With digitization, organizations have access to unprecedented amounts of data pertaining to customers, suppliers, marketing operations and activities throughout the value chain. Additionally, increasing uncertainty and volatility in supply chains and business operations observed during the COVID pandemic are now part and parcel of the economic environment. Consequently, in order to be relevantand succeed in today’s data science world and heightened uncertainty, accountants will have to learn new skills and competencies. This article proposes teaching Monte Carlo simulation as a technology enhance learning methodology for supplementing cash budgets taught in accounting courses to address the above. The probabilistic budget facilitates better decision-making using data modelling and statistical inferences facilitating better risk assessment and management compared to traditional cash and functional budgets.

Author: Hemantha Herath

Published in: Ireland International Conference on Education (IICE-2023)

• Date of Conference: 24-26 October, 2023
• DOI: 10.20533/IICE.2023.10.0019
• ISBN: 978-1-913572-68-6
• Conference Location: Dún Laoghaire, Ireland