1.
Concept Introduction:
The company uses various performance measures to determine whether the performance of the company is in line with the strategies of the company. For this purpose, it uses balanced scorecards consisting of various performance measures which are determined by considering the strategic goals of the company.
To provide: Plausible performance measures for each comment raised in a brainstorming session.
2.
Concept Introduction:
If-then hypothesis statements are built to establish the causes and effect relationships between the performance measures in the balanced scorecards. These help in determining whether the performance measures in the balanced scorecards really contribute to the strategic goals of the company or not.
To build an if-then hypothesis statement for the strategy.
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- Instructions 1. Based on the balanced scorecard and the following descriptions of the predicted relationships between strategic objectives, draw the scorecards strategy map. a. Training employees effectively and reducing employee turnover can both be expected to improve returns processing and reduce shipping errors. b. Both improving returns processing and reducing shipping errors can be expected to delight the customer. c. Delighting the customer can be expected to increase market share. 2. Based on the balanced scorecard and the following descriptions of the predicted relationships between performance metrics, draw the scorecards measure map. a. Median training hours per employee and average employee tenure will both influence hours from returned to refunded and number of erroneous shipments. b. Both hours from returned to refunded and number of erroneous shipments will affect percentage of customers who shop again and online customer satisfaction rating. c. Both percentage of customers who shop again and online customer satisfaction rating will influence the companys market share. 3. Label each element of the balanced scorecard.arrow_forwardYoung Manufacturing Company is a startup manufacturing firm looking to build and develop its balanced scorecard. Gunner Young, the company owner, has told you the following: Our company was built on the shoulders of our hard-working, diligent employees. I believe that the heart and soul of any company is its employees. If our company is going to succeed, we need to continue to hire and train hard-working, passionate, and ethical employees. I also believe in being efficient. Ive noticed that the companies that always find ways to cut production costs and produce their goods faster are the ones that win in this industry. Gunner has also told you that he is mainly focused on maintaining the customers he has rather than seeking out a lot of new ones. At the end of the day, he admits that his companys ultimate objective is increasing the bottom line. a. Working together in a team, list one strategic objective for each performance perspective of the balanced scorecard based on the information Gunner provided. b. For each strategic objective you came up with in part (a), list at least one performance metric. c. Describe the relationships that would be illustrated by a strategy map of Youngs balanced scorecard. d. Describe the relationships that would be illustrated by a measure map of Youngs balanced scorecard.arrow_forwardE Essay Tips: How to Paraphrase a * PlayStation 5 Console - Walmart x aystation 5-antonline.co x /7355/quizzes/38887/take O works to achieve goal congruence O supports the use of expert knowledge 1 pts Question 3 The performance evaluation system should provide incentives to segment managers for coordinating the activities of the subunits and directing them toward the overall company goals. Which of the following performance measurement goals has been described by this statement? O motivating segment managers O promoting goal congruence O providing feedback O benchmarking Question 4 Uniox, Inc. intends to increase its profits by 50% in the next fiscal year. Which of the following is most likely be a lag indicator in Uniox's performance renort?arrow_forward
- Give typing answer with explanation and conclusionarrow_forwardCorporation is preparing its balanced scorecard for the past quarter. The balanced scorecard contains four perspectives: financial, customer, internal business process, and learning and growth. asap need help thanks ss attachedarrow_forwardReid Company would like to implement a balanced scorecard performance measurement system. Its senior management team has assembled the measures shown below for possible inclusion in its scorecard. Required: For each measure, indicate by placing an X in the appropriate column whether it would most likely be classified in the learning and growth, internal business process, customer, or financial category of the company's balanced scorecard. Learning & Growth Internal Business Process Item Customer Financial Ex. Employee absenteeism rate X 1. Sales from new customers 2. Customer defection rate 3. Average fuel cost per sales dollar 4. Average number of workplace accidents per employee 5. Delivery cycle time 6. Average training hours per employee 7. Number of job applicants from under-represented groups Percent of customers that strongly agree with the statement 8. "Your employees treated me courteously." 9. Return on assets Percent of customers that strongly agree with the statement "Your…arrow_forward
- Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, or controlling. Some activities may fulfill more than one responsibility. (Select an "X" in the input field if the management responsibility is fulfilled. If the management responsibility is not fulfilled, leave the input field empty.) Question content area bottom Part 1 Activity Management Responsibility Planning Directing Controlling a. Management decides to increase sales growth by 20% next year. b. Management analyzes the impact of a recent advertising campaign by comparing budgeted sales to actual sales. c. Management reviews hourly sales reports to determine the level of staffing needed to staff the customer service desk. d. Management uses information on product costs to determine sales prices. e. To lower production costs, management moves production to China.arrow_forwardWhich of the following describes the best way to build/create a balanced scorecard? O a. Step 1. Create a strategy map that captures the company's strategy and shows the cause-and-effect relationships (links) between different parts of the strategy. Step 2. Define performance measures in each of the 4 perspectie or categories of the Balanced Scorecard based on the strategy map O a. Step 1. Examine best practices for "Key Performance Indicators' used by Fortune 500 companies. Step 2. Use all of the measures which are used in the "best practice" examples. O a Step 1. List all possible performance measures that the compaury could cse Step 2. Put each measure into ane of the 4 perspectives" or categories of the Balanced Scorecard.arrow_forwardWhat Financial Perspective Objectives and Initiatives should I develop when the 3 preceeding perspectives are as follows:CustomerCustomer Satisfaction: Achieve high customer satisfaction scores by ensuring a consistent pattern of positive customer experiences at all customer touchpoints whether person to person, through voice communication, text messages, or over the internet.Internal Business ProcessDraw customers to our channels and streamline the fulfillment process to improve service speed and accuracy.Learning and GrowthDevelop a competent and motivated workforce to drive a customer-centric culturearrow_forward
- 2-30 The balanced scorecard is related to the strategy map in a way similar to how a. the value chain is related to product differentiation. b. SWOT analysis is related to execution. c. the organization's key activities are related to the value chain. d. sustainability can be related to financial reporting. 2-31 A company taking a strategic and customer-centered point of view can best address sustainability, a concern for environmental and social as well as economic performance, through a. annual financial reporting to the Securities and Exchange Commission. b. the use of a sustainability perspective in the balanced scorecard. c. reporting violations of a company's human resources policy to the proper authorities. d. lobbying in Congress for stronger environmental regulations. Page 57 [LO 2-4 O] 2-32 The implementation of the balanced scorecard (BSC) can involve all of the following except a. the strong support of top management. b. a strategy of differentiation (as opposed to one of…arrow_forwardQuestion 13 Research staff at Apricot Ltd (a mobile phone company) , are told by what functionality is expected out of the new model to be released. They are given a generous budget and access to technicians. They are told to contact management if you have any questions or need guidance. What approach to management is most appropriately being described here? A Laissez-faire B Entrepreneurial C Democratic D autocraticarrow_forwardSubject: accountingarrow_forward
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