There are limitations, but financial and management accounting perform Essay

There are limitations, but financial and management accounting perform a fundamental role in the step of consummation wit - Essay ExampleIn this context, the motion measurement has been characterized as an activity of key value for organizations in different industrial sectors. The specific publishing is examined in this paper emphasis is given on the role of the financial and management accounting in performance measurement, as a key incite of strategic decision process in modern organizations. It is concluded that both financial and management accounting are quite important for the successful maturement of performance measurement schemes even if, in certain cases, the involvement of financial and management accounting in performance measurement causes delays in the completion of the germane(predicate) processes under the terms presented below. Because of the above problem, a series of recommendations has been included in this memorise aiming to support the improvement of performance measurement systems. 2. Performance measurement in organizations 2.1 Performance measurement description, role The use of performance measurement in modern organizations has been related to the achievement of specific organizational targets. Most commonly, the performance measurement is used a firms managers in order to evaluate whether the organizational activities manage to achieve a particular level of performance as set by the planners of these activities. In this way, it will be possible to estimate if these activities have paid back the investment made on them or not. In practice, the performance measurement as one of the firms key strategic processes can be quite complex. This fact is reflected in the theories developed in the particular field referring to the content, the role and the phases of performance measurement in modern organizations. At a first level, certain differentiations can be identified in the criteria used by theorists when having to define the performance measurement however, a close examination of their views would lead to the assumption that they all emphasize on the value of performance measurement as a tool for estimating the achievement of organizational goals including the risks involved. In accordance with Hatry (2006) the performance measurement can be defined as the regular measurement of the results (outcomes) and efficiency of services or programs (Hatry 2006, p3). On the other hand, Meyer (2003) notes that the term performance measurement can be explained using two different definitions the mental lexicon definition, which focuses on the past, i.e. on the performance of the organization up to the time point when its performance is measured and the economic definition, which refers rather to the future, emphasizing on the measurement of the shareowner value into the firm (Meyer 2003, p20). It is further explained that in the context of the dictionary definition performance is measured by operational meas ures or current financial results (Meyer 2003, p20) on the other hand, the economic definition is based on the measurement of performance using share prices (Meyer 2003, p20). Another definition of performance measurement is mentioned in the study of Harbour (1997) in the above study reference is made to the performance measurement as a method for measuring work accomplishments and output (Harbour 1997, p7). At the next level, Epstein et al. (2006) emphasize on