BUS301: Decision Making, Stakeholders & Fraud Prevention Report

This report provides an overview of various techniques and approaches employed in organizational decision-making. It evaluates the use of group discussions, marginal analysis, cost-benefit analysis, and financial analysis in contributing to effective decisions. The report also addresses stakeholder management, including managing conflicting objectives among different stakeholder groups. Furthermore, it highlights the value of management accounting techniques in cost control and enhancing stakeholder value. Finally, the report explores techniques for fraud detection and prevention, alongside approaches for making ethical decisions within an organizational context. The report cites relevant academic sources to support its findings.

4 Questions

MAIN BODY..................................................................................................................................1
1. Evaluation of range of techniques, approaches and factors which helps in contributing in
effective decisions making in an organization.............................................................................1
2. Stakeholder management and management of conflicting objectives of different
stakeholders group.......................................................................................................................1
3. Value of management accounting techniques in cost control or importing stakeholders value
.....................................................................................................................................................2
4. Techniques for fraud detection or prevention and approaches for ethical decisions...............2
REFERENCES................................................................................................................................3

MAIN BODY
1. Evaluation of range of techniques, approaches and factors which helps in contributing in
effective decisions making in an organization
In context of the organization, there are several techniques and approaches followed by the
managers of the company at the time of making effective strategy for decision making process.
Group discussion is the process of employees participation where single person share their
thoughts and views. Marginal analysis, cost benefit analysis, ratios, financial or break event
analysis. These are the techniques which contribute in an organization to make effective
decisions. It helps the managers to optimize their resources, aid in problem solving and able to
find solutions for the challenges which they currently face (Jbarah, 2018). In addition there are
several factors which affect the decision making process such as prior interactions, a number of
cultural beliefs, enhanced engagement and lowered performance, demographic variations like
age and social class, and a confidence in personal significance. Both of these issues depend on
the decision making process and the decisions made.
2. Stakeholder management and management of conflicting objectives of different stakeholders
group
Stakeholders Management is the practice of establishing positive relationships with the
individuals most dependent on their job. Communicating properly with each one will play a
crucial part in keeping them "on track." They may measure this by contrasting it with previous
projects, by evaluating the results of the project, for example the amount of funding required, or
the time allotted to it. The sum of assistance they need to get the results that you desire. This
could include funding, guidance and input from professionals, physical capital, and content
feedback to boost consistency and so on.
Various parties have different objectives. Specific stakeholder groups may have competing
interests. For instance: Owners usually want high profit margins and so they can be hesitant to
see the company pay workers high salaries. A decide to leave production abroad will reduce the
cost of manpower. Hence, it would help investors but operate against the wishes of current
workers who will leave their lives. Often, consumers fail if they get worse service.
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3. Value of management accounting techniques in cost control or importing stakeholders value
Management accountant uses the methodology of marginal costing, proportional expense,
and break even cost control, decision-making, and benefit maximization analysis. Fund flow
methodology used to generate interest for clients to analyze shifts in a business enterprise's
financial status within two periods (Murthy and Rooney, 2018). This shows them where the
funds come from and how they are used in the company. This helps a lot with financial research
and monitoring, advice for the future and quantitative studies. Financial accounting allows
managers to choose the right option to optimize market income through the methods of gross
costs, capital budgeting, differential costs. It must compile the requisite reports for supplying
information to the various management levels by carefully determining the data to be provided,
arranging the data and choosing the correct reporting process. All the information included in the
financial reports useful for stakeholders to make their decisions and it further creates value for
the stakeholder groups.
4. Techniques for fraud detection or prevention and approaches for ethical decisions
In an organizational context, there are several techniques which are used to detect the fraud
or prevent. Build a profile of potential fraud which includes the risk evaluation, identifying the
areas where fraud is probable to appear in the company, and the potential forms of fraud within
these locations. Then assess the risk depending on the organisation’s total visibility. . Focused on
risk those have highest likelihood of lowering shareholder value. For example, systems that
affect the expanded supply chain, such as stability, efficiency, product productivity, and
operations (Pavlatos and Kostakis, 2018). Strengthen regulation over account provisions and use
regular auditing and reporting to check and verify the oversight effectiveness. Repeated or
persistent fraud detection analyzes involve setting up scripts to run against vast quantities of data
in order to recognise such irregularities as they appear over time. This approach will significantly
increase the overall performance, accuracy and safety of the processes for fraud detection. It is
not the limited practices, there are much more available to detect fraud.
In addition, there are several approaches for ethical decision such as Utilitarian approach,
right or justice approach, common good or virtual approach. By using these approaches,
managers are able to take ethical decisions in respect of the organization. It further helps in
generating value of stakeholders.
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REFERENCES
Books & Journals
Jbarah, S. S., 2018. The Impact of Strategic Management Accounting Techniques in Taking
Investment Decisions in the Jordanian Industrial Companies. International Business
Research. 11(1). pp.145-156.
Murthy, V. and Rooney, J., 2018. The Role of management accounting in Ancient India:
evidence from the Arthasastra. Journal of Business Ethics. 152(2). pp.323-341.
Pavlatos, O. and Kostakis, X., 2018. The impact of top management team characteristics and
historical financial performance on strategic management accounting. Journal of
Accounting & Organizational Change.
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