51 balanced scorecard approach to performance

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Unformatted text preview: lanced Scorecard Approach to Performance Evaluation The Balance Scorecard in Operation 42 43 Appendix 45 Please click the advert Teach with the Best. Learn with the Best. Agilent offers a wide variety of affordable, industry-leading electronic test equipment as well as knowledge-rich, on-line resources —for professors and students. We have 100’s of comprehensive web-based teaching tools, lab experiments, application notes, brochures, DVDs/ CDs, posters, and more. See what Agilent can do for you. © Agilent Technologies, Inc. 2012 u.s. 1-800-829-4444 canada: 1-877-894-4414 Download free ebooks at 5 Tools for Enterprise Performance Evaluation Tools for Enterprise Performance Evaluation Tools for Enterprise Performance Evaluation Your goals for this “performance evaluation” chapter are to learn about: Concepts in responsibility accounting and management by exception. Using flexible budgets to adapt outcome assessments to variable scenarios. Developing and using standard costs. Traditional variance calculations for monitoring cost and efficiency. The balanced scorecard approach to measuring business performance. Download free ebooks at 6 Responsibility Accounting and Management by Exception Tools for Enterprise Performance Evaluation 1. Responsibility Accounting and Management by Exception Perhaps you have worked some of the questions and problems accompanying this text. What purpose do they serve? After all, they are actually quite redundant with the material in the text. Hopefully, you will see this question as merely rhetorical. The questions and problems serve as a self test to help you identify areas where your understanding is not clear. They provide feedback on areas where additional study is needed. Such “performance evaluations” are an important part of managing and improving your education. Clearly, your professors rely on some form of performance evaluation in assigning grades. This is one of the least desirable tasks for most educators. But, it is through this feedback method that students are able to sense areas of strength and weakness, as well as providing a key “motivator” to study and learn. Excellent students are rewarded. Poor students are signaled to work harder or consider alternative fields of study. Performance evaluations can be harsh, but are generally viewed as necessary in striving toward an end result. As you will see, businesses must also adopt performance evaluation methods. Earlier chapters have focused on techniques used for costing products and services, understanding cost behavior, budgeting, and so forth. These basic devices are essential to a well managed organization. But, one must also be mindful that managers must be held accountable for the results of their decisions and related execution. Without performance-related feedback, the business will not perform at its best possible level, and opportunities for improvement may go unnoticed...
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