+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
Prepare the companys multi-step income statement and statement of retained earnings for the month ended January 31, 2012. Also prepare the balance sheet at that date in repo
Design a Balanced Scorecard for Pioneer Company and consider the following:  Using the information that you have gleaned from the interviews, suggest two possible strategies
What relevant costs might you consider in deciding whether to accept the order at reduced selling price? What costs would you not consider when making your decision? Why are
Recognize which costing system? Job order or processcost? The following companies would primarily employ: (a) Quaker Oats, (b) Ford Motor Company, (c) Kinko's Print Shop, an
The company treats all fringe benefits relating to direct labor as added direct labor cost and the remainder as part of manufacturing overhead. The allocation of Becky's wa
The sales manager is convinced that a $6,000 increase in the advertising budget would increase total sales by $25,000. Would you advise the increased advertising outlay?
State your chosen business and what products (ideally 2 complementary products) you intend to sell. Provide in your own words, background as to the general price of goods a
List the controls that Al Fiorini used to control his business both before and after he went back to school. Classify each control as a results, action, or