There's a critical link between an organization's goals and its performance metrics. A beautiful mission statement is nothing without specific, actionable measures that provide incentives to succeed. These actionable numeric measures are called key performance
indicators (KPIs) and can be organized into a structure called the balanced scorecard. The scorecard helps you quantify business performance over time: weeks, months, quarters, or even years.
In this course, accounting professors Jim and Kay Stice explain what KPIs your business should consider in a balanced scorecard, from financial goals to employee and customer satisfaction. They describe how to craft a clear mission statement that complements
your KPIs, and how to tie performance to incentives. Plus, get a look at KPIs in action, as Jim and Kay break down a case study examining a trucking company's balanced scorecard.
Learning Objectives:
The importance of KPIs and measuring performance
Financial goals and measure
Customer needs and satisfaction
Employee growth
Employee growth
Creating an effective mission statement
Linking measurements and rewards
Examining a KPI case study
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