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Chapter 11 Notes!

by: Breana Carey

Chapter 11 Notes! ACCT 2102

Breana Carey
GPA 3.0

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About this Document

Here are the notes for chapter 11 :) Thanks for reading my notes and I really appreciate it very much! I will have the full studyguide up and posted Saturday sometime in the afternoon :)
Kathleen S. Partridge (P)
Class Notes
ACCT2102, Accounting, GeorgiaStateAcct2102
25 ?




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This 6 page Class Notes was uploaded by Breana Carey on Thursday April 21, 2016. The Class Notes belongs to ACCT 2102 at Georgia State University taught by Kathleen S. Partridge (P) in Fall 2015. Since its upload, it has received 82 views. For similar materials see PRIN OF ACCT II in Accounting at Georgia State University.


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Date Created: 04/21/16
Performance Evaluation Revisited: A Balanced Approach Thursday, April 14, 2016 22:58  Performance Measures  Measures that can be determined only after something is finished are called lagging indicators of performance because their calculation "lags" when a particular objective that hasn't been met  Leading indicators are when they're there to help predict a future result   These provide managers with information they need to make sure they  take timely and corrective action  Financial measures  are net income, earnings per share, and ROI and they're  financial based information taken from accounting reports. They're quantitative and  objective  Nonfinancial measures are not based on accounting results and can be either  qualitative or quantitative   Qualitative are usually based on perceptions and feelings   w/choosing the right performance measures the best ones need to relate to  corporate strategy and areMART SPECIFIC relates to the product MEASURED meaning that its complete and accurate ACTIONABLE something can be done to influence it's value RELEVANT relates to the corporate strategic goals and objectives  TIMELY meaning that managerial choices need to be made in a timely manner   Key performance indicators (KPI) that measure successful progression towards  organizations key goals   The key to using these measures is to know the cause and effect relationship  A performance dashboard  is a visual display of the key measures related to an  organizations operational goals and strategies     The Balanced Scorecard  David Norton and Robert Kaplan created the  balanced score card  which is a  management tool that integrates four performance measures  1. Learning and growth asks us "Are we developing employees and  providing technique that can create a change"  Measures that Relate to Learning and Growth  Employee   Employee  turnover rate  satisfaction   # of   Training  suggestions provided by  dollars spent per  employees employee  Training hours   Revenue per  per employees employee   Percentage of   Technology  vacancies filled with  spending per employee internal candidates  1 Internal business process perspective answers the question "Are we  improving our business processes?"  Measures related to this require efficiency and production**  Percentage of   Rework hours  on time deliveries   Manufacturing   Time to market  cycle efficiency   Cost per unit   Number of   Defect rate  equipment break downs   Reponses time   Delivery cycle  to customer request  time 1 Customer perspective is about the customer and what the customer needs  "Are we meeting our customer’s goals?"  Measures to this include customer purchases, and their expectations  regarding quality, price, delivery speed   Customer   Market share  satisfaction index  Product return   Number of  rate  complaints   Customer   Percentage of  profitability  revenue from new customers   Customer   Number of new  attrition rate  customers   Customer  Loyalty index   1 Financial perspective answers "Are we reaching our financial goals?"  managers are most comfortable with this measure because those are the  ones that most organizations have always used this as a way to measure  their success Measures related to this include   Net income   Cash Flow  Residual income  Return on   Profit margin Investment  Earnings per share  Revenue   EVA Growth  Net Income per Employee    A  strategy map  is a pictorial representation of the cause and effect  relationships embodied in the strategy   To balance a score card you should have a good mix of leading and lagging and  quantitative and qualitative measures     Benchmarking   Benchmarking  is the practice of using data from other organizations to identify  the processes and practices associated with world class performance   With benchmarking you're no trying to achieve another organizations goals but  you're identifying the goals and see why the other organizations goals are so  successful    Meeting Delivery Expectations  Delivery cycle time is the time between an orders placement and its shipment and this varies by  business   Manufacturing time (throughout time) is the time from start of production to  the shipment of product to the customers    Manufacturing cycle efficiency  is the ratio of value added processing time to  total manufacturing time   


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