vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective. Traditional performance measurement, focusing on external accounting data, is obsolete - and something more is needed to provide the information age enterprises with efficient planning tools. Among the long row of benefits of applying Balanced Scorecard, theese are the most significant: Strategic initiatives
Words: 289 - Pages: 2
COST ACCOUNTING FALL 2012 PROJECT The Effect of Cost Structure on Predatory Pricing To win a predatory pricing case, law enforcement officials traditionally have had to prove that a company sold products or services for less than their average variable cost. Companies with relatively high fixed costs and low variable costs are less likely to be accused of predatory pricing than companies with high variable and low fixed costs. A court case in which the U.S. Department of Justice alleged that American
Words: 687 - Pages: 3
Executive Seminars Executive Action Learning Seminars CEO Club Executive Courses International Institute of Management Executive Education Courses Harvard Balanced Scorecard Review Med Jones International Institute of Management iim-edu.org International Institute of Management (IIM) iim-edu.org IIM Open Courseware (OCW) Copyright International Institute of Management (www.iim-edu.org) This work is the intellectual property of the authors. Permission is granted for this material
Words: 1104 - Pages: 5
Transforming the balanced scorecard Kaplan. and D. P. Norton. 2001. Kaplan and Norton introduced the Balanced Scorecard to have a comprehensive outlook for business. they believed that financial indicators alone were insufficient to measure performance. Managers that rely exclusively on financial measurements are encouraged to sacrifice long-term improvement for short-term performance. The Balanced Scorecard approach supplements financial measurements with non-financial measures that indicate
Words: 708 - Pages: 3
Business and Professional Speaking Midterm Study Guide The midterm will cover notes from class, book chapters, and assigned external readings. Those include: Chapters One, Two, Three, Eight, Nine, Reading #1: Corporate Social Responsibility, Reading #2: Businesses Speak Out, Reading #3: Role-play for Management Theory, and Reading #3: Strategy Maps. Below is a narrowing down of what you will be expected to know about what we’ve covered so far, but do not let this be the sole determining factor
Words: 1244 - Pages: 5
According to the Beyond Budgeting by Hope & Fraser, they defined budget as the “year-end profit forecasts”. Budgets have been using by companies for years since decades ago as a tool for management to use to achieve its strategic goals. A company plans its expedition toward its strategic goal in a planned method, and its preparation for the expedition with a strategic plan called a budget. Critics of budgets claim that budgets are bad for business and no longer sufficient and are “fundamentally
Words: 2166 - Pages: 9
A Balanced Scorecard Brenda Rivers HTT 220 May 15, 2010 Simone Davis Made popular in 1996 by Kaplan and Norton, the balanced scorecard acts as an organizational report card that varies from business to business (Nyheim, McFadden & Connelly 2005). When assessing performance companies do not use single measurements, but rather a set of measurements which takes into the stakeholders, employees, guests, owners
Words: 1094 - Pages: 5
Alignment - Using the Balanced Score-card to create Corporate Synergies By Robert S Kaplan & David P Norton, Harvard Business School Press, 2006 Introduction Most large organizations are divided into business units. The challenge is to coordinate the activities of these units and leverage their skills for the benefit of the organization as a whole Alignment is multidimensional in scope, involving financial synergies, cross selling of products and services to deliver unique solutions to
Words: 1991 - Pages: 8
Daryush Farid, Mehran Nejati, Heydar Mirfakhredini, Balanced scorecard application in universities and higher education institutes: Implementation guide in an iranian context / Annals of University of Bucharest, Economic and Administrative Series, Nr. 2 (2008) 31-45 BALANCED SCORECARD APPLICATION IN UNIVERSITIES AND HIGHER EDUCATION INSTITUTES: IMPLEMENTATION GUIDE IN AN IRANIAN CONTEXT DARYUSH FARID, َ EHRAN NEJATI, HEYDAR MIRFAKHREDINI∗ M Close compete of universities and higher education
Words: 4899 - Pages: 20
Effects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting
Words: 1072 - Pages: 5
