Cmse11101 Management Accounting: Case Study Assessment Answers
Case:Background Information:
Over time these activities have become a marketing strength of WealthWise. The social and environmental stance taken by the company has attracted many customers to the company. Listed on the Australian Stock Exchange in 2001, the company has also become a preferred stock of ethical and green investment funds.
Task:
Answer:
Certain indicators are deemed to be observed from the provided case study of WealthWise Insurance and their roles in accomplishing company mission are enumerated briefly as follows:
Financial indicators:
As per the provided information, the three financial indicators include net profit, gross insurance premiums and return on investment. It has been identified that although WealthWise Insurance has experienced an increase in net profit and return on investment; however, it has suffered loss in its insurance business. Hence, the management of the organisation need to undertake adequate measures so that gross insurance premiums could be increased (Bai & Sarkis, 2014). By cascading these goals into WealthWise Insurance, it becomes possible for the organisation to align all the staffs with its corporate mission.
Economic indicators:
As commented by Campos et al., (2015), economic indicators comprise of economic data and financial data, which enable evaluation of economic performance and estimation of future performance. For WealthWise Insurance, the economic indicators mainly include processes for recruiting local staffs, development projects for public benefit along with practices, policy and spending on local suppliers. With the help of these economic indicators, the managers of the organisation could consider trades in the economic event context and thus, price actions could be understood during these events. In case of Wealthwise, the leading indicator is that of the suppliers, as it changes before the economy initiates following a trend. The other two could be identified as the lagging indicators, as they change after the economy already started following any trend. Therefore, the management could provide detailed information to its managers and staffs so that they could understand the overall corporate mission and the ways through which they fit into the set goals and objectives.
Social indicators:
WealthWise needs to conduct surveys on the employees so that their satisfaction level could be analysed effectively. Moreover, the nature, gender and background of the individuals working in the managerial positions would assist the organisation to meet its corporate mission. However, it needs to come up with new motivational techniques like rewards, incentives and promotions through which it could eliminate the discontent among the employees of the organisation (Marr, 2015). Moreover, it is required to adopt ethical practices in its insurance contracts, as it has tried to minimise its payouts to its Phuket and Langkawi businesses. Finally, it needs to provide feedback forms to its customers so that they could rate the staffs and accordingly, appropriate ethical actions would be undertaken by the organisation.
Environmental indicators:
WealthWise Insurance has decided to consider certain environmental indicators like paper recycling, electricity usage and fuel. The organisation is needed to increase its renewable energy purchase and minimise the usage of water for its business operations. By adopting these practices, the organisation could be able to develop positive and favourable brand image in the eyes of its stakeholders (Parmenter, 2015). Moreover, the minimisation of fuel consumption would lead to less adverse effects on the community and this would assist in operating in a socially responsible and environment-friendly manner in the market.
References:
Bai, C., & Sarkis, J. (2014). Determining and applying sustainable supplier key performance indicators. Supply Chain Management: An International Journal, 19(3), 275-291.
Campos, L. M., De Melo Heizen, D. A., Verdinelli, M. A., & Miguel, P. A. C. (2015). Environmental performance indicators: a study on ISO 14001 certified companies. Journal of Cleaner Production, 99, 286-296.
Marr, B. (2015). Key performance indicators for dummies. John Wiley & Sons.
Parmenter, D. (2015). Key performance indicators: developing, implementing, and using winning KPIs. John Wiley & Sons.
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