Management Accounting Assesssment Coursework Example | Topics and Well Written Essays - 2000 words

Management Accounting Assesssment - Coursework ExampleOn the basis of such information, circumspection 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 front 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 score 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 on issues associated with continues improvement and flexible costing system will be discussed. Finally, a conclusion will be drawn to summarise the information poised 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 Stee l, one among the worlds top ten steel manufacturers. ... The company pays special attention towards the changing needs of its international guest base. Tata is an Indian conglomerate that operates in chemical, telecommunication, consumers goods, automotive and unemployed 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 only 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(p) about sustainable development hence the company is making investments to minimise emission of carbon and other greenhouse gases. With time, demand for steel in develop nations like China and India will grow further. On the other hand, international organisations are constantly increasing pressur e on the steel producers to minimise the banish 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 vocation processes and exercising a tight control. Parties