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Please see file attached. This is management accounting assessment thanks Assessment: Management Accounting Non-Financial Indicators The Royal Botanical Gardens has been established for more than

Please see file attached.

This is management accounting assessment

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image text in transcribed Assessment: Management Accounting Non-Financial Indicators The Royal Botanical Gardens has been established for more than 120 years and has the following mission statement: \"The Royal Botanical Gardens belongs to the Nation. Our mission is to increase knowledge and appreciation of plants, their importance and their conservation, by managing and displaying living and preserved collections and through botanical and horticultural research.\" Located toward the edge of the city, the Gardens are regularly visited throughout the year by many local families and are an internationally well-known tourist attraction. Despite charging admission it is one the top five visitor attractions in the country. Every year it answers many thousands of enquiries from Universities and research establishments, including pharmaceutical companies from all over the world and charges for advice and access to its collection. Enquiries can range from access to the plant collection for horticultural work, seeds for propagation or samples for chemical analysis to seek novel pharmaceutical compounds for commercial exploitation. It receives an annual grant in aid from Central Government, which is fixed once every five years. The grant in aid is due for review in three years' time. The Finance Director has decided that, to strengthen its case when meeting the Government representatives to negotiate the grant, the Management Board should be able to present a balanced scorecard demonstrating the performance of the Gardens. He has asked you, the Senior Management Accountant, to assist him in taking this idea forward. Many members of the board, which consists of eminent scientists, are unfamiliar with the concept of a balanced scorecard. To manage this task you are assigned with the following responsibilities www.careeracademy.co.nz 1 DHA 2015 Required: 1. For the benefit of the Management Board, prepare a briefing paper based on the following approaches to performance measurement Non-financial indicators that are used in performance evaluation Bench marking Balanced scorecard 2. 3. Discuss at least eight non-financial indicators that can be used to evaluate the usefulness for The Royal Botanical Gardens. Evaluate the process you would employ to develop a suitable balanced scorecard for The Royal Botanical Gardens and give examples of measures that would be incorporated within it. Answer: 1. a, Non financial indicators: Non-financial KPIs are other measures used to assess the activities that an organisation sees as important to the achievement of its strategic objectives. Typical non-financial KPIs include measures that relate to customer relationships, employees, operations, quality, cycle-time, and the organisation's supply chain or its pipeline. Some prefer to use the term 'extrafinancial' rather than non-financial, suggesting that all measures that contribute to organisational success are ultimately financial. In their simplest form, financial measures are usually identifiable, as they measure a dollar amount. Non-financial measures commonly count occurrences (e.g. 'number of ...'). It is possible to have a financial measure that is not expressed as a dollar amount. This would be when two financial measures are expressed as a ratio (i.e. both the numerator and the denominator are financial measures). www.careeracademy.co.nz 2 DHA 2015 www.careeracademy.co.nz 3 DHA 2015

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