Fundamentals of Management Control - DOUBLE DEGREE
Learning outcomes of the course unit
The course introduces students to the fields of cost analysis, budgeting & planning, and business decision making.
With the successful completion of the course students will have mastered:
a) as far as knowledge and understanding is concerned, the Managerial Accounting System, the introduction of Management Science (i.e. of Quantitative Approaches to Decision Making) based on MA information, the different Costing Methods and Techniques.
In addition, students will have acquired knowledge and understanding about the diverse methods and techniques of programming and planning, as well as about the Softwares supporting company decisions (MSExcel and Solver).
b) the ability of applying knowledge and understanding within the Planning and Control Department. Students will be capable to assist and support Management Accountants in determining the costs of product, service and other Cost Objects, as well as in the preparation of Budgets and Capital Budgets, and in the process of Decision Making.
the ability of applying knowledge and understanding assumes a working placement period, possibly a university organized internship.
c) the potential of Making judgements, to evaluate almost independently the issues and opportunities related to the many and varied methods of costing, budgeting and planning in business environments characterized also by risk. Almost autonomously S/he will assist or support the controller in the definition of the economic and financial consequences arising from the use of different MA methodologies.
d) Communication skills consisting in the use of an appropriated technical language used to relate with those involved in the management and financial accounting. The students will have improved their problem-solving skills.
e) Learning skills, specifically the ability to undertake more advanced studies with a degree of autonomy, particularly with reference to the courses of Advance Management Accounting of the Second Cycle Degree.
It is assumed in this course that students have an appreciation and good understanding of Financial Accounting, Quantitative Finance and Statistical Methods. Hence, suggested prerequisites are the courses of Accounting Theory, Financial Accounting, Financial Mathematics and Statistics.
Course contents summary
The course of “Fundamentals and Control Budgeting” emphasizes the internal business-building role of accounting and finance professionals who design, implement, and manage internal systems that support effective decisions, plan, and control the organization's value-creating operations.
The contents of this course are intended to prepare students to use management control tools and techniques whatever their functions in companies or organizations. This should enable them to collaborate better with their colleagues from the other functions using the common financial language. The main subjects that will be tackled in this module are: budget, performance management (e.g. using indicators and scorecards, variance analysis), help in the decision making process (e.g. break-even analysis, relevant costs).
2) Performance management:
a) using indicators and scorecards;
b) variance analysis.
3) Help in the decision making process:
a) break-even analysis;
b) relevant costs.
Readings on the University website Moodle Elly and Professor's Lecture Notes.
The teaching will consist of lectures (Active Learning Techniques are didactically implemented), practice exercises and Businesspeople seminars.
Students are required to implement an Important preparatory work before every session in order to develop theoretical knowledge in autonomy and capacity to use this knowledge in short case studies.
Session are dedicated to the validation of what has been learned and to case studies allowing students to develop their skills by practicing.
Assessment methods and criteria
Final exam: 55%
Continuous assessment: 45%
More specifically, to assess knowledge of topics, communication skills, appropriate use of terminology and independence of judgment, students will be required to:
- answer extended open question/s (10 points);
- answer short questions (10 points);
As regards the applied perspective, knowledge and skills will be assessed through application exercise/s (10 points).
The duration of final examinations is 2 hours.
The scores range is 0-20 points.
To be evaluated with a mark of 20 cum laude (with honor) students should get the maximum score on each part of the final exam and have to demonstrate a mastery of the covered topics.
The marks are published on the website Moodle.
During the examination students can use a scientific calculator.
Disability Support: any student with a documented disability condition (e.g. physical, learning, psychiatric, vision, hearing, etc.) who needs to arrange reasonable accommodations should contact me as soon as possible at the beginning of the semester. Students with special needs should also contact Disability Support Services on campus.