'Business strategy produces long-term plans for the business, taking into considerationplans and possible actions of competitors, the main objective being to position the firm so ithas a competitive advantage..If management accounting is to play this role in strategic management, it must providemanagers not only with internal, financial information, but also with information, bothfinancial and non-financial, about the environment in which the firm is operating: strategicmanagement accounting' (Lord, 2007, p.135).Discuss the previous statement, taking in to consideration the following perspectives:a) The sufficiency of strategic management accounting components in achieving thenew firm's roles in comparison to the traditional management accounting.b) The appropriateness of the new performance evaluation techniques (such asbalanced scorecard and strategic management accounting techniques) to thestrategic management accounting objectives in comparison to the traditionalperformance measures.

"In today's dynamic and competitive business landscape, strategic planning and decision-making are…

Answered: 'Business strategy produces long-term…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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