Verified Document

Balanced Scorecard Approach Typically Focuses On The Essay

Balanced scorecard approach typically focuses on the organization finding links and balances between its mission and vision and four perspectives -- the financial, learning & growth, internal operations and customer (Kaplan & Norton, 2013). This approach is contrasted with a modified version that was used in the construction of Heathrow Airport Terminal 5 (Basu, Little & Millard, 2009). The Heathrow Terminal 5 project began with a number of objectives relating to getting the terminal opened on time and on budget. These included setting new standards in delighting the traveler; develop and deliver new standards of health, safety and security; earn proactive support and trust of key stakeholders; achieve exceptional performance to ensure value for money and to leave behind a legacy of quality (Basu, Little and Millard, 2009). As a mission statement, it really does not have a sense of focus to help those working on the project, but it does encapsulate a wide range of strategic objectives, so it can definitely help in setting strategies and objectives under the balanced...

Parts of this document are hidden

View Full Document
svg-one

Further, the use and adaptation of the scorecard included three "fundamental criteria" -- rigour in purpose, rigour in measurement and rigour in application. These are already part of the balanced scorecard but it does not hurt to remind people of the usefulness of rigor.
The adaptation of the balanced scorecard approach carried with it a "four-tiered approach." The four tiers were stakeholders' engagement for commitment, create a culture that values quality, integrated communications campaign and implement best practice quality. There are some corollaries with the balanced scorecard in these tiers. For example, stakeholder engagement is akin to the customer perspective. Broadening the term customer to encompass all stakeholders is a critical adaptation, made necessary by the fact that this is a public project with no direct stakeholders. Implementing best practice quality relates well to the internal operations perspective. Best practices reflect benchmarking, for example, which is an internal operations technique to drive quality higher. Further,…

Sources used in this document:
Works Cited:

Kaplan, R. & Norton, D. (2013). Balanced scorecard basics. BalancedScorecard.org. Retrieved April 30, 2013 from https://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx

Basu, R., Little, C. & Millard, C. (2009). A fresh approach to the balanced scorecard in the Heathrow Terminal 5 project. Measuring Business Excellence. Retrieved April 30, 2013 from http://www.perf-ex.co.uk/wp-content/uploads/2012/04/T5-case-study-MBE-papaer.pdf
Cite this Document:
Copy Bibliography Citation

Related Documents

Business Plan: Bridal Salon Business Products and
Words: 3400 Length: 10 Document Type: Business Plan

Business Plan: Bridal Salon Business Products and services Keys to Success Company description Vision Statement Mission Statement Company background Products and Industry Product Description Industry Description The Market Market and Target Customer Market Segmentation Target Market Strategy Competition and Competitive Advantage Curbing Local Competition Curbing Regional Competition Marketing Strategy Overall Strategy Sales Plan Competitive Plan Research and Development (Growth Plan) The Organization Legal and Organization Structure Key Personnel Related Service Providers Location The Financials Critical Risks Income Statement Cash Flow Projection Balance Sheet Assumptions References Executive Summary Introduction Pace-setter is a bridal salon that rides on the theme of 'experience'. It creates an environment in which

Business Description Definition of the Market Description
Words: 1271 Length: 4 Document Type: Business Plan

Business Description Definition of the Market Description of the Products Organization and Management Descriptions Marketing Strategies Financial Management This paper presents business plan for a new leather garment manufacturing and retailing business. The business is being set up with an initial capital outlay of $53 million. The paper starts with a brief description of the business; its target market and product offerings, and then proceeds by proposing organizational and management strategies, marketing strategies, and financial management

Business Plan Gbsgreen Building Solutions Company Description
Words: 1926 Length: 6 Document Type: Business Plan

Business Plan GBSGreen Building Solutions Company Description Product & Service Description Marketing Strategy & Plan Environmental Analysis (SWOT/PEST) Competitive Analysis Products and Services Pricing Promotion People Financial Analysis & Projections Profit and Loss Risks and Assumptions GBSGreen Building Solutions Business Plan According to the Environmental Protection Agency (EPA) the impact of commercial buildings on the physical and social environment are such that there is "not questioning the vast impact…" (Environmental Protection Agency, 2006) Commercial Buildings are reported by the U.S. Department of Energy's Energy Information Administration

Business Plan Idc Interiors Aims
Words: 3240 Length: 12 Document Type: Business Plan

[2: www.med.govt.nz/business/business.../structure-and-dynamics-2011.... ] The primary research of the Auckland market presents the following sectors for consideration for the new venture: The demographics in the target market include: college going and married women with children who either are working mothers or stay-at-home mothers; this makes the age group anywhere between 25 to 55; the overall annual income of the household is more than AUS $100,000; the property owned by the target individual

Business Plan of Searchyyy.com a Meta Search
Words: 2289 Length: 7 Document Type: Business Plan

Business Plan of Searchyyy.com a Meta search engine Market Opportunity & Solutions Business Model and Strategy Search engine according to countries and languages Advertisement Revolution Social Networking and Blogging Sites Revenue Opportunities Sales and marketing plan Technology overview Technology implementation Intellectual property Competition Financials Current ratio ROE Debt to equity ratio (D/E) Management Organization and Ownership Organizational Structure Risks and mitigation Searchyyy.com, Inc. is Meta search engine which intends to provide a multi-category search engine to its users at a faster pace. The growing technology has evolved our lives. Users

Business Plan Product Description Market
Words: 4066 Length: 15 Document Type: Business Plan

As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now