COST ACCOUNTING
BALANCED SCORECARDS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -KPI stands for key performance indicator, a quantifiable measure of performance over time for a specific objective. KPIs provide targets for teams to shoot for, milestones to gauge progress, and insights that help people across the organization make better decisions.
Detailed explanation-2: -They are indicators that focus on analyzing processes involving productivity, innovation and quality within the company and the way in which they affect the commercial and financial aspect. It is important for all of these goals to be SMART: Specific: all of them should be clearly defined and identified.
Detailed explanation-3: -The SMART model for goal setting is a great model to help us define KPI’s that are: Specific, Measureable, Achieveable, Relevant and Timely.