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Essay / Research Paper Abstract
This 3 page paper looks at how and why performance assessment takes place at an organizational level, the advantages and disadvantages associated with the practice and the way tht they may help to crate value and why cost accountants can play an important role. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEorgperfass.rtf
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Unformatted sample text from the term paper:
achievement against those goals is a long established business practice, this is true for all types of business, both large and small. Firms in different industries may have different key
measures, and while the measurement of profit margins is a primary measure increasing understanding of management theory has allowed a greater understanding of the performance factors that may feed into
the way that the profit is achieved, with tools such as the balanced scorecard that can give overall measures looking at the key factors for each business, tailored to the
business needs (Gjerde and Hughes, 2007). However, the measurement itself is not a magic ingredient that creates success, it is a tool, and the way the results are used will
help to determine success or failure. There are many significant advantages to undertaking performance assessment, but there are also some disadvantages. Undertaking performance measurement, especially where this is broken
down into component parts increasing the understanding of the organization and where costs are occurred and value added, it also allows management to assess progress towards goals and as such
it is empowering as it facilitates early action in response to the results, either enhancing areas where there is success or identifying areas where improvement is needed. The measurement of
key areas also helps to increase the overall performance of the firm. Gjerde and Hughes, (2007) note that Steak n Shake is a firm that is based in the ability
to provide quick service in a niche market between TGI Fridays, a full service restaurant, and McDonalds a traditional fast food restaurant. It may appear that measurements may be speed
customers satisfaction and profit, but the firm also looks at training, indemnifying this as a key driver, well trained staff will lead to customer satisfaction, which in turn will increase
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