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Balanced Scorecard

Build a Balanced Scorecard for the unit of the organization for which you work (Scholastic Corp. Symbol: SCHL). Identify the strategic objectives of the entire organization and the secondary objectives for the unit. Develop three specific objectives within each of the four perspectives for the unit. Each objective should have at least one target metric associated with it that can be quantified.

The specific information needed to calculate each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.

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Build a Balanced Scorecard for the unit of the organization for which you work (Scholastic Corp. Symbol: SCHL). Identify the strategic objectives of the entire organization and the secondary objectives for the unit. Develop three specific objectives within each of the four perspectives for the unit. Each objective should have at least one target metric associated with it that can be quantified.

The specific information needed to calculate each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.

Scholastic Corporation is an education company and its dealing in children's publishing, education and media. It also develops the content for school including books, audio visual programs and in other forms. It has got an interactive ecommerce site for teachers, classrooms and parents. The Company categorizes its businesses into four operating segments: Children's Book Publishing and Distribution; Educational Publishing; Media, Licensing and Advertising (which represent the Company's domestic operations), and International.

http://moneycentral.msn.com/companyreport?Symbol=SCHL

Mission

Scholastic, the global children's publishing, education and media company, has a corporate mission supported through all of its divisions of helping children around the world to read and learn. Recognizing that literacy is the cornerstone of a child's intellectual, personal and cultural growth, for over 85 years, Scholastic has created quality products and services that educate, entertain and motivate children and are designed to help enlarge their understanding of the world around them.

Credo
Scholastic produces educational materials to assist and inspire students:

* To cultivate their minds to utmost capacity
* To become familiar with our cultural heritage
* To strive for excellence in creative expression in all fields of learning, literature, and art
* To seek effective ways to live a satisfying life
* To enlarge students' concern for and understanding of today's world
* To help build a society free of prejudice and hate, and dedicated to the highest quality of life in community and nation

We strive to present the clearest explanation of current affairs and contemporary thought, and to encourage literary appreciation and expression consistent with the understanding and interests of young people at all levels of learning.
http://www.scholastic.com/aboutscholastic/credo.htm

The Strategic objectives of Scholastic can be compared with different measurement areas for Balance Scorecard as follows:

a. Revenue, Net Profit margins, Growth in operating cash flows can be tied with financial goals of measurement of Balance Scorecard.
b. Customer satisfaction, Market Share and Number of new products can be tied with the customer goals of measurement of the Balanced Scorecard.
c. Supply chain Performance, Delivery time and Cost of Manufacturing can be tied with internal business processes (Operations) goals of measurement of the Balance Scorecard.
d. Employee satisfaction, retention and development can be tied with Learning and Growth goals of measurement of the Balance Scorecard.

As per the Timmons model (1994) - (Bygrave 1994, 10-11, Ripsas 1997), one can summarize the critical factors of the success of the business in three main groups:

? The people (the founders, including the management team as well)
? The idea (as developed and refined concept in order to exploit market opportunities)
? The resources (which are important for the setting up of the business and making it grow)

? www.labor.entrepreneurship.de/tiki-index.php
Thus Scholastic has to use all the three in an effective manner to achieve the success.

Firm need to integrate the following inputs from different levels:

Finance Goals
Management will require information on inventory costs, on raw material supplies, monitoring of the productivity of the employees. Financial records such as journal, ledger will provide all the ...

Solution Summary

Balanced Scorecards are advised.

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