Management Accounting Accounting, Finance, SPSS Essay (Essay Sample)

Management Accounting
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Part A: Tesco Balanced Scorecard
Balanced Scorecard
A company needs to know its progress in its operations which calls assessment of its performance. The measuring of a company’s performance will not only involve financial metrics but also the non-financial measures. A balanced scorecard provides performance in both aspects. It is designed to evaluate performance from such perspectives of customers, financial, internal procedures and learning and growth (Akkermans & Van Oorschot, 2018, Pg.113). Financial perspective looks into the traditional key financial indicators of profit, sales growth, costs and any other financial metric.
Customers’ perspective requires that a business identify its target customers and market segments for which it provides goods and services. Performance is measured from customer indicators of satisfaction, complaints, new customers and feedback. Internal processes checks on the operating efficiency and how well processes are able to satisfy customers and improve financial objectives. The last is the learning and growth with looks into employee development. It is rated from employee programs of training and how their input is influencing performance (Gomes & Romão, 2018, Pg.19). A balanced scorecard offers an advantage of evaluating performance in totality without limiting itself to financial indicators alone.
Advantages Tesco gained from a balanced scorecard and indicators applied