Balanced Score Card
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Suggest two performance measures in each of the four balanced scorecard categories for a service industry firm of your choosing. Using these measures as examples, explain the difference between lead and lag measures.
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Solution Summary
Two performance measured in each of the four balanced scorecard categories for a service industry firm are examined.
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Running Head: BALANCED SCORECARD
Performance Measures for Balanced Scorecard Categories
Introduction
Balanced scorecard could be explained as the tool of effective strategic planning and management system. This tool may be used in both manufacturing and service organizations as well as in profit or non-profit organization. Balanced scorecard includes four categories that are used to measure organizational performance and to make the effective strategies for the business (Keyes, 2005). For the performance measure under balanced scorecard the telecom industry would be chosen.
Balanced scorecard Categories & Performance Measures
Financial Perspective - The first category of balanced scorecard is financial perspective. This perspective is used to measure the financial performance of the business and to make the effective financial strategies. This category includes market share, competitiveness of the company. The main objective of this category is to increase the revenue and to achieve the competitive advantage for the business (Addison, Haig & Kearny, 2009). This perspective also helps to reduce the overall cost of the business that facilitates cost leadership for the firm. In the Telecom industry the financial perspective plays an important role as competition is very high in the industry. The financial perspective helps to determine effective financial strategies for the business. ...
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