategic management. The authors draw on examples of familiar companies and personalities to illustrate the different strategies used by today’s firms—and how they go about implementing those strategies. Students will learn how to conduct a case analysis, measure organizational performance, and conduct external and internal analyses. In short, they will understand how organizations operate at the strategic level to be successful.

An older version of Mastering Strategic Management  (2015) by University of Minnesota Libraries Publishing can be found here: https://open.lib.umn.edu/strategicmanagement/

About the Contributors

Reed B. Kennedy, Associate Professor of Practice, Pamplin College of Business, Virginia Tech

Reed B. Kennedy is an Associate Professor of Management Practice in the Management Department, where he teaches management courses. He began his career as a naval officer before entering his primary career in healthcare administration, where he served in senior executive roles in various hospitals for over 20 years. He then worked as a business consultant for the Small Business Development Center for the New River Valley at Radford University. His education includes a Bachelor of Science in Aerospace Engineering from the U.S. Naval Academy, a Masters of Healthcare Administration from Medical College of Virginia / Virginia Commonwealth University, a Masters in Public Health and a Graduate Certificate in Global Planning and International Development from Virginia Tech. Reed served as the chief textbook reviser on this project. He worked with the contributor and editorial teams from project start to completion.

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Advanced Management Programme in Business Analytics

Upcoming application deadline, september 22, 2024, download brochure.

Thank you for sharing your details, programme details will be sent to you via email

ISB’s AMPBA

• For: Professionals with 2-15 yrs of experience
• Duration: 12 months + 3 months of Capstone Project
• Location: Hyderabad, Mohali

The programme is designed on a schedule that minimises the disruption of work and personal pursuits. The programme is a combination of classroom and Technology aided learning platform. Participants will typically be on campus for a 5-day schedule of classroom learning every alternate month for 10 months, which would ideally be planned to include a weekend. (on Best effort basis)

In the month of no classroom connect, the classes will be conducted over a technology-aided learning platform. 

AMPBA is a rigorous and challenging programme. The schedule will include full days of teaching and evenings will be used for guest lectures, projects, and group work. Participants will be required to stay on campus during those classroom days.

Months Blended Programme

Classroom hours

Contact Hours

Foundational Project

Live Project from the Industry

Avg Work Exp of the class in years

Alumni Network

Peer Learning

Peer learning from experienced fellow participants who are ready to make an impact in the Business Analytics domain and grow together. Graduated participants will join an eminent group of Business Analytics alumni (1100+) working in the industry as Data Scientists, heads of Analytics, and even founders and CXOs. 

Class profile of AMPBA Class of 2021 (Summer)

Is AMPBA a distance education or online programme?

No. AMPBA is a hybrid learning programme. (Classroom-based + Technology aided learning). All core terms are taught face-to-face which construes 60% and above contact hours. 

Where are the classes for the programme held?

All classes for the programme are held in either of the campuses (Hyderabad or Mohali).

Will I get a Master's Degree?

Indian regulations do not allow independent institutions to grant a master’s degree.  You will receive a Certificate along with the relevant transcript in Advanced Management Programme in Business Analytics.

How many days will I need to take off from work?

The total number of days at ISB campus for the duration of the programme will be approximately 15 working days (excluding travel days and Saturday , Sundays in the On Campus Month). 

How much time will I have to spend studying at home outside the residencies?

We anticipate participants having to spend 12-14 hours per week on an average. However, depending on the learnability of the individual one may have to increase the commitment level. 

Do I need to take care of Accommodation during residency?

Accommodation to AMPBA participants will be provided on a twin-sharing basis during the residency

How do I prepare and gear up for the programme?

Once you are admitted, we will have preterm online courses in areas of accounting, statistics etc to help you gear up for the programme. It is advisable to refresh your knowledge of basic mathematics, statistics and MS Office before the preparatory courses begin.

What is the minimum work experience requirement to apply?

The applicant must possess a minimum of 2 years of full-time work experience as on the programme start date.

When will I get course materials and books?

The course materials as prepared by faculty in terms of pre-reads, links to important websites and related literature and list of books will be made available to you in advance so you have ample time to prepare and complete the pre-course assignments. 

The materials will be uploaded on the Learning Management System (LMS) portal, or handed to you in person when you are on campus.

What if I need help with understanding course concepts during the period outside the residencies?

You can post your queries on the discussion board in the LMS or the academic team from the School will resolve your query. If needed, we can have someone connect you to clarify the doubts. 

Of course, your course mates can also respond to your query making the learning collaborative

Do I need to take the GMAT/CAT/GRE/NMAT?

No. We do not have a mandatory requirement to take the above tests. However, an applicant can request for exemption by submitting valid GMAT/GRE/CAT/NMAT scores along with the application. The decision to grant an exemption from the online test will be based on the decision of the admissions committee. In the event the waiver is not granted, the applicant will be required to appear for the online test.

Can I defer admissions?

We do not encourage deferrals. In exceptional circumstances deferral may be granted upon submission of documentary proof supporting your reasons for deferral. A non-refundable deferral fee needs to be paid, in addition to the admission fee, to secure your place for the next class. The deferral fee is adjusted in your programme fee when you join the programme. Please note that the programme fee applicable to the year of joining the programme will apply. 

Deferral is granted for a maximum of one year beyond which you will need to reapply. 

What if my deferral plea is not accepted?

In such a scenario you will have to reapply to the next academic year.

Once I have submitted the application, when will I hear from you?

We strive to process your application as soon as we receive the same and revert to you in 30 to 45 days. 

Is an interview required?

Yes. Interviews give us an opportunity to hear about your experiences first hand and make a qualified judgment. Interviews will be held in person or via teleconference or video conference facilities.

If I am unable to join the programme after accepting the admission offer and paying the admission fee will the admission fee be refunded?

No. The admission fee is non-refundable.

Do we have Financing options from Financial Institutions?

Yes, we have a tie-up with multiple financial institutions to avail education loans. Details are share along with the admission offer to the selected students.

If I decide to withdraw from the programme, can I get my tuition refunded?

It depends on the timing of your decision. The refund is governed by the refund policy prevailing at that time. Please check the refund policy section for details.

Do I have to be financially sponsored by my company to be eligible for this programme?

No, you do not have to be financially sponsored by your firm to be eligible for the programme. 

Does the programme provide campus placement services?

No, the programme does not provide a campus placement service.

Why is campus placement not provided?

Participants have company support, at least by way of time off from work to attend the programme and therefore respecting the employer’s support, ISB does not feel it is appropriate to offer placement services.

+91 7036249122

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Dale Davison

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Dale L. Davison, Ph.D., CPA, is a Clinical Professor of Accounting in the Thunderbird School of Global Management at Arizona State University. His areas of expertise include global accounting and global taxation. His research has traditionally focused on income taxation, particularly as it relates to global tax issues.

Dr. Davison’s work has been widely published in academic journals, and he has co-authored three books, including a financial accounting textbook, “Financial Accounting,” published by John Wiley & Sons. Among the industry’s leading journals, his research and writings have appeared in Management Accounting , Journal of Taxation, Taxes, Atlanta Economic Review, Journal of Real Estate Taxation, Taxation for Accountants, Ohio CPA, Arizona Business, Estate Planning, Tax Advisor, Nebraska Journal of Economics and Business, Journal of Language for International Business , and Multinational Business Review .

Dr. Davison was the founding editor of the American Taxation Association (ATA) Newsletter. While at Thunderbird, he was the author and project director/administrator for three different federal grants totaling $2.5 million, involving Thunderbird business activities in Moscow, Nishny Novgorod, and Volgograd, Russia.

Before joining the Thunderbird faculty, Dr. Davison was a partner in the Phoenix office of Deloitte & Touche. He has accepted business-accounting assignments around the world, including assignments in the U.S. and Canada, Germany, Belgium and Russia. He served as chairman of the Thunderbird Department of World Business from 1996 through 2001, and Dean of Faculty at Thunderbird from 2005 to 2014, as well as Chief Academic Officer in 2014.  In 1992 he was a Distinguished Visiting Professor at Tehnologico Superiores de Monterrey and in 1993 a visiting professor at the Academy for the National Economy in Moscow. He also served on the faculties of Arizona State University, Clemson University, and the University of South Carolina.

While at Thunderbird, Dr. Davison taught accounting and tax courses in Mexico, Russia, China, Czech Republic, Germany, Switzerland, Taiwan, and Brazil.

Among his many awards and honors, Dr. Davison won teaching awards at the University of South Carolina and at Arizona State University. He also was honored with the ASU Accounting Circle Outstanding Teacher Award. He won Thunderbird Student Government Outstanding Teacher Awards six times, and Deloitte & Touche Outstanding Tax Teaching Awards twice.

Dr. Davison earned his Ph.D. and MBA at the University of Georgia. At Georgia, he was a State Farm Foundation Fellow and a National Defense Education Act (NDEA) Title IV Fellow. He was awarded his BS at Northeast Louisiana State College (now the University of Louisiana-Monroe) where he was the valedictorian of his graduating class, the College of Business Honor Graduate, and the Louisiana Society of CPAs Honor Graduate.

2023 Spring

2022 Summer

2022 Spring

2021 Summer

2021 Spring

2020 Summer

2020 spring.