The Business Studies Department staff attended a session on “Utilizing Managerial Accounting tools & techniques for successful retail operation,” organized by the Human Resource Department (HRD) Committee on May 17, 2022.
The resource person was Dr. Mohammed Nazeer Ahmed, a faculty of the department. The resource person presented an integrated role of Management Accounting to the retail business organizations. During the first phase of the session the discussion was on the following aspects: what is retail? role of a merchandise retailer and service retailer and the functions performed by them, essentials of retailing, retailing from functional perspective, role of retail management for successful retail business.
The discussion during the second phase was on what is management accounting? role of management accounting in assisting planning, control and decision making, and the techniques of management accounting.
The third phase of the session was exclusively on utilizing management accounting tools and techniques for the successful retail operations.
The highlight of the session was, discussing the inventory control operations followed by the retail giant Walmart. The session concluded by discussing also the limitations associated with management accounting as a tool for decision making. The session was well received by the participants, and all had responded enthusiastically to the knowledge-sharing process that was followed during the session.