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Product Description
Today's competitive environment requires that companies distinguish themselves in the marketplace using factors other than prices. Companies that excel at on-time delivery, short cycle/leadtime, quality, and fast response to the market gain a competitive edge - and have the ability to market based on these features.
A proven approach to achieve this is the Theory of Constraints (TOC) production solution known, as drum-buffer-rope scheduling. Just in time (JIT), Total Quality Management (TQM) and other philosophies aim at exploiting these competitive edge factors. However, accounting systems, financial, and incentive measurements continue to be the biggest stumbling blocks to companies wishing to improve their financial performance with these tools.
Agreement on the need for a measurement system that encourages local actions in line with bottom line results is common, but solutions have remained elusive. Whether a company is pursuing JIT, TQM, or TOC, cost accounting is the common enemy.
Attempts have been made to introduce "new" costing methods such as activity based costing and economic value added, but they have failed to recognize the basic difference between product costing for financial statement purposes and collective management information to make real time decisions.
The Measurement Nightmare shows you how to resolve the conflicts and remove the accounting systems, financial, and incentive measurement roadblocks to adopting TOC, thereby gaining improved performance and sustaining competitive advantage. The techniques that the author, leading authority Debra Smith, has implemented and tracked at various companies highlight "the productivity measurement nightmare". Especially important are the day-to-day tools she developed to ensure successful implementation.
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The Measurement Nightmare: How the Theory of Constraints Can Resolve Conflicting Strategies, Policies, and Measures (APICS Constraints Management) Reviews
| 93 of 94 people found the following review helpful:  Best of the Best, By Amazon Verified Purchase This review is from: The Measurement Nightmare: How the Theory of Constraints Can Resolve Conflicting Strategies, Policies, and Measures (St. Lucie Press/Apics Series on Constraints Management,) (Library Binding) As the CEO of a company who has invested much time and resources to the (TOC) Theory of Constraints Management Philosophy, one thing kept coming back around to frustrate our implementation efforts. It was that of making the bridge from our current methods of measuring our performance and GAAP accounting system to that of TOC measures and TOC accounting. By this book, Debra Smith has given us the tools to do just that. I was sufficiently impressed with the contents, that I made it mandatory reading for all managers, from the CFO down to the shop foreman. This single book has managed to succulently illustrate what it took volumes in other publications to do. In short I highly recommend, and consider it must reading for both beginning and seasoned proponents of the Theory of Constraints Management Philosophy. 26 of 26 people found the following review helpful: Measurement or Comedy of Errors, By Amazon Verified Purchase This review is from: The Measurement Nightmare: How the Theory of Constraints Can Resolve Conflicting Strategies, Policies, and Measures (St. Lucie Press/Apics Series on Constraints Management,) (Library Binding) This is far and away the most entertaining managerial accounting text ever written. Smith illuminates the flaws in traditional accounting measures with humorous (unless they happen to you), real disaster stories. Each story includes explanations of the classical accounting analysis (or misguided blind pursuit of efficiency) which caused the disaster and a discussion of more appropriate metrics.That people often let the way employers measure them influence their on the job behavior is a double edged sword. People measured stupidly just may behave stupidly (because the stupid measures will punish them if they behave wisely). Any CFO or managerial accountant who does not thoroughly understand this book may, with all the best intentions, put her/his entire organization at risk. The disaster stories lose some humor in the first person. Read it because its fun. Apply it because it works. 12 of 12 people found the following review helpful: Seamless blend of traditional (GAAP) and TOC, By This review is from: The Measurement Nightmare: How the Theory of Constraints Can Resolve Conflicting Strategies, Policies, and Measures (St. Lucie Press/Apics Series on Constraints Management,) (Library Binding) This remarkable book manages to cover a wide array of topics (TOC, metrics, accounting and GAAP compliance and implementation and strategy issues)in approximately 200 pages and still impart a deep message. The message is not subtle - don't be a lemming just because 'you've always done it this way'. Actually, the message is much deeper and also encompasses how to measure the right things.What I like most is the fact that the author can write clearly and hold your attention while at the same time providing you with enough information to cause you to rethink the way you're currently doing business - and giving you a clear path to doing it better. The book starts out with eye-opening stories from the author's past experience of companies what were measuring the wrong things based on myopia. She then introduces TOC, discusses how traditional accounting metrics and indicators can be aligned to TOC, and goes deeper into TOC with a direct emphasis on how it relates to accounting... Read more |
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