This document presents a comprehensive solution to the IPA004 Strategic Management Accounting examination from Deakin University, Trimester 3, 2020. The solution addresses five questions, starting with an analysis of Virgin Australia's financial woes and new strategic direction. It involves a PESTEL analysis of the Australian aviation industry, highlighting the impact of the COVID-19 pandemic and identifying key challenges for the new CEO. The response then uses the GE/McKinsey framework to position Virgin Australia and discusses how Value Chain Analysis and Benchmarking can improve profitability. The solution also briefly touches upon Lifecycle Costing, Target Costing, and Kaizen Costing as part of an Integrated Cost Management System. The assignment demonstrates a clear understanding of strategic management accounting principles and their application in a real-world business context. The solution is provided as an open-book exam, with the student required to answer all questions within the allocated time frame.