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The study examined Balanced Scorecard and Strategic Cost Management as recipes for productivity rating among manufacturing companies in Nigeria. Performance evaluations have often been streamlined to financial measures alone, while circumventing non-financial performances measures such as: product quality, order delivery time and employee satisfaction etc., which have spawned a large gap in productivity rating among Nigerian firms. To this end, primary data were elicited from respondents of ten manufacturing companies in Rivers and Lagos States in Nigeria. OLS and Pearson Product Moment Correlation Coefficient were used for the hypotheses tests and the results showed that Balanced Scorecard and Strategic Cost Management are complementary measures used in assessing the performances of a company in order to align business activities to the overall strategic objectives and ensure both short-term and long-term productivity through financial and non-financial planning, implementation and performance evaluation processes. It was recommended that the Manufacturers Association of Nigeria (MAN), as a regulator of the manufacturing sector in Nigeria, should begin a widespread sanitization of the concept of balanced scorecards and strategic cost management through workshops, seminars, etc. in Nigeria. Keywords: Value Chain; Performance Evaluation; Non-financial Metrics; Financial Metrics; Productivity The study examined Balanced Scorecard and Strategic Cost Management as recipes for productivity rating among manufacturing companies in Nigeria. Performance evaluations have often been streamlined to financial measures alone, while circumventing non-financial performances measures such as: product quality, order delivery time and employee satisfaction etc., which have spawned a large gap in productivity rating among Nigerian firms. To this end, primary data were elicited from respondents of ten manufacturing companies in Rivers and Lagos States in Nigeria. OLS and Pearson Product Moment Correlation Coefficient were used for the hypotheses tests and the results showed that Balanced Scorecard and Strategic Cost Management are complementary measures used in assessing the performances of a company in order to align business activities to the overall strategic objectives and ensure both short-term and long-term productivity through financial and non-financial planning, implementation and performance evaluation processes. It was recommended that the Manufacturers Association of Nigeria (MAN), as a regulator of the manufacturing sector in Nigeria, should begin a widespread sanitization of the concept of balanced scorecards and strategic cost management through workshops, seminars, etc. in Nigeria. My application component synthesizes the breadth and depth components with the application references into a discussion about the importance of Human Resources Management In the success of Mergers & Acquisitions. In the application component, I would like to examine the importance of the human factor and human resource management in the success of Mergers & Acquisitions. My application component strengthens my analysis in the Breadth and Depth components of the importance of HRM for organizational success and achieving better performance. the process of monitoring activities to ensure that they are being accomplished as planned and correcting any significant deviations
an approach to control that emphasizes the use of external market mechanisms such as price competition and market share to establish standards used in system an approach to control that emphasizes authority and relies on administrative rules, regulations, procedures, and policies an approach to designing control systems in which employee behaviors are regulated by the shared values, norms, traditions, rituals, beliefs, and other aspects of the organization's culture the acceptable parameters of variance between actual performance and the standard
immediate corrective action correcting a problem at once to get performance back on track determining how and why performance has deviated and then correcting the source of deviation control that prevents anticipated problems control that takes place while an activity is in progress
control that takes place after an action
Is an approach that emphasizes the use of external market mechanisms to establish the standards used in the control system?1) Market control: An approach that emphasizes the use of external market mechanisms to establish the standards used in the control system. -used by companies that face a lot of competition in the market and whose products are distinct.
What are the types and characteristics of the three approaches to control systems?Three basic types of control systems are available to executives: (1) output control, (2) behavioural control, and (3) clan control. Different organizations emphasize different types of control, but most organizations use a mix of all three types.
Is an approach to designing control systems in which employee behaviors are regulated by the shared values?Clan control is an approach to designing control systems in which employee behaviors are regulated by the shared values, norms, traditions, rituals, beliefs, and other aspects of the organization's culture.
What is clan control management?Specifically, clan control relies on shared traditions, expectations, values, and norms to lead people to work toward the good of their organization (Figure 9.20 “Clan Controls”). Clan control is often used heavily in settings where creativity is vital, such as many high-tech businesses.
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What is an approach to control that emphasizes the use of external market mechanism such as price competition?
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