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ACCT 222 Management Accounting

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Question:

1. Discuss four major limitations of conventional financial performance measures and explain how implementation of a BSC would help overcome each of these limitations.
 
2. Prepare a response to deal with the four concerns raised at the senior managers’ committee meeting about BSCs. 
 
3. From your notes on comments made at the meeting, comments from Ana Sneed, and your own reasoning, develop a possible BSC for the Wellington branch that includes: ¾ One objective, one lead and one lag indicator for each of the four perspectives of your BSC.  ¾ An explanation of how your notes have influenced your model. Describe the importance of each of the lead and lag measures you have included in your BSC.
 
4. You have reflected on the issue raised about the importance of linking the staff incentive scheme to the new performance measurement system, and have decided to develop a model of an incentive scheme that is linked to your BSC. You have discussed this idea with the CEO of CMF and he is very keen to see your recommendation on this. For this purpose, develop a staff incentive scheme linked to the BSC that you developed in Question 3 and explain how the scheme would work. You have decided to include: ¾ One measure from each perspective that you consider the most important and an explanation of why you chose that measure. ¾ Assumptions on specific values as a target for each of the measures – for example, if EVA is one of the measures, an assumption should be made on what the EVA target would be (for example, EVA of $5 million).  ¾ The weighting (order of importance) you would assign to each of your perspectives and a brief explanation why. (Note: The weightings should be out of 100%. For example, if you were to place equal importance on all the perspectives, the weighting for each would be 25% each.) ¾ An assumption that the incentive pay would be 20% of the base pay.
 
5.Present five reasons you consider could impede the implementation of a BCS in CMF, and explain how these should be dealt with to ensure successful implementation. 
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