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An method of administration accounting from the point of view of a company manager.
Management Accounting: details for Decision-Making and procedure Execution explains how company managers can estimate and deal with the associated fee and profitability in their items and shoppers. this article additionally covers how managers use monetary and nonfinancial info to enhance procedures, layout and advance new items, and inspire worker functionality.
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Extra info for Management Accounting: Information for Decision-Making and Strategy Execution (6th Edition)
Lynch and Kelvin F. Cross, Measure Up! : Blackwell Business, 1995); Robert S. Kaplan and David P. : Harvard Business School Press, 1996); and Andy Neely, Business Performance Measurement: Theory and Practice (Cambridge, UK: Cambridge University Press, 2002). ” • • Process—At which processes must we excel to meet our customer and shareholder expectations? 4 With the Balanced Scorecard measurement system, companies continue to track financial results but they also monitor, with nonfinancial measures, whether they are building or destroying their capabilities—with customers, processes, employees, and systems—for future growth and profitability.
Infosys’s CEO explained the role that the BSC played in the company’s recent growth: The BSC allows us to promote constant change through stretch goals. Since 2002, we have successfully steered the transformation of our company through various stages of its evolution using the Balanced Scorecard. We continue to take on new strategic challenges that require us to manage change. These challenges require us to better execute our strategies comprehensively across the Balanced Scorecard perspectives.
Thus, measurement is a powerful tool for communicating clearly what the company means in its word statements of strategic objectives, mission, and vision. Once the objectives have been translated into measures, managers select targets for each measure. A target establishes the level of performance or rate of improvement required for a measure. Targets should be set to represent excellent performance, much like the par scores on a golf course. The targets, if achieved, should position the company as one of the best performers in its industry.