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 estimated cost $148,680
Fixed cost $20,680
Explanation:
Using the high-low method to estimate the amount of fixed cost that is incurred each month
Units Cost
High 207 153,160
LOW 38 45,000
Difference 169 108,160
Variable cost per unit= 108,160/169
Variable cost per unit= 640
Fixed cost = 153,160-207*640
Fixed cost = 20,680
Total estimated cost= 200*640+20,680
Total estimated cost=128,000+20,680
Total estimated cost=148,680
Therefore Total estimated cost will be $148,680 and Fixed cost will be $20,680
Answer: a practice in which executives get out of their offices and learn from others in the organization through casual face-to-face dialogue.
Explanation: Management by walking around (MBWA) refers to a practice in which executives get out of their offices and learn from others in the organization through casual face-to-face dialogue.
In this management style, executives pay casual, unplanned visits to staff in their work areas to understand their work environment, experience first hand their status reports instead of waiting for them to be delivered to their office. Management by walking around fosters a better work environment through better communication, a hands-on experience of the conditions of the workplace by managers as well as quick and effective problem solving.
Answer: location economies
Explanation:
location economies are economies which are birthed through performing a value creation activity in an optimal location for that activity wherever in the world it may be. It is used by firms to determine the competition in an environment when locating to do business
