Management Control Systems

Performance Measurement, Evaluation and Incentives

; Wim van der Stede

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Management Control Systems

With its unique range of case studies, real life examples and comprehensive coverage of the latest management control-related tools and techniques, Management Control Systems is the ideal guide to this complex and multidimensional subject for upper level undergraduates, postgraduates and practising professionals.

Detailed Contents Preface PART I THE CONTROL FUNCTION OF MANAGEMENT 1 Management and Control Management and control Causes of management control problems Characteristics of good management control Control problem avoidance Control alternatives Notes Leo's Four-Plex Theatre Wong's Pharmacy Private Fitness, Inc. PART II MANAGEMENT CONTROL ALTERNATIVES AND THEIR EFFECTS 2 Results Controls Prevalence of results controls Results controls and the control problems Elements of results controls Conditions determining the effectiveness of results controls Conclusion Armco, Inc. -- Midwestern Steel Division Visionary Design Systems: Are Incentives Enough? HoustonFearless 76, Inc. 3 Action, Personnel, and Cultural Controls Action controls Action controls and the control problems Prevention versus detection Conditions determining the effectiveness of action controls Personnel controls Cultural controls Personnel/cultural controls and the control problems Effectiveness of personnel/cultural controls Conclusion Atlanta Home Loan Alcon Laboratories, Inc. (A) Axeon N.V. 4 Control System Tightness Tight results control Tight action controls Tight personnel/cultural controls Multiple forms of controls Conclusion Lincoln Electric Co. Controls at the Bellagio Casino Resort 5 Control System Costs Out-of-pocket costs Behavioral displacement Gamemanship Operating delays Negative attitudes Conclusion Sears Auto Centers (A) Disctech, Inc. Philip Anderson 6 Designing and Evaluating Management Control Systems Understanding what is desired and what is likely Decision 1: choice of controls Decision 2: Choice of control tightness Adapting to change Keeping a behavioral focus Maintaining good control Rabobank Nederland Airtex Aviation Puente Hills Toyota PART III FINANCIAL RESULTS CONTROL SYSTEMS 7 Financial Responsibility Centers Advantages of financial results control systems Types of financial responsibility centers Choice of financial responsibility centers The transfer pricing problem Conclusion Kranworth Chair Corporation ToyotaMotor Sales Zumwald, AG Global Investors, Inc. Boise Cascade Corporation 8 Planning and Budgeting Purposes of planning and budgeting systems Planning cycles Performance target setting Variations in practice Criticisms of companies' planning and budgeting processes Conclusion Citibank Indonesia(HBS case no. 9-185-061 same as in prior edition) HCC Industries (HBS case no. 9-189-096 same as in prior edition) Borealis (HBS case no. 9-102-048 new case) Patagonia, Inc. (same as in prior edition) 9 Incentive Systems Purposes of incentives Monetary incentives Incentive system design Criteria for evaluating incentive systems Group rewards Conclusion Superconductor Technologies, Inc. Loctite Company De Mexico, C. V. Tsinghua Tongfang PART IV PERFORMANCE MEASUREMENT ISSUES AND THEIR EFFECTS 10 Financial Performance Measures and their Effects Value creation: the primary goal of for-profit organizations Market measures of performance Accounting measures of performance Investment and operating myopia Return-on-investment measures of performance Residual income measures as a possible solution to the ROI measurement problems Conclusion Behavioral Implications of Airline Depreciation Accounting Policy Choices Las Ferreterias de Mexico, S.A. de C.V. Industrial Electronics Berkshire Industries PLC 11 Combinations of Measures and Other Remedies to the Myopia Problem Addressing the myopia problem Measure a set of value drivers: combination-of-measures systems Measure changes in sharehol