I`d like to have a 600 words essay on this topic. I don`t have the specific question so i have attached 2 files that contain all the relevant points that have to be include in the essay. Management...

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I`d like to have a 600 words essay on this topic. I don`t have the specific question so i have attached 2 files that contain all the relevant points that have to be include in the essay.
Management Accounting
Management Accounting Issues
  • Van de Stede – budgetary slack and management short-term orientation.
  • Balanced score card, Just-in-time (JIT) inventory management, Total quality management (TQM)
  • Participation – the advantages and disadvantages
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Management AccountingManagement Accounting IssuesVan de Stede – budgetary slack and management short-term orientation.Balanced score card, Just-in-time (JIT) inventory management, Total quality management (TQM)Participation – the advantages and disadvantages

Answered Same DayDec 20, 2021

Answer To: I`d like to have a 600 words essay on this topic. I don`t have the specific question so i have...

David answered on Dec 20 2021
44 Votes
A) Balance Scorecard
Balanced score card was introduced as a measurement tool, today it acts like a strategic management system that enables an organization to work on its vision and helps in translating the vision into the action which is inculcated across the organization. It help
s in evaluating the performance of an organization and helps in
idging the gap between the strategic objectives and the execution of the objectives. The feedback from both internal as well as external sources can be obtained which in turn helps in improving the strategic performance of the organization so as to accomplish the set goals. ‘The balanced score card complements the financial measures with operational measures on customer satisfaction, internal processes and the organization’s innovation and improvement activities that are the drivers of future financial performance’. (Kalpan, Norton, 1991)
The balanced score card for the organization and functional unit has been built on four perspective i.e. Financial perspective, Customer perspective, Internal business perspective and Innovation and learning perspective.
1. Customer Perspective:The Company will aim on differentiation and low cost strategy with a strong focus on providing satisfaction to the consumers by creating value preposition. The organization will aim on improving the satisfaction of consumers by giving them those goods and services which are up to or above their expectation level. Once a customer is satisfied and delighted he will be committed to the organization and will likely to promote the company through the word of mouth.
2. Financial Perspective:Financial perspective is an important concept of the organization as it measures the economic consequences of the strategy that has been implemented by the organization. It helps in evaluating the financial performance or bottom line improvement (i.e. increase in the net income) of the company due to the implemented strategy.
3. Internal Business Process Perspective: This is one of the most important perspectives which aim at accomplishing the customers and shareholder’s objectives. It allows the management to know how well their business is running and whether the products and services developed by them are in accordance to the customer requirements and planned cost structure.
4. Learning & Growth Perspective: It includes the training of employees and corporate cultural attitudes related to the self-improvement of corporate and individual. In the dynamic environment where technology is changing rapidly, it becomes necessary for the employees to be in continuous learning mode. The learning and growth constitute the basic and main foundation for success of any organization.
Some of the organizations like Shell; Body Shop involves additional Social perspective in thebalance scorecard. The...
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