COMPREHENSIVE PERFORMANCE MEASUREMENT SYSTEMS: TOOLS FOR EFFECTIVE ECONOMIC MANAGEMENT
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Date
2019
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MALETE JOURNAL OF ACCOUNTING AND FINANCE
Abstract
Performance measurement is all-endearing given its various roles identified in literatures. In spite of its shortcomings accounting performance measures have been traditionally and largely used by organisations to manage strategies to the advantage of stakeholders.. On this note, this paper critically evaluates accounting-based performance measures purposely to give insight on the need to embrace comprehensive performance measures as contemporary measurement tools for effective economic management. This is achieved through conceptual clarification of performance and performance measurement; evaluation of accounting-based performance measurement using Merchant and Van der Stede (2007) evaluation criteria; detailed discourse on various comprehensive performance measurement models that have evolved over the past two decades, with emphasis on their strengths and weakness; and, concluding remarks with advise that CIMA’s suggested steps to develop an effective performance measurements be followed to derive maximum benefit from any chosen performance measurement model.