At a recent Certified Management Accounting (CMA) conference in Sydney, the keynote speaker said, Management accountants are the doctors of business. You have been approached by several non-accountant friends at the conference to explain what the statement really means.

Required: Using academic sources and your own knowledge of this unit, explain the meaning of the given statement. Analyse this statement in relation to strategic planning, short-term operations, and sustainable business practices. Provide specific examples to illustrate your points.