This is a project on cost accounting, mt business name is Sams Club

Part 3 - How does the entity capture empowerment and synergies of its internal and external partners? Identifying financial and nonfinancial critical success factors Empowering employees means the organization views workers as intellectual assets capable of improving value through complex tasks. Yet, customers ultimately determine what should be valuable for the organization. Indeed, employees, complex tasks and customers should 3 all be considered when attempting to improve performance at the organization. These key business areas are often nonfinancial perspectives incorporated into a framework called the Balanced Scorecard (Kaplan and Norton 1996). Any process transformation must highlight goals and measures and make actions visible (Wuestman and Casey 2015). Therefore, assessing performance areas and related measures with the Balanced Scorecard facilitates a greater understanding of lean for that entity. The nonfinancial areas of the Balanced Scorecard are: Learning and Growth (employee capabilities); Internal Business Processes (tasks and operations); and Customer (customer satisfaction and opinions). Still, both cost leaders and differentiators need to consider financial aspects of their operations as well so the Balanced Scorecard typically reports both financial measures and nonfinancial metrics that embody the firm's mission. The Balanced Scorecard assists managers in achieving the organization's strategy. "Ideally, the organization translates its vision into a strategy with definable objectives in order to create value." (Hansen and Mowen 2018, p. 418). One way to achieve this is to set goals that are "SMART": Specific (enough detail to be understood): Measurable in quantitative terms), Attainable (realistic given the resources). Relevant aligns with organization's strategy) and set for a Time period (Shellenbarger 2011). SMART measures provide concrete guidance to its stakeholders on important areas of business. Task - 25 points Based on your analyses in Parts 1 and 2, discuss four important areas (i.e., critical success factors) that each firm or department would want to include in its Balanced Scorecard. You might use the common ones listed above or you could devise others that you view are important to that segment's mission. For example, organizations often include sustainability as one perspective on their Balanced Scorecards. Explain why you chose those four. Then, choose one perspective that you believe is vital to that department or company and list three "SMART" performance measures that would help monitor its performance. Please note, you do not need to develop a full Balanced Scorecard (i.e., critical success factors and performance measures for all four perspectives.) The following rubric can assist you in organizing your answers and writing your paper. Part 4 - How does the segment reach perfection? Continuous Improvement through Value Added and Waste-Reduction Ideas Finally, perfection means continuously improving by concentrating on value-added activities and eliminating all forms of waste. These can be in the form of customer-focused initiatives which enhance value, cost and waste reduction tactics which reduce non-value-added activities, or operational improvements which can either add value or decrease non-value added costs. Questions to consider when determining value-added and non-value-added activities are as follows (Isa and Usmen 2015): Table 5 - Characteristics of Value Added and Non-Value Added Activities Question: If yes, then Does it improve customer satisfaction because it changes: Value Added Size? Shape? Fit? Form? Function? Information? Value Added Is there a simpler way to completing the task? Could a standard item be used? Value-Added Value Added Can materials and/or functions be combined or substituted? Non-Value Does it waste resources because it is the result of: Added Overproduction? Overstaffing? Overprocessing? Waiting? Defects? Customer Dissatisfaction? Task - 25 points Given your firm's strategy as a differentiator or cost leader in Part 1, its value chain activities in Part 2, and important critical success factors as demonstrated in its Balanced Scorecard perspectives and measures in Part 3. provide five recommendations on how your department or firm can employ lean initiatives. The following rubric can assist you in organizing your answers and writing your paper. Part 3 - How does the entity capture empowerment and synergies of its internal and external partners? Identifying financial and nonfinancial critical success factors Empowering employees means the organization views workers as intellectual assets capable of improving value through complex tasks. Yet, customers ultimately determine what should be valuable for the organization. Indeed, employees, complex tasks and customers should 3 all be considered when attempting to improve performance at the organization. These key business areas are often nonfinancial perspectives incorporated into a framework called the Balanced Scorecard (Kaplan and Norton 1996). Any process transformation must highlight goals and measures and make actions visible (Wuestman and Casey 2015). Therefore, assessing performance areas and related measures with the Balanced Scorecard facilitates a greater understanding of lean for that entity. The nonfinancial areas of the Balanced Scorecard are: Learning and Growth (employee capabilities); Internal Business Processes (tasks and operations); and Customer (customer satisfaction and opinions). Still, both cost leaders and differentiators need to consider financial aspects of their operations as well so the Balanced Scorecard typically reports both financial measures and nonfinancial metrics that embody the firm's mission. The Balanced Scorecard assists managers in achieving the organization's strategy. "Ideally, the organization translates its vision into a strategy with definable objectives in order to create value." (Hansen and Mowen 2018, p. 418). One way to achieve this is to set goals that are "SMART": Specific (enough detail to be understood): Measurable in quantitative terms), Attainable (realistic given the resources). Relevant aligns with organization's strategy) and set for a Time period (Shellenbarger 2011). SMART measures provide concrete guidance to its stakeholders on important areas of business. Task - 25 points Based on your analyses in Parts 1 and 2, discuss four important areas (i.e., critical success factors) that each firm or department would want to include in its Balanced Scorecard. You might use the common ones listed above or you could devise others that you view are important to that segment's mission. For example, organizations often include sustainability as one perspective on their Balanced Scorecards. Explain why you chose those four. Then, choose one perspective that you believe is vital to that department or company and list three "SMART" performance measures that would help monitor its performance. Please note, you do not need to develop a full Balanced Scorecard (i.e., critical success factors and performance measures for all four perspectives.) The following rubric can assist you in organizing your answers and writing your paper. Part 4 - How does the segment reach perfection? Continuous Improvement through Value Added and Waste-Reduction Ideas Finally, perfection means continuously improving by concentrating on value-added activities and eliminating all forms of waste. These can be in the form of customer-focused initiatives which enhance value, cost and waste reduction tactics which reduce non-value-added activities, or operational improvements which can either add value or decrease non-value added costs. Questions to consider when determining value-added and non-value-added activities are as follows (Isa and Usmen 2015): Table 5 - Characteristics of Value Added and Non-Value Added Activities Question: If yes, then Does it improve customer satisfaction because it changes: Value Added Size? Shape? Fit? Form? Function? Information? Value Added Is there a simpler way to completing the task? Could a standard item be used? Value-Added Value Added Can materials and/or functions be combined or substituted? Non-Value Does it waste resources because it is the result of: Added Overproduction? Overstaffing? Overprocessing? Waiting? Defects? Customer Dissatisfaction? Task - 25 points Given your firm's strategy as a differentiator or cost leader in Part 1, its value chain activities in Part 2, and important critical success factors as demonstrated in its Balanced Scorecard perspectives and measures in Part 3. provide five recommendations on how your department or firm can employ lean initiatives. The following rubric can assist you in organizing your answers and writing your paper