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MAC2602 Assignment 1 2021 (To be used as a guideline only)

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  • May 24, 2021
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  • 2020/2021
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Principles of strategy, risk and financial management
techniques
MAC2602
Department of Management Accounting
Assignment 01 for 2021 (compulsory)




NB: Set your calculator on four decimal places for this assignment.
1. Which of the following are considered to be elements of a strategy?

(a) The formulation of a strategy should display a broad conceptual knowledge of the
operating environment of the organisation.
(b) The activities that are chosen should fit one another in order to lead to success.
(c) The choice of activities should provide a competitive advantage.
(d) The strategies are based on the organisation’s core values.
(e) It necessitates that a decision also has to be made about which activities not to choose.
Trade-offs are made when choosing specific actions as opposed to other actions

1) Statements (a), (d) and (c)
2) Statements (a), (c), (d) and (e)
3) Statements (b), (c), (d) and (e)
4) Statements (a), (b), (c), (d) and (e)

(2)

Answer:

Refer to page 8 of study guide 1:

2.4 Strategy
The term “strategy” has different meanings for different people, making one defi nition
almost impossible. We have therefore provided a simple defi nition of strategy, followed

, by a discussion of the elements of strategy.

STRATEGY
Strategy is about choosing long-term activities to achieve the purpose set out in the
mission statement and ultimately moving towards realising the vision.

Elements of strategy can be identified as follows:

- The choice of activities is important since it should be sufficiently different from
that of competitors that could lead to a distinctive place in the market and provide a
competitive advantage. Successful strategies can be developed when activities are
chosen which focus on the key strengths of the organisation. This distinguishes the
organisation from others in the same industry.
- Trade-offs are made when choosing specific actions as opposed to other actions. It
necessitates that a decision also has to be made about which activities not to
choose.
- The activities that are chosen should fi t one another in order to lead to success.
- There can be a change in strategies due to major structural changes in the local or
global industry and advancements in technology. These changes can bring about
new opportunities that can be incorporated by modifying the existing strategy.
Strategy should however not be constantly reinvented.
- The formulation of strategy involves both conceptual and analytical thought
processes and should display a broad conceptual knowledge of the operating
environment of the organisation.
- The strategies take the organisation’s core values into account.

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