The best measures that should be captured and reported to managers relate to corporate strategy and are SMART: specific,measurable, actionable, relevant, and timely. Below are examples of poorly constructed performance measures for each of these.For each component of SMART, provide two better measures than those provided.SMARTProcessMeasuredPoor MeasureBetter measuresSpecificProductionNumber of defects#1#2Measurable InventoryErrors made#1#2ActionableDivision AProfit margin#1RelevantSalesEarnings per shareTimelyProduction Last year's defect rate#2#1#2#1#2 The best measures that should be captured and reported to managers relate to corporate strategy and are SMART: specific,measurable, actionable, relevant, and timely. Below are examples of poorly constructed performance measures for each of these.For each component of SMART, provide two better measures than those provided.SMARTProcessMeasuredPoor MeasureBetter measuresSpecificProductionNumber of defects#1Number of inventory items delivered to incorrect production area.Number of inventory items not recorded on receiving report.#2Number of defects produced per machine.Segment margin for month.Measurable InventoryErrors made#1Number of defects found in quality control process.Total sales dollars generated per salesperson.#2Machine breakdown each day.Number of orders taken.Contribution margin for quarter.Defect rate each day.ActionableDivision AProfit margin#1#2RelevantSalesEarnings per share#1#2TimelyProduction Last year's defect rate#1#2A

Utilizing the SMART goals methodology will help your company achieve its strategic objectives. SMART…

Answered: The best measures that should be…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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