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Lecture Advanced management accounting - Chapter 18

This chapter presents the following content: Sustainability for businesses; environmental management accounting; economic, environmental and social impacts; environmental costs; improving supply chain management through measuring environmental and social impacts; sustainability and performance measurement; strategic performance measurement systems (SPMS) and sustainability; environmental outcomes: capital expenditure analysis; climate change and management accounting. | Lecture 18: Balanced Scorecard The Balanced Scorecard Management translates its strategy into performance measures that employees understand and accept. Performance measures Customers Learning and growth Internal business processes Financial 2 10-2 2 A balanced scorecard consists of an integrated set of performance measures that are derived from and support a company’s strategy. Importantly, the measures included in a company’s balanced scorecard are unique to its specific strategy. The balanced scorecard enables top management to translate its strategy into four groups of performance measures – financial, customer, internal business processes, and learning and growth – that employees can understand and influence. The Balanced Scorecard: From Strategy to Performance Measures Financial Has our financial performance improved? Customer Do customers recognize that we are delivering more value? Internal Business Processes Have we improved key business processes so that we can deliver more value to customers? Learning and Growth Are we maintaining our ability to change and improve? Performance Measures What are our financial goals? What customers do we want to serve and how are we going to win and retain them? What internal busi- ness processes are critical to providing value to customers? Vision and Strategy 3 10-3 3 The premise of these four groups of measures is that learning is necessary to improve internal business processes. This in turn improves the level of customer satisfaction, thereby improving financial results. Note the emphasis on improvement, not just attaining some specific objective. The Balanced Scorecard: Non-financial Measures The balanced scorecard relies on non-financial measures in addition to financial measures for two reasons: Financial measures are lag indicators that summarize the results of past actions. Non-financial measures are leading indicators of future financial performance. Top managers are ordinarily responsible for financial . | Lecture 18: Balanced Scorecard The Balanced Scorecard Management translates its strategy into performance measures that employees understand and accept. Performance measures Customers Learning and growth Internal business processes Financial 2 10-2 2 A balanced scorecard consists of an integrated set of performance measures that are derived from and support a company’s strategy. Importantly, the measures included in a company’s balanced scorecard are unique to its specific strategy. The balanced scorecard enables top management to translate its strategy into four groups of performance measures – financial, customer, internal business processes, and learning and growth – that employees can understand and influence. The Balanced Scorecard: From Strategy to Performance Measures Financial Has our financial performance improved? Customer Do customers recognize that we are delivering more value? Internal Business Processes Have we improved key business processes so that we can deliver more