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Area of study: ACCA, Accounting Information System'

QUESTION ONE - SYSTEMS DEVELOPMENT LIFE CYCLE 25 marks Over the past five year, there has been significant growth in the construction industry. The trend during these years is the building of apartment complexes in upscale communities. The target market for these apartments includes retuming residents and mature professionals wishing to invest in rental properties. The directors of KLX Construction Ltd had anticipated this trend and positioned themselves by acquiring properties for development in and outside of the corporate area. Currently they have several construction sites in operation in St.Andrew, each at different stages of development. In the past year, the company generated revenues of $2.5 billion but their external auditors had raised concerns about the inadequacies of the legacy information system, the same concerns that for three years now, the accounting department had been complaining about. The directors have been undecided about upgrading or even changing out the old system because they recognized that unlike most companies, they have unique information needs and purchasing standardized systems was not an option they wanted to pursue. In addition to their operations in Kingston and St. Andrew, the company is planning to start construction in the summer of 2019 on five new developments on the north coast covering the parishes of Trelawny, St. Ann and St. Mary. Anticipated revenues from these ventures have been budgeted at $3.8 billion. The company recently hired an IT Manager and they are now seeking to hire two project managers and increase the staff numbers in the accounting department in anticipation of this new direction. At the recent board meeting held in August 2018, the chairman, Mr. Karl Jackson, noted that a steering committee was to be formed in a few weeks and has given the Chief Executive Officer the responsibility of selecting persons to form this new committee. The committee will be charged with overseeing the implementation of a new information system that must be completed by March 31, 2019. One of the directors had said after the meeting that "We have taken too long to make this decision, and this is a typical example of a reactive management philosophy as we only have six months to get our act together". (c) Explain the phrase 'reactive management' using the situation from the case. (5 marks) (d) At the first meeting of the steering committee in September 2018, the Chief Executive Officer in his presentation mentioned that a preliminary project feasibility study was to be conducted over the next three weeks. This he said was to ensure that the proposed change was feasible before the company committed large amounts of financial and human resources. The amount budgeted for this project was $5 million. He used the acronym TELOS in his presentation on assessing the project's feasibility. Technological and economic feasibility of the project were already confirmed. Discuss two other feasibility concems that may have been raised in the presentation. (4 marks) 2of6 (e) A balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action. In the case with KLX Construction Ltd, its application will help the CEO and the IT Manager to measure, improve and understand the value of the new information management system. Discuss the learning and growth perspective and the financial perspective from the balanced scorecard in relation to the upcoming project. (4 marks)