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Chapter Code: MCS05
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The management of any organization will always have certain plans and aspirations regarding the outcomes of their business. Based on these plans they set the targets for financial and non-financial performance. Actual performance can be tracked with respect to targets with the help of either year-to-date reporting or period-to-period reporting. Again for period-to-period reporting, targets can be divided into four types depending on the patterns they follow. These four types are flat line target, step target, seasonal target, and growth curve target. |
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The corporate annual report is a mandatory reporting requirement for organizations. The performance of organizations can be evaluated along various dimensions. These dimensions are financial measures, customer satisfaction and behavior toward organization and competitors, internal business processes, and growth.
The difference between actual and planned financial performance can take place due to cost or expenditure variance, revenue variance, or both. Revenue variance can translate into sales price variance and sales volume variance. Sales volume variance can be divided into sales mix variance and sales quantity variance; sales quantity variance can be further sub-divided into market share variance and market size variance. Expenditure variance can be classified into fixed cost variance and variable cost variance. Cost variance or expenditure variance can arise due to a number of factors. These factors can be divided into two categories: operational causes and non-operational causes.
Introduction to Targets and Performance Tracking
Role of Targets
Tracking of Performance
Factors Affecting Business Performance
Top Management and Organizational Culture
Product and Service Quality and Quality Management
