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Management Accounting Assesssment - Coursework Example

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Management Accounting Assesssment

On the basis of such information, management formulates the future strategy to be followed to retain its competitiveness in the industry. In the contemporary environment, organisations are paying special attention to two main factors. The first one is associated with incorporation of continuous improvement in the operations of the organisation and the second one is monitoring the cost with help of an advanced and flexible accounting system. In this given project, both these factors will be discussed, drawing examples from Corus. At the beginning, a brief introduction about Corus will be given and later on issues associated with continues improvement and flexible costing system will be discussed. Finally, a conclusion will be drawn to summarise the information gathered in the project. About Corus Corus is the second largest steel producer in Europe with its main operations in UK and Netherlands. It is a subsidiary of Tata Steel, one among the world’s top ten steel manufacturers. ...
The company pays special attention towards the changing needs of its international customer base. Tata is an Indian conglomerate that operates in chemical, telecommunication, consumers goods, automotive and leisure industry. The Corus exclusively consumes 6.5 million tonnes of iron ore and 2 million tonnes of coal each year to produce 4.3 million tonnes of steels. Its principle production site is at Scunthorpe that alone employees 5,500 people who work in 2,000 acres of area. The steel produced by Corus is used for production of rail, steel products, steel rods and steel plates. The production units of Corus are highly conscious about sustainable development; hence the company is making investments to minimise emission of carbon and other greenhouse gases. With time, demand for steel in developing nations like China and India will grow further. On the other hand, international organisations are constantly increasing pressure on the steel producers to minimise the negative impact on the environment. Therefore, while formulating the future strategy for the Corus, its management is likely to pay special attention to these vital issues. Benefit of continuous improvement in Corus What is Continuous Improvement- The term ‘continuous improvement’ is derived from the Japanese word “Kaizen” which means making changes that bring about betterment in the overall processes in an organisation. This comprises of IT, engineering, financial, commercial, customer services and manufacturing related processes. It essentially involves making small changes in the process instead of making big changes intermittently. This calls for a close supervision of the overall business processes and exercising a tight control. Parties ...Show more

Summary

Management Accounting Assessment Table of Contents Table of Contents 2 Introduction 3 About Corus 4 Benefit of continuous improvement in Corus 5 What is Continuous Improvement- 5 Parties involved in CI- 5 Ways to bring about an improvement- 5 Benefits of CI- 8 Traditional Costing System (TCS) v/s Activity Based Costing System (ABC) 9 Conclusion 12 Reference 13 Bibliography 14 Introduction With time, the corporate world has undergone major transformations and thus to retain the competitiveness in the industry, companies are introducing many changes…
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