Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 19Performance Measurement, Balanced Scorecards, and Performance RewardsCost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 3) Explain the importance of the mission statementDescribe the role of performance measures in organizationsIdentify the guidelines that apply to the design of performance measuresCalculate and use common short-term financial performance measures
اسلاید 3: Learning Objectives (2 of 3) Explain why management should focus on long-run performanceDescribe factors to consider when selecting nonfinancial performance measuresClarify why it is necessary to use multiple performance measuresExplain how a balanced scorecard is used to measure performance
اسلاید 4: Learning Objectives (3 of 3)Describe the difficulties in measuring the performance of multinational firmsDefine compensation strategy and explain the factors to be considered in designing the compensation plan
اسلاید 5: Mission StatementExpresses the organization’s purposesIdentifies how the organization will meets its customers’ needs through products or servicesCommunicates organizational purpose and intentions to employeesProvides a basis for setting organizational strategy
اسلاید 6: Values StatementsReflects the organization’s cultureIdentifies fundamental beliefs about what is important to the organization
اسلاید 7: Use Performance Measures toAssess organizational performanceRelate missions and goals to managerial performanceFoster growth of subordinate managersMotivate managersEnhance organizational communicationEvaluate comparative managerial performance Implement organizational control
اسلاید 8: Designing a Performance Measurement SystemAssess progress toward goals and objectivesAwareness of and participation in developing measuresAppropriate skills, equipment, information, and authority to achieve goals and objectivesTimely and useful feedbackAble to adapt to changing environment
اسلاید 9: Short-Term Financial Performance MeasuresDivisional profitsAchievement of budget objectivesVariances from budget or standardCash flow - Statement of Cash Flows shows sources and uses of cashquality of earnings
اسلاید 10: Evaluating Responsibility CentersCost CenterVariances from budgeted costsRevenue CenterCompare budget to actual revenueProfit and Investment CentersRevenue and expense variancesNet cash flowReturn on investmentResidual incomeEconomic value added
اسلاید 11: Short-run vs. Long-term ObjectivesShort-run ObjectivesEffective and efficient management of Operating activitiesFinancing activitiesInvesting activitiesLong-term ObjectivesInvestments in resourcesEnhance competitive position through customer satisfaction
اسلاید 12: Nonfinancial MeasurementsCan be clearly articulated and definedAre relevant to the objectiveCan trace responsibilityRely on valid dataHave set objectivesHave established internal and/or external benchmarks
اسلاید 13: Multiple Performance MeasuresCost of qualityPreventionAppraisalInternal failureExternal failureLead time – how quickly customers receive their goodsActivity-based managementThroughput
اسلاید 14: Balanced Scorecard MeasuresFinancialShareholder-relevant issuesProfitability Organizational growthMarket price of stockCustomerLead timeQualityServicePriceFinancialCustomerInternal BusinessLearning and Growth
اسلاید 15: Balanced Scorecard MeasuresInternal BusinessQualityCycle efficiencyTime to marketOn-time deliveryLearning and GrowthNumber of patents or copyrightsPercentage of R&D projects that are patentableTime of R&D from conception to commercializationFinancialCustomerInternal BusinessLearningand Growth
اسلاید 16: Multinational Performance MeasuresFlexible performance measures shouldrecognize differences in sales volumes, accounting standards, economic conditions, and risksuse qualitative measures such as market share, quality improvements, inventory management improvements, new product development
اسلاید 17: Traditional Compensation StrategyTop managerssalary and significant financial incentivesMiddle managerssalary and raises based on performance and bonusesWorkerswages and small bonuses
اسلاید 18: Pay-for-Performance PlansCorrelation with organization goalsMaximization of shareholder wealthAppropriate time horizonLong-run perspectiveReward with stock or stock optionsSubunit missionAge of employeeBalance of group and individual benefits
اسلاید 19: Profit SharingContingent on organizational successCurrent and/or deferred incentives in form of cash or stockAllocated among employees based onpersonal performance measuresseniorityteam performancemanagerial judgmentspecified formulasProfit Sharing
اسلاید 20: Employee Stock Ownership Plan (ESOP)Profit-sharing compensation invested in company stockMore valuable as company stock price increasesEmployees lose some or all benefits if company goes bankrupt
اسلاید 21: Global CompensationExpatriate compensationDomestic base salary and fringe benefits plus adjustments forcost of living - housing, education, security, spouse’s loss of employmentcurrency fluctuationstax implicationsretirement benefits in home currency
اسلاید 22: QuestionsWhat are some short-term financial performance measures for investment centers? What factors should be considered when selecting nonfinancial performance measures?How is the balanced scorecard used to measure performance?
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