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Additional info for ACCA P5 Advanced Performance Management: Study Text
Comment Linkages If there are linkages between businesses in a group, the formality of the process should be low, to avoid co-operation being undermined. Diversity If there is a great deal of diversity, it is doubtful whether any overall strategic control system is appropriate, especially if the critical success factors for each business are different. Criticality Firms whose strategic stance depends on decisions which can, if they go wrong, destroy the company as a whole (eg launching a new technology) need strategic control systems which, whether formal or informal, have a large number of milestones so that emerging problems in any area will be easily and quickly detected.
The effectiveness with which strategies are implemented is also crucial to an organisation's success. com In September/October 2014, Tesco became embroiled in an accounting scandal when it emerged that the company had incorrectly recorded the payments it receives from suppliers for stocking their products, overstating its profits by £263 million as a result. A number of directors were suspended as a result of this and the Chairman, Sir Richard Broadbent, announced he was stepping down. 40 pence).
However, alongside its strategic priorities and high level 'enablers', Tesco also sets more specific targets that it monitors via the 'Steering wheel' – its own version of the balanced scorecard, which it uses for controlling and managing performance. tud Targets are defined under five separate headings: Customers, Community, Operations, People and Finance; and these headings allow performance to be monitored with due regard for all the key stakeholders. Heading Desired aspects of performance The staff are great; I don't queue; The prices are good; I can get what I want; The aisles are clear; Earn lifetime loyalty as Customer Operations ea People Actively supporting local communities; Buying and selling our products responsibly; Caring for the environment; Providing customers with healthy choices; Creating good jobs and careers cc Community Finance We try to get it right first time; We deliver consistently every day; We make our jobs easier to do; We know how vital our jobs are; We always try to save time and money An opportunity to get on; An interesting job; A manager who helps me; To be treated with respect Grow sales; Maximise profit; Manage our investment fre Tesco recognises that good financial performance is the outcome of good performance in the other areas of customers, community, operations and people (staff).