ABSTRACT
Performance standards specify expected and acceptable results for completing work tasks and imply the expected knowledge and skills. They take many forms ranging from useless to useful. Critical Success Factor's (CSF's) are a limited number of key characteristics, variables or conditions that require close and continual attention to bring about high performance. This chapter proposes eight CSF's. CSF's numbered 1 to 3 protect and exploit the advantages inherent in current arrangements. CSF's numbered 4 to 7 highlights understanding the customer and ensuring strategic improvement. Each CSF is accompanied by several key questions suggested by practicing managerial accountants. The managerial accountant's compass offers a framework that guides the application of knowledge, acquisition and use of skills and the development of abilities to fulfill the CSF's. The CSF's place responsibility on the managerial accountant to use an accounting information system that provides information about performance, cost of quality and cost management.
