Michael Knowles 78927

ACCA 318

Case Study

This question requires the reader to study numerous papers from the "Journal of Accountancy

and Strategic Finance" over the last three years. to have a better understanding of the production

environment's automation After reading a few articles, you'll observe how greater automation

and monitoring capabilities have decreased the demand for (unskilled) industrial workers while

also reducing mistakes, rework, and bottlenecks in the process. As a result, you'll observe that

machinery and information systems will cost more, but human capital will cost less. Write

relevant results with examples from your readings, while mentioning publications in the

footnotes, using this as a guideline.

The biological cycle, or the process from birth to death, is the foundation of the product life

cycle model. The pattern is applicable to a commercial product and can also be viewed as a

process that is integrated inside all of an organization's other operations. The link between

project management procedures and other corporate processes must be understood by all

participants in risk management. The product life cycle provides a logical framework for looking

at product management linkages and activities. It's a method of defining a product's beginning

and finish, as well as all phases in between. The way the life cycle is defined differs from one

industry to the next, as well as within the same sector in terms of various organizations and

firms. Once different phases of the product life cycle are reached, the risk strategy varies. This

adjustment is dependent on the amount of information supplied and the development of the

project. The following are some risks mitigating options: Assume/Accept: Recognize the
presence of a certain danger and make a conscious decision to accept it without making extra

measures to mitigate it. The project or program leaders' approval is necessary. To avoid or lessen

the danger, change the program's requirements or restrictions. A change in finance, timing, or

technological needs could be able to handle this alteration. Control: Take measures to reduce the

risk's effect or possibility. Reassign organizational accountability, duty, and authority to a

different stakeholder who is ready to bear the risk. Watch/monitor: Keep an eye on the

environment for changes that could modify the risk's nature or impact.

Management can also benefit from financial accounts when it comes to cost control. If the shop

is spending more than it should, they should investigate their records to see if there are any

discrepancies, such as in food or labor expenses. They can track down and pinpoint exactly

where the money is being spent, and then devise remedies to assist remedy the problem.

Financial statements reveal a lot about an organization's health, and a successful management

team, in my view, knows how to analyze and assess their records extremely effectively.