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GeneratingKeyPerformanceIndicatorsChapter7Wherewearenow1.DataAnalytics2.DataPreparationandCleaning3.ModelingandEvaluation4.Visualization5.TheModernAudit6.AuditAnalytics7.KeyPerformanceIndicators8.FinancialStatementAnalyticsObjectivesLO7-1EvaluatemanagementrequirementsandidentifyusefulKPIsfromalistLO7-2EvaluateunderlyingdataqualityusedforKPILO7-3CreateadashboardusingKPIsAccountinginformationusedininternalandexternalauditingandfinancialstatementanalysiscanalsobeusedtodeterminehowcloselyanorganizationismeetingitsstrategicobjectives.WhatareKPIsanddashboards?LO7-1Keyperformanceindicatorsareaspecifictypeofperformancemetricsusedtomeasureperformanceatacompany.Adigitaldashboardisaninteractivereportshowingthemostimportantmetricstohelpusersunderstandhowacompanyoranorganizationisperforming.Exhibit7-2WaltonCollegeDigitalDashboardIdentifythequestionsWhatareyoutryingtomeasure?Whataresomebenchmarksforthatmetric?(e.g.competitor,industry)Whatisthegoalofthemetric?TheBalancedScorecardidentifiesthemostimportantmetricstomeasureandtargetgoalsforcomparison.Exhibit7-3ComponentsoftheBalancedScorecardTheBalancedScorecardhasfourcomponents.Financial
–howthecompanygeneratesvalueCustomer
–howthecompanyinteractswithcustomersInternalprocess
–howefficientlythecompanyisoperatingOrganizationalcapacity
–howthecompanyistrainingemployeesExhibit7-4AnexampleoftheBalancedScorecardThereareanumberofadditionalKPIsthatmanagersmayusetoassessperformance.FinancialPerformanceCustomersMarketingNetProfitNetProfitMarginGrossProfitMarginOperatingProfitMarginEBITDARevenueGrowthRateTotalShareholderReturn(TSR)EconomicValueAdded(EVA)ReturnonInvestment(ROI)ReturnonCapitalEmployed(ROCE)ReturnonAssets(ROA)ReturnonEquity(ROE)Debt-to-Equity(D/E)RatioCashConversionCycle(CCC)WorkingCapitalRatioOperatingExpenseRatio(OER)CAPEXtoSalesRatioPrice-to-EarningsRatio(P/ERatio)NetPromoterScore(NPS)CustomerRetentionRateCustomerSatisfactionIndexCustomerProfitabilityScoreCustomerLifetimeValueCustomerTurnoverRateCustomerEngagementCustomerComplaintsMarketGrowthRateMarketShareBrandEquityCostperLeadConversionRateSearchEngineRankingsClick-ThroughRatePageViewsOnlineEngagementLevelOnlineShareofVoiceSocialNetworkingFootprintKloutScoreAdditionalKPIsthatmanagersmayusetoassessperformance.OperationsEmployeePerformanceSustainabilitySixSigmaLevelCapacityUtilizationRate(CUR)ProcessWasteLevelOrderFulfilmentCycleTimeDeliveryinFull,onTime(DIFOT)RateInventoryShrinkageRate(ISR)ProjectScheduleVariance(PSV)ProjectCostVariance(PCV)EarnedValue(EV)MetricInnovationPipelineStrength(IPS)ReturnonInnovationInvestment(ROI2)TimetoMarketFirst-PassYield(FPY)ReworkLevelQualityIndexOverallEquipmentEffectiveness(OEE)ProcessorMachineDowntimeLevelFirstContactResolution(FCR)HumanCapitalValueAdded(HCVA)RevenueperEmployeeEmployeeSatisfactionIndexEmployeeEngagementLevelStaffAdvocacyScoreEmployeeChurnRateAverageEmployeeTenureAbsenteeismBradfordFactor360-DegreeFeedbackScoreSalaryCompetitivenessRatio(SCR)TimetoHireTrainingReturnonInvestmentCarbonFootprintWaterFootprintEnergyConsumptionSavingLevelsDuetoConservationandImprovementEffortsSupplyChainMilesWasteReductionRateWasteRecyclingRateProductRecyclingRate“Whatgetsmeasured,getsdone.”Q.HowcanmanagementidentifyusefulKPIs?HowcouldDataAnalyticshelpwiththat?HowdoyouevaluateKPIdataquality?LO7-2MasterthedataIdentifythedataneededtocalculatetheKPIs.Forexample:Employeechurnrate=Employeeswholeft/TotalactiveemployeesTofindemployeeswholeft,youwouldqueryemployeeswithenddateinthedesiredperiod.Fortotalactiveemployees,queryemployeeswithanull(empty)enddate.BothofthesevaluesarelocatedintheEmployeeMastertable.Masterthedata(continued)Otherconsiderations:Howoftenisthedataupdated?Howoftendoyouneedthedata?PerformthetestplanUseadatavisualizationtooltoimplementtherelationshipsandratiosinadigitaldashboard.Buildouttheobjectives,measures,targets,andinitiatives.Usedashboardtemplatesasneeded.Q.WhydoyouthinkthatthemostimportantKPIsshouldbeshowninthetopleftcornerofadigitaldashboard?Howdoyoucreatedashboards?LO7-3AddressandRefineResultsAsyourefineyourmodels,customizethedashboardfordifferentusers.Considerthesequestions:Whichmetricareyouusingmostfrequentlytohelpyoumakedecisions?Arethereanymetricsthatyoudonotuse?Ifso,whyaren’ttheyhelpful?Areyoudownloadingthedatatodoanyadditionalanalysisafterworkingwiththedashboard,andifso,canthedashboardbeimprovedtosavethoseextrasteps?Arethereanymetricsthatshouldbeavailableonthedashboardtohelpyouwithdecisionmaking?CommunicateInsightsandTrackOutcomesEnsuringthatalloftheappropriatestakeholderscontinuetobeinvolvedinusingthedashboardandcontinuallyimprovingitiskeytothesuccessofthedashboard.Q.WhyaredigitaldashboardsforKPIsaneffectivewaytoaddressandrefineresults,aswellascommunicateinsightsandtrackoutcomes?SummaryDigitaldashboardsshouldbesimpleandincludeonlydatathatisrelevantandnecessaryDataandinformationarebecomingkeycomponentsfordecisionmaking,replacinggutresponsePerformancemetricsaredefined,compiledfromthedata,andusedfordecisionmakingTheutilityofdigitaldashboardsismaximizedwhenthemetricsaffectdecisionmakingandaction.TheBalancedScorecardhelpscompaniesturnstrategicgoalsintoactionbyidentifyingthemostimportantmetricstomeasure,aswellasidentifyingtargetgoalstocomparemetricsagainst.-FourComponents:financial,customer,internalprocess,andorganizationalcapacity
-Eachcomponentsincludes:objectives,measures,targets,andinitiatives
-TheIMPACTmodelshouldbeusedtocompletetheproject.
LookingforwardInchapter8,wewillfocusonhowtoaccessandanalyzefinancialstatementdata.ThedataareaccessedviaXBRLinaquickandefficientmanner.Wealsodiscusshowratiosareusedtoanalyzefinancialperformance,andhowsparklineshelpusersvisualizetrendsinthedata.Finally,wediscusstheuseoftextminingtoanalyzethesentimentinfinancialreportingdata.FinancialStatementAnalyticsChapter8Wherewearenow1.DataAnalytics2.DataPreparationandCleaning3.ModelingandEvaluation4.Visualization5.TheModernAudit6.AuditAnalytics7.KeyPerformanceIndicators8.FinancialStatementAnalyticsObjectivesLO8-1DescribehowXBRLtagsfinancialreportingdataLO8-2UnderstandhowdifferenttypesofratioanalysiscanbefacilitatedbyXBRLLO8-3ExplainhowtocreateandreadvisualizationsoffinancialstatementdataLO8-4DescribethevalueoftextminingandsentimentanalysisoffinancialreportingHowdoesXBRLwork?LO8-1XBRLstandsforeXtensibleBusinessReportingLanguageandisatypeofXML(extensiblemarkuplanguage)usedfororganizinganddefiningfinancialelements.Theuseoftagsallowsdatatobequicklytransmittedandreceived,andthetagsserveasaninputforanalyticsmodelsusedbyfinancialanalysts,auditors,orregulators.AsofJune2011,theSECrequirestaggingof:NumbersandDatesBalancesheetIncomestatementStatementofcomprehensiveincomeStatementofcashflowsStatementofstockholders’equityTextBlocks,includingNumbersandDatesFootnotesManagementdiscussionandanalysis(MD&A)Eachdataelementistaggedtoidentifywhattheyare(e.g.cash)andcontext(e.g.USdollars,2014Q4)inaninstancedocument.Forexample,thiselementrepresentsthecashandcashequivalentsbalanceonthebalancesheetattheendofquarter4of2014.ItwouldberoundedtothethousandofUSdollars.TagfromUSGAAPTaxonomy
Contexttaganduniqueidentifier
Presentationandcurrency
FACT
Endoftag<us-gaap:CashAndCashEquivalentsAtCarryingValue
contextRef="FI2014Q4"
id="Fact-2FCE60A0E1BB610AF2F1292924554784"
unitRef="iso4217_USD"
decimals="-3">
667593000
</us-gaap:CashAndCashEquivalentsAtCarryingValue>AnalysisofXBRLdatacanbedifficultbecausedifferentcompaniesmayusedifferenttags.
Forexampletoshowtotalrevenue,IBMusestheRevenuestagandAppleusesSalesRevenueNet.XBRLanalyticalsoftwareusesstandardizedmetricstoconsolidatesimilartags(e.g.bothRevenuesandSalesRevenuesNetappearinastandard[Revenue]metric.)Currentlyfinancialstatementsaretaggedmanuallyattheendoftheperiod.Inthefuture,XBRL-GLmaybeappliedtoindividualtransactionstofacilitatereal-timereporting.Q.HowmightstandardizedXBRLmetricsbeusefulincomparingthefinancialstatementsofGeneralMotors,Alphabet,andAlibaba?HowdoesXBRLenableratioanalysis?LO8-2Financialstatementanalysisisusedbyinvestors,analysts,auditors,andotherinterestedstakeholderstoreviewandevaluateacompany’sfinancialstatementsandfinancialperformance.Ratioanalysisisatoolusedtoevaluaterelationshipsamongdifferentfinancialstatementitemstoassessthefinancialhealthofabusiness.Therearebasicallyfourtypesofratios:Liquidityistheabilitytosatisfythecompany’sshort-termobligations(e.g.currentandacid-test)Activityratiosareacomputationofafirm’soperatingefficiency(e.g.assetturnover)Solvency(orfinancing)ratioshelpassessacompany’sabilitytopayitsdebtsandstayinbusiness(e.g.debt-to-equity)Profitabilityratiosprovideinformationontheprofitabilityofacompanyanditsprospectsforthefuture(e.g.profitmargin)TheDuPontratiomeasurescomponentsofreturnonequity.Returnonequity(ROE)=Profitmargin×Assetturnover×Financialleverage=(Netprofit/Sales)×(Sales/Averagetotalassets)×(Averagetotalassets/Averageequity)Forexample,DuPont’s2009Q2returnonequityis27.8%
=29.4%PMx20.1%ATx471.7%FLQ.Whatarethecomponentsofprofitmargin,operatingleverageandfinancialleverage?Howcanyoucreatesimplefinancialstatementvisualizations?LO8-3Sparklinesaresmallgraphictrendlinesthatefficientlysummarizesnumbersorstatisticsinagraphwithoutaxesinasinglespreadsheetcell.Sparklinesareusefulforcreatingsimpledashboardsorsummarizinglargesheetofnumbers.Exhibit8-4Sparklines(left)showthetrendsintheDuPontanalysisQ.HowmightsparklinesbeusedtoenhanceaDuPontanalysis?Wouldyoushowthesparklinesforeachcomponentoftheratio,orwouldyouproposeitbeshownonlyforthetotal?Howdoestextminingandsentimentanalysiswork?LO8-4Textmininganalyzesthefrequencyofwordsinunstructureddata(e.g.financialdisclosure)andmatchesthosetoasentimentdictionary(e.g.wordsidentifiedaspositiveornegative).Forfinancialstatements,theLoughranandMcDonalddictionarycancategorizewordsbysentiment:Positive(e.g.enable,achieve)Negative(e.g.loss,adverse)Uncertain(e.g.anticipate,depend)Litigious(e.g.mediate,petition)Modal(e.g.possible,likely)Constraining(e.g.commit,impair)Theproportionofaclassofwordscanbeusefulinpredictinginvestmentret
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