Question: Note that these are often known as 'Strategic Performance Measures' and the systems that include them are referred to in the text as SPMSs (Strategic

Note that these are often known as 'Strategic Performance Measures' and the systems that include them are referred to in the text as SPMSs (Strategic Performance Measurement Systems). There is no suggestion that business should abandon Financial Performance Measures, (often known as Key Performance Indicators or KPIs), but rather adopt a 'balanced approach' to measuring financial performance with alternate measures. Considering the strengths of Financial Performance Measures: (FPMs such as KPIs) Consider the limitations of Financial Performance Measures: (FPMs such as KPIs) Consider the advantages of using an SPMS (such as the Balanced Scorecard) rather than only (KPIs) to measure performance. What is the KEY advantage of non-financial measures over only using financial measures

Give THREE additional benefits of an SPMS such as the BSC over traditional measures of KPIs and explain what is meant by these advantages 1. 2. 3.

Benchmarking Describe the advantages and limitations of a) INTERNAL b) COMPETITOR and c) INDUSTRY benchmarking systems. Can these be used in combination effectively? Why or how can this benefit an organisation?

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