Traditionally,organizations Have Evaluated Their Performance Using Only Financial Measures

question 149

Essay

Traditionally,organizations have evaluated their performance using only financial measures.However,many other performance indicators should be considered.The balanced scorecard was developed to assist managers in measuring performance across several perspectives.
Required
a.Identify and discuss each of the perspectives used in the balanced scorecard.
b.Provide three measures of performance used in each perspective.
Unit 11-2,

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Definitions:

Actual Direct Labor Cost

The actual amount spent on wages for workers who are directly involved in producing goods or providing services.

Variable Overhead Efficiency Variance

The difference between the actual and the standard (or expected) variable overhead costs based on the efficient use of the variable inputs.

Variable Overhead

Costs of indirect production materials or services that fluctuate with the level of production activity, such as utilities for a factory.

Direct Labor-hours

The amount of labor time spent by workers directly involved in the manufacturing process, restated as "The quantity of labor time directly utilized in producing goods."