Strategic Management Accounting emphasizes the role of the professional accountant in engaging with the organizations senior management team to contribute to strategy d e v e l o p m e n t a n d implementation. The aim is to create customer value and a strong competitive position for the organization. The focus is on developing, implementing, and monitoring strategies to enhance value for the organization. Such a focus would not be possible without understanding the key role that performance measurement plays in strategy and value creation. The need for sound design and an understanding of the use and implication of strategic performance measurement and control systems is gaining increasing importance in all organizations. Moreover, sustainability is becoming increasingly important in the contemporary business environment. Sustainability involves considering broader perspectives than shareholder and customer value. Businesses nowadays adopt sustainability approaches in supply chain management, introducing sustainability indicators in performance measurement systems and including sustainability concepts in the appraisal of long-term projects. This assignment sets the context for performance measurement and control including the characteristics of effective performance measures and control systems, use of sustainability approach in performance measures and decision making, and application of performance . Research Area 1: Performance Measurement System (PMS)