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Essay / Research Paper Abstract
This 16 page paper looks at the advantages and disadvantages of different business tools. Written in three parts, the benefits and potential problems associated with using balanced scorecard systems, activity based costing systems and target costing are all examined. The theory and application is discussed and examples are used to illustrate points raised. The bibliography cites 10 sources.
Page Count:
16 pages (~225 words per page)
File: TS14_TEbscacb.rtf
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Unformatted sample text from the term paper:
an understanding of the influencing factors in order to follow efficient decision-making process. Numerous tools have been developed to help business managers or owners gain this control. The use of
balanced scorecards, activity based costing systems and target costing will all have a range of uses for any company such as a plastics sanitary ware manufacturer company, a company making
numerous identical or similar products in a mass manufacturing environment. Looking at these three tools we can consider them individually to assess their advantages and disadvantages. Balanced scorecards have
been presented as a relatively new method of analysis it can be argued it is not, only a redevelopment and updating of an old idea (Parrish, 1998). Parrish traces the
method back to previous management techniques that had fallen out of fashion, namely the "Dashboard Look" and the "Executive Information System". Both these systems had a lot in common with
the Balanced Scorecard, they both analysis key performance (leading) indicators, and allowed a broad based approach (Parrish, 1998). The term of Balanced Scorecard was first given a recognised definition in
the Harvard Business Review in 1993 by Prof. Robert Kaplan and David Norton, who are credited with inventing it, and later by Renaissance Solutions Inc, who aided them to publish
a book on the subject in return for the intellectual rights (Parrish, 1998). The aim of the Balanced Scorecard is to translate the companies organisational vision into a set of
measurable strategic and/or tactical objectives (Missroon, 1998). Missroon then argues that this methods rationale is based on the idea that an organisation is more likely to reach its goals
it understands its business from four distinct perspectives. Those are the perception of the organisation or company by the shareholders and the customers, which processes must be excelled at and
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