Chapter 7 Flashcards
(13 cards)
Examples of Descriptive Analytics for Management (READ)
Summary statistics
Crosstabulations of performance
KPIs tracking performance
Computation of job order
Costing and/or process costing
Clustering suppliers, customers, processes, locations
Examples of Diagnostic Analytics for Management (READ)
Comparison of KPIs to expectation
Price, rate, usage, quantity, and overhead variance analysis
Conditional formatting
Regression analysis estimating cost behavior
Correlations
Examples of Predictive Analytics for Management (READ)
Sales Forecasting
Macroeconomic Forecasts
Regression
Classification of indirect costs
Examples of Prescriptive Analytics for Management (READ)
What If Analysis
Goal Seek Analysis
Cash Flow Analysis
Sensitivity Analysis
Why do managers rely on real time data
To evaluate the effectiveness of their strategies
Key Performance Indicators (KPIs)
Type of performance metric used to measure performance at a company
Digital Dashboard
An interactive report showing the most important metrics to help users understand how a company is performing
Balanced Scorecard
Identifies the most important metrics to measure and target goals for comparison
4 Components of the Balanced Scorecard
Financial
Customer
Internal Process
Organizational Capacity
Balanced Scorecard Financial
How the company generates value
Balanced Scorecard Customer
How the company interacts with customers
Balanced Scorecard Internal Process
How efficiently the company is operating
Balanced Scorecard Organizational Capacity
How the company is training employees
