Reply to discussion (Balanced Scorecard and Corporate Responsibility)

Hello dear

Based on the attached discussion, kindly Prepare a reply to the attached discussion post with comments that further and advance the topic.

Please provide the references you used.

Word limit: 200 words.

Introduction
The need to measure is an important aspect in accounting, since it helps to
determine the ability to meet the expected goals. The use of metrics can help in such
instances, since they determine the specific aspects that would define the performances
(Corona et al., 2019). The discussion focuses on the use of metrics in daily life and in a
business-related scenario.
Define What a Metric Is and Share an Example of a Metric That Exists in Your Everyday
Life, Non-Business Related.
A metric is a quantifiable measure, which can be used as part of the
measurement of conditions, processes or performances (Vergerio & Becchio, 2022).
The use of metrics creates a standardize way that can help in the measure of the
different aspects within the organizations. The aspects would help in the determination
of the decisions to undertake, based on the inputs provided (Corona et al., 2019). The
metrics can also help identify the trends and patterns, which provide insights.
One of the non-business-related events is the measure of the number of steps
that one covers in a day, which can be used as part of personal health (Vergerio &
Becchio, 2022). The number of steps can be linked to the ability to maintain the
expected exercise level to improve and actualize the daily physical activity. The
measure of fitness would be based in goals set, such as the expected number of steps
that can help meet certain physical wellness goals. The use of gadgets and devices that
can detect the number of steps that one covers is important in providing a standardized
approach to measure the performances.
Now Consider Metrics That Exist in Businesses That You Have Worked For – What
Employee Performance and Financial Conditions Were They Measuring and Why?
In a business perspective, the use of the metrics can help in determining the
overall performances (Vergerio & Becchio, 2022). For example, in a cake production
facility, the need to determine the employee and business performances depends on
the use of the various metrics. In the employee performance, the first measures would
be on the quality, which identifies with the errors rates and the overall efficiency. The
other metrics would be the punctuality and attendance, which can help in assessing the
tardiness and reliability at the workplace (Corona et al., 2019). The key performance
indicators (KPIs) help in determining aspects such as the customer services, response
time and the satisfaction rates.
The financial metric for the business includes the revenues generated which can
help determine the profit margins for the organizations (Vergerio & Becchio, 2022). The
other measure is the debt-to-equity ratio, which helps determine the debt versus equity
that can determine the financial risks. The other measure is the cash flow, which
determines the money in and out of the business, which determines the sustainability of
the operations (Corona et al., 2019). The cost control can help to manage the
production costs, which promotes better cost management.
Conclusion
In summary, the development of the metrics can help in quantifying the various
aspects within the processes or routines. The use of number of steps can help in
physical exercise management, while businesses can use the metrics for the employee
and financial performances.
References
Corona, B., Shen, L., Reike, D., Carreón, J. R., & Worrell, E. (2019). Towards
sustainable development through the circular economy—A review and critical
assessment on current circularity metrics. Resources, Conservation and
Recycling, 151, 104498.
Vergerio, G., & Becchio, C. (2022). Pursuing occupants’ health and well-being in
building management: Definition of new metrics based on indoor air
parameters. Building and Environment, 223, 109447.