The global environment continues to be very contentious as organizations compete for market share around the world. As business continues to become more integrated, it is necessary to have standardized rules and processes. This standardization however must be adapted to fit local constituency within a given market. The balance scorecard is no different in this regard. A balanced scorecard allows businesses to better ascertain their particular strengths within a given capital project. As mentioned early, businesses are now more global in nature. As such, businesses have a larger array of opportunities to employ their financial capital. A balance scorecard helps to ensure that capital is utilized properly while also ensuring a proper response to the changing macroeconomic environments.
The balanced scorecard, as evidenced by the British Airport Authority case study, can be altered depending on the assignment. The balanced scorecard is unique in that it is broad enough to encompass varying financial and qualitative metrics, will also being specific enough to hold stakeholders accountable. This essay is designed to outline the use of the balanced scorecard with a general context. Subsequent paragraphs will provide practical application of the balanced scorecard as it relates to the British Airport Authority. This paragraph will discuss the use of private contractors within a public infrastructure project. This section will also outline how the both the private and public sector collaborated, using the balanced scorecard to implement a successful project. Following this section, the document will explain the unique applications of the balanced scorecard as it relates to the British Airport Authority. This section will also compare and contrast how the scorecard was adapted to the specific requirements of the British Airport Authority. The document will conclude of a review of the information given.
Balanced Scorecard Use in Business Organizations
To begin, there is significant evidence that suggests that the Balanced Scorecard approach...
The balanced scorecard is a management system that allows companies to simplify their vision and strategy and translate them into action. It provides feedback on both internal and external business processes. A survey of IMA members in management positions indicates that 88% of regular users of the balanced scorecard believe it has led to improved operating performance. Conversely, a KPMG management consultant survey stated that over 70% of companies implementing the balance scorecard saw an increase in working productivity (Robert, 2001). The survey however, also implied that it is a very proposition to link performance targets to compensation. As mentioned earlier 88% of the organizations regularly using the BSC reported improvements in operating performance. Of those 88%, 66% of them also reported an increase in profits. Correspondingly, those who have not experienced an increase in operating performance generally have not noticed an increase in profits due to implementing the BSC. This is evidence of the cause-and-effect linkage between the BSC perspectives. According to KPMG survey, 61% of companies reported improvements in bottom-line financial results. The numbers indicate that using the balanced scorecard can be beneficial. The surveys have indicated that there may be an upward bias as those who have not experienced success with the BSC may have chosen not to participate in the survey (Robert, 2006)
Sixty percent of regular users of the BSC provided financial incentives to employees for meeting or exceeding targets that were congruent with BSC measures, according to the KPMG survey. At the top level, CEOs are given stock options to provide an incentive to increase share prices. Business unit managers, middle managers, and front-line supervisors can have their bonuses and salary increases linked to their meeting or exceeding targets. This has proven to help companies overall delivery on financial metics. However, it has also given way to significant fraud and accounting manipulation as managers, from these financial pressures attempt…
However, none was found that centered on small hotels in China. This research add to the existing body of research by providing an assessment of the balanced scorecard method in this special business setting. The information obtained by this study will help to make small hotels in China more competitive and able to compete well into the future. This research will play an important role in the development of the
Balance Scorecard Applications in Healthcare Organizations Balanced Scorecard The Learning & Growth Perspective The Business Process Perspective The Financial Perspective Strategy Mapping General Perspective of Performance Management Performance Planning Ongoing Performance Feedback Employee Input Performance Evaluation & Review Performance Management in Healthcare Organizations Healthcare Organization as Learning Organization Principles of Performance Management in Healthcare Organizations Performance Measurement & Evaluation Methods Used In Healthcare Organizations Setting Up Performance Management Systems Dimensions and Approaches to Performance Management in Health Care Taken From the British National Health Service Induction Programs Performance Monitoring Personal
Balanced Scorecard Financial Market share -- gain fifty percent of the local market share within a three-year period. Profitability -- break even within the first two years of operations and earn a $20,000 profit by the beginning of the fourth year. Competitive Position -- establish the business as the "hometown" alternative of choice for premium coffee beverages and related goods through full participation in community events such as softball teams or fundraisers. Customer retention or
Symantec was an early leader in creating Mac-specific antivirus products and should strive to expand this area of the company in the future (Mook 2006). Product development and diversification must be at the core of the Symantec strategy, even before it tries to challenge global rivals. Its current corporate culture and leadership that assumes it is the 'Coke' of antivirus software must shift to a hungrier and more competitive
internal and external business environment of two fast food giants, McDonald's and KFC. The major sections of the paper include introduction to the companies; the competitive analysis of the fast food industry using five forces model; the Balanced Scorecard and SWOT analysis of the companies; and a set of recommendations in the light of these analyses. The purpose of this paper is to present an analysis of the Global fast
Project Management Emerging markets continue to be a promising area for many of America's most beloved companies such as Coca-Cola, Apple and more. This bodes well for project managers in the digital age as the expand operations overseas. However, as these companies become more global, the risk associated with their operation becomes more important. Understanding gender, ethnic and cultural differences can have a profound impact on the overall success of a