Conclusion:
It is now generally accepted that performance measures
should be an integral part of modern internal reporting system. The
performance measures (or indicators) should:
- Be linked with corporate strategy;
- Mirror both internal & external concerns;
- Include financial and non-financial dimensions; and
- Be both leading and lagging indicators of performance.
It has recently been reported that companies who use
suitable performance measurement systems were much more likely to achieve
leadership positions in their industry and were almost twice as likely to have
successfully implemented a major organizational change. Management accountants
who grasp the very simple idea of the BSC will considerably increase the
capacity of their organizations to survive and prosper. The important issue
for management accountants is to reflect on what Albert Einstein once remarked:
Not everything that counts can be counted, and not everything that can be
counted, counts.
References:
- Balanced scorecard ICFAI Press Series
- www.valuebasedmanagement.net.
- www.12manage.balanced
scorecard.htm.
- www.wikepedia.com
- Strategic Management, Himalaya Publications.
About the Author:
The author is associated with SSM College of Engineering as
Asst. Professor in Department of Management Studies.
To read more articles on Textile,
Industry,
Technical
Textile, Dyes
& Chemicals, Machinery,
Fashion,
Apparel,
Technology,
Retail,
Leather,
Footwear & Jewellery, Software
and General
please visit http://articles.fibre2fashion.com
To promote your company, product and services via promotional article, follow
this link: http://www.fibre2fashion.com/services/article-writing-service/content-promotion-services.asp
