CHAPTER 13 THE BALANCED SCORECARD: STRATEGIC-BASED CONTROL QUESTIONS FOR WRITING AND DISCUSSION
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1. A strategic-based responsibility accounting system system converts converts an organizati organization’s on’s mission mission and strategy into operational objectives and measures for four perspectives: the financial perspectiv perspective, e, the customer customer perspecti perspective, ve, the process perspective, and the learning and growth growth perspectiv perspective. e. It differs differs from activityactivitybased responsibi responsibility lity accounting accounting because because of the formal linage to strategy and because it adds two perspectives to the responsibility dimension: dimension: the customer customer perspectiv perspective e and the learning and growth perspective. 2. A !alanced "corecard is a strategic-based perfo perform rman ance ce mana manage geme ment nt syst system em that that trans transla late tes s an orga organi niza zati tion on’s ’s visi vision on and and strate strategy gy into into opera operatio tional nal object objective ives s and mea-sures mea-sures for four perspectiv perspectives: es: financial financial,, customer, process, and learning and growth.
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&he five five core core object objective ives s of the custom customer er perspe perspecti ctive ve are maret maret share, share, custom customer er retention retention,, customer customer ac)uisiti ac)uisition, on, customer customer satisfaction, and customer profitability.
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&he long-w long-wave ave of value value creati creation on means means anti antici cipa pati ting ng the the emer emergi ging ng and and pote potent ntia iall need needs s of cust custom omer ers s and and crea creati ting ng new new produc products ts and proces processes ses to satisf satisfy y those those needs. &he short-wave of value creation is producing and delivering e#isting products to customers.
11.
&he three processes of the process value chai chain n are are the the inno innova vati tion on proc proces ess, s, the the oper operat atio ions ns proc proces ess, s, and and the the post post sale sales s servic service e proces process. s. &he &he innova innovati tion on proces process s anti antici cipa pate tes s the the emer emergi ging ng and and pote potent ntia iall need needs s of cust custom omer ers s and and crea create tes s new new prod produc ucts ts and and serv servic ices es to sati satisf sfy y thos those e needs. needs. &he &he operat operation ions s proces process s produc produces es and delivers delivers e#isting e#isting products and services services to customers. &he postsales service process provides critical and responsive services to customers after the product or service has been delivered.
12.
&hree objectives of the learning and growth pers perspe pect ctiv ive e are are to incr increa ease se empl employ oyee ee capa capabi bili liti ties es to incr increa ease se moti motiva vati tion on,, empo empowe werm rmen ent, t, and and alig alignm nmen ent t and and to increase information systems capabilities.
3. !alanced measures mean that the strategic measures used are made up of a proper mi# of inte integr grat ated ed fina financ ncia iall and and nonf nonfin inan anci cial al meas measur ures es that that are are both both pred predic icti tive ve and and historical and which may be subjective or objective in nature. 4. $ag measures reflect what has happened. $ead measures reflect what may happen. %&hey are performance drivers.' 5. (bject (bjective ive measur measures es are are )uanti )uantifia fiable ble and verifiable. %*erifiable means that the values are the same from one person to the ne#t.' "ubjectiv "ubjective e measures measures are less )uantifia )uantifiable ble and judgme judgmenta ntall in nature nature %indic %indicati ating ng that that their values can vary from one person to the ne#t'.
13. A testable strategy is a set of lined objectives aimed at an overall goal that can be restated into a se)uence of cause-andeffect hypotheses.
6. "tretch targets are targets that are set at levels levels that, that, if achiev achieved, ed, will will trans transfor form m the organization within three to five years. &heir strategic purpose is to bring the organization to the level envisioned by the strategy. 7. A strategic-based reward system is desi design gned ed to enco encour urag age e and and supp suppor ortt the the impl implem emen enta tati tion on of the the orga organi niza zati tion on’s ’s stra strate tegy gy.. +ewa +eward rds s are are offe offere red d for for both both financ financial ial and nonfin nonfinanc ancial ial perfor performan mance. ce. %&ra %&radi diti tion onal al rewa reward rds s are are most mostly ly tied tied to financial performance.' 8.
&he three strategic themes of the financial pers perspe pect ctiv ive e are are reve revenu nue e grow growth th,, cost cost reduction, and asset utilization.
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ouble ouble-l -loop oop feedba feedbac c is infor informat mation ion that that deals with both the effectiveness of strategy impl implem emen enta tati tion on and and the the vali validi dity ty of the the assumptions underlying the strategy. strategy.
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ommunica ommunication tion,, incentive incentives, s, and resource resource allocation are three methods that promote stra strate tegi gic c alig alignm nmen ent. t. &o inte intern rnal aliz ize e the the strategy, employees must be fully informed and aware aware of how their their actions actions affect affect the stra strate tegy gy.. +ew +ewards ards must must be tied tied to the the strategic measures, and resources must be allocated to fund the strategic initiatives.
E"ERCISES
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