Management Accounting Solution Assignment (Doc)
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Added on 2021-06-16
Management Accounting Solution Assignment (Doc)
Added on 2021-06-16
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Management Accounting
ContentsIntroduction-..........................................................................................................................................2Balance scorecard and its features-........................................................................................................3Description of the Company-.................................................................................................................5Company’s vision-..............................................................................................................................5Company’s mission-...........................................................................................................................5Overall Strategy-................................................................................................................................5Strategic Map-.......................................................................................................................................6Draft preparation of the strategic map of the business Company”...................................................6Difference between BSC and traditional performance measurement systems.......................................7Suitability of BSC Approach.................................................................................................................9Conclusion...........................................................................................................................................10References...........................................................................................................................................11
Introduction-With the ramified changes in economic and complex business structure, each andevery organization are endeavouring towards using the advance strategic program andevaluation tools to win over the market. The balance scorecard approach helps theorganization to consider the four main points of the business for formulating the businessstrategies. It also helps management to improve the work program as per the needs anddemand of the clients. The balanced scorecard is a measure of the performance metric thathelps in strategic management to identify the functions and improve the internal functions ofa business and analyse the external outcomes. It assists in measurement and providingfeedback to organizations. It helps in the better decision making of the organization. It helpsin motivating good behaviour in the organization by differentiating four areas that need to beanalysed. These areas are business processes, customers, finance and learning and growth.With the help of balanced scorecard, it helps to identify factors that degrading the company’sperformance. It enables organization in implementing the strategy mapping to know the valueaddition within an organization. The investigation has been done related to training andknowledge resources to analyse the growth and learning. There are different analyses relatedto the different aspects of the organization to meet the organizational objectives. We areanalysing the suitability of balanced scorecard on the company named Amcor. It is amultinational packaging company situated in Switzerland and Australia. It is a very renownedcompany that handles different type of packaging services. There are so many verticals thatcan be analysed with the help of Balanced Scorecard approach that leads to the growth of theorganization.
Balance scorecard and its features- As per the Kaplan and Norton, balanced scorecard approach is the four factors toolswhich are used by the organization to evaluate the internal and external factors of thebusiness. Balance scorecard is basically a tool to evaluate the performance management of anorganization. It helps managers to keep a track on the business activities within theorganization, and then control and monitor the consequences coming from the actions. Ithelps in the creation and implementation of the strategies in an organization (Ansoff, 2014).It has basically four perspectives- Financial Perspective, customer perspective, internalprocess perspective and learning and growth perspective. Basically, balanced scorecardanalyses these four perspectives and find out the major things in the strategic plan that cancreate an effect on any of the perspective. This approach basically helps in creating ananalysis of these four verticals (Joshi, 2015). Sometimes, this approach has proved veryuseful in successful strategy creation and implementation. These four verticals basicallydescribe the four important requirements to reach the objectives. Financial Evaluation is thebasic and traditional feature of the balanced scorecard. It deals with quantitative values likerevenues and profits. This feature is very important to others but most of the time, moreemphasis has been given to this. A customer plays a very important role in the achievementof the objectives. An organization cannot sustain without the presence of the customers. It isnecessary to know the customer perception to provide the product and services as per theirchoice in order to fulfil the requirements. Generally, organizations do a survey to know aboutthe thought of the customers. It gives them a wider knowledge regarding the improvements. Itcan develop the knowledge regarding the new process and it ultimately leads to the growth ofthe organization. The more dynamic the business organization, the more effective andbalanced will be the scorecard. Every company should know about the core competencies that can help inmaintaining the internal environment of the business organization. It defines the importantthings needs by an organization to achieve objectives. It defines the way of evaluating theperformance by measuring the efficiency of the operations. Employees are the mostimportant resource for an organization as they carry on the process of producing the productsand services. Toda, employees are given total leverage to bring up new ideas to grow in themarket. Employees must possess the proper set of skills and knowledge to carry out variousfunctions. It is important to provide time to time learning sessions and training to the
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