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Ebook Managerial accounting (9th edition): Part 2

(BQ) Part 2 book "Managerial accounting" has contents: Performance management and evaluation, standard costing and variance analysis, short run decision analysis, capital investment analysis; pricing decisions, including target costing and transfer pricing; quality management and measurement; financial analysis of performance. | CHAPTER 8 The Management Process PLAN ∇ Translate the organization’s mission and vision into operational objectives from multiple stakeholders’ perspectives. ∇ Select performance measures for objectives. ∇ Establish targets for each performance objective. PERFORM ∇ Balance the needs of all stakeholders when making decisions. I f managers want satisfactory results, they must understand the cause-and-effect relationships between their actions and their organization’s overall performance. By measuring and tracking the relationships that they are responsible for, managers can improve performance and thereby add value for all of their organization’s stakeholders. In this chapter, we describe the role of the balanced scorecard, responsibility accounting, and economic value added as they relate to performance management and evaluation. We also point out how managers can use a wide range of financial and nonfinancial data to manage and evaluate performance more effectively. ∇ Improve performance by tracking causal relationships among objectives, measures, and targets. Performance Management and Evaluation EVALUATE ∇ Compare financial and nonfinancial results with performance targets. ∇ Analyze results and take corrective actions. LEARNING OBJECTIVES LO1 Define a performance management and evaluation system, and describe how the balanced scorecard aligns performance with organizational goals. (pp. 302–305) LO2 Define responsibility accounting, and describe the role that responsibility centers play in performance management and evaluation. (pp. 305–309) LO3 Prepare performance reports for cost centers using flexible COMMUNICATE ∇ Prepare reports of interest to stakeholder groups. budgets and for profit centers using variable costing. (pp. 310–313) Managers use multiple evaluation metrics to analyze and manage performance. LO4 Prepare performance reports for investment centers using the traditional measures of return on investment and residual income .