ST ane Management es ALLY SUT Tarey ilo a ere) PUNE Prof. Harish kumar Padmanabhan ds Dy Gc PSae Scanned with CamScannerENTERPRISE PERFORMANCE MANAGEMENT MBA, FOURTH SEMESTER According to the New Syllabus of ‘Savitribai Phule Pune University’, Pune Dr. Hetal N. Bhinde Ph.D, MBA,UGC- NET, PGDIEM Assistant Professor, Sandip Foundation MahiravaniNashik Prof. Harish Kumar Padmanabhan MMS, M.com, PGDBM, DLL&LW, DCL, DTL Assistant Professor, K.R. Sapkal College of Management Studies, Nashik aa THAKUR PUBLICATION PVT. LTD., PUNE + Ahmedabad + Bengaluru * Bhubaneswar * Bhopal * Chennai * Dehradun * Emakulam * + Hyderabad * Jaipur * Jalandhar * Kolkata * Lucknow * Nagpur * Patna * Ranchi * Rohtak * Scanned with CamScannerSyllabus 401: Enterprise Performance Management UNIT-1 Performance Management: Concept, Need, Linkages with Strategic Planning, Management Control and Operational Control. Performance Evaluation Parameters: Financial — Responsibility Accounting ~Concept ibility Centers, Revenue Centre, Expense Centre - Engineered and Discretionary Costs ~ Committed Costs, Profit Centre, Investment Centers. ROI, ROA, MVA, EVA —DuPont Analysis. (Numerical Not Expected — Interpretation only) Limitations of Financial Measures. (+1) UNIT-2 Performance Evaluation Parameters: Non-Financial Performance Measures ~ Balanced Scorecard, Malcolm Baldrige Framework, Measuring SBU Level Performance: Concept, Need, and Linkages with Enterprise Performance Management ~ Goal Congruence. Transfer Pricing ~ Objective, Concept, and Methods ~ Cost Based, Market Price Based & Negotiated, Applicability of Transfer Pricing. (Numerical / Case is Expected) (7+1) UNIT-3 Capital Expenditure Control: Concept, Need, Process of Capital Budgeting, Types of Capital Expenditure Decisions — Pre-Sanction, Operational and Post-Sanction Control of Capital Expenditure. Tools & Techniques of Capital Expenditure Control: Performance Index, Technical Performance Measurement, Post Completion Audit. Performance Evaluation Parameters for Projects: Project Control Process: Setting Base Line Plan, Measuring Progress and Performance, Comparing Plan Against Action, Taking Action, Schedule Variance (Time Overruns), Project Cost Variance (Cost Overruns).. (82) UNIT-4 Performance Evaluation Parameters for Banks: Customer Base, NPAs, Deposits, ROI, Financial Inclusion, Spread, Credit Appraisal, Investments. Performance Evaluation Parameters for Retail: ABC Analysis, Sell Through Analysis, Multiple Attribute Method, Gross Margin Return on Investment (GMROD, GMROI as Gross Margin/Average Inventory at Cost, Performance Evaluation Parameters for Non-Profit: Features of Non-Profit Organizations, Fund Accounting, Governance, Product Pricing, Strategic Planning & Budget Preparations, Social Audit (842) UNIT-5 Performance Evaluation Parameters for E-Commerce: Features of E Commerce, Need of Evaluation, Metrics for Performance Evaluation: Business Metrics, Traffic Metrics, Conversion Matrix & Audience Involvement Metrics. Various KPI Used by E-Commerce Industry : Website Traffic , Referral Traffic, Conversion Rate Optimization, Bounce Rate of Website, Repeat Visit, Cart Abandon Rate, Cost per Conversion, Average Order Value, Revenue on Advertising Spend, Customer Life Time Value, Net Promoter Score, Churn Rate. Audit Function as a Performance Measurement Tool: Financial Audit, Internal Audit, Cost Audit, Management Audit — Principles and Objectives (Audit Reports / Formats are Expected to be Discussed in the Class from a Performance Measurement Perspective). (O41) Scanned with CamScannerContents Unit-1: Performance Management & Performance Evaluation Parameters 132. 14. 14, 142. 143. 144. 145. Performance Management Conceps of Performance Management Meaning and Definition of agement Need of Performance Management Linkages with Strategic Planning, Management Control and Operational Controt Principles of Management ‘ Process of Performance Management Performance Advantages of Performance Management Disadvantages of —_ Performance Management Performance Evaluation Parameters Responsibility Accounting Meaning and Definition of Responsibility Accounting Features of Responsibility Accounting Objectives of Responsibility Accounting Assumptions of Responsibility Accounting Steps in Responsibility Accounting Advantages of Responsibility Accounting Disadvantages in Responsibility Accounting. Responsibility Centres Concept of Responsibility Centres ‘Nature of Responsibility Centres Setting up of Responsibility Centre Process of Evaluation of, “Responsibi : Hierarchical Perspective of, Responsibility Centre ‘TypewClassification of Responsibility Centre Revenue/Income Centre Expense/Cost Centre Purposes of Expense/Cost Centre ‘Types of Expense/Cost Centre Cost Unit General Control Characteristics for Expense Centre Profit Centre ‘Business Unit as a Profit Centre Other Profit Centre Requisites of Profit Centre Uses of Profit Centre. Advantages of Profit Centre Disadvantages/Constraints of Profit Centre 4 W im ut 42 12 12 14 15 15 16 7 18 18 18 19 19 19 19 20 20 20 21 21 2 22 2B 14.9.7. 14.9.8. 14.10, 14.11 Difference between Revenue Centre & Profit Centre Differences between Centre and Profit Centre Investment Centre Comparison between Cost, Revenue, Profit and Investment Centre Performance Measures Financial Performance Measures Residual Income (RI) Method Return on Investment (ROI) Return on Assets (ROA) Market Value Added (MVA) Economic Value Added (EVA) DuPont Analysis Limitations of Financial Measures Exercise Expense/Cost 33 33 34. 34 35 35 36 38 39 40 43 46, Unit-2: Non-Financial Performance pees 225) 22.4, 22.4.1. 22.4.2, 2.2.43. 22.44. 225. 226. 23. 23.1 2.3.2. 2.33. 23.4. 235. 236. Evaluation Parameters Non-Financial Performance Measures Introduction Meaning of _~——_Non-Financial Performance Measures Reasons for Ineffective Utilization of ‘Non-Financial Performance Measures (NFPM) Importance of Non-Financial Performance Measures Measures of |~—- Non-Financial Performance Balance Scorecard Meaning & Definition of Balance ‘Scorecard (BSC) Principle of Effective Scorecard Process of Balance Scorecard Four Perspective of Scorecard Financial Perspective Customer Perspective Process Perspective ‘Leaming and Growth Perspective Advantages of Balanced Scorecard Disadvantages of Balance Scorecard Malcolm Baldrige Framework (MBNQA) Introduction Features of MBNQA_ ‘Framework of MBNQA Criteria for Performance Excellence in MBNQA Advantages of MBNOA Disadvantages of MBNQA ‘Measuring SBU Level Performance Balance Balanced 49. 49. 49. 49) 50 s1 st 52 33 54 34 55 56 56 37 58 58 58 59, 60. 61 62 Scanned with CamScanneroa 28, Concept of Strategic Business Units (SBUs) Need of SB Dimensions of SBUs Identifying SBU SBU Linkages with Performance Management Advantages of SBUs Disadvantages of SBUs Goal Congruence Concept of Goal Congruence Informal Factors that Affect Goal Congruence Formal Control Systems Process/Subsystems of Formal Control System ‘Transfer Pricing (TP) Concept of Transfer Pricing Objectives of Transfer Pricing, Factors to Consider in Selecting a Transfer Price Rules for Fixing the Right Transfer Price Criteria/Bases for Transfer Prices Constraints on Sourcing Administration of Transfer Prices Importance of Transfer Pricing, Limitations of Transfer Pricing Methods of Transfer Pricing Cost Based Transfer Pricing Uses of Cost Based Transfer Pricing Methods of Cost Based Transfer Pricing Advantages of Cost Based Transfer Pricing Disadvantages of Cost Based Transfer Pricing Market Price Based Transfer Pricing ‘Advantages of Market Based Transfer Pricing. Disadvantages Transfer Pricing Negotiated Transfer Pricing Advantages of Negotiated Transfer Pricing Disadvantages of Negotiated Transfer Pricing Negotiated Vs Pricing Dual Pricing Advantages of Dual Pricing Disadvantages of Dual Pricing Applicability of Transfer Pricing Exereise Enterprise of Market Based Imposed Transfer B 4 14. 74 4 B 15 15 15, 16 16 1 81 Unit-3: Capital Expenditure Control & Controy 85 Features of Capital Budgeting Need for Capital Budgeting Types of Capital Budgeting Process of Capital Budgeting Factors Influencing Capital Budgeting ‘Advantages of Capital Budgeting Disadvantages in Capital Budgeting Types of Capital Expenditure Decisions/Control Pre-Sanction Control (Operational Control Post-Sanction Control ‘Techniques of Capital Expenditure Payback Period Method Accounting Rate of Return (ARR) Method Net Present Value (NPV) Method Internal Rate of Return (IRR) Method Profitability Index (PI) Method Tools and Techniques of Capital Expenditure Control Performance Index ‘Schedule Performance Index (SP) Cost Performance Index (CPI) Technical Performance Measurement (rpm) Characteristics of TPM Uses of TPM Requirement Creation Collecting, Reporting and Displaying TPM Data. Post Completion Audits (PCA) Objectives of PCA, Types of Post-Completion Audit (ca) Post Completion Audit Procedures Post Completion Audit Techniques Benefits of PCA Performance Evaluation Parameters for Projects Concept of Project ‘Constraints of a Project Evaluation and Control of a Project Project Control Meaning of Project Control Features of Project Control Objectives of Project Control Types of Project Control Internal and External Project Control Accounting System for Project Control PERT/Cost Systems Work Package and Cost Account Control Eamed Value Concept Project Control Process Setting a Baseline Plan Measuring Progress & Performance Comparing Plan against Actual Taking Action Criteria for TPMs Scanned with CamScanner 85 85 86 87 88 88 89 89 89 90. 90. on a1 93 95 96 99 101 101 101 102 102 104 104 104 104 105 105 106 106 107 108 108 108 108 109 113 13 113 14 114 us 15 15 116 116 116 116 17 17 ~ 1183.5.8. Approaches to Project Control 3.5.9, Factors of Performance Analysis 3.59.1. — Project Cost Variance (Cost Overrun) 3.5.9.2. Schedule Variance (Time Overruns) 3.5.10. Issues in Project Control 36. Exercise Unit-4: Performance Evaluation Parameters of Enterprises 4. Performance Evaluation Parameters of Enterprises 42. Performance Evaluation Parameters for Bank 43. Customer Base 44. Non Performing Assets (NPAs) 4.4.1. Meaning and Definition of NPA 4.42, Need and Importance of NPA 443, Prudential Norms for Assets Classification 4.44, Management of NPAS 44,5. Prudential Norms for Capital ‘Adequacy 45. Deposits 45.1, Meaning of Deposits 45.2. Features of Deposits 45.3. Types of Deposit Accounts 46. Return on Investment (ROI) 47. Financial Inclusion 4.7.1, Meaning of Financial Inclusion 47.2. RBI's Policy on Financial Inclusion 473. Various Initiatives Undertaken for Financial Inclusi Benefits of Financial Inclusion Achviement of Financial Inclusion Plan of Banks Bank Spread Management Meaning of Spread Meaning of Spread Management Classes of Products for Spread ‘Management Assets Side of Commercial Bank Liabilities Side of Commercial Bank Strategies of Spread Management ‘Management of Liabilities Management of Assets Credit Appraisal ‘Meaning of Credit Appraisal ‘Types of Credit Credit Appraisal Process Benefits of Credit Appraisal Bank Investment Policy Introduction Bank Investments SLR Investments Non-SLR Investments ‘CAMELS Approach Performance Evaluation Parameters . for Retail “Merchandise Performance Evaluation 18 119 119 120 121 122 12 126 126 126 126 127 127 128 129 129 129. 129. 132 133 133 133 133 134 134. 135 135 135 136 136 137 138 138 138, 139 139 140 140 141 141 ii 142 142 143 143 146 4.1.2.2. 4.11.23. 4112.4, 4,112.5. 4.11.26. 4.113. 4113.4 4,113.2. 4.1133. 4113.4, 4.1135. ABC (Always Better Control) Analysis Sell Through Analysis Multiple Attribute Method Measuring of Stock Transactions Performance Gross Margin Return on Investment (GMROI) as Gross Margin/Average Inventory at Cost Re-Order Point (When to Re-Order) OQ (How much to Re-Order) Inventory/Stock Turnover Ratio Percentage Inventory Carrying Costs Markdown Goods Percentage Measuring Retail Store and Space Performance Sales per Square Foot Sales per Transaction Sales per Linear Foot of Shelf Space Sales by Department or Product Category ‘Occupaney Cost / Square Foot Selling Space ‘Average Transaction Size (ATS) Units per Transaction (UPT) Gross. Margin Retum on Footage (GMROF) ‘Measuring Employee Productivity Sales per Transaction Sales per Employee Gross Margin Retum on Labour (GMROL) Retail Accounting Statement Income Statement Balance Sheet Cashflow Statement of Retail Financial Statement Analysis Performance Evaluation Parameters for Non-Profit Organisations ‘Non-Profit Organisations Meaning of Non-Profit Organisations Features of Non-Profit Organisations Management Control Systems in Non- Profit Organisations Fund Accounting in Non-Profit Organizations Objectives of Accounting for Non Profit Organizations Features of Fund Accounting ‘Types of Funds for Non Profit Organisations Financial Statement of Non Profit ‘Organisations Difference between Fund Accounting and Non-fund Accounting Govemance for Non Profit ‘Organizations Governance, Strategy, & Leadership Purpose of Good Governance for Non Profit Organizations. Scanned with CamScanner 146 146 147 148 148 149 149 150 150 150 150 151 151 151 151 1s 151 151 151 152 152 152 152 153 154 155 156 157 162 162 162 163 163 164 164 165 165 166 166 166 167 167Boards of Directors 4.13.93. 4,135.4. Legal Duties of the Board 4.13.6, Product Pricing. for + Non, Profit, Organizations 4.13.6.1. Pricing. Objectives of Not-for-Profit Organizations 4.13.62, Methods for Product Pricing, 4.13.7. Strategic Planning and Budget Preparation in. Non Profit Organizations at 4.14, Social Audit 4.14.1. Meaning of Social Audit 4.142. Features of Social Audit 4.14.3. Objectives of Social Audit 4.14.4. Steps of Social Audit 4.14.5. Advantages of Social Audit 4.44.6. Disadvantages of Social Audit 4.15. Exercise Unit-S: Performance Evaluation 167 168. 168 168, 168 170 174 174. 174 174 175 175 175 176 Parameters for E-commerce and Audit Measurement Tool SA. Performance Evaluation Parameters for E-commerce Sil. Inttoduction 5.12. Meaning and Definition- of | E- 5.13. Features of E-commerce 5.14. Need of Performance Evaluation in E- commerce 5.1.5; Metrics For Performance Evaluation 5.1.6. ° Categories of Metrics 5.1.6.1. Business Metrics 5.1.62. © Traftic Metrics 5.1.6.3. Conversion Matrices 5.1.64. Audience Involvement Metrics 5.1.7. Key Performance Indicators (KPI) for Performance Evaluation KPI Used by E-Commerce Industry Website Traffic Referral Traffic Conversion Rate Optimization Bounce Rate of Website Repeat Visit Cart Abandon Rate Cost Per Conversion Average Order Value (AOV) Revenue on Advertising (ROAS) Cutomer Life Time Value Net Promoter Score Chum Rate Audit Function as a Performance Measurement Too! Spend 53. Financial Audit 5.3. Meaning of Financial Audit 53.2. Principles of Financial Audit 5:33. Objectivesof Finacial Auditing 181 181 182 182 183 184 184 185, 185, 186” 186 187 187 187 188. 188 188. 189 189 190 191 191 191 192 193 -10- Primary Objectives ‘Secondary Objectives Specifie Objectives Basic Procedures for a Financial Audit Performance Evaluation of Financial ‘Auditing for Non-Profit Organizations 53.6. Profit and Loss Account 53.7. Balance Sheet 533.8. Cash Flow Analysis/Statement $4.____Internal Audit —_ 54.1. Meaning and Definition of Intemal Audit 542, Features of Internal Audit 543. Principles of Internal Audit 5.44. Objectives of Intemal Audit 545. Process of Internal Audit 5.46. Advantages of Internal Audit 547. Disadvantages of Internal Audit 548. Difference between Financial Audit ‘and Internal Audit 55. Cost Audit 5.5.1. Meaning and Definition of Cost Audit 55.2, Features of Cost Audit 55.3. Principles of Cost Audit 5 Objectives of Cost Audit Types of Cost Audit 193 193 195 195 195 196 196 196 197 197 198 199. 199, 200 200 201 201 201 201 202 203 208 204 205 205 206 206 206 207 207 207 208 Advantages of Cost Audit 5.5.7. Disadvantages of Cost Audit 55.8. Difference between Cost Audit and Financial Audit 56. Management Audit 56.1. Meaning and Definition of Management Audit 5.62, Features of Management Audit 5.6.3. Principles of Management Audit 5.64. Objectives of Management Audit 5.65. Management Audit Process 5.66, Advantages of Management Audit 5.6.7. Disadvantages of Management Audit 5.68. Difference between Cost Audit and ‘and Management Audit 57. Auditor’s Report 5.7.1. © Meaning and Definition of Audit Report 5.7.2. Features of Audit Report 5.73. Types of Audit Report 5.74, Essentials of Audit Report 5.7.5. Importance of Audit Report 5.7.6. . Format of Audit Report 58. Exercise Case Studies Question Paper (2017) Question Paper (2018) Question Paper (2019) ‘Model Paper 209 209 210 210 210 21 2u1 214 217 227 228 229 230 Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit |) 1 Unit 1 Performance Management & Performance Evaluation Parameters 4 PERFORMANCE MANAGEMENT 1.1.1. Concept of Performance Management ‘The term ‘performance management’ first came into wide use in the HR field in the early 1990s. Although objective- setting, assessment and review, and performance-related pay were becoming common prior to that period; it was not until the late 1980s that organizations started to be concerned with the management of individual performance in a holistic way. Even when the Institute of Personnel Management first carried out research in the area in 1992 there ‘was confusion over what the term ‘performance management’ actually meant. For some it was an appraisal process, for others performance-related pay, and yet others defined it in terms of training and development. By the time of our second survey in 1997 there was much more agreement about what the term ‘performance management’ meant, with ‘adistinet polarization between those who thought it focused on pay and those who believed it was development-led. It is now commonly agreed that performance management as a natural process of management contributes to the effective management of individuals and teams to achieve high levels of organizational performance. As such, it establishes shared understanding about which is to be achieved and an approach to leading and developing people which will ensure that itis achieved Performance management is an ongoing, continuous process of communicating and clarifying job responsibilities, priorities and performance expectations in order to ensure mutual understanding between supervisor and employee. It is a philosophy which values and encourages employee development through a style of management which provides frequent feedback and fosters teamwork. It emphasises communication and focuses on adding value to the organisation by promoting improved job performance and encouraging skill development. Performance management involves clarifying the job duties, defining performance standards, and documenting, evaluating and discussing performance with each employee. Determine major Hold performance Define performance discussions standards foreach < duty Evaluate job Z aa Document job perf eee Figure 1. 1.1.2. Meaning and Definition of Performance Management Performance management can be defined as a process or set of processes for establishing shared understanding about ‘what is to be achieved, and of managing and developing people in a way which increases the probability that it will bbe achieved in the short and longer term. ‘According to Armstrong “Performance management is, ‘a means of getting better results by understanding and managing performance within an agreed framework of planned goals, standards and competence-requirements. tis a process to establish a shared understanding about what is to be achieved, and an approach to managing and developing people So that it will be achieved.” Scanned with CamScanner2 MBA Fourth Semester (Enterprise Performance Management) SPPU According to Armstrong and Baron, “Performance management is both a strategic and an integrated approach to delivering successful results in organisations by improving the performance and developing the capabilities of teams and individuals”, Thus, Performance management is 1). “A systematic approach to improving individual and team performance in order to achieve organizational goals’. ). “The development of individuals with competence and commitment, working towards the achievement of shared meaningful objectives within an organization that supports and encourages their achievement’ 3) “Performance management is managing the business’, 4) ‘Directing and supporting employees to work as effectively and efficiently as possible in line with the needs of the organization’ 1.1.3. Features of Performance Management Following are the features of performance management: 1) Performance management is closely aligned with the organizational context and culture without being influenced bby passing fads and strategically linked to clearly defined to organizational objectives. 2) Performance management systems are closely linked to other systems of human resource management, particularly career planning, succession planning and training and development. 8) Performance management is seen as a continuous process of monitoring and feedback rather than annual one off event and there should be involvement of employees through focus group interviews. 4) Performance management involve effective use of technology in conveying desired competencies and in monitoring, collecting and giving feedback so there is minimum possible beaucratisation of administering the system. 5) Performance management emphasizes comprehensive training to managers. 6) Performance management is a dynamic system. 1.1.4. Need of Performance Management The need of performance management is as follows: 1) To enable the employees towards achievement of superior standards of work performance. 2) Tobielp the employees in identifying the knowledge and skills required for performing the job efficiently as this ‘would drive their focus towards performing the right task in the right way. 3) Boosting the performance of the employees by encouraging employee empowerment, motivation and implementation of an effective reward mechanism. : 4) Promoting a two-way system of communication between the supervisors and the employees for clarifying expectations about the roles and accountabilities, communicating the functional and organisational goals, providing a regular and a transparent feedback for improving employee performance and continuous coaching 5) identifying the barriers to effective performance and resolving those barriers through constant monitoring, coaching and development interventions. 6) Creating a basis for several administrative decisions strategic planning, succession planning, promotions and performance-based payment. 7) Promoting personal growth and advancement in the career of the employees by helping them in acquiring the desired knowledge and skills. 1.1.5. Linkages with Strategic Planning, Management Control and Operational Control Management Information Systems support management activity. This means that the structure of an information system can be classified in terms of a hi i ee ‘The three levels of management activity can be differentiated on the basis of the planning horizon for each level. Swategic planning deals with long-range considerations. The decisions to be made are concemed with the choice of business direction, market strategy, product mix, etc, Management control and tactical planning has a medium-term planning horizon. It includes acquisition and organisation of resources, structuring of work, and acquisition and training of personnel. It is reflected in the capital expenditure budget, the three-year staffing plan, etc. Operational planning and control is related to short-term decisions for cutrent operations, Pricing, production levels, inventory levels, etc., are a result of operational planning and control activities. : as : Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) the activities and information processing forthe three levels are interrelated, For example, inventory control at (he operational level depends on accurate processing of transactions, these are as follows 1) At the level of management control, decisions made about safety stock and reorder frequency asc dePenehi 00 correct summarisation of results of operations. 2) Atthe strategic level, results in operations and management control are related to strategic object. or behaviour, and so forth to arrive at inventory strategy competit strategic planning, management control and operational control are interdependent and interrelated activities, Wie h is describes as follows: 1). Strategic Planning: The concept of strategic planning has evolved over the past two decades as a sesponss © this need for a more dynamic planning process ~ one which would permit continued effica tested against the realities of current conditions and, in turn, corrected and refined as necessary. As applied goverament, it has been suggested that strategic planning — “is the process of identifying public foals and Sbjectves, determining needed changes in those objectives, and deciding on the resourecs to be used (9 aia them, It entails the evaluation of alternative courses of action and the formulation of policies that ‘acquisition, use, and disposition of public resources”, of decisions to be ‘The term “strategic” has been applied to these planning activities to denote the linkage with the poal-seitne process, the formulation of more immediate objectives to move the organisation toward its goils « id the Tientfication of specific actions (or strategies) required in the deployment of organisational resources to achieve these objectives. The term also was adopted to distinguish the scope of this provess from the soc alled “planning” which characterised much of the forecasting and other piece-meal efforts undertaken by industry and business concems. Strategic planning should be a continuous process which includes performance evaluation anil feedbas} ‘Altemative courses of action should be examined, and the impacts and consequences that are likely to result from their implementation should be evaluated, Explicit provision should be made for dealing with the uncertainties of probabilistic futures. Major priorities should be identified and ordered, and the activities and functions of the organisation can be integrated into a more cohesive whole. The emphasis in strategic planning is fon an orderly evolution ~ from a broad mission statement, to statements of more specific goals and objectives Consistent with the organisation's mission, to more explicit policies and implementing decisions. This emphasis Seeks to establish or reinforce linkages that often are missing in more disjointed, incremental approaches to decision-making. 2) Management Control: Management control involves the measurement and evaluation of programme activities to determine if policies and objectives are being accomplished as efficiently and effectively as possible ‘Management control provides the basic structure for coordinating the day-to-day activities of an ore encompassing all those activities involved in ensuring thatthe organisation's resources are appropriately used in the pursuit of goals and objectives. ‘Accounting and finance departments traditionally have served as the primary locus of the management control fanctions in most organisations. Information provided by an accounting system is designed to serve the needs of intemal decision-making as well as external financial reporting. This information can also provide a significant ‘Component in contemporary management control systems, Output from the accounting system, e.g, can provide managers with important performance-measurement information as decisions are made and actions taken that are expected to lead to desired results. Manageitént controls are often designed to anticipate and identify problems before they happen. An obvious approach to try to anticipate possible deviations from some established standards or criteria of performance. This is the primary objective of statistical quality control. This approach also can be applied as a budgetary control ‘The possibility that a major proposed expenditure might exceed the budget, e.g. should be ascertained ahead of time rather than after-the-fact, Such controls involve various forecasting and projection techniques. 3) Operatidnal ControV/Planning: Operitional planning focuses on setting standards for the use of specific resources and on performance tiés to achieve overall goals and objectives of the strategic and management plans. Operational planning is concemed primarily with the scheduling of detailed programune activities Scheduling determine’ the calendar dates or times that resources will be uilised according to the toal resonres capacity assigned tthe programme. A schedule can be developed only after the management plan fs complete, Resouree' availability, task or job sequence, resource requirements, and possible starting times for the project or programme activities must then be taken into account in order to produce a schedule. Scanned with CamScanner4 7 MBA Fourth Semester (Enterprise Performance Management) SPPU Btfective and comprehensive strategic planning may mean the difference between success and failure in the delivery of vital services. Successful management planning can mean the difference between the effective utilisation of scarce Tesources and waste, Effective and efficient operational planning can mean the difference between “on time” and “ate” in the achievement of a specific project. ‘The managers of responsibilities centre in turn identify specific tasks and exercise control over them. It goes without saying that if operational control is not properly exercised, attainment of goals is just not possible. This creates imbalances and poses threats before the organization that may be forced to look again at its strategies and introduces necessary changes, It is thus, clear that the three activities are closely related to each other. The relationship of these activities is given in the table 1.1 ‘Table 1.1: Relationship between Strategic Formulation, Management Control, and __| | Operational Contra Functions Aeiiigy Nature of Fad en Results Top val “The least systematic Long-run foeus Uses rough approximation L Suateey Goals, | roentrs — Formulation | strategies, | and policies |) Procecorpla |__ more imporan 2 2 "Planning and Control Management | ImplementiGoa equally important is = conto of strategies caret : ats root ah ETisenand Taker operon etna oie [open | etmentton das hae of individual as (5) Coniro more important 1.1.6. Principles of Performance Management Egan proposes the following guiding principles for performance management: Most employees want direction, freedom to get their work done, and encouragement, not control. The performance management system should be 2 control system only by exception. The solution is to make it a collaborative development system in two ways. First, the entire performance management process ~ coaching, counseling, feedback, tracking, recognition, and so forth ~ should encourage development. Ideally, team members grow and develop through these interactions. Second, when managers and team members ask what they need to be able to do bigger and better things, they move to strategic development. The principles of performance management have also been well summarized by Incomes Data Services: 1). Ietranslates corporate goals into individual, team, department and divisional goals. 2) Ithelps to clarify corporate goals. 3)_Itis a continuous and evolutionary process, in which performance improves over time. 4) Itrelies on consensus and co-operation rather than control or coercion, s 5) Itereates a shared understanding of what is required to improve performance and how it will be achieved. 6) Itencourages self-management of individual performance. 7) It requires a management style that is open and honest and encourages two-way communication between superiors and subordinates. 8) Itrequites continuous feedback. 9) Feedback loops enable the experiences and knowledge gained on the job by individuals to modify corporate objectives 10) Iemeasures and assesses all performance against jojntly agreed goals, 11) It should apply,to all staff, ‘ at a ii » 12) Itis not primarily concerned with linking performance to financial reward.” " Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 1s 1.1.7. Process of Performance Management Following are the different steps for performance managemet Step 1: From the business plan, identify the requirements and competences required to carry it out Step 2: Draw up a performance agreement, defining the expectations of the individual or team, covering standards of performance, performance indicators and the skills and competences people need. Step 3: Draw up a performance and development plan with the individual. These record the actions needed 12 improve performance, normally covering development in the current job. They are. discussed with job holders and will cover, typically: 1) The ateas of performance the individual feels in need of development. 2) What the individual and manager agree is needed to enhance performance. 3) Development and training initiatives . Step 4: Manage performance continually throughout the year, not just at appraisal interviews done to satisfy the personnel departunent. Managers can review actual performance, with more informal interim reviews at various times of the year. Z 1) High performance is reinforced by praise, recognition, increasing responsibility. Low performance results in coaching or'counseling ~ 2) Work plans are updated as necessary. 3) Deal with performance problems, by identifying what they are, establish the reasons for control action (with adequate resources) and provide feedback ~~ : Step 5: Performance Review: At a defined period each year, sucess against the plan is reviewed, but the whole point is to assess what is going to happen in future. Organizations are introducing such systems for much the same reason as they pursued management by objectives. In other words, they are aiming to: 1) Tie in individual performance with the performance of the organization 2) Indicate where training and development may be necessary. Ths plan and do review cycle isthe basic process of people management. It opérates at two levels: an pe ‘ i) The Macro Level: The management of the year's activity. . ii) The Micro Levels The development of performance through involvement at the doing stage. ‘the shortfall, take 1.1.8. Advantages of Performance Management implementing a-performtance- mantigement process within a company: 1) Increased Performance of Individuals and Department/Organisation: ‘The ‘main goal of performance management is to improve the performance of individuals to eventually improve the performance of the organisation as a whole. ‘The correct application of performance management will identify development areas of each individual as well as good performance areas. By planning specific outputs linked to specific standards and _ measuring the success of the individual agsinst this on a continuous basis will have a direct impact on the performance of the individual and indirectly the organisation as a whole. Utilising the results of the performarice ‘management discussions to identify focused development programmes‘for employees will further assist in attaining the departmenvorganisation goals. Existing and future problems,can be identified and addressed and eliminated before becoming major obstacles in realising organisational ga cone 2) Better Communication: Performance management focuses on the imprét it bf communication between the manager and his subordinates. The feedback and planning interview create opportunity for the creation and evelopment of communication channels as well alignment between the manager and his subordinate, Tt creates an opportunity for the manager to communicate organisational/departmental goals, policies, strategies ‘and information to the subordinate and to ensure that the outputs of the subordinate is in line with policies and Strategies. It also creates an opportunity for the manager to give recognition for good performance. It creates an opportunity for subordinates to express their views! and opinions as well as suggestions for improvement of performance and identification of obstacles. The’‘subordinate gets the opportunity to discuss personal and company goals together with the manager fines a balance between them. 3) Performance Standards and Indicators: Performance management focuses on specific yaluable outputs that the individual must deliver which is linked to specific goals and standards that rust be achieved during the.- evaluation period. By clearly defining the’outputs, performance standards and performance indicators the, Subordinate can understand exactly what is,expected from hitm, The impactiof the subordinate's outputs on the, department and organisation can be explained much easier during ihe planaing phase. Scanned with CamScannerts MBA Fourth Semester (Enterprise Performance Management) SPPU_ *) Seconsion and Carver Planning: The performance management process provides valuable information that sas Be used during suevession and carver planning, Employee aspirations can be clarified and where possible acoqgeciend inte overall planning of the employee's goals and outputs as well as his development plan. Curitcuten of the mansgers gouls and direction reganding the employee and his role within the department, ‘Compiiasion of formel training and development plans per employee to ensure the development of the employee Sused ce dhe sults of the performance evaluation phase of the process, 4 gement process, when applied correctly, will supply wdhuble xfommution regarding developmental areas of a subordinate. ‘The information is used duiring the Scpiluder of Ge suboniinate's development and training plan after evaluating the individual's performance, u sso provide & “check point” to determine whether the past training had any positive effect on the employee's performance, ©) Remaneration: Pecformance management simplifies the linkage of salaries, bonus and atlowances because it is companitle and explainable. 7) Recruitment and Selection: The latest requirements and specifications of a specific job and the readiness for gromecoe of the subordinate are supplied by the performance management system. It is a tool that can be used Sec Ge selection of the most appropriate candidate for a specific job. ‘Training and Development: The Performance ma 1.1.9. Disadvantages of Performance Management he Slowing is some of the disadvantages or problems of implementing a performance management process within company: 1) Decreased Performance of Individuals and Department/Organisation: It is possible that by implementing ‘Crmance mamagement within the company could have a negative impact on the immediate performance of E=Sviceals and indirectly the organisation. This could be because of the following reasons: Lack of caining of the individuals and managers. ) Lack of formal change management process. Lack of addressing the change in the culture of the organisation. iv) Sebjectivity level to high during evaluations. Paxiommance reviews used as a stick to get back at employees. vi) Lack of acéressing the fears of employees and clarification of the whole process and advantages to the sapiovees. ‘Lack of conformity regarding performance management in the various departments, \Lack of management commitment. Degrading of Communication: Performance management is a two-way communication process and should taneges neglect this and tum the performance review into a one-way disciplinary interview it will have a negative impact on the employee. Should the employee feel that this interview is just to be reminded of things thar went mrocg: it will have a negative impact on the employee's performance. There need to be a balanse Eecwees 5 'g Hegative as well as positive feedback. Negative feedback should be given in such a way that He fcecs is on improving the employee's performance the next time the task has to be performed and not on another pareni-to-child session telling the employee he has not done his job. The focus should either be on giving guidance 2s to bow to prevent this issue occurring again or even clarify the requirements should it appear that this wus cet understood by the employee. Lack of Management Commitment: Even though a person may spend lots of time and effort in designing and ‘implementing @ performance management process for his organisation it may have a negative impact on Pecformance due to the level of management commitment. The most important factor to successfully implement {Gis process is the commitment and support of top management as well as line management. Employees must “eet” that manzgement is committed to the process and it is to their own benefit to improve their performance, 4s there are some rewards in the pipeline should they improve their performance. +) Sabjectivity: Subjectivity during the performance management process with specific reference to the Ganazer, iS one the most fatal elements that can negatively impact on an employees performance. People Eave noticed many times how subjective evaluations of managers can negatively impact on the employee's Pestormance. Therefore, it is extremely important to eliminate subjectivity of performance evaluation by miilising specific measurable performance indicators, i.e, financial statistics to prove whether the employee as done his job or not. » Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 0 5) Lack of Rewards: Should there be a total lack of rewarding the employee for his performance (either negatively ‘or positively), the performance management process will not be very effective in improving employee performance. There is always a “what is-in-it-for-me” element that a person will have to address. Employee must see the benefits of the process. Whether financially or by “soft” rewards (ie., being nominated as employee of ‘the month). 6) Negative Attitudes: It includes the negative attitudes of managers and subordinates: i) Negative Attitudes of Managers: a) Conflicting goals with regard to performance evaluation. b) Lack of knowledge regarding the setting of objective performance standards, c)' Incompetence to distinguish between responsibilities that the subordinate has control over and ~~ responsibilities the subordinate does not have control over. @) Fear of communicating performance evaluation results to the subordinate. ©) Itde-motivates employees. 4) Performance evaluation is used for reprimanding poor performance. ii) Negative Attitudes of Subordinates: a) Lack of understanding why performance is evaluated. b) Lack of objectivity and faimess. ©) Subjective measuring used for performance evaluation. 4) Personality evaluation and not evaluation of outputs. ©) Managers attitude that the subordinate is in full control of his performance. 4) Nothing is done after the performance evaluation. ) Performance evaluation is just a tool to discipline the subordinate and has no advantages for the subordinate. i yas eM ee ae Ld Performance evaluation/appraisal is one element of performance management which involves different measurements throughout the organization. Performance appraisal is the most important if the organizations are to take the advantage of their most important asset, employees, and gain human capital advantage. Management control system (MCS) is use as a tool for controlling in administration. Obviously managers need criteria to determine how well they do and to control their performance. In this case, measuring performance is a important concept in controlling. ‘Therefore a system to provide information for execution is needed. MCS helps managers to find information and censure them those performances and behaviors of employees are consistent with organization objectives. That is both financial and a non-financial measure of performance is necessary. Performance Evaluation Parameters | Responsibility || Responsibility Performance ‘Accounting, Centre Measures [_ Revenue/ineom |— Financial Centre Performance [— Expense/Cost banc Centre Non-Financial Performance [— Profit Centre Psi ovestient Centre Scanned with CamScanner18 MBA Fourth Semester (Enterprise Performance Managemen!) SPPU 1.3. RESPONSIBILITY ACCOUNTING 1.3.1. Meaning and Definition of Responsibility Accounting For the purpose of having a control over costs (and thus enhancing the profitability), the management of a commercial organisation has standard costing and budgetary control tools at their disposal. Under both the above tools, the focus is exclusively on the tool of control to achieve the objective of controlling the cost. The role of persons handling those tools is not in the picture. Under the system of responsibility accounting, the emphasis is laid ‘on the responsibility of the persons handling those costs-control tools. They are made accountable in case of any failure in the exercise of cost-control. Responsibility accounting may be defined as a part of ‘Management Information System’ (MIS), which envisages compilation of data relating to revenue, cost, and profit in respect of an individual management personnel, who is directly responsible for them. After compilation of such data, they are transmitted to the persons of next higher management level who ean () take necessary ation, if any required, and (i) measure the performance of the concerned personne! Definition of responsibility accounting, according to some eminent authorities on the subject, is furnished below: According to Anthony and Reece, “Responsibility accounting is that type of management accounting that collects and reports both planned and actual accounting information in terms of responsibility centres”. According to Charles 'T. Horngren, “Responsibility accounting is a system of accounting that recognises the various decision centres throughout an organisation and traces costs to the individual managers who are primarily responsible for making decisions about the costs in questions”, 1.3.2. Features of Responsibility Accounting From the definition of responsibility accounting, its features may be summarised as follows: 1) Inputs and Outputs or Costs and Revenues: Information pertaining to the inputs and outputs (costs and revenues) are the two basic pillars of functioning and sustenance of the system of responsibility accounting 2) Planned and Actual Information or Use of Budgeting: Success of the system of responsibility accounting depends upon the availability of not only historical or past data but also upon the availability of budgeted financial data. Availability of the above two sets of data ensures the effectiveness of the system. 3) Identification of Responsibility Centres: The entire idea of responsibility accounting revolves around the responsibility centres; the places, where the required data are compiled and transmitted onwards to the management. Such a concept is missing in a business organisation of smaller size, as all the decisions making is Undertaken by the owners or a small group of individuals. In other words, there is no decentralisation of authority in smaller organisations. On the other hand, in larger organisations, it is not possible to have centralised authority, and as such there are various departments, divisions, or segments. The role of each division is well defined. The heads of these divisions are delegated certain authorities and are made responsible for the decisions faken at their level. Such divisions of a business organisation are referred to as responsibility centres. The identification process of such responsibility centres is of utmost significance. 4) Relationship between Organisational Structure and Responsibility Accounting System: The basi pillars of ‘a successful responsibility centres are: i) A well-established organisational set-up with an unambiguous line of functions to be carried out by each division, and ji) The authorities vested in as weil as the responsibilities shouldered by the head of a division need to be well defined without any misinterpretation. ‘Under a system of responsibility accounting compilation timely manner for taking suitable and a necessary action, smoothly. 5) Assigning Cost responsibility accounting, they delegate some level of f demarcation with regard to the of data, their transmission to appropriate authority in a and for evaluation of the division heads are carried out ts to Individuals and Limiting their Efforts to Controllable Costs: ‘Under the system of the heads of the various divisions are assigned costs and revenues. In other words, ff authority and responsibility in respect of those costs and revenues. While deciding with regard to such assignments, itis ensured that such an individual exercises complete control over them, so that their performance evaluation may be undertaken in a’ logical and scientific manner. The hallmark of responsibility accounting lies inthe fact that it differentiates between controllable and uncontrollable costs. Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 19 6) Dn 8) ‘Transfer Pricing Policy: In a decentralised division, generally the goods and services are transferred from one department to another. There is always a need to have an appropriate transfer pricing policy. So that there is a proper assignment of costs and revenues amongst the departments. Performance Reporting: The system of responsibility accounting is a control mechanism, which may be considered as part of the overall Management Information System (MIS). For any successful control mechanism, it is necessary to have a reporting system in the case of deviations from the plan, so that necessary corrective measures should be taken by the appropriate authority. Under the system of responsibility accounting, such reporting system consists of performance reports, which are also known as responsibility reports. They are prepared in respect of each responsibility unit, whenever there is any deviation. Participative Management: The management of an organisation, wherein the system of responsibility accounting has been set up, functions in a democratic manner, is likely to be more successful. Democratic set up of an organisation shows the participation of all the stakeholders, starting from the process of budgeting, planning and taking a final decision on the basis of mutual understanding. Democratic type of management is the biggest motivating force for the individuals to do their best. 13.3. Objectives of Responsibility Accounting ‘The objectives of responsibility accounting are as follows: ) 2» 3) 4) 5) ®) To control costs, revenue and financial resources, To facilitate the evaluation of divisional or departmental performances, ‘To determine the contribution to income of each responsibility center, To motivate supervisors to attain their objectives, and ‘To assure management of goal congruence in the organization. Responsibility accounting enables management to pinpoint arcas of weaknesses in the organization and determine whether the costs and expenses incurred in each sub-unit are proportionate to its contribution to ‘company’s income. 1.3.4, Assumptions of Responsibility Accounting ‘The development of a sound responsibility accounting system is based on the following assumptions: y 2» 3) 4) 3) Goals and responsibilities set out by the management are attainable with efficient and effective performance. Employees of the organization give their best effort to achieve the goals and responsibilities delegated upon them. Employees are held responsible for the areas over which they exercise control. Performance of the employees is evaluated by the higher management through Feedback Reports at regular intervals. Performance evaluation process of the employees is based on reward-providing nature. 1.3.5. Steps in Responsibility Accounting Flow of information in a prompt manner is the essence of the system of responsibility accounting. Transmission of vital information to the right person in a timely manner: ‘entails the following steps: yD 2 3) 4) ixing the targets, in consultation ‘with all the stakeholders and conveying the same promptly to the individual centre head; ‘Measurement of actual performance against the target of a responsibility centre on an on-going basis and ‘communicating the status in this regard to the manager of the concerned responsibility centre; ‘The cases of deviation from the target, need to be conveyed to ‘the higher management along with the details like ame of the responsibility centre and the concerned manager, etc.; and Proposing the corrective actions against the poor performance and conveying the same to the manager of the ‘concerned responsibility centre. 1.3.6. Advantages of Responsibility Accounting Responsibility accounting system is beneficial to a business organisation in following manners b ‘Assigning of Responsibility: Under the system of responsibility accounting, every individual employee of an organisation is entrusted with some responsibilities, which he/she has to shoulder. They are made accountable for negligence of the duties, if any, assigned to them. As the responsibilities of each individual are clearly spelt ‘out, evaluation of their performance at periodical intervals is easy and convenient for the management. In case of any lapse, the offender can be. easily traced out. Thus, it helps to distinguish between the performers and non- performers: 8 Scanned with CamScanner20 MBA Fourth Semester (Enterprise Performance Management) SPPU 2) Improves Performance: As every individual is aware of their responsibilities, and that their performance is under the watchful eyes of the management, there is an effort on their part to perform their best. They are also aware that for a poor performance or performance at a lower level than they expected, they will be called upon to offer an explanation, This awareness, acts as an element that keeps them giving their best performance. 3) Helpful in Cost Planning: Cost planning of an organisation is facilitated by responsibility accounting, as relevant necessary information pertaining to costs and revenues is made available to the top management by the system. Such data are useful in () future planning in respect of costs and revenues, (i) fixing standards, and preparation of budgets. 4) Delegation and Control: Responsibility accounting is helpful in achieving some of the basic objectives of the ‘management, viz. delegation of power and exercising overall control. The basis of delegation of powers is as per the needs of the assigned job and the responsibilities are assigned accordingly. There is a system of regular reporting with regard to the performance of every individual and every cost centre. This ensures that the total control remains with the management. 5) Helpful in Decision-Making: The reporting mechanism under the responsibility accounting system ensures uninterrupted and prompt flow of relevant information in respect of various cost centres to the top management, which is the basic input for decision-making and future planning. 1.3.7. Disadvantages in Responsibility Accounting For a business organisation, introduction of the system of responsibility accounting entails, besides a number of advantages, following inbuilt shortcomings: 1) Difficult Process: The demarcation line between the controllable and non-controllable costs/revenues is not very distinct, making it difficult to distinguish between the above two. As this is a prerequisite for an efficient responsibility accounting system, it poses a major challenge. 2) Require More Effort: It is possible that a responsibility centre may function in an efficient manner in its own way (protecting its interest and performing the jobs assigned to it), but some of its activities may not be in tune with the overall objectives of the organisation, due to clash of interests. In order to diffuse such a situation, the ‘management needs to be vigilant and assertive in ensuring a proper coordination and synchronisation between various divisions. 3) Provides Irrelevant Information: Information received from various sources, in the form of responsibility accounting reports, sometimes contains information that is not relevant. This involves additional job of segregating relevant data from the irrelevant ones. Efforts are, therefore, required to be made in preparation of responsibility accounting reports containing relevant data only. 4) Time Consuming: Feedback reports, which are submitted to the management for taking appropriate and timely action, are at times delayed, as the entire process is time-consuming, By the time corrective measures are put into action, the problems get aggravated. ‘The shortcomings of responsibility accounting system cited above need to be sorted out at the management level with a view to making the system more efficient and effective and reaping the maximum benefits from it. 1.4. RESPONSIBILITY CENTRES 1.4.1. Concept of Responsibility Centres ity accounting system, a business organisation is divided into various functional units referred ity centres. A manager is entrusted with the responsibility of supervising the affairs of a responsibility centre, which includes, among others, preparation of Responsibility Accounting Reports (RARS). Such RARs are transmitted to the top management of the organisation for taking decisions with regard to various corrective measures. The performance of a manager heading a responsibility centre is measured on the basis of the ‘quality of RARs received from that centre. ‘The inputs of a responsibility centre pertaining to a manufacturing organisation consist of raw materials, labour, overheads, etc., whereas the outputs are manufacture finished goods. Such outputs are measurable as against the inputs of responsibility centres engaged in services, e.g. accounts, finance, advertisements, human resources, etc., which are rather difficult to measure. Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 21 1.4.2, Nature of Responsibility Centres Every organization has its goals determined, and the management decides upon the strategies to accomplish these goals. Responsibility centers help in implementing these strategies. As an organization is a collagium of responsibility centers, the ability of its responsibility centers to meet their objectives help an organization to achieve its goals. Every responsibility center uses inputs (material, labor, etc.) and needs working capital, equipment and other assets to function effectively. The responsibility center produces outputs which are classified as goods and services and hence they can be measured, whereas in human resources, transportation, accounting and administration, the output is services that cannot be measured. ‘A responsibility center exist one or more purpose are its objectives. The company as a whole has goals, and senior management has decided on a set of strategies to accomplish these goals. ‘The objectives of responsibility centers are to help implement these strategies. Because the organization is the sum of its responsibility centers, ifthe strategies are sound and if each responsibility center, ifthe strategies are sound and if each responsibility center meets its objectives the whole organization should achieve its goals. A responsibility center uses inputs, and a variety of services. Its work with these resources and it usually require working capital, equipment, and other assets to do this work. As a result of this work the responsibility center produces output which is classified either as goods if they are tangible or as services if they are intangible. Every responsibility center has output that is it does something. In a production plant, the outputs are goods. In staff units, such as human resources, transportation, engineering, accounting, and administration, the outputs are services. For many responsibility centers, especially staff units, outputs are difficult to measure; nevertheless, they exist. The products produced by a responsibility center or to the ‘outside marketplace. In the first case, the products are inputs to the other responsibility center; in the latter case, they are outputs of the whole organization, 1.4.3. Setting up of Responsibility Centre ‘The first step in setting up of a responsibility centre in an organisation is to divide the entire organisation into smaller units (divisions) according to their functions, e.g. marketing, finance, production, human resource development, etc. ‘Such divisions referred to as responsibility centres and are headed by managers, who are entrusted with appropriate responsibilities. {__( Group of workers >) Scanned with CamScanner2 MDA Fourth Semester (Enterprise Performance Management) SPPU Responsibility centre, as may be seen from the above chart, is a functional division of an organisation, which is, headed by a responsibility manager, ion is processed and transmitted at various levels, where it is Through the responsibility centres various informa required. 1.4.4. Process of Evaluation of Responsibility Centre Following are the steps involved in the Process of evaluating responsibility centre: 1) The organization is divided into various responsibility centre. Each responsibility centre is put under the charge of a responsibility manager. 2) The targets or budgets of each responsibility centre are set in consultation with the manager of responsibility centre, so that he may be able to give full information about his department. The manager of responsibility centre should know as what is expected of him ~ each centre should have a clear set of goals. The responsibility and authority of each centre should be well-defined. 5) Managers are charged with the items and responsibility, over which they can exercise a significant degree of direct control. 4) Goals defined for each area of responsibility should be attainable with efficient and effective performance. 5) The actual performance is communicated to the managers concerned. If it falls short of the standards, the variances are conveyed to the top management. The names of persons responsible for the variances are also conveyed so that responsibility may be fixed. The purpose of all these steps is to assign responsibility to different individuals so that their performance is improved and costs are controlled. The personal factor in responsibility accounting is most important. The management may Prepare the best plan or the budget and put-up before its staff, but its success depends upoa the initiati of the workers to execute it. 1.4.5. Hierarchical Perspective of Responsibility Centre In order to highlight their differing scope and degree of accountability, these four generic types of responsibility centre are presented hierarchically. In figure 1.2, cost centre and revenue centre appear at the lowest level, as each is accountable for only one of the three dimensions of accountability. A profit centre appears at the intermediary level. Investment centre appear at the top of the figure, as managers of investment centre are accountable for ail three dimensions of accountability. Investment Centre ‘Three dimensions of accountability (Cost, revenue and assets) Widely used performance measure: ROT ‘Maximization goo ea Profit Centre ‘Two dimensions of accountability (cost and revenue) Widely used performance’ measures: Contribution, operating profi, ete. Cost Centre Revenue Centre One Dimension of One Dimension of accountability (Cost) accountability (Revenue) Generally used objective: Generally used objective: ‘Cost containment ‘Revenve maximization Figure 1.2: Hierarchical Perspective of Responsibility Centers Accountability Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 23 1.4.6. Types/Classification of Responsibility Centre Regardless of the degree of decentralization, management control systems uses one or a mix of the four types of responsibilty centre: “Types/Classification of Responsibility Centre Revenue/Income Centre Expense/Cost Centre Profit Centre Investment Centre 1.4.7. Revenue/Income Centre In a revenue centre, output (ie., revenue) is measured in monetary terms, but no formal attempt is made to relate input (.e., expense or cost) to output (If expense was matched with revenue, the unit would be a profit centre) as shown in the figure 2.2: Inputs not related to = outputs = ¥ Outputs Marketing Toes fanetion revenue) (Rupees only for costs directly incurred) Figure 1.3: Revenue Centers ‘Typically, revenue centre are marketing/sales units that do not have authority to set selling prices and are not charged for the cost of the goods they market. Actual sales or orders booked are measured against budgets or quotas, and the manager is held accountable for the expenses incurred directly within the unit, but the primary measurement is revenue. ‘A revenue centre is a responsibility centre that is directly responsible for producing products or services that are Ald te external buyers. Such centre are also known as producing centre or operating centre. Revenue centre not nly incur their own traceable costs but are also assigned the costs of other responsibility centre that they caeefit from. Notice that the term ‘revenue centre” has a broader meaning in the context of internal service cost ‘allocation than it has in the classification of responsibility centre for reporting purposes. ‘These centres are marketing organizations and they are not directly responsible for profits. The main objective of aaesvoe centre is to maximize revenues. In other words, it is a responsibility centre in which a manger is only Tesponsibe forthe level of revenue or outputs of a centre, as measured in monetary terms, but not responsible for the cost of the goods or services that the centre sells. Each revenue centre is also an expense centre so far as marketing expense for that responsibility centre. The primary measurement, however, is revenue. Revenue centre are not charged for the cost of goods that they veka’ Revenue centre are responsiblity centre where managers are accountable only for financial outputs in the form of generating sales revenues. For examples, regional sales managers are accountable for sales within their regions. In some organizations; aoe eaeaetee acquire finished goods from a manufacturing division and are responsible for selling and “istributing these goods. Where managers are evaluated solely on the basis of sales revenues, there is a danger that they may concentrate on maximizing sales revenues atthe expense of profitability. This can oscus when all Sales are not equally profitable and managers can achieve higher sales revenues by promoting low-profit, products. Revenue centre managers may also be held accountable for selling expenses, such as salesperson, salaries, ae nmissions and order-getting costs. They are not, however, made accountable for the cost of the goods and services that they sell. Scanned with CamScannermM ‘MBA Fourth Semester (Enterprise Performance Management) SPPU 1.4.8. Expense/Cost Centre An expense centre is a cost centre with an output that cannot be easily measured. It is an alternative term for cost centre. Managers of these units typically have fixed budgets and should maximize service or output within that budget. Because the cost per output is difficult to measure, the users of an expense centre are generally not charged directly for its services. CIMA’S Official Terminology defined cost centre as “A production or service, function, activity or item of equipment whose cost may be attributed to cost unit”. Costs are ascertained by cost centre or by cost units or by both. A cost centre is a location, person or item of equipment (or group of these) in or connected with an undertaking, in relation to which costs may be ascertained and used for the purposes of cost control. By analyzing the definition, it can be known that the cost centre is of following two kinds: 1) Impersonal Cost Centre: Impersonal cost centre consisting of a location or item of equipment (or group of these), 2) Personal Cost Centr ersonall cost centre consisting of a person or group of persons. From functional point of view, cost centre may be of any of the following: 1) Production Cost Centre: A cost centre where production is done. For example, assembly department, finishing departments. In production cost centre, there may be operation and process cost centre. i) Operation Cost Centre: Operation cost centre is a cost centre which consists of those machines and/or persons which carry out same operation, ii) Process Cost Centre: Process cost centre consists of a continuous sequence of operations. 2) Service Cost Centre: A cost centre which render services to production centre. For example, personnel, accounting, repair shop. 3) Ancillary Manufacturing Centre: These are those centre which are concemed with producing packing materials, A cost centre may be a particular work-bench of machine or group of machines of one type or an activity. A cost centre may be determined according to location which may be a division, department, sales area, stock-yard, tool room and administrative office, etc. Costs are accumulated in respect of a person who may be a Works manager, Sales manager, Purchase manager, Personnel manager, Finance manager, or that of foreman, store-keeper, salesman, section officer, etc. 1.4.8.1. — Purposes of Expense/Cost Centre The purposes of cost centre are as follows: 1) Recovery of Costs: Costs are accumulated in respect of location, person or an item of equipment and then distributed over the products for the recovery of costs which have been incurred. 2) Control of Cost: Expense centre are helpful for control of costs in such a way that they try to locate responsibility by location, person or equipment. Thus, the manager of a cost centre will try to control costs in respect of its area of responsibility. Hence, cost centre are also called “responsibility centre”, 1.4.8.2. Types of Expense/Cost Centre Financial performance in expense centre is usually based on cost. The types of expense or cost centre are as follows: ‘Types of Expense/Cost Centres Engineered Costs/Expense |_| . Centre Discretionary Costs/Expense Centre ‘Committed Cost Centre [4 Standard Cost Centre ‘Administrative and Support Centre R&D Centre Marketing Centre : Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 25 1.4,8.2.1. Engineered Costs/Expense Centre Engineered costs are committed at the design stage of a product like direct material and direct labour. Once the design is final, engineered costs are strictly proportional to the output volume. In engineered cost centre, managers will focus mostly on efficiency or productivity. Total cost per unit is often measured and managers estimate the relationships between various categories of cost and production resources and more rerently between costs and costs drivers. For example, a production cost centre might measure: 1) Direct labor per unit, 2) Materials cost per unit, 3) Manufacturing overhead cost per unit, 4) Electricity or fuel per unit, 5) Activity cost per batch, ©) Lead costs per batch. Characteristics of Engineered Expense Center Engineered expense center have the following characteristics: 1) Their inputs can be measured in monetary terms, 2) Their output cun be measured in physical terms, 3) The optimal dollar amount of input required to produce one unit of output can be established. Engineered expense centers are usually found in manufacturing operations. Warehousing, distribution, trucking and similar units in the marketing organization also may be engineered expense centers and so many certain responsibility centers within administrative and support department. For example, accounts receivable, account payable, and payroll section in the controller department, personnel record and cafeteria in the human resource department, shareholder record in the corporate secretary department, and the company motor pool. Such units perform repetitive task for which standard cost can be developed. In an engineered expense center, the output multiplied by the standard cost or each unit produced represents what the finished product should have cost. When this cost is compared to actual costs, the difference between the two represents the efficiency of the organization unit being measured. 1.4.8.2.2. Discretionary Costs/Expense Centre The word discretionary means that management has decided on certain policies that should govern the operations of the company. For example, manufacturer may grant an advertising allowance to a regional distributor of 10% per 1000 pieces of some products. Discretionary costs are decided and programmed at each budget. They are usually independent of the output volume. Within cost centre managers measure and improve costs on a wide spectrum. Discretionary costs centre managers will focus mostly on effectiveness and cost management will be mostly surveillance of budget allocations. For example, administration and support centre, R&D centre and marketing centre. The output of discretionary expenses center cannot be measured in monetary terms. They include administration and support units research and development organization and most marketing activities. The term discretionary does not mean that management judgments are capricious or haphazard. Management has decided on certain policies that should govern the operation of the company. One company may have a ‘small headquarter staff another company of similar size and in the same industry may have a staff that is 10 time as large the management of both companies may be concerned that they made the correct decision on staff size but there is no objective way judging which decision was actually better managers are hired and paid to make such decision after such a drastic change the level of discretionary expenses generally has a similar pattern from one year to the next. The difference between budgeted and actual expense is not a measure of efficiency in a discretionary expense center it is simply the difference between the budgeted input and the actual input. It in no way measures the value of the output, if actual expense do not exceed the budget amount, the manager has ‘lived within the budget’ however, because by definition the budget does not purport to measure the optimum amount of spending we cannot say that living within the budget is efficient performance, Scanned with CamScanner26 MBA Fourth Semester (Enterprise Performance Management) SPPU Difference between Engineered Cost/Expenses Centre and Discretionary Costs/Expenses Centre Basis of Differences | _ Engineered Cost/Expenses Centre Discretionary Costs/Expenses Centre 1) Meaning TA unit where inputs are measured in|Includes administration and support services, R&D ‘monetary terms and outputs are measured] and most marketing activities. in physical terms, 2)Determination [Determined by the actions of other| Determined by the magnitude of the job that needs respective centre. For example, marketing] to be done. department's ability to generate sales 3) Basis ‘of| Budgeting is done on the basis of thorough | Budgeting is incremental in nature. Budgeting analy’ 2 4) Effects on Cost |Costs are affected by short-run volume| Costs are insulated against short-term fluctuations. changes. 5) Preparation ‘Works with the objective of becoming cost] Cost budget is prepared by allowing the manager to| competitive by setting standards and] participate in planning, sharing and discussion on measuring actual costs against these | tasks to be undertaken and level of efforts needed. standards. Evaluation of [Financial performance report is used as a|The primary job of a manager is to obtain desired Performance | means of evaluating managerial efficiency. | output. 1.48.23. Committed Cost Centre ‘These costs are similar to sunk costs in that they exist as a result of previous decisions although the ‘charge’ has yet to be incurred or the cash released. Committed costs are costs that have been committed by management. These es cammot be charged by the responsibility centre manager during the budget year or expenses that can be extra-ordinary circumstances. For example, renovation of factory premises, capital expenditures being incurred as company's purchase orders have been issued or work clone is partially completely and payment to suppliers still outstanding, However, the above mentioned costs committed contractually are effectively a sunk cost. Managers must distinguish between committed costs and discretionary costs. Committed costs will continue even if an organization shuts down for a short time. For example, the cost of facilities and top management. These costs cannot be eliminated ‘without endangering an organization's overall health and existence. Discretionary costs exist as a result of a management decision. For example, training program, an advertising campaign, corporate contributions, and so forth. In comparison with committed costs, such costs are more easily changed in bad economic time without doing serious long-run harm to the entity. 1.48.2.4. Standard Cost Centre Jn a standard cost centre, output levels are determined by requests from other responsibility centre. The manager's budget for each performance measurement eycle is determined by multiplying actual output by standard cost per unit. 1.48.2.5. Administrative and Support Centre ‘Administrative centre include senior corporate management and business unit management along with the managers of the supporting staff units, Support centre are units that provide services to other responsibility centre. Itis very difficult to exercise control over these centre because of the following reasons: 1) These functions are difficult o quantify making it very difficult to evatuate, 2) These centres strive for functional excellence that often encourages the managers to work towards attainment of individual goals or self-interest. This leads to a conflict with organizational goals. The success of this centre depends on preparation of an elaborate budget. In reality preparation of such a budget is driven by the view of the management that of course keeps changing with time. 2 Control Issues in Administrative Center Administrative centers include all administrative support centers such as human resources, legal, training, and accounting. The accounting system does not represent a strong tool to objectively measure performance in such centers. A major problein when managing these centers concems a potential for goal incongruence (i.e, the goal of the center may significantly differ from the goal of the whole organization. Scanned with CamScannerPerformance Management & Performance Evaluation Parameters (Unit 1) 2 ‘An example of goal incongruence is where a department is seeking to expand in order to help it reach its internal goal of providing an excellent service, despite the fact that the benefits of further expansion of the department do not exceed the additional costs arising from the expansion. In this type of situation we have empire building, ie., expansion is for the benefit of the head of the department, but not for the benefit of the organization as a whole. When a control system designer plans to measure the performance of a decentralized operation, a number of difficulties are encountered, especially in a multi-divisional company. The main issues involved in the measurement of the performance with regard to interdivisional transactions are measuring profit and investment performance and setting transfer prices for inter-divisional transactions. The techniques for measuring performance, like ROI performance measurement, transfer pricing are all suitable for formal organizations. In informal organizations like a clan-based one, companies rely more on informal control mechanisms. The emphasis here is more on teamwork. 1.48.2.6, R&D Centre ‘These centre deal with issues pertaining to R&D. Modem organizations spend a lot of time and money on R&D because it is looked upon as an activity that drives change. ‘These centres of course have their own difficulties: 1) Itis very difficult to quantify the results of these centres. 2) The R&D team may lack business sense; this may affect the direction of research and in turn the prospects of the business. 3) ‘There is no scientific way of determining the optimum size of R&D budget. The budget related dec highly subjective in nature, 4) The programs report submitted by the management on R&D related expenditure represents the management's judgment about the effectiveness of a given project. It would be wrong to measure the performance of R&D activities on the basis of such judgment/ perceptions. ns are Control Issues in Research and Development The problems in research and development are: 1) Difficulty in Measuring Quality: The inputs for an R&D activity can be measured whereas the outputs are

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