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Management Accounting: Performance Evaluation (Balanced Scorecard) - Essay Example
Finance & Accounting
Pages 10 (2510 words)
Introduction Performance measurement has become one of the most important functions of any business today. Performance measurement and performance management allows businesses to analyze how the department, individuals, processes, or the whole organization is operating…
Moreover, the organization uses performance measurement tools to motivate the employees and identify the best performers within the organization as well. Performance measurement tools are not only restricted to these functions, but these tools can be helpful in analyzing where the organization has incurred high costs and to identify areas where productivity can be enhanced so that the profitability of the organization can be increased. Therefore performance measurement tools are beneficial for the organization in increasing their financial performances as well as their operational performances (Cardinaels, Paula, and Veen-Dirks. 2010). There are different performance measurement tools and one of the most widely used performance measurement tools is the balance scorecard that has been discussed in this report. Ridgway in the year 1956 came up with the concept of performance measurement and from that time, different organizations have used different types and concepts of measuring their performances. During the mid 1980s and 1990s the idea of measuring and managing performance was one of the most debatable and researched topics and different researchers came up with different ideas (Neely, 2005). ...
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