>> 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.
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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: