INTRODUCTION TO THE MODULE GUIDE
This guide is provided to assist you during the module “Managing Operations and Finance”.
This module examines the principles and practice of financial and operations management within organisations. It focuses upon the need to manage resources efficiently and effectively within a dynamic environment and to demonstrate its achievement through the provision and use of operational and financial information. The module reflects the environment within which organisations find themselves and examines the pressures and impact this has upon organisational
control.
Module Aims
To develop the ability to apply and critically examine the principles and practice of the management of finance and operations within organisations. To develop an understanding of the environmental pressures and organisational change faced by organisations and to assess their impact upon the operations and financial management processes. To develop an appreciation of the contribution of accounting information to the management of operations.
Learning Outcomes
Knowledge & Understanding
Develop a strategic understanding of the impact of a dynamic and challenging resource environment.
Develop the ability to select and apply appropriate operational and financial management techniques.
Examine the role of financial information in demonstrating accountability and performance
Evaluate and appraise approaches to the management control of operations.
Cognitive & Intellectual Skills
Critically apply theoretical perspectives to practical problems.
Analyse the role of finance and operations management and evaluate how they impact upon the main functional activities of an organisation and their management
Practical/Professional Skills
Demonstrate awareness of the legal and professional framework that governs financial management practice.
Demonstrate an ability to apply operations and financial models to assist organisational management and control.
Key Transferable Skills
Successfully apply a range of appropriate approaches to learning
Engage in debates and discussions utilising a variety of standpoints
Select and apply appropriate computational skills.
Indicative Content
Strategic operations management. Supply chain management: inventory control; process control; quality management; business and supply chain management. Manufacturing and service operations. Risk management and operating decisions. Accounting information in businesses. Profit and cash flows. Accounting information for operational management control: planning, evaluation, decision making. Capital budgeting and the appraisal of capital investments.
READING GUIDE
Reading is a key learning activity in this module. You will need to be effective readers in order to address the necessary breadth and depth. This means taking good notes, reflecting upon them, and organising them appropriately for storage and retrieval.
There are a variety of textbooks available to support the non-specialist with an interest in finance. A number are listed below:
Recommended Purchase
Collier, P.M. (2009) Accounting for Managers (3rd ed.). Wiley.
Recommended
Hill Terry, (2005), Operations Management (2nd Ed.), Palgrave MacMillan
Essential
Broadbent M. and Cullen, J.,(1997). Managing Financial Resources. 2nd Ed. Butterworth Heinemann,
Ashton D., Hopper T. and Scapens R. W., (1995). Issues in Management Accounting. 2nd edn. Prentice Hall.
Beaver, W. H. and Parker G. (1995).Risk Management Problems & Solutions. McGraw Hill.
Bromwich, M. & Bhimani, A. (1994). A Management Accounting: Pathways to Progress. CIMA.
Emmanuel, C., Otley, D. and Merchant, K (1990).Accounting for Management Control. Chapman & Hall.
Perks, R. (1993). Accounting & Society. Chapman & Hall.
Read R.,& Sanders, N. (2002). Operations Management. Wiley.
Russell, R.S. and Taylor, B.W.(III) (2003) Operations Management. 4th Edn. Prentice Hall.
Ryan, R., (1995). Strategic Accounting for Management. Chapman & Hall.
Waller, D. (2003).Operations Management: a Supply Chain Approach.2nd edn. Thomson.
Yoshikawa, T, Innes, J, Mitchell, F & Tanaka, M (1993). Contemporary Cost Management.Chapman & Hall.
Journals
Students will be directed to various journals (see below for examples) and other sources held on the LIS database. Financial Management & Accountability (FAM)
Accounting, Auditing and Accountability Journal (AAAJ)
Critical Perspectives on Accounting
Management Accounting Research
Electronic
In addition to the above students will be directed to web based data
Assessment
selects a UK quoted company and
describe its operating context within its industrial sector;
calculate two years’ key financial performance figures from its annual report;
evaluate its performance against key competitors using the FAME database
(Financial Institutions CANNOT be used).
The report
An informal report style should be used and the following areas should be addressed:
a description of the market in which your company operates and a brief analysis of its operational activities;
a calculation from the annual report of your company of appropriate financial ratios. The calculation of the ratios must be fully and clearly shown;
an evaluation of the financial performance of your company in the context of selected competitors or its industrial sector. Reference should be made to general market movements. As a source of comparative data, ratios provided by finance databases should be used.
IMPORTANT
Ratios for the selected company used in the above should be calculated from the Annual Reports and the source of the figures used must be clearly and explicitly shown.
Sources of information
The latest available Annual Report and Accounts MUST be used as the basis of the evaluation. Extracts from the Annual Report used MUST be submitted with the report within the appendices . FAME, available on the LIS site, or a similar site, can be used to obtain COMPARATIVE data.
Main Learning Outcomes addressed:
/Develop a strategic understanding of the impact of a dynamic and challenging resource environment.
Develop the ability to select and apply appropriate operational and financial management techniques.
Examine the role of financial information in demonstrating accountability and performance.
Critically apply theoretical perspectives to practical problems.
Successfully apply a range of appropriate approaches to learning.
Select and apply appropriate computational skills.
a report evaluating the financial performance and the operational context of a quoted company.
industry background, comparing two companies fanancial ratios, analysing and interpreting the ratio calculated