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TQM Balanced Scorecard concept, process and tools

Define how you would incorporate TQM Balanced Scorecard method into organizational strategic planning process and incorporate the following:

Describe the concept and key elements of a balanced scorecard.

Design a process for integrating balanced scorecard metrics in order to plan, implement, and evaluate the impact of quality improvement, innovation, and organizational transformation efforts.

Identify tools and techniques for integrating and establishing key linkages among operational, employee, customer, and financial/market performance metrics.

Link the voice of the customer to financial and market performance, the voice of employees, and with internal processes and performance metrics.

Use the balanced scorecard to drive organizational growth and improvement.

Quoted material must be accurately cited please. Please do not use more than 20% quoted work.

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Define how you would incorporate TQM Balanced Scorecard method into organizational strategic planning process and incorporate the following:

Describe the concept and key elements of a balanced scorecard.
The balances scorecard is a method that is used to bring the strategic planning process to the practical aspects of the business. This method helps the companies clarify their vision, mission, goals and actions. What distinguishes the balanced scorecard method is that it provides feedback about the internal business practices as well as the external linkages. The balance scorecard method begins with the financial measures but these measures evaluate the historical processes, what the balance scorecard does is to bring a future perspective to the process of value creation. Moreover, it focuses on investment in innovation, suppliers, processes, employees, technologies and customers.
The balanced scorecard requires us to developed four interlinked perspectives namely, customer, financial, learning and growth and internal business processes. There are some aspects of the balanced scorecard method that makes it unique. First, there is a double-loop feedback. In the traditional methods of quality control the quality was controlled to protect the customer from poor quality goods. For the first time the BS method has drawn the customer standpoint into the quality improvement process. Second, there is the introduction of measurement process. These metrics are developed on the basis of strategic feedback, diagnostic feedback, performance trends, measurement methods and quantitative inputs to forecasting methods and decision support systems. Third, there is the introduction of management by fact.

Design a process for integrating balanced scorecard metrics in order to plan, implement, and evaluate the impact of quality improvement, innovation, and organizational transformation efforts.
A company is producing hand held drills. It plans for improvement in quality. The metrics of improvement from the perspective of balanced scorecard can be enumerated as follows. The objective of the improvement from the point of view of the customer is to increase the speed of the drill by 20% and the life of the drill bit to 30 minutes of continuous drilling. Currently a bit lasts 20 minutes of use. The vision of the company is to provide the best possible machine tools to the customer and to reduce complaints about the hand held drill from 20 product returns per 1000 to 10 product returns ...

Solution Summary

TQM Balanced Scorecard concept, process and tools are discussed in great detail in this solution.

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