+1-415-670-9189
info@expertsmind.com
The concept of a balance scorecard is the topic while there
Course:- Managerial Accounting
Reference No.:- EM13375951




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
Explain the difference between the income reported by variable costing and by absorption costing. Ziemble Company needs an income statement based on absorption costing for ext
A manufacturer's product is sold to customers at $5.40 each. Manufacturing costs are as follows: Fixed costs per period $270,000. Calculate the break-even point in units per p
Is the direct or indirect method used to report operating activities? What is the largest adjustment to net income in reconciling net income and cash flows from operations in
During late 2003, National Public Radio (NPR) announced a $200-million bequest from the estate of Joan B. Kroc. Mrs. Kroc, widow of McDonald'sfounder Ray A. Kroc, was a long-t
Prepare the 2013 Form 1040 and all other required Federal forms and schedules for Brett Simons. The returns should be prepared taking the maximum tax benefit allowable into
Sixty percent of the customers of a fast food chain order the whopper, French fries and a drink. If a random sample of 15 register receipts is selected, what is the probabilit
If a company sells a product at $60.00 per unit that has unit variable costs of $40.00 The co break-even sales volume is $120,000 How much profit will the company make if it
If the error is not corrected in the current year and is discovered by the auditors during the following year's audit, how will the error be reported in the company's financia