THE ROLE OF MANAGEMENT ACCOUNTING IN STRATEGIC PLANNING
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ABSTRACT:
This study examines the role of management accounting in strategic planning in Lagos State, Nigeria. The objectives are to: (1) evaluate how management accounting practices contribute to the formulation and implementation of strategic plans, (2) assess the impact on organizational performance and competitive positioning, and (3) analyze the challenges faced in integrating management accounting with strategic planning. A survey design was chosen to gather comprehensive data from financial managers and strategic planners. The sample size, calculated using Taro Yamane's formula, ensures representativeness with a 95% confidence level and a 5% margin of error. Nigerian Breweries Plc was selected as the case study due to its robust strategic planning framework. The reliability coefficient score of the survey was 0.94. Findings indicate that management accounting significantly enhances the formulation and implementation of strategic plans, improving organizational performance and competitive positioning. However, challenges such as data integration and the dynamic nature of strategic planning were identified. It is recommended that companies in Lagos State invest in advanced management accounting tools and continuous training to enhance strategic planning processes.
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