Role of Management and Cost Essay

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Many managers who already are involved with competition in time-based industries realize that manufacturing strategy is often influenced by the traditional cost management system and this proves to be a mistake as time management system might have worked better (Hutchinson, 2007, p. 31). In the manufacturing sector, the traditional managerial cost accounting reporting system is still used but as many managers are ready to adopt the advanced manufacturing strategies and technologies, the managers object to the inclusion of cost accounting system as the only decision criterion in manufacturing (Hutchinson, 2007, p. 32).

The managerial cost accounting reporting system should also involve the activity of performance measurement that provide an impressive influence on the performance and motivation of the workers.

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Furthermore, it also provides extra information for the managers to take proper decisions that may help in achieving the pre-determined organizational goals to achieve future prospects and profits (Maskell, Baggaley, 2001, p. 25).

Other major management reporting systems include decision support systems, executive information systems and expert systems. It is necessary to involve value creation along with cost accounting reports so that the management may achieve enough information for taking sound decisions that will lead the company towards the pre-determined goals. A common control framework for cost accounting system, value creation system, executive information system and expert system with decision support system at its centre stage will empower the management with better assessment ability to take.....

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