Question 3: Mid-Module Assignments
The following learning outcomes for the module are applicable to this assignment:
• Develop a critical understanding of short term and long term decision making principles and techniques, including incremental costing and cost volume profit analysis.
• Critically analyse and evaluate the role of budgeting, management control and the conflicting implications of budgeting decisions.
• Demonstrate a critical understanding of the implications of maximising organisational profitability and owners’ wealth.
• Reflect on and synthesise the various financial and managerial decision making models and apply these in the student’s own organisation.
Your response should be 2500 words.
Following a number of years of poor performance, in November 2017 Marks and Spencer (https://corporate.marksandspencer.com/home) announced a major 5-year restructuring plan:
A key factor in increasing the likelihood of success for the company in the future will be effective performance management.
You are required to write a report recommending an approach to strategic performance measurement for Marks and Spencer to support the achievement of its corporate objectives following the restructuring. The report should include:
• A discussion of the requirements for effective performance measurement and a critical review of a range of performance measurement approaches and their ability to meet the needs of businesses like Marks and Spencer
• A fully-justified recommendation of an approach to performance measurement suitable for Marks and Spencer, identifying the key performance areas the business should focus on.
• A discussion of the implementation issues
Write in report format and any supporting diagrams or tables should be placed in the appendix. Relevant research material and references should be applied to underpin your analysis.