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Solution Manual for Management Accounting Information
for Decision Making and Strategy Execution 6th edition by
Atkinson Kaplan Matsumura and Young
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Chapter 2: The Balanced Scorecard and Strategy Map
QUESTIONS
2 - 1 Financial performance measures, such as operating income and return on investment, indicate whether the company’s strategy and its implementation are increasing shareholder value. However, financial measures tend to be lagging indicators of the strategy. Firms monitor nonfinancial measures to understand whether they are building or destroying their capabilities—with customers, processes, employees, and systems—for future growth and profitability. Key nonfinancial measures are leading indicators of financial performance, in the sense that improvements in these indicators should lead to better financial performance in the future, while decreases in the nonfinancial indicators (such as customer satisfaction and loyalty, process quality, and employee motivation) generally predict decreased future financial performance. 2 - 2 A Balanced Scorecard is a systematic approach to performance measurement that translates an organization’s strategy into clear objectives, measures, and targets. The Balanced Scorecard integrates an appropriate mix of short- and long-term financial and non-financial performance measures used across the organization, based on the organization’s strategy. 2 - 3 The four measurement perspectives in the Balanced Scorecard are (1) financial, (2) customer, (3) process, and (4) learning and growth.
Atkinson, Solutions Manual t/a Management Accounting, 6E organizations measure, and therefore, manage the performance of their intangible, knowledge-based, assets. With the Balanced Scorecard measurement system, companies continue to track financial results but they also monitor, with nonfinancial measures, whether they are building or destroying their capabilities—with customers, processes, employees, and systems—and how the company is managing intangible assets to create future growth and profitability. The Balanced Scorecard provides a framework for describing how intangible and tangible assets (such as property, plant, equipment, and inventory) will be combined to create value for the organization. 2 - 5 The two essential components of a good strategy are (1) a clear statement of the company's advantage in the competitive marketplace—what it does or plans to do differently, better, or uniquely compared to competitors; and (2) the scope for the strategy—where the company intends to compete most aggressively, such as targeted customer segments, technologies employed, geographic locations served ,or product line breadth. 2 - 6 First, it creates a competitive advantage by positioning the company in its external environment where its internal resources and capabilities deliver something to its customers better than or different from its competitors. Second, having a clear strategy provides clear guidance for where internal resources should be allocated and enables all organizational units and employees to make decisions and implement policies that are consistent with achieving and sustaining the company’s competitive advantage in the marketplace. 2 - 7 A strategy map identifies linkages among essential elements for the organization’s strategy. That is, a strategy map provides a comprehensive visual representation of the linkages among objectives in the four perspectives of the Balanced Scorecard. For example, employees’ process improvement skills (learning and growth perspective) drive process quality and process cycle time (process perspective), which in turn leads to on-time delivery and customer loyalty (customer perspective), ultimately leading to a higher return on investment (financial perspective). This example shows how an entire chain of cause-and-effect relationships can be described to interconnect objectives (and their measures) in each of the four perspectives.
Atkinson, Solutions Manual t/a Management Accounting, 6E 2 - 13 A value proposition defines the company’s strategy by specifying the unique mix of product performance, price, quality, availability, ease of purchase, service, relationship, and image that an organization offers its targeted group of customers in order to meet customers’ needs better or differently from its competitors. The low-total-cost value proposition is used by companies such as Target (http://www.target.com), Southwest Airlines, Dell Computers, and Wal-Mart. The objectives of this value proposition emphasize attractive prices (relative to competitors), excellent and consistent quality for the product attributes offered, good selection, short lead times, and ease of purchase. McDonald’s, for example, is inexpensive, serves food of consistent taste and quality, and serves customers quickly. 2 - 14 The product-leadership value proposition is followed by companies such as Tektronix (which designs and produces measurement and monitoring instrumentation, http://www.tek.com), Apple, Mercedes, and Intel. This value proposition emphasizes particular features and functionalities of the products that leading-edge customers place value in and are willing to pay more to receive. Specific measures include speed, accuracy, size, power consumption, design or other performance characteristics that exceed the performance of competing products and that are valued by important customer segments. It is important to be first-to-market when using the product innovation and leadership value proposition. 2 - 15 The customer-solutions value proposition is followed by companies such as Home Depot (http://www.homedepot.com), whose salespersons can teach customers how to use the products they buy at the store, Goldman Sachs, and IBM. This value proposition focuses on making customers feel that the company understands them and is capable of providing them with customized products and/or services tailored to their needs and preferences. Certain objectives that are stressed include completeness of the solution, exceptional service both before and after the sale, and the quality of the relationship between the company and its customers. 2 - 16 The Balanced Scorecard is helpful in identifying critical processes because it forces the company to determine the means by which it will produce and deliver the value propositions for customers and achieve the productivity improvements for the financial objectives. Furthermore, the Balanced Scorecard includes objectives and measures to evaluate performance on these critical processes.
Chapter2: The Balanced Scorecard and Strategy Map 2 - 17 An organization will want to include measures that monitor customers’ perspectives on processes, even if workers often have little control over the measure. To illustrate, airlines will likely track on-time arrivals and departures at each airport because these measures are important to customers. In this example, the process perspective should contain objectives that are controllable by employees, but perhaps not completely, since an individual employee or department may control only one component of a process. Employees can influence on-time departure but weather conditions might disrupt an otherwise orderly process. To achieve desired ground turnaround time, multiple processes must operate efficiently: cleaning, refueling, and servicing the plane, loading drinks and food, handling luggage, and boarding passengers. If delays occur in any of these processes, the plane’s departure may be delayed. Thus, the Balanced Scorecard may include a common metric for several different employee groups, none of which can completely determine performance on the metric. Moreover, performance improvement may involve teamwork across processes. 2 - 18 The four categories of processes that are useful in developing the process perspective measures are (1) Operations management processes, (2) Customer management processes, (3) Innovation processes, and (4) Regulatory and social processes. 2 - 19 Operations management processes are the basic, day-to-day processes that produce products and services and deliver them to customers. Some typical objectives for operations management processes are (1) achieve superior supplier capability, (2) improve the cost, quality and cycle times of operating processes, (3) improve asset utilization and (4) deliver goods and services responsively to customers. 2 - 20 Customer management processes expand and deepen relationships with targeted customers. Three important objectives for customer management processes are (1) Acquire new customers, (2) Satisfy and retain existing customers, and (3) Generate growth with customers. 2 - 21 Innovation processes develop new products, processes, and services, often enabling the company to penetrate new markets and customers segments. Also, successful innovation drives customer acquisition, loyalty, and growth, which lead to enhanced operating margins.
Chapter2: The Balanced Scorecard and Strategy Map Understandable: People can quickly interpret levels and changes in the measure. Actionable: The measure can be influenced by the actions and initiatives the organization undertakes. Simple: You can explain the measure in one or two sentences. Timely: You can obtain the measure at an appropriate frequency and without excessive delay. 2 - 28 Because financial success is not their primary objective, nonprofit and government organizations (NPGOs) cannot use the standard architecture of the Balanced Scorecard strategy map where financial objectives are the ultimate, high-level outcomes to be achieved. NPGOs generally place an objective related to their social impact and mission , such as reducing poverty, school dropout rates, incidence or consequences from particular diseases, or eliminating discrimination, at the top of their scorecard and strategy map. A nonprofit or public sector agency’s mission represents the accountability between it and society, as well as the rationale for its existence and ongoing support. 2 - 29 Building and embedding a new measurement and management system into an organization is complicated and susceptible to at least the following four common pitfalls described in the chapter: (1) Senior management is not committed; (2) Scorecard responsibilities don’t filter down; (3) The solution is over-designed, or the scorecard is treated as a one-time event; and (4) The Balanced Scorecard is treated as a systems or consulting project. An additional pitfall is for one senior manager to try to build the scorecard alone. EXERCISES 2 - 30 Wal-Mart is a company that uses the low-total-cost value proposition. The objectives of this value proposition emphasize attractive prices (relative to competitors), excellent and consistent quality for the product attributes offered, good selection, short lead times and ease of purchase. Possible measures for Wal-Mart include the following: (1) Financial: Return on investment, profit, change in yearly profit, cost of purchasing items, inventory turnover. (2) Customer: Market share, customer satisfaction in targeted segments such as price-sensitive customers, customer satisfaction and/or market share for Wal-Mart branded products, stockout rates, price indexes compared to competitors, return rates due to defective products.
Atkinson, Solutions Manual t/a Management Accounting, 6E (3) Process: Cost of purchasing as a percentage of total purchase price, lead time for suppliers to replenish customer purchases, distribution cost per unit, supplier defect rates, percent suppliers that operate automatically for continuous replenishment, checkout speed. (4) Learning and growth: Employee satisfaction measured by a survey, employee retention, percent of suppliers linked electronically to point of sale terminals, number of employee suggestions for cost reduction or improved customer service, employee culture survey for continuous improvement. 2 - 31 Mercedes uses the product-leadership value proposition, which emphasizes particular features and functionalities of the products that leading-edge customers place value in and are willing to pay more to receive. Specific measures include speed, accuracy, size, power consumption, design or other performance characteristics that exceed the performance of competing products and that are valued by important customer segments. It is important to be first-to-market when using the product innovation and leadership value proposition. Possible measures for Mercedes include the following: (1) Financial: Economic value added, change in yearly profit, gross margin per vehicle sold, benchmarked against competitors. (2) Customer: Market share and customer satisfaction in targeted segments (such as high discretionary income customers), customer retention, peer review of new product introductions compared to competitors, ratings of specific driving attributes—power, handling, comfort, convenience, brand image, quality performance in customer surveys, such as J.D. Power and Consumer Reports. (3) Process: Time spent with focus groups to learn about knowledgeable customer preferences, product development lead time, peer review of new products in product development pipeline, number of new models or features introduced each year. (4) Learning and growth: Employee satisfaction measured by a survey, key employee retention, employee skill coverage (such as scientists and engineers with leading-edge knowledge of powertrain, suspension, aerodynamics, etc.), availability of information systems for virtual prototyping and dynamic simulation of new vehicles, employee survey for culture of creativity and innovation. 2 - 32 Nordstrom, an upscale retailer uses the customer-solutions value proposition, which focuses on making customers feel that the company understands them and is capable of providing them with customized
Atkinson, Solutions Manual t/a Management Accounting, 6E (c) Increase employees’ customer relationships skill levels Increase customer satisfaction with employees' assistance
Increase number of products cross-sold to customers
Increase revenues 2 - 34 The statement is incorrect. In the process perspective of the Balanced Scorecard, there are four groupings. The fourth grouping, regulatory and social processes, includes measures on environmental performance and employee health and safety. Examples of key measures found in this grouping include (1) number of environmental incidents, (2) energy and resource consumption, (3) number of OSHA recordable cases per 100 employees, and (4) lost workdays per 100 employees or per 200,000 hours worked. Also, if environmental and social issues are especially important to a company, some actually introduce a fifth perspective, located near the process perspective in the strategy map, to highlight objectives and measures of the company’s performance for the environment and in the communities in which it operates. 2 - 35 It is indeed possible for an organization to focus on 20 to 30 different measures in the Balanced Scorecard. The key is that the measures are not independent of each other. If the measures were independent of each other, they would be too difficult for an organization and its employees to absorb. However, a properly constructed Balanced Scorecard provides the instrumentation for a single strategy. Companies can then formulate and communicate this strategy with an integrated system of 20 to 30 measures that identify the cause-and-effect relationship among the critical variables. 2 - 36 This statement is incorrect. The individual is assuming that identifying key performance indicators and classifying them into the four scorecard perspectives constitutes a Balanced Scorecard. While these key performance indicators are worthy of attention, they do not reflect a company’s strategy. Cause-and-effect relationships must be specified so the measures correspond to objectives that relate to the organization’s strategy. As stated in the chapter, a good test is whether one can understand the strategy by looking only at the strategy map and scorecard. Note also that the list of key performance indicators does not explicitly include indicators for processes. 2 - 37 Although this scorecard is more balanced than its previous one, which used only a single financial measure, it is easy to identify the major gaps in the measurement set. The 4P scorecard has no customer measures and only a single measure each in the process and learning and growth perspectives.
Chapter2: The Balanced Scorecard and Strategy Map This KPI scorecard has no role for information technology (strange for a financial service organization), no linkages from its process measure (quality certification) to a customer value proposition or to a customer outcome, no linkage from the learning and growth measure (diverse workforce) to improving its process metric (as achieving quality certification), no linkage from a customer measure to a financial outcome and no linkage from a process measure to a financial outcome. 2 - 38 There are three main differences between a Balanced Scorecard for a nonprofit or governmental organization (NPGO) and a for-profit organization. First, financial success is not the primary objective of NPGOs. Therefore, financial objectives are not the high-level outcomes to be achieved at the top of the strategy map and Balanced Scorecard. Instead, a long-term mission objective such as reducing poverty, improving education, or increasing health is identified as the high-level primary objective. Second, the customer framework is different due to different classes of customers. In the case of NPGOs, there are donors and taxpayers who pay for the service, and there are citizens and beneficiaries who receive the service. This dual- customer perspective must be considered when developing the strategy map and the Balanced Scorecard. Finally, many NPGOs do not have a clear strategy. To apply the Balanced Scorecard, an NPGO’s thinking must shift from what it plans to do (activities) to what it intends to accomplish (outcomes). 2 - 39 The Balanced Scorecard is both a performance measurement system and a management system. The Balanced Scorecard was originally developed to improve performance measurement by incorporating nonfinancial drivers of performance, in addition to the usual financial performance measures. Once the basic system was in place, managers realized that measurement not only has consequences for reporting on the past, but also creates focus for the future. The Balanced Scorecard helps communicate the strategy, including objectives, measures, and targets, to all organizational units and employees, thus serving also as a management system. The strategy map illustrates the causal relationships among the strategic objectives across the four Balanced Scorecard perspectives. PROBLEMS 2 - 40 Since Pioneer produced mostly commodity products (gasoline, heating oil, jet fuel), it could not recover in higher prices, any higher costs or inefficiencies incurred in its basic manufacturing and distribution operations. The differentiation, for Pioneer’s new strategy, occurred at the
Chapter2: The Balanced Scorecard and Strategy Map Fund raising: The clear representation of TFA's mission and strategy should help it solicit funds from foundations or other donors who want to invest in the TFA strategy and mission. Communication: TFA can explain the strategy map to all its employees and corps members so that everyone understands the overall objectives of TFA and how they can contribute to achieving these objectives. Link to Operations: TFA can identify which processes are most important for achieving its strategy, and focus more attention to improving those strategic processes. Governance: TFA now has a performance contract to attract Board members, have the Board approve the strategy, and hold the management team accountable for executing the strategy. Recruiting: TFA can attract new employees with a clear statement of what it is trying to accomplish, where the new employee “fits” within the mission and strategy, and how the employee could contribute to the success of the strategy. Internal resource allocation: The Balanced Scorecard can help management ensure that TFA’s resources (people and money) and initiatives are aligned, in a balanced way, across the organization’s multiple objectives. 2 - 43 The discussion should begin by specifying the organization’s objectives and how the manager contributes to achieving those objectives. This provides a framework for the ensuing discussion. Presumably the primary objective for a fast food restaurant is profitability, which becomes the primary objective in the Balanced Scorecard system. The response should identify reasonable customer expectations regarding service, quality, and cost, and should specify performance measures that reflect how the manager contributes to each of these. The response should identify how employees affect performance on the primary objective and how the manager’s activities affect employees’ performance. For example, while the manager may have no control over wages or general employment conditions, through general management practices the manager contributes to the general level of employee satisfaction. The manager is likely to have little interaction with suppliers since in most fast food operations the head office handles these relationships. Similarly, while the corporate office handles most important community initiatives, the local manager can contribute by participating in community activities—for example, by sponsoring various youth activities. Therefore, the Balanced Scorecard should include operational, customer, employee, and community measures thought to influence profitability. Such measures might include costs, waste, and customer wait time.
Atkinson, Solutions Manual t/a Management Accounting, 6E 2 - 44 The first step in this exercise is to identify what we have referred to as the school’s owners—either the state or the trustees, depending on whether the university is privately or publicly funded, and their primary objectives. This is an important step because it defines the basis for evaluating the school’s other choices. The next step is to identify the school’s other stakeholders. Presumably, this would include customers (students), employees (faculty and staff), suppliers (part-time instructors and other outsiders), and the community. The next step is to identify the primary strategy that the school has chosen to compete for students. This defines not only the proposed relationship with students, but also the relationships with other stakeholders, particularly employees, that the school needs to pursue. The last step is to build a Balanced Scorecard that reflects the school’s strategic choices and the relationships that it has negotiated with its other relevant stakeholders. For example, suppose that the school is publicly funded and has as its mandate to educate students so they can fill jobs and provide an economic contribution to the community. In this setting, we could specify that the school’s primary objective is to prepare students for jobs in which they will make an economic contribution within the constraints of the school’s budget. Therefore, cost and effectiveness issues will be important parts of the Balanced Scorecard. However, the Balanced Scorecard should reflect the other stakeholders, particularly faculty who are responsible for designing and delivering the educational programs, staff who provide the infrastructure within which the education process takes place, and the community that funds the university and, ultimately, decides its fate. The performance measurement choices will reflect the mandate (strategy) and primary objective, as well as what each stakeholder group provides to, and expects to receive from, the university. For example, students provide tuition fees and, through their numbers, continued state funding. In return, students expect to receive an education that allows them to pursue their chosen careers. Measuring what students receive in this setting may be difficult. For example, measuring success by the average starting salary of students is both a crude and short-run measure. However, perhaps it is the best available. Measuring faculty contribution to achieving the primary objective could be approximated by teaching evaluations and research publications. However, this too is a crude measure of the faculty’s contribution to providing students with what they need at the most
Atkinson, Solutions Manual t/a Management Accounting, 6E services, speedy and zero defect responses to donors and beneficiaries, innovative services for recipients, and recognition of donors and volunteers. The learning and growth perspective typically, as with private sector companies, would include objectives and measures relating to improving the skills and motivation of employees, delegating greater decision-making to employees, and improving access to information about donors, beneficiaries, and volunteers. 2 - 46 The company’s approach may not produce a comprehensive Balanced Scorecard because it will not necessarily specify cause-and-effect relationships with measures and objectives that relate to the organization’s strategy. Moreover, the existing measures may not span the four Balanced Scorecard perspectives or represent the company’s strategy. The company’s view of the Balanced Scorecard seems limited to using the existing performance measures. 2 - 47 This approach may encounter multiple common pitfalls. First, the senior management team should be actively involved in order to articulate the organization’s strategy, make decisions necessary for an effective strategy, and develop their emotional commitment to the strategy and implementation of the ensuing Balanced Scorecard. Otherwise, the head of the information technology group may not fully understand the company’s strategy, mission, and objectives. Second, the head of the information technology group may attempt to build the scorecard alone rather than with the entire management team, making implementation and acceptance of the Balanced Scorecard difficult. The Balanced Scorecard would likely be far less complete, useful, and accepted than if the entire management team had participated in its development. Third, the company may face problems common when development of the Balanced Scorecard is treated as a systems project. In addition to the potential problems already mentioned, the information technology group may focus on the data-gathering aspects of the performance measurement system and developing an executive information system so that executives can access any data they want, rather than focusing on the key data for monitoring and implementing the strategy. Finally, the IT executive may not have the interpersonal and organizational skills to be an effective project leader for an interdisciplinary project (though she or he might indeed have those skills). Consequently, the Balanced Scorecard may not include a structured strategy map with cause-and-effect linkages among strategic performance measures.
Chapter2: The Balanced Scorecard and Strategy Map CASES 2 - 48 (a) The principal advantage of linking compensation to a Balanced Scorecard is the alignment of incentives with the organizational goals represented in the Balanced Scorecard. Monetary rewards often provide very strong motivation to focus on the scorecard measures. This is an example of “extrinsic motivation” in which people work towards outcomes for which they are explicitly rewarded. The Balanced Scorecard can also provide “intrinsic motivation.” Employees, once they learn about the company’s strategy and how they can contribute to that strategy, will strive to help the organization achieve its strategic objectives because they want to take pride in working for a successful organization. One concern in linking compensation to a Balanced Scorecard is whether the measures are sensible. Another is to ensure that reliable data collection processes exist for each measure used in the compensation function, and that the measures are not easily manipulated. Top management must try to anticipate whether managers might choose actions that are undesirable for the organization but that have a beneficial effect on scorecard measures. To alleviate these concerns, organizations may delay linking compensation to Balanced Scorecard measures for six months to a year after the scorecard’s initial implementation to gain confidence in the measures and data collection processes. The organizations must be cautious, during the initial trial period, that the existing or temporary compensation scheme does not encourage a focus on only a narrow set of measures, such as short-term financial performance. Another concern is how to design compensation based on multiple objectives. Assigning weights to individual objectives allows considerable incentive compensation to be paid when a business unit performs well on some objectives even if the business unit performs quite poorly on other objectives. Companies can instead award incentive compensation only if a specified minimum threshold is met on all, or a subset, of crucial objectives. Typically, a minimum financial hurdle is specified, such as 5% return on sales or 6% return on capital, before any bonus will be paid. This ensures that bonuses are not paid when the company is experiencing financial difficulties.
Chapter2: The Balanced Scorecard and Strategy Map how the measures relate to organization strategy, and whether the Balanced Scorecard is internally consistent and rational. 2 - 50 The following descriptions are drawn from the University of Leeds’ web site (http://www.leeds.ac.uk), including its strategy map at http://www.leeds.ac.uk/downloads/Strategy_map_aw.pdf and its Internationalisation Strategy statement at http://www.leeds.ac.uk/downloads/internationalisation_strategy.pdf (all accessed on June 25, 2010). (a) The University of Leeds’ strategy is essentially a product leadership strategy that focuses on integrating world-class research, scholarship, and education. (b) Leeds is developing a distinctive ability to integrate world-class research, scholarship, and education that leads to its graduates and scholars making a major impact on global society. Leeds will accomplish this by partnering with its stakeholders, who include high- quality faculty, students, and alumni, as well as business, public, and third-sector partners. One of the unique aspects of Leeds’ strategy is its international focus. (c) The University of Leeds already has a strong reputation and aims to be ranked among the top 50 universities in the world by 2015. Its strategy map lists four key themes: Enhance our standing as an international university Achieve an influential world-leading research profile Inspire our students to develop their full potential Increase our impact on a local to global scale The university offers a broad range of courses, including courses in arts, biological and physical sciences, social sciences, education, law, engineering, business, and medicine. Leeds offers both undergraduate and graduate studies. The university draws a relatively large population of international students. In relation to achieving its world-leading research profile, Leeds has an intention to “Deliver international excellence in all our areas of research, with defined peaks of world- leading performance.” (d) As an example, Leeds’ internationalization strategy has three objectives,
Atkinson, Solutions Manual t/a Management Accounting, 6E shown below with relevant measures.
- Embed internationalization into our core activities a) % research funding from outside the UK b) % of overseas staff and % of staff with overseas visiting professorships c) % of students experiencing some form of overseas placement d) Quality of international student experience e) Number of students successfully completing Leeds degrees through transnational programmes f) Diversity of international student population g) Joint international publications per FTE
- Create sustainable recruitment of high quality international students a) Number of fulltime fee paying international students b) International student market share by cohort
- Develop and maintain high quality international strategic partnerships a) Number of institutional international strategic partnerships 2 - 51 This case is an update of “City of Charlotte (A)” (Harvard Business School Case #9- 199 - 036), which contains details on the early history of the City of Charlotte’s Balanced Scorecard, as well as the scorecard measures. Details also appear in Kaplan, R. S. and D. P. Norton, The Balanced Scorecard: Translating Strategy into Action (Harvard Business School Press: Boston, MA), 1996, 183-185. This case illustrates how a government organization can adapt the typical Balanced Scorecard approach to implement its vision and mission. Instead of the financial perspective that appears the top of a for-profit firm's Balanced Scorecard, the City of Charlotte uses five focus areas, modified somewhat from the initial areas, at the top of its Balanced Scorecard. The City of Charlotte then uses four perspectives in the following order: customer (citizens), financial, process, and learning and growth. The City of Charlotte's fiscal year 2010 report (page 35) at http://charmeck.org/city/charlotte/Budget/Documents/FY2010%20Strategic %20Operating%20Plan.pdf lists the objectives below for its four perspectives. Further details on objectives, measures, and targets are provided on subsequent pages of the fiscal year 2010 report. Strategic Community Housing and Transportation Environment Economic focus safety neighborhood development
