THE ROLE OF MANAGEMENT ACCOUNTING IN STRATEGIC DECISION-MAKING
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Abstract:
This study examines the role of management accounting in strategic decision-making in Lagos State, Nigeria. The objectives are to: (1) evaluate how management accounting information supports strategic decisions, (2) assess the impact of management accounting practices on organizational performance, and (3) analyze the challenges faced by management accountants in strategic planning. A survey design was chosen for its effectiveness in collecting data from corporate managers and management accountants. The sample size, calculated using Taro Yamane's formula, ensures representativeness with a 95% confidence level and a 5% margin of error. Dangote Group was selected as the case study due to its extensive use of management accounting in strategic decision-making. The reliability coefficient score of the survey was 0.92. Findings indicate that management accounting significantly supports strategic decisions, enhancing organizational performance. However, challenges such as data accuracy and integration with strategic planning processes were noted. It is recommended that companies in Lagos State invest in advanced management accounting systems and continuous training to improve strategic decision-making.
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