Answer:
The Balanced Scorecard for Management Control
Dana's company can deploy the Balanced Scorecard as a strategic management control approach which views organizational performance from four broad perspectives that are all-embracing. These perspectives include the Financial Perspective, the Customer Perspective, the Internal Business-Process Perspective, and the Learning and Growth Perspective. The aim is to ensure that control is not just about one aspect of the organization, but the whole, and a balance is struck by paying equal attention to the elements that make up an organization.
According to a well-known adage, "what you measure is what you get." The BSC approach strategically and holistically measures an organization's performance by identifying all the factors that cause improved organizational outcomes. Therefore, the benefits of using a balanced scorecard include improved internal capacity created by a focus on improving an organization's learning and growth through the Learning and Growth perspective. This cascades to improved internal processes which result from the internal perspective. With improved processes, customers and other stakeholders derive better and maximum satisfaction from the organization. This does not end here. Satisfied customers cause improved financial results, which are distributed to an organization's stakeholders, including the government in form of taxation, dividends for stockholders, and better pay for employees, etc. These stakeholders in turn try to add value to the organization with better processes and operations, improved financing, and business opportunities.
Looking at the value package of BSC, I agree with Dana that the BSC approach is better than using only financial controls alone. While financial controls are at the very core of resource management and operational efficiency in any organization, they do not represent the whole picture of management control. They are the endgames and not the starting strategies for a winning organization.
Explanation:
The Balanced Scorecard (BSC) utilizes a 360 degree approach to achieve effective control of resources toward attaining goals by viewing organizational performance from four broad perspectives, which cover all aspects of any organization. The four perspectives that BSC uses are the Financial Perspective, the Customer Perspective, the Internal Business- Process Perspective, and the Learning and Growth Perspective. By approaching performance evaluation and management with these perspectives, the Balanced Scorecard is able to achieve all-round management control because no aspect of the organization is left behind.
Answer:
Total= 3,120 units
Explanation:
Giving the following information:
production budget:
January= 3,000 units
February= 4,200 units
March= 5,000 units
The company wants to end each month with ending finished goods inventory equal to 10% of the next month’s sales.
Beginning inventory= 300 units.
To calculate the production for any month, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
<u>January:</u>
Sales= 3,000
Desired ending inventory= (4,200*0.1)= 420
Beginning inventory= (300)
Total= 3,120 units
Answer:
Consider the following paragraph I wrote
Explanation:
I think the firm focuses on the economic perspective in describing its competitive advantage. In the economic perspective, a firm focuses on how much economic value it creates through its competitive advantage.
In the company profile, Domino's focuses on how much economic value it creates for its sub-franchisees, franchisees and the parent company. It focuses more on the chain which creates economic value for the entire Domino's ecosystem consisting of the parent company, franchisees, and the sub-franchisees. So, I think the firm focuses on economic perspective in describing its competitive advantage.
Answer and Explanation:
I will go through each and every option explaining the reasons and what option would be the best:
The (a) part says 'difference in wages will eventually disappear since a haircut is a homogeneous good' - This is not true because even though it is an homogeneous product, some customers do have a strong preference for barbers who are not going bald. Therefore, they know their worth and they would want to capitalize on that and get paid just a bit more than bald barbers.
The (b) part says 'barbershops that hire barbers with hair will be able to charge a higher price for a haircut to those consumers who have a strong preference for barbers with hair'. - If the barbershop charges higher price for barbers that have hair then the customers will prefer bald barbers as the questions mentions that there is high competition and since it is an homogeneous, customers would be willing to save money and get their haircut from some other barber.
The (c) part says 'barbershops that hire bald barbers will always be much more profitable' - Not necessarily. The reason is that some customers have a strong preference for barbers who are not bald and therefore, that would help barbershops who have barbers with hair to be a bit more profitable as some additional customers would want their services.
The (d) part says 'barbershops that hire barbers with hair will always be much more profitable' - This is the best option and the reason for it is because some customers have a strong preference for barbers with hair and that would help the barbershop to earn more. They would have the customers who already indifferent to whoever cuts their hair and in addition to that, they would also have the customers who have their preference.
Hence the answer is D.
Answer:
June 1 Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business.
Account Debited: Cash
Account Credited: Common Stock capital
2 Purchases equipment on account for $1,200.
Account Debited: Equipment
Account Credited: Accounts Payable
3 Pays $800 cash to landlord for June rent.
Account Debited: Rent expense
Account Credited: Cash account
12 Bills P. Leonard $300 after completing welding work done on account.
Account Debited: Accounts receivable
Account Credited: Service revenue
