TheBalancedScorecardisatooltotranslatetheoverallvisionof intoobjectivesandperformancemetrics.Itaimstoensurethatthegoalsofthe flowformthestrategyandthattheperformancemeasuresonthescorecardarethosethatwillservethelong-terminterestsofthebusiness.FourFourHowHowdoesanorganizationappeartothe%ofsalesfrom %of sfromwhomrepeatbusinessisgainedRatingsfrom satisfactionsurveys% projectscompletedontimeandwithin%ofbidsfor swhichare%ofemployeetimebilled andlearning%oftimeusedforstaff%ofrevenuesearnedfromnewproductsorHowHowdoesanorganizationappeartotheshareholders?GrowthinoperatingcashflowGrossmarginearnedform PercentageincreaseinoperatingcostsEVAgeneratedinrelatedtotheTheinternallogicofthebalancedscorecardisthegoal-settingoriginateswithcustomers.Thenanorganizationmustdeterminewhatismustexcelatinordertosatisfycustomerexpectations.Theinnovationandlearning containsgoalswhichrelatedtohowanorganizationwillmaintainprogressanddevelopitsprocesses,productsandservices.Theresultsfromthesethree swillbemirroredinthefinancial Thedirectorswillneedtoagreethe‘vision’oftheorganizationstrategywithmiddlemanagementandtoensurethatthevisionisalsosharedbyallemployeeswithintheorganizationtherebycreatingan‘understoodenvironment.’

Somemeasuresinthescorecardsuchmaynaturally .Itisoftendifficulttodeterminethebalancebetweenmeasureswhichwillachievethebestresults.Itisdifficulttoselectthemeasuresthosewhichactuallyaddvaluetoanorganization,notjustthosethatareeasytoThescorecardonlybeeffectiveifseniormanagerscommittoit.Iftheyreverttofocusingsolelyonthefinancialmeasurestheyareusedto,ThecostofimplementationofthescorecardmaybeveryItItfocusesonbothinternalandexternalfactorsandlinksperformancemeasurestokeyelementsof’sItrequiresabalancedconsiderationofbothfinancialandnon-financialmeasuresandgoalstopreventimprovementsbeingmadeinoneareatheexpenseofItattemptstoidentifytheneedsandconcernsofcustomerstoidentifynewproductsandmarketsandfocusesoncomparisonwithtoestablishbest

TheobjectivesatN-F-Porganizationarelessobviouslyfinancialthanatprivate .TheuseofthebalancedscorecardapproachwillbeofgreatusetoN-F-Porganizationasitemphasizesnon-financialperformancewhichfitswithN-F-Porganization’sobjectivestoqualityofserviceandtherelationshipwithkeystakeholders.Thiscanleadtodifficultyinsetting fiablemeasuresduetothesoftissuesinvolved.Asapublicserviceorganization,thecustomer maybemoresignificant.Theprincipalstakeholderistheernmentandsotherewillbeacomplex,politicaldimensiontomeasuringperformance.Introduction：TheBCGmatrixbreaksabusinessintoitscomponentunitsandthenconsiderstheirperformanceintermsofthegrowthoftheunitandtherelativemarketshareofeachunit.

Relativemarket

CashCashCashQuestion ProvideausefultoolinwhichtoassesstheperformanceofthedifferentAdifferentstyleofmanagementshouldbeappliedtoeachdivisionbasedon TheBCGmatrixisverysimplemethodof Itmaybethatdifferentproductswitheachbusinessunitmaynotfittheunit’sMarketLeaderDog對(duì)待，這個(gè)是不合適的BCGmatrixwasdesignedforysingaproductportfolio,notactaperformancemanagementsystem.Itcanhelpdeterminetheappropriateperformancemanagementapproachforabusiness,itisnotinitselfaperformancemanagementsystem. arking arkingistheprocessofgatheringdataabouttargetsandcomparatorsthatpermitscurrentlevelsofperformancetoidentifiedandevaluatedagainstbest arking:Comparingoneoperatingunitorfunctionwithanotherinthesame arking:Internalfunctionsarecomparedwiththoseofthebestexternalfunctions,regardlesstheindustriestheyareCompetitive arkingaimedatstrategicactionandorganizationAsufficientincentivetoshareinformation,reluctantto tochange,communicatethereasonsforundertakingaprogramof arkinginordertogainthefullco-operationof EthicalEthicalproblems,providereassurancetoemployeesthattheirstatus,remunerationandworkingconditionswillnot

Setobjectivesanddeterminetheareato IdentifykeyperformancedriversandSelectorganizationtostudyand arkMeasureperformanceforownorganizationandtheotherorganizationsinvolvedintheCompareMonitorCompareCompareanorganization’sperformancewiththatofanotherhighlighthowmuchroomthereisforItfocusesonkeyareasofperformanceandmaybeusedtosettargetswhicharechallengingbutevidentlyThesharingofinformation,comparingpastfailuresandsuccesses,canbeaspurtoItshouldbepossibletoidentifyachievablecostsaving,andrealistictargetsshouldhelptoimprove

Itimpliesthereisonebestway ngThe Itisacatching-upexerciseratherthanthedevelopmentofanythingPotentialnegativesideeffects.Employeesmayonlyfocusontheareaswhicharebeing arkingcouldalsoprovedtobede- canuseinformationabouttheinternalandexternalenvironmenttosetitsCSFs.Relevantexternalinformationwouldincludethestructureoftheindustryandstrategyofthe ’scompetitors.Thegeographicallocationofproductionandthemainsalesmarketsmayberelevant.Relevantinternalinformationwouldincludemeasuresofseasonalityonsales.Byforecastingthesizeofthemarketalongwithlikelylevelsofcompetition,profitcanbeoptimized.However,theseforecastswillbesubjecttouncertaintyandsotheinformationsystemswillneedtobeflexibleandallowprobabilisticysis.ACSFbasedonthequalityoftheseforecastswouldthereforebeappropriate.Settingabudgetbasedonthecurrentyear’sresultsplusanextraamountforestimatedgrowthorinflationnextyearEasytoCanbeflexedtoactualDoesnotlookforwaysofimprovingPreparingabudgetforeachcostcenterfromzerobase.EveryprocessorexpenditurehasbejustifiedRespondstoLookverycloselyatitscostMoreefficientallocationofLotsofmanagementIscontinuouslyupdatedbyaddingafurtherperiodwhentheearliestperiodhasexpired.MorerealisticandAlwaysbeabudgetextendingseveralmonthsMaynotbenecessary,especiallyinaInvolvesdefiningtheactivitiesthatunderliethefinancialfiguresineachfunctionandusingthelevelofactivitytodecidehowmuchresourceshouldbeallocated,howwellitisEnsureoverallstrategyandanychangestothestrategywillbetakenintoaccount.Involvesrecingtheannualsystemofacentrallycreatedbudgetwithamoreflexiblesystemoftargets.Performancemeasurementchangesfrommonitoringvariancesformthebudgettowardsmeasuringachievementofstrategicgoals,addingvalueandperformanceagainstsuitablebenarks.Moreimportantforcashflowmonitoringratherthancostcontrol.ThetargetsareintendedtoguideratherconstrainthelinemanagersthusimprovingtheirIsconsideredappropriateinindustrieswheretherearerapidchangesinthebusinessenvironmentandwhereintangiblesuchasknow-howarekeytocompetitiveadvantage.AcultureofinnovationandemployeeThebuildingblockmodelaimstoprovideaframeworktoimproveperformancemeasurementinservicebusinesses.Themodelsuggeststhatperformancesystemsshouldbebasedonhereconcepts:dimensions,standardsandrewards.Bestuseofinputstocreate

Intangibility無(wú)形性Simultaneity不可分離性Perishability不可 Heterogeneity異質(zhì)性TheabilitytodeliverattherighttimeinresponsetocustomerrequirementsandchangesindemandAbilitytodevelopTheabilitytodeliverattherighttimeinresponsetocustomerrequirementsandchangesindemandmoveintonewEmployeesparticipation,mayleadtobudgetaryslack

BemotivatedtoachievetheobjectivesOnlyresponsibleforoverwhichtheycanEnsureEnsurethatallthekeydeterminantsofsuccessinperformancearebeingmeasured.Thetargetssetforeachmeasurearesetinsuchawaytoengagethestaff.ReachReachtheendoflifeCauseCauseofcorporate

Decliningprofitability,decliningsalesvolume,decliningliquidity,increasinggearing,restricteddividend,poorcashflowLackof nning,changesinaccountingpolicies,failingmarketshare,poorfinancialcontrolCrisisdenial,Blameculture,toolittleBlockoutnegativeinformation,fearlossofreputation,nottoadmitmistakesThefirstdecisionwastakenbasedonuncertaintyTheTheteamwouldworkongeneratingsolutionsandimplementingthemtoremovetheproblem.Thisisachievedbymodifyingexistingprocessesordevelo newones.Costsandbenefitswouldbe fiedatthisstep.Caseapplication:針對(duì)Step3

Introduction:usepubliclyavailablefinancialinformationaboutafirminordertopredictwhetheritislikelytofail.Advantages:simpletocalculateandprovideanobjectivemeasureoffailureThedangerlevelof1.8cannotbeappliedtoallindustryandeconomic><1.8><1.8<Z< Solvency=EBIT/total Gearing=marketvalueofequity/bookvalueoftotaldebt Activity=revenue/totalassets

Introduction:relyonsubjectivescorestocertainquestionsgivenbytheinvestigator.Ascoreaboveacertainlevelindicatespotentialdisaster.Advantages:theabilitytousenon-financialaswellasfinancialmeasuresDisadvantages:easilytobeaffectedbythesubjectivejudgementoftheinvestigatorandfirstimpressionsWeightingsarelikelytobesubjectiveorjudgementalandnotberelevantforallcompaniesChiefExecutiveisan84PassiveBoardof24WeakFinance2LackofManagementin13Nocashflow3Nocosting3Overtrading:expandingfasterthanfundingHighgearing:inabilitytoservicedebtlevelsFailureofproject:Notabletomeetobligations444>25at 相關(guān)考題KeyperformanceindicatorsarethemeasureswhichindicatewhetherornotCSFsarebeingachieved,andhowwelltheorganizationisOnceanorganizationhasidentifieditsCSFs,itneedstoknowhowwellitisperforminginrelationtothem.Simplyidentifyingtheareaswhereanorganizationneedstoperformwelldoesnotguaranteethatitwilldoso.Thereforeitneedstomeasurehowwellitisperformingintheseareas.ThisisdonebyusingKPIs.CSFsrepresent‘what’mustbedonetoenableanorganizationtobesuccessful.KPIsarethe‘measures’ofwhetherornotthoseCSFsarebeingachieved.

TheCSFswillidentifytheareaofperformanceitwillbemostimportanttoreceivemanagementinformationabout,soinformationsystemsandcontrolsystemswillneedtohighlightperformanceinthesekeyareas.Managersthereforeneedtodetermineinadvancewhatthekeyindicatorsare,suchthatinformationsystemscanbedesignedtoprovidethemanagerswiththeinformationthatismostrelevanttothem. canuseinformationabouttheinternalandexternalenvironmenttosetitsCSFs.Relevantexternalinformationwouldincludethestructureoftheindustryandstrategyofthe ’scompetitors.Thegeographicallocationofproductionandthemainsalesmarketsmayberelevant.Relevantinternalinformationwouldincludemeasuresofseasonalityonsales.Byforecastingthesizeofthemarketalongwithlikelylevelsofcompetition,profitcanbeoptimized.However,theseforecastswillbesubjecttouncertaintyandsotheinformationsystemswillneedtobeflexibleandallowprobabilisticysis.ACSFbasedonthequalityoftheseforecastswouldthereforebeappropriate.

Breakdownthestrategicobjectiveintofour sofbalancedscorecard:customer ,internalbusiness ,innovationandlearning ,financial IdentifytheCSFsfor UsetheKPIstomeasure s,indicatingwhethertheCSFsarebeingachievedor

Environmentalmanagementaccounting(EMA)isthegeneration ysisofbothfinancialandnon-financialinformationinorderto Destructionofbrandvalues,DamagetocorporateimageCustomerboycotts,Pressuregroup

Aimtoreduce 該方法的問(wèn)題在于difficulttoattributecoststoallmaterialflows

Environmental-relatedcosts:costsspecificallyattributedtojointenvironmentalcostcentres,suchasasewage Environmental-drivencostsattributedtoenvironmentalcostdrivers Recordaproduct’scostsandrevenuesacrossthewholeofitslife,ratherthanforaspecificphaseofitslifeorasingleManagersareunawareofthesecosts,haveoninformationwithwhichtomanagethemandhavenoincentivetoreduceCostofCostofEnvironmentalprotectioncosts,Environmentaldetectioncosts,第一年發(fā)生的expensenetofeconomicdepreciationAdjustvalueofNCAreflecteconomicdepreciationnot將futureleasepaymentProvisions&allowanceforAddbackthevalueofAddbackLessdistortionbyaccountingpolicies.TheadjustmentswithinthecalculationofEVAmeanthatthemeasureisbasedonfiguresthatareclosertoflowthanaccountingTheEVAmeasureisanabsolutevalue,whichiseasilyunderstoodbyEVAisbasedonthehistoricalaccounts,whichmaybeoflimiteduseasaguidetotheAlargenumberofadjustmentsneededtomeasureEVAisanabsolutemeasure,solargercompaniesinsize,mayhavelagerEVAItisdifficulttoestimatetheappropriateROI&RI&Theappropriatereturnoninvestment(controllableROI)iscalculatedonprofitbeforeinterestandtaxdividedbycapitalemployedatthedivision.Theprofitfigureexcludesallocatedheadofficecostsasthesearenotcontrollableatdivisionallevel.Theresidualetakesthesameprofitfigurebutsubtractsanotionalinterestchargebasedonthecapitalemployedbythedivision.ROIisasimple,commonlyusedmeasureofdivisionalperformance.However,itcanencouragedivisionstodelayinvestmentinnewassetssincethismeasureimprovesasassetsaredepreciatedwithage.RIoffersthepossibilityofapplyingdifferentcostsofcapitaltodivisionswithdifferentriskprofiles.However,RIdoesnotallowaclearcomparisonofperformancebetweendivisionssinceitisanabsolutemeasureofperformance.BothROIandRIhavethedisadvantageofbeingbasedonprofitmeasuresofperformanceratherthancash.MeasuressuchasNPVusecashflowswhicharelesssubjecttheinterpretationofaccountingrulesandaremoredirectlyalignedwithshareholderEVA?isanabsoluteperformancemeasurelikeRI.ItinvolvesamorecomplexcalculationthanRIwithmanyadjustmentstotheaccountingfiguresofprofitandnetassets,suchastheuseofre cementcostsforassetvaluesandeconomicdepreciationratherthanaccountingdepreciation.ManyoftheEVA?adjustmentsareintendedtoavoiddistortionofresultsbyaccountingpoliciesthatarepresentinROIandRI.Thus,EVA?ismoredirectlyalignedwiththeobjectiveofincreasingshareholderwealthandsoshouldhelptoensurethatthereiscongruencebetweenthedivisionalandcorporategoals.EVA?,likeRI,hastheadvantagethatbytreatingcertaincostsasinvestmentsitencouragesappropriatecapitalexpenditure.However,EVA?dependsonhistoricaldatawhileshareholderswillbefocusedonfutureperformance.UnlikeROI,EVA?andRIwouldnothelptojudgerelativedivisionalperformanceasthedivisionsarenotofsimilarsizeandsoanabsolutemeasureisnotcomparable.Learningcurvetheoryappliestosituationswherethework aswholeimprovesinefficiencywithexperience.Thelearningeffectorlearningcurveeffectdescribethespeedingupofajobwithrepeatedperformance.SteadySteadya：生產(chǎn)第一個(gè)產(chǎn)品需要的勞動(dòng)小時(shí)Affected:Directlabourtimeandcosts,variableoverheadcostsvarywithdirectlabourhoursworkedUnaffected:materialscosts,fixedoverheadexpenditure ItalsoassumesacertaindegreeofmotivationamongstTheworkersmayforgetandthelearningprocesswillhavetobeginalloverItmightbedifficulttoobtainaccuratedatatodecidewhatthelearningcurveChangingapproachestoMoreflexibleinresponsetochangesincustomers’needs,higherquality,faster,100%on-timedeliveryandinnovativeproductsandTraditionalbudgetsareamajorbarriertotheresponsivenessandflexibilityMoreflexibleinresponsetochangesincustomers’needs,higherquality,faster,100%on-timedeliveryandinnovativeproductsandTraditionalbudgetsareamajorbarriertotheresponsivenessandflexibilityProductlifecycleshave emuchshorter,nning,designanddevelopmentstagesarecriticaltoanorganization’scostRespondquicklytothechangingManagersneedinformationthatisoutwardlookingandfocusonthefutureTraditionalmanagementaccountingsystemhistoricalandmoreinwardModernmanufacturing–highly-mechanisedandinvolveaflexiblearrangementofmachines.JITsystemsdependonlong-termcontractuallinksStrategicmanagementaccountingInformationonCSFsShifttowardsstrategicrather

LifecycleTrackandaccumulatecostsandrevenuesovertheentireproductlifecycle

Anestimateofaproductcostwhichisderivedby‘workingbackwards’fromarequired

ActivitybasedUseofabsorptioncostingsystemsresultsininaccurateinformationandproductcostProvidearapidresponseto

Costreductionatthedesignanddevelopmentstageof

FocusonthefactorswhichdrivecostsnandcontrolcostmoreValueFocusonreducingcostswhilemaintainingorimprovingofvalueassociatedwithaproductorservice

margintoderiveatargetmustbe

Reducingtheincidenceofnon-McKinseyFormaldivisionoftasksandthehierarchyofHowtheorganizationnstoachievetheThepeopleintheAllelementsmustpullinthesamedirectionfortheorganizationtobeMISisasystemtoconvertdatafrominternalandexternalsourcesintoinformationandtocommunicatethatinformation,inanappropriateform,tomanagersatlevelsinallfunctionstoenablethemtomaketimelyandeffectivedecisionsfornning,directingandcontrollingtheactivitiesforwhichtheyareProvidesaccesstoinformationwithawiderangeofinformationgatheringandyticalAllowsthemanagertoscantheenvironment,consideranumberofalternativesandevaluatethemunderavarietyofpotentialAmajoremphasisuponflexibilityanduser-Providesummary-leveldataWebsite:collectcustomer’ssurveyandcomment;collecttheinformationofcustomers;consumerscanbedrawntothesitewithclipsandtrailers;thesitecanlog amongamong

Amissionstatementshouldbebrief,flexibleanddistinctive, cinganemphasisonsri thecustomrs.Itoftenreferstokeystakeholdergroupsincludingemployeesandshareholders.Themissionstatementshouldbeclearlytoemployeestheircontributiontowardsattainingthemission.Assistinginthepresentationofaclearimageoftheorganizationforthebenefitofcustomersandotherstakeholders.Theymaybeunrealisticinits ementsoftheTheymaylacksufficientexternalThecurrentreportdoesnotgivemuch Thecurrentreportmaynotbesufficienttocapturethecriticalfactorsthatdrivethe‘Whatgetmeasured,getTheideabehindthequote,‘whatgetmeasured,getdone’isthatthestaffandmanagementwillonlyreacttotheperformancemeasureschosenbytheowners.Inotherwords,poorperformancereportingcanleadtoinefficientmanagement.Ifanareaisnotmeasuredthenthereisadangerthatitisnotefficientlymanagedandequally,ifanareaismeasuredthenthereisthedangerthatitisover-managed.Theperformanceprismsuggeststhatperformanceshouldbemanagedwithrespecttofivefacetsofperformance:stakeholdersatisfaction,strategies,processes,capabilitiesandstakeholdercontribution.ByTheperformanceprismsuggeststhatperformanceshouldbemanagedwithrespecttofivefacetsofperformance:stakeholdersatisfaction,strategies,processes,capabilitiesandstakeholdercontribution.Bytakingawiderviewandfocusingonstakeholders,theprismmodelmayhelptoavoidperformancemeasurementthatisdrivenbyinternally-derivedstrategies.Shareholders&lenders–capital;customers–loyal&profitable;employees–commitmentand rs-reliable ysis; TheprocessesTheprocessesarerequiredifthestrategiesaretobeThecapabilitiesarewhatarerequiredinordertooperateandimprovetheprocesses. ysis;valuechain;Mckinsey7smodelTheTheperformancepyramidderivesfromtheideathatanorganizationoperatesatdifferentlevels,eachofwhichhasdifferentconcernswhichand

Insteadoffocusingpurelyonfinancialobjectives,thepyramidfocusesonarangeofobjectivesforbothexternaleffectivenessandinternalThestrategiclevelconcernsrelatetomarketandfinancialfactorsandthesearefedbythetacticalleveldriversofcustomersatisfaction,flexibilityandproductivity.TheseobjectiveswillreflectthatbusinesssystemsatthislevelwillcrossfunctionalboundariesandsocannotbedrawnintothespecificsoftheoperationalThestrategiclevelconcernsrelatetomarketandfinancialfactorsandthesearefedbythetacticalleveldriversofcustomersatisfaction,flexibilityandproductivity.Theseobjectiveswillreflectthatbusinesssystemsatthislevelwillcrossfunctionalboundariesandsocannotbedrawnintothespecificsoftheoperationaldetails.Theoperationalobjectivesarethenderivedfromthetacticaldrivers.LinkagesandStrengthsofStrengthsofItclearlylinkstheperformancemeasuresatthedifferenthierarchicallevelsoftheorganization,andencouragesoperationalperformancemeasurestobelinkedtostrategicgoals.Italsomakesclearthemeasuresthatareofinteresttoexternalparties(suchascustomersatisfaction,qualityanddelivery)andthosethatthebusinessfocusesoninternally(suchasproductivity,cycletimeandwaste). Itmaybedifficulttomeasurethefactorswhicharemostimportanttoachievingitsobjectives,ratherthantheoneswhichareeasytomeasure.Managementeffortmaybedivertedtoperformancemeasures,whichshouldbedevotedtorunningthebusiness.Staffturnovermayincreaseifstafffeeltheyarebeingcheckedupononallthe優(yōu)點(diǎn)各有不同Measures就會(huì)存在選哪個(gè)進(jìn)measure;measure別人measure的人總是不高興，管理層也要花額外的時(shí)間去measure別人；引進(jìn)一個(gè)新玩意總是不可避免的有成本的問(wèn)題。 的重點(diǎn) NewNewThreatofnewandandThreatof pricing,advertising,salespromotionWithdrawal,Productdevelopment:launchofnewproducts(R&D,innovation)Marketdevelopment:newgeographicalareas,exportmarket,newdistributionchannels,newmarketsegmentsDiversification:reducetherisksofabusinessortoincreaseitsgrowthprospectsbyenteringnewindustries nninggapisthedifferencebetweentheforecastpositionbasedonexistingproductsandmarketsandthedesired,targetpositionpositionRevenueprofit或其他指標(biāo))

.Ratios&Grossmargin=Grossprofit/EBITDA=EBIT+Depreciation+AgoodforcashflowfromAssetturnover=Revenue/（FA+CA–ROCE=PBIT/AveragecapitalCapitalemployed=totalassets–current=equity+long-termDiscouragecapitalinvestment,becauseanincreaseincapitalwillleadtofallROCEifPBITremainstheUsefultocomparemanagers/divisionsCausespoordecisionmakinganddysfunctional1ehavior(ROIwillincreaseyearyearastheassetsgetRI=ControllableDivisionalProfit–imputedinterestImputedinterest=Divisionalinvestment*costofcapitalCostofcapital:theminimalDoesnotfacilitatecomparisonsbetweeninvestmentcentres(sizeofinvestment)Dysfunctional1ehavior(SeeROI)Basedoncashflow;timevalueofmoney;considerIRRassumesthatthecashflowsaftertheinvestmentphasearereinvestedat金流用rr算終值fr算現(xiàn)值，由于是負(fù)現(xiàn)金流，算完后加負(fù)號(hào)MIRRassumesthereinvestmentrateisthe’scostofcapitalratherthantheIRRitself(這也是IRR的問(wèn)題所在)MIRRgivethesameindicationasNPV,whichisthecorrecttheoreticalItmayleadaninvestortorejectaprojectwhichhasalowerrateofreturn,Ahigh-returnprojectwithashortlifemaybepreferredoveralower-returnprojectwithalongerlife.Ratios&Financialgearing=longtermdebt/long-termdebt+,Currentratio=currentassets/currentReceivablesperiod=averagereceivables/creditsales*365dInventoryperiod=averageinventory/costofsales*365dPayablesperiod=averagepayables/creditpurchase*365dEPS=profitaftertax,minorityinterestsandpreferencedividends/numberofequityshares(普通股股數(shù))P/Eratio=pricepershare/=MVofequity/total通過(guò)Balancesheet, estatement計(jì) cashflowcashflow=EBIT*(1-Taxrate)+Depreciation&Amortizationchangesinworkingcapital–capitalexpenditure EffectiveschemesalsoattractandkeeptheemployeesvaluabletoanByrewardingperformance,aneffectiveschemecreatesanorganizationfocusedoncontinuousimprovement.Schemesbasedonsharescanmotivateemployeestoactinthelong-terminterestsoftheorganizationbyorganization’smarketshare.ngthingtoincreaseGoalGoalManagersshouldonlybeheldresponsibleforthoseaspectsofperformancetheycan常見(jiàn)的ofreward

GroupschemesmayenhanceteamspiritandcooperationaswellasprovideindividualsGroupschemesmayenhanceteamspiritandcooperationaswellasprovideindividualsareseentobe‘notpullingtheirWhethertheyaresolelyinmoneytermsorintrinsicrewardswhichreflectthesatisfactionthatanindividualobtainsfromthejobandtheopportunitiesforself-expressionandgrowth?Factorstoconsiderinthedesign Itisquestionablewhetheranyperformancemeasurescanprovideacomprehensiveassessmentofwhata achievesforItmayundervaluetheintrinsicrewards(whichreflectthesatisfactionthatanindividualobtainsfromthejobandtheopportunitiesforself-expressionandgrowth)giventhatitpromoteextrinsicrewards(financialpayments) Theamount desiresandvaluesandeTheTheamount desiresandvaluesande

Theamountof Ahigh isonlypossibleifbothahighValenceandahighExpectancy.Managementmustidentifyaspirationsofstaffinordertomotivatethem.Managementmustgiveguidanceastohowtheseaspirationsaretoberealized.RiskAriskseekerisadecisionmakerwhoininterestedtryingtosecurethebestesnomatterhowsmallthechancethattheymayoccur.RiskAriskadversedecisionmakeractsontheassumptionthattheworstemightoccurRiskAriskneutralisadecisionmakerwhoisconcernedwithwhatwillbethemostlikelye.RiskRiskappetiteistheamountofriskanorganizationiswillingtotakeonorispreparedtoacceptinpursuingitsstrategicaxcriterionlooksataxcriterionlooksatthebestpossibleaxmeansum (riskindecisionrulesuggeststhatadecisionmakershouldselectthealternativethatofferstheleastunattractiveworst(riskTheminimaxregretruleaimsTheminimaxregretruleaimstominimizetheregretfrommakingthewrongdecision.Regretistheopportunitylostthroughmakingthewrong況ABCIABCI000（80，100，120（602050

（605030Expectedvaluesattemptstomodelesbasedonarangeoflikelyprobabilities.ThechoiceofprobabilitiesdependsontheriskprofileofExpectedvaluesattemptstomodelesbasedonarangeoflikelyprobabilities.Thechoiceofprobabilitiesdependsontheriskprofileofthe ngthemodeling.Arisk-adversemanagerwouldfocusonthelikelihoodoftheworsteoccurring.However,theriskneutralmanagerwillfocusonthemostlikelyeortheexpectedvalue,ratherthanprobabilities,whichsuggestthemanagementhavearisk-neutralattitude.雙變量：EV=變量A的ProbabilityX變量B的ProbabilityX（變量A在該P(yáng)robability的result+變量B在該P(yáng)robability的result） 有M和N兩個(gè)Division，有價(jià)格保持不變、上漲10%和下降10%三種價(jià)格策略No60%*50%,60%*30%,60%*20%（30%18%12%probability的合計(jì)應(yīng)該為1）arethecostsincurredarethecostsincurredbeforeorduringproductiontopreventsubstandardordefectiveoutputarethecostsofensuringinputsandoutputsmeet(qualitycontrol)CostofconformancearethosecostswhichareincurredinmeetingqualityarethecostsofinadequatequalityidentifiedbeforethetransferofownershiparethecostsofinadequatetransferofownershipCostofnon-conformancefaultyproductsbeforeoraftertheyareshippedCostofTargetcostinginvolvesTargetcostinginvolvessettingpriceforaproductbyreferencetothemarket.FromthisadesiredprofitmarginisdeductedleavingatargetTrainingstaffinmoreefficienttechniquesAcquiringnew,moreefficienttechnologyCuttingoutnon-value-addedac