A new approach to costing relies on an integrated approach to looking at costs, resources, activities, and cost objects — leading to insight for strategy and operations.
Professionals at the UK’s National Health Service are using principles that date back to cost accounting’s roots as they employ a data-centric approach to improving patient care and efficiency in treatment.
Alasdair Macnab, FCMA, CGMA, has reengineered the Balanced Scorecard to create a system for measuring the HR and financial costs of meeting strategic objectives. Macnab explains the approach and how it can be used to make good decisions about allocating scarce resources.
