+1-415-670-9189
info@expertsmind.com
Indicators of measurement and performance
Course:- Managerial Accounting
Reference No.:- EM13161103




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Managerial Accounting

The concept of a balance scorecard is the topic. While there is not necessarily one best way to view a balance scorecard, clearly the good indicators of measurement and performance go beyond financial perspectives.

Generally these indicators include multiple customer perspectives, internal perspectives, and probably some learning perspectives as the company grows. Specific examples might be improving employee satisfaction, developing new products, increasing job satisfaction, increasing market share of a specific product or profitability of a certain product, and so forth. Requirement: Assume you are the CEO of an organization that has historically measured success purely from the financial perspective. Write a memo to your senior staff of 3 pages plus reference page no cover page, advising them of your desire to approach performance measurement from a balanced scorecard perspective. If you prefer, and it makes sense, you may write the memo as if you were the CEO of your current place of employment. If this is not possible, create the memo using a generic strategy. Include possible elements of what you would like to have included in the new measurement system, but also be sure to mention how you would like senior managers to have their input, since the balanced scorecard is certainly not a dictated measurement system.

Your suggested scorecard, which will be open to feedback from your senior managers, should include certain objectives, key performance indicators, and specific goals as a starting point for conversation. Please make sure it is complied with plagirizm rules since this will be submitted through turnitin paper originality check system.

Answered:-

Verified Expert


Preview Container content

Dear colleagues,

Here I want to talk about balanced score card and look forward your participation for implementation of balanced score card in our organization. As most of you are already aware that Balanced score card is a strategic management tool. It works as a bridge between Company’s vision and mission and strategy to achieve the desired goals. It was first presented in 1992 by Kaplan and Norton. Over a period of time its recognition has changed from performance management system to highly recognised tool for integrated strategic planning and management.

In our past we have used financial metrics for performance evaluation and goal settings but now it’s time to adopt advanced version and shift towards more integrated approach which can align all major key factors of operations, sales, finance & people. Balanced score card is a proven tool to accomplish these objectives hence below I will like to mention some key features of balanced score card to make a beginning in this direction and refresh our memories:




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Managerial Accounting) Materials
Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the yea
Identify strategic issues which management should consider when making their decision - Calculate the impact on sales and profit if the option of upgrading the manufacturing f
The mortgage is a 30-year fixed rate mortgage, with monthly payments.Assume that you have good credit, and can borrow money at a 3.75% annual interest rate. What will your mon
TinCo has product liability problems and has filed for bankruptcy protection in the state court. Currently, its liabilities are $1 million, and its depreciable assets are valu
ACC303 CONTEMPORARY ISSUES IN ACCOUNTING How the conceptual framework revision to include Prudence is likely to address the disparity in and corporate Reporting You may find t
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the
Determine the best sales mix. Rank the services offered in order of their profitability and what would be the total contribution margin generated by Ortiz, assuming the weigh
The minivan is expected to have a $10,000 salvage value at the end of 10 years. This delivery service is expected to generate net cash inflows of $20,000 per year in each of