Module 1 - SLP
The Financial Perspective
The purpose of the Session Long Project is to give you the opportunity to explore the applicability of the Module to your own life, work, and place in space and time, and to experiment with the Module to see how the otherwise academically rigorous presentation of a topic may, with more or less work and/or trauma, become "up close and personal". This is done in a number of different ways -- sometimes cumulative papers, sometimes practical hands-on experimentation with a tool of some sort, sometimes reflections on a place of work or life. The common thread is personal application, aimed at demonstrating a cumulative knowledge and understanding of the course's material.
For this course, the Project will take the form of putting together background from each of the perspectives for a balanced scorecard approach to an organization or organizational unit with which you are familiar. You're not building a complete balanced scorecard -- that would be far beyond our current scope - but you'll have a chance to see what goes into it and how it gets put together into a coordinated whole. As in the cases, you'll be drawing on your previous course work to help.
The Module 1 assignment has two parts. First, you need to identify an organization to which you have access to at least some information concerning financial data; staffing and human resource systems; marketing and customer relations; information systems; and operations. While most material on the Balanced Scorecard is written from the private, for-profit point of view, it's perfectly possible to use this approach with public or non-profit organizations as well; click here for some guidance on how this can be done.
For the second part of this assignment, consider the organization's mission and strategy from the perspective of its financial operations (from your work on the case, your previous course work, and your background reading, you should be reasonably clear what such operations are). In this section of the assignment you'll begin to identify objectives and measures relevant to that perspective. If you're unclear on just what objectives and measures are, here is a presentation that describes what they are and how to write them.
When you have thought about it and made your selection, please specify:
The name of your organization
What this organization does - its mission, vision and overall strategy
The access you have to information about this organization -- remember, you'll need information about its financial performance, marketing, internal operations, strategy, and management systems.
Once you're reasonably clear on what's involved, think about your organization and its finances, and then:
Identify at least three objectives for improving the organization's financial position, and show how they relate to the mission, vision and strategy of the organization.
For each objective, develop at least one meaningful performance measure (metric).
For each objective, identify at least one expected level of performance (target).
For each objective, identify at least one new action or program that needs to be developed to ensure successful implementation of the organization's strategy (initiative).
Here's a table that you may wish to copy and fill in:
Bank of America
My experience with the criteria for this assignment in dealing with BOA comes from the knowledge I have been privileged to through my relationship with a Senior Loan Officer that has worked for the institution for several years. Also, I will draw from my own experience as a customer, my studying of their financial performance and through reading of appropriate documents as related to the company's performance.
Mission, vision, and overall strategy
Bank of America's stated mission is to be the "World's Most Admired Company".
"At Bank of America, we strive to offer the most convenient banking network for our retail customers coast-to-coast; build our global capital markets platform to better serve our corporate clients; leverage information and market knowledge to innovate for customers and clients; integrate our operations and businesses to create value for customers and shareholders; and deliver the highest standard of service quality to consumers, businesses and institutions of all sizes".
Bank of America's overall strategy according to their CEO is "to be customer focused and offer unmatched convenience and expertise, high service quality, innovation and a variety of products and services delivered as a single ...
The Financial Perspective analyzed in depth with examples and APA references.
A) Explain the concept of the Balanced Scorecard and discuss its use in a strategic management accounting system.
(b) Describe three specific performance measures which could be used in a Balanced Scorecard system in an industry of your choice.
a) Answers could include: rationale for the Balanced scorecard, perspectives used, focus on key measures of performance, linking financial and non-financial aspects, long-term and short-term aspects.
(b) Answers will vary according to choice of industry, but must be related to the industry and be clearly described.View Full Posting Details