CIMA Exam Practice Kit: Risk and Control Strategy by Jaspar Robertson, Walter Allan

By Jaspar Robertson, Walter Allan

CIMA examination perform Kits consolidate studying through delivering an intensive financial institution of perform questions. every one resolution offers a close research of the proper solution and highlights why the choices are improper. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision path. It supplementations the respectable CIMA examine structures and CIMA Revision playing cards with a wealth of extra questions and fabric concentrated in simple terms on utilising what has been learnt to passing the examination. CIMA examination perform Kits support scholars arrange with self assurance for examination day, and to cross the hot syllabus first time. * is helping CIMA scholars to organize and move the recent syllabus first time * perform using and showing wisdom so CIMA examiners can award you marks * presents labored solutions to completely clarify the right kind resolution, and research of wrong solutions - assisting CIMA scholars steer clear of universal pitfalls

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Mechanisms for management control Management controls the behaviour of people within the organisation through a variety of mechanisms. Many studies have recognised that management control system consists of the formal, information-based and procedure-driven elements of control plus the informal elements of control based on social relationships. Ouchi (1977) argued that there are only two forms of control because only two things can be observed: behaviour and the outputs that result from behaviour.

Simmonds emphasised the learning curve through early experience with new products that lead to cost reductions and lower prices. Bromwich (1990) suggested that SMA should consider product benefits and how the cost of providing these benefits related to the price the customer was willing to pay. Lord (1996) summarised the characteristics of SMA: • collection of competitor information: pricing, costs, volume, market share; • exploitation of cost reduction opportunities: a focus on continuous improvement and on non-financial performance measures; • matching the accounting emphasis with the firm’s strategic position.

There are 3 types of feedback. They are: Positive feedback, Negative feedback and Double loop feedback. Positive feedback is a deviation from target that has a positive impact on the organisation, for example a higher than expected income, which does not require corrective action, although it can lead to valuable learning so that it can be repeated. Negative feedback refers to a deviation from target that is detrimental to the organisation, with corrective action being required to meet the target, for example, an overspend on an expense budget.

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