Explore BrainMass

Explore BrainMass

    Balanced Scorecard

    The balanced scorecard tries to improve internal and external communications and monitors organizational performance against strategic goals (1). The phrase was coined in the 1990s, but the roots of the balanced scorecard come from the pioneering work of General Electric and French process engineers in the 1950s (1). The balanced scorecard is a management system (not just a measurement system) that allows companies to simplify their vision and strategy and translate them into action. It provides feedback on both internal and external business processes (1).

    Drs. Robert Kaplan and David Norton of Harvard Business School developed the framework to add strategic non-financial performance measures to complement traditional financial metrics¹. This gave managers and executives a more balanced view of organizational performance. The new balanced scorecard transforms an organization’s strategic plan from a passive document into the “marching orders” for the organization on a daily basis¹. It provides performance measurements, but also helps planners identify what should be done and measured. It enables executives to execute their strategies.

    Kaplan and Norton describe the balanced scorecard as follows: “The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial matters are inadequate …”¹.

    The balanced scorecard suggests that an organization be viewed through four perspectives. These include the learning and growth perspective, the business perspective, the customer perspective, and the financial perspective. The business prospective is one of the most important perspectives as it allows managers to know how well their business is running and whether products and services meet customer requirements. The balanced scorecard is not a piece of software. Once a scorecard has been developed, software can be used to get the information to the right people at the right time¹. Automation helps transform corporate data into information and knowledge and helps communicate performance information¹.

     

    Reference:
    1.  Balanced Scorecard Basics. Retrieved from https://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx

    © BrainMass Inc. brainmass.com April 25, 2024, 3:24 am ad1c9bdddf

    BrainMass Solutions Available for Instant Download

    Compensation for Groups and Individuals

    You are a supervisor in a company that is a low payer relative to competitors. What kinds of things can you do to increase the likelihood that workers will feel fairly treated? Why might you use a group incentive plan rather than an individual plan? And, be sure to provide supporting documentation to validate your response.

    Balanced scorecard: what are some of the goals and objectives of a college?

    1. Using the balanced scorecard approach, what are some of the goals and objectives of a college? 2. What might be some of the strategic themes at a college? (Some examples discussed in the book were operating efficiencies, customer relations, product innovation, and growing the business). 3. Would using a balanced scorecard b

    Walmart Balanced Scorecard: Customer Service Perspective

    Using Wal-Mart's mission and strategy from the perspective of its potential, prospective, and present customers, create a customer service perspective of a balanced scorecard. Include: - Three objectives for the organization's customer service perspective and show how they relate to the mission, vision and strategy of the or

    Customer Perspective of the Balanced Scorecard

    Using the resource below compare the scorecard used by the British Airport Authority with a regular balanced scorecard. Can we apply this to other settings? Discuss to what degree the evidence suggests the balanced scorecard approach is amenable to most organizations. Basu, R., Little, C., Millard, C., (2009). Case Study:

    Walmart financial perspective balanced scorecard

    Walmart Briefly summarized their mission. Draft a financial perspective section of a balanced scorecard that reflects their initiatives and mission. Cite three objectives for improving their financial position and how it relates to the overall mission. Develop at least one measure, target, and initiative for each.

    BAE Implementing Balanced Scorecard Approach

    Describe the efforts put forth by BAE in implementing the BSC approach in their organization from an implementation perspective. What efforts did they make to assure employees would be receptive to, and accept the BSC initiative? Describe to what extent you believe their efforts paid off. http://www.cimaglobal.com/Documents/

    Compare and contrast the balanced scorecard

    Compare and contrast the balanced scorecard utilized by the British Airport Authority (BAA) at Heathrow Airport's Terminal 5 project with the standard quadrants typically applied in a traditional BSC approach. The terminal 5 project was a large, public construction project using private contractors. Consider how the T5 pr

    Reevaluating business strategy for competitive edge

    Given that we cannot always control political, technological, economic, or cultural issues, how often would you reevaluate your business strategy to maintain a competitive edge in the market place? What factors would you use to evaluate the need for change, and what tools you would use to make the changes?

    Implementing a Balanced Scorecard Approach

    I am trying argue that Cattaraugus County Rehabilitation Center did an effective job of implementing a balanced scorecard approach in a fashion that reflects their organizational mission and vision. http://journals.cluteonline.com/index.php/JBER/article/view/2471/2517

    Using balanced scorecard

    1.How does using a balanced scorecard benefit a project? What are the strengths and weaknesses of the balanced scorecard? What other tools are available to determine the financial viability of a project? How would you decide which tools to use? 2. How would you use Kotter's eight-stage process of successful change in executi

    Balance Scorecard of a Hospital

    Please see details of the assignment as follows: Questions to be answered after the reading. Marge Oliphant, the administrator of the South Tifton Hospital, a 150-bed rural hospital, decided to implement the BSC in her hospital. Her approach was to do a pilot test in the materials management department, a nonpatient care area

    Connor Company Strategy: Advance Managerial Accounting

    The Connor Company manufactures a specialized piece of manufacturing equipment. Its machine has always been distinct from its competitors' machines and is considered to be superior to their products, too. However, its competitors are catching up both in terms of features and quality. Connor has refined its manufacturing to the p

    Strategic Management in Business

    1. A. With respect to strategic management, what types of competitive strategies are the most effective? B. Will the same strategy work for your company in most venues? Why or why not? 2. A. As a manager and leader in your company, why do you want to create measurement devices early in the strategy development process? B

    Balanced Scorecards

    Describe balanced scorecards. Why is it important to have this type of criteria in place? What is the theory of "do no harm"?

    Balanced Scorecards and Performance Management

    Provide a brief description of the organization in which you are familiar with that is relevant to performance measurement. Does this organization use the balanced scorecard? If the organization does not use the balanced scorecard, how might the organization use elements of the balanced scorecard? If the organization does use th

    Personal Leadership

    1. Assuming you were to implement servant leadership in your organization or another organization in which you are involved, such as a community group or a church, identify the potential areas of impact on the organization. How would you measure this area of impact? 2. The topic of impact of servant leadership on results. Fin

    Direct TV performance measures: ROI EVA Operating leverage other

    Ratios are used for many purposes, performance measurement is one such application. However, not all performance measures are expressed as a ratio. Do some research on the Internet to learn about operating leverage, ROI, EVA, and pick another performance measure of your choice. You will note that there are variations in the comp

    Perspectives of the Balanced Scorecard

    Assume the CFO of your organization approaches you to ask your advice about implementing the Balanced Scorecard at your organization. a) List and describe the four perspectives of the Balanced Scorecard. b) What steps would you encourage him or her to take in order to successfully implement and use the Scorecard?

    Kaplan and Norton Score Card

    1 - Analyze the Kaplan and Norton score card. 2- Discuss another strategic management system and how it helps corporations. Give references.

    Evaluating Strategic Management Systems

    Task: Evaluate the current literature associated with Kaplan and Norton's Balanced Scorecard framework and one other strategic management system. Then compare and contrast the two systems based on the value to management. Choose one strategic management system. Discuss in detail with rationale its implications on leadership styl

    Market Defensive or Offensive Strategy

    Suppose the competitor analysis reveals that the American subsidiary of your firm's German competitor is about to broaden its product mix in the American market be introducing a new line against which your company has not previously had to compete in the home market. The environmental analysis shows that recent weakness in the d

    Balance Score Card Perspective: Fantastik Lil' Pancakes

    Fantastik Lil' Pancakes (FLP or Flippers), a popular pancake emporium, has hired just as their organization is considering upgrading their learning management enterprise system (LMS). Their objective is to move learning to a virtual environment, decrease course development and redesign time, improve participant satisfaction and