I need to understand the specifics of a balanced scorecard. Please Create a balanced scorecard for a specific US organization of your choice and then write a paper of 10-to-12 pages in length discussing the balanced scorecard. Giving your reasoning for the selections and decisions you made.
In writing the paper, identify the strategic objectives of the entire organization. Then develop three specific objectives within each of the four perspectives for the organization. Each objective should have at least one quantified target metric associated with it. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.
I understand that the balanced scorecard works best with for-profit organizations.
Please feel free to use any US company with which you are familiar. I want to see how you apply the Balanced Scorecard and to understand how well one can use the balanced scorecard.© BrainMass Inc. brainmass.com October 10, 2019, 8:08 am ad1c9bdddf
The response addresses the query posted in 2824 words with APA references
//In the contemporary environment, the balanced scorecard is a strategic management tool that is used by the business organizations for the purpose of aligning the activities of the business with the vision and strategies of the organization. It is also being used for monitoring the performance against strategic goals and for the purpose of improving the internal and external communications. In this respect, the following paper presents a balanced scorecard for McDonald's and thereby identifies the strategic objectives of the organization for achieving the set targets.//
Balanced Scorecard was developed by Robert Kaplan and David Norton for the purpose of measuring the performance that provided the managers and executives a more balanced view of knowing the organizational performance. It is used to evaluate the performance of strategies in terms of internal operations, finances, business processes, and customer's relations (Niven, 2011). The balanced scorecard is more popular towards the development and implementation of strategies as it covers a broader spectrum of business perspectives.
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McDonald's is a US-based fast food organization that serves around 69 million customers every day in around 100 countries (McDonald's 2015). Since 1955, McDonald's has worked very hard to differentiate itself from the other market players such as KFC, Subway, Taco Bell, Starbucks, etc. (McDonald's 2015). The adoption of the balanced scorecard by the company is the key to success of the company that has enabled it to build its vision and improve financial positions, internal business operations, customer satisfaction by providing them unique and delightful eating experience. McDonald's operates its business functions of the basis of cost leadership strategy, which differentiates its products from the others players and provides unique taste to the customers. The following diagram illustrates the components of a balanced scorecard.
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The strategic objectives of McDonald's are based on the balanced scorecard that takes into account the following perspectives:
1. Learning and Growth Perspective: McDonald's is focused towards employee training and corporate culture
2. Financial Perspective: McDonald's is focused towards increasing its return on investments and cash flows.
3. Customer Perspective: McDonald's is focused towards increasing the satisfaction of the customers, retention rate and thereby increasing its customer's base.
4. Business Process Perspective: McDonald's is focused towards the attainment of the internal business processes in an effective manner.
The following section describes each of these specific objectives having a quantified target metric associated with it, along with an appropriate target value and the actions that need to be taken for the achievement of the set targets.
//The learning and growth perspective focuses on the corporate cultural attitudes and employee training related to both corporate self-improvement and individual. The main resource is the people as they are the only repository of knowledge in a knowledge-worker organization. In the context to this, the below section will explore the ways in which the learning and growth perspective of balanced scorecard can be applied in the McDonald's.//
It is becoming essential for the employees of an organization to focus on continuous learning in the era of globalization, where technological changes and advancements are taking place every second (Schmidt, 2005). Learning and growth comprise of the essential factors that help in the overall development of the employees in an organization. It has been emphasized that learning is beyond training as it focuses on the guidance and direction of tutors and mentors within the workplace. Learning even focuses on providing ease of communication, where employees can easily communicate with each other and get their major problems solved within the organization. It also includes high-performance work systems, which include technological tools and techniques.
In the context to McDonald's, it can be analyzed that the organization believes in lifelong learning of its employees (Shields, 2007). Training and development sessions are provided to the employees at all levels that help to refine the skills of the employees, ensure growth in the current position and helps in adopting a new role in the organization. The organization takes full efforts to make its employees reach a new level and become capable of adopting the new business challenges arising in the changing world.
Every employee in the company at any level or position is expected to live the values of the ...
The specifics of a balanced scorecard are determined. The response addresses the query posted in 2824 words with APA references.