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A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.

Chapter21Performancemeasurement

(i) Customer satisfaction perspective:

The customer perspective considers how the organisation appears to existing and new customers. It aims to improve quality of service to customers and looks at cost, quality, delivery, inspection, handling, etc.

(ii) Growth perspective:

The learning and growth perspective requires the organisation to ask itself whether it can continue to improve and create value. If an organisation is to continue having loyal, satisfied customers and make good use of its resources, it must keep learning and developing.

(iii) Financial success perspective:

The financial perspective considers how the organisations create value for the shareholders. It identifies core financial themes which will drive business strategy and looks at traditional measures such as revenue growth and profitability.

(iv) Process efficiency perspective:

The process perspective requires the organisation to ask itself the question 'what must we excel at to achieve our financial and customer objectives?' It must identify the business processes which are critical to the implementation of the organisation’s strategy and aims to improve processes, decision making and resource utilisation.

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What does an adverse variable overhead efficiency variance indicate and what might be the cause?

Explain briefly the possible causes of

(i) A favourable material usage variance

(ii) A favourable labour rate variance

(iii) An adverse sales volume contribution variance.

What is the relationship between the labour efficiency variance and the variable overhead efficiency variance? Why might the monetary value be different?

Explain the meaning and relevance of interdependence of variances when reporting to managers.

A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.

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