Wealth Wise Insurance Case Study
Added on 2020-02-05
6 Pages1260 Words44 Views
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MANAGEMENTACCOUNTING
Table of ContentsIntroduction......................................................................................................................................31) Role of performance measurement and control system .........................................................32) Identify the elements that constitute effective performance measurement and ....................3control systems............................................................................................................................33) Link between organisational structure and planning and control systems. ...........................44.Review the performance of an organisation.............................................................................45. Current performance management techniques........................................................................46. Evaluating decisions in terms of quantitative and non-quantitative.......................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
IntroductionManagement accounting is a way to process where company identify their financialtransactions and such reports(DRURY,C.M.,2013). In this present report Weath Wise Insurancehas recently set up an internal information system to improve social and environmental practiceswithin the company. The firm is a major contributor to charities, particularly those that focus onthe homeless and the poor. Further, this present report has been covered performancemeasurement and control system and Identify the elements that constitute effective performancemeasurement.1) Role of performance measurement and control system In management accounting performance measurement and control system is mostessential for the organisation . It can aid to measure accounting accuracy and validity. In anorganisation accounting performance measurement is aid to provide controlling system. Wherecompany analyse there actual performance to standards performances in case of varianceanalysis. It is based on there setting realistic expectations that are measurable. On the other handcompany develop some strategies and tactics to measuring their performance and improving theirperformance efficiency. In there company managers taking corrective action when there is adeviation between actual and predicted results. Further, there are many types of control systemwhich can be manages there financial applications. It can also help to measure feedbacks fromactual results (Bhimaniandet.al.,2013)2) Identify the elements that constitute effective performance measurement and control systems.Performance standards: In an organisation mangers are mentioned there performances standardswhich is going to compare actual performances. In an organisation performance management isdetermine such standards which is exceed there individual performance level in an organisation.Leadership training: on the other hand company has to develop there performance with the helpof some training session . Which means managers provide effective training programs toimprove there performance standards. Leadership training on performance managementprinciples includes annual appraisals where measure level of performance efficiency in thereorganisation (CinquiniandTenucci,2010).
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