Use our essay title generator to get ideas and recommendations instantly
alanced Scorecard Evaluation
The Voice of the Employee focused on safety and poor employee relations. This falls under the Learning and Growth category of the balanced scorecard. It evaluates the correct level of expertise with each employee, employee turnover, job satisfaction, and training (McCarthy, 2008). The balanced scorecard measures the top down strategy of the company's mission statement and strategy (Kaplan, 2007). From the mission and strategy of USPS, the employees could be measured on current success, how improvement could be made, and future success, how improvement could continue to improve in the future. This entails all employees across the organization and evaluates performance gaps. Workplace environment addressed safety measured against OSHA and employee satisfaction measured by annual surveys and tracked monthly by units.
The Voice of usiness was separated into two areas, productivity measure and revenue measure. This evaluated the internal business process of the number of activities per…… [Read More]
i attaching a case study answer question USING STATEGY IMPLEMENTATION THEOY AND FAMEWOK >>>Critically discuss benefits a balanced scorecard approach measuring monitoring performance, analyze BCom develop performance measures relate corporate goals.
Balanced scorecard: How it can help Bcom plc
The balanced scorecard approach
The balanced scorecard approach was developed, as its name implies, to give businesses a more 'balanced' way of evaluating their strengths and weaknesses. It suggests that organizations view themselves through four distinct lenses: the learning and growth perspective (which stresses 'soft' resources such as employee strengths and corporate culture); the business process perspective (metrics which see if the internal business processes are running well and business' products and services align with customer needs); the customer perspective (customers' satisfaction with the product or service price, quality, and style); and the financial perspective (profitability, risk-benefit analysis, and so forth) (Balanced scorecard basics, 2013, Balanced Scorecard).
In a…… [Read More]
Saatchi & Saatchi: Balanced Scorecard Case Study
Saatchi & Saatchi was once one of the world's most respected advertising agencies, but its fortunes were floundering in the mid-1990s. It had crafted a quirky brand image for itself that had been diluted due to its over-expansion and a lack of a coherent vision for its various component agencies. "Throughout the 1970s and 80s we experienced rapid growth through acquisitions. We were essentially competitors only connected through common ownership" (Greenhalgh 2004:2).
The company established specific financial benchmarks for itself to meet.
These included growing its revenue base better than the market average, converting 30% of its incremental revenue to operating profit, and doubling its earnings per share (Greenhalgh 2004:3). This was designed to give the company a sense of focus, purpose and clarity in reshaping its new future over a three-year period. Clear goals provided shareholders with a sense that…… [Read More]
Balanced scorecard is a framework for setting objectives for the business. Ideally, when the company meets these objectives, the company will be successful. To make this happen, the different objectives that the company sets within the balanced scorecard framework should be congruent. That is to say, the different objectives should make sense together (BSI, 2012).
There are four elements to the scorecard -- the shareholder value perspective, the customer value perspective, the process perspective, and the learning & growth perspective. For Berry's Bug Blasters, the shareholder value perspective is represented by financial objectives relating to profit and growth. To this end, Berry's Bug Blasters has developed a set of financial objectives. The company wants to achieve a revenue growth rate of 50% per year for the first ten years. ith franchising and international expansion as part of the company's plans, this objective is reasonable. Profits should also grow at this…… [Read More]
Balanced Scorecards: The Customer Service Perspective
The Customer Service Perspective
Hyde Park Electronics, Futura Industries and Southern Gardens Citrus (SGC) all were able to transform their businesses using Balanced Scorecard (BSC) methodologies that aligned each of their respective businesses to customers so that value was consistently created and delivered, growing each business in the process. Each was able to quickly progress beyond using BSC frameworks as a means to track financial performance to monitoring in real-time how effective their unique value propositions are (Niven, 2013). Moving beyond the financially metrics to customer-centered ones also provided insights into how each company needed to better manage its employees as well. As each of the company's business models are significantly different, each of their perspectives on how to align their business models to their specific customer's needs also varies significantly and their approaches to the BSC framework reflect this (Gumbus, obert,…… [Read More]
During the mid-90s, the advertising firm of Saatchi & Saatchi was facing a crisis both in terms of its core mission and also in terms of its 'branding' within the industry. Once a financial pioneer, the creative cohesion between the different branches had been lost. The agencies existed as "competitors only connected through common ownership" (Greenhalgh 2004:3). The organization set specific benchmarks for financial improvement: "growing our revenue base better than the market; converting 30% of that incremental revenue to operating profit; [and] doubling our earnings per share" and also strove to offer its core base of customers a more consistent product branded with a unique Saatchi style (Greenhalgh 2004:3).
The company segmented its agencies to prioritize high-growth markets. The three categories were those of lead, drive, and prosper' agencies. Each category had different strategic challenges. The vast majority of Saatchi agencies fell into the 'prosper' category…… [Read More]
Too often, managers will have the tendency to be technical, well organized, clear and succinct. While this approach is indubitably important, it should also be recognized that people do not only need to be managed, but they also need to be led. The transformational leadership style is gaining in popularity due to its focus on empowering employees and directing them in the sense of positive and beneficial change (Changing Minds).
(1) Measurement of the element -- questionnaires and interviews, performance assessments
(2) Source of element measurements -- organizational documents, employees and managers
(3) Ability of the element to stimulate motivation and performance -- through motivation and stimulation of involvement
3.6. Future of the employee
Employees will increase their loyalty to the firm when they feel that their future is secured by the entity. Two examples of how this could be achieved include training programs -- previously mentioned --…… [Read More]
Ultimately, McDonald's will have to drill down into the business processes that influence customer satisfaction and thus, frequency. Is service quick and efficient and are employees appropriately trained (alanced Scorecard 101)?
McDonald's could measure such elements as the amount of time from order to delivery, the number of employees attending and passing training classes (alanced Scorecard 101) and employee retention (Wendy's). Most large organizations such as McDonald's have a strategy in place and know the business processes that will help support the strategy. ut, it's difficult to bring that strategy down to its front lines so that the processes are executed efficient and effective (Wendy's). The alanced Scorecard will help McDonald's align its various divisions and restaurants with its strategy.
Competitive benchmarking suggests that McDonald's must move forward with a balanced scorecard to improve customer trial and frequency, business processes and strategic alignment as outlined in this paper. One of…… [Read More]
Balanced Scorecard- The Balanced Scorecard approach is a way to translate strategic objectives into tactical and measurable performance. It is a tool that outlines ways of the organization to strategically map their performance in ways that impact both the internal and external stakeholder, ultimately aiding the company in setting goals and managing the businesses' strategic plan. The manner in which an organization measures itself strongly affects the behavior of employees (internal) and consumers (external). If companies are to survive in a global and actively competitive model, they must use aggressive measurement to encourage change and performance (Lanabeer and Napiewocki, 2000; Stevens, et.al., 2006).
Tri-Citities Community Bank- TCCB is a successful bank located in the Midwest. Chris Billings is the new President of TCBB's south division, and believes that the Balanced Scorecard approach could be a useful tool to boost TCCB's performance. Billings particularly believes that a balanced scorecard would help…… [Read More]
Balanced scorecard seeks to provide a sense of strategic balance to an organization by focusing on four distinct perspectives, rather than having the organization orient itself strictly to maximizing shareholder wealth (Kaplan & Norton, 1996). The underlying logic of the balanced scorecard is that there are certain congruencies between the different perspectives. By understanding these perspectives, the firm is in a position where it can optimize its performance by maximizing key strategic elements (BSI, 2013). A good example of this is FedEx's "people-service-profits" philosophy, which draws a clear link between human resources, customer orientation and financial outcomes, and then makes those links a part of the corporation's overall strategy. One of the strengths of the balanced scorecard approach is that it can be adapted to meet the needs of many different types of organizations, including both not-for-profit enterprises, and public-private partnerships.
Basu, Little and Millard (2009) discuss how the…… [Read More]
The balanced scorecard is a managerial approach based on the principle that four different elements of a business are interrelated. Thus, to optimize one, a strategy should seek to optimize all of them. The four elements in question are the financial, the business processes, the learning & growth and the customer. If one element is prioritized in the business, then the business will be unbalanced. The businesses that thrive in the long run are the businesses that are the most evenly balanced (QuickMBA, 2010).
According to the Balanced Scorecard Institute (2017), the balanced scorecard is used in a few different ways, including to communicate what management is trying to accomplish, to align the day-to-day work with strategy, to prioritize projects, and to monitor progress towards strategic targets.
Perhaps the easiest element of the scorecard is the one most managers are familiar with – the financial. Financial measures include…… [Read More]
Balance Scorecard for Fatura
Business organizations operate with the sole objective of effectively utilizing the input factors in order to maximize on the output. For this case, output is measured in terms of performance, which, essentially relates to the profits or customer satisfaction. In the industrial age, most managers relied heavily on conventional financial metrics as the only strategic measure to align the activities of the organization to the goals and objectives of the same organization. However, this perspective has gradually shifted in the information age. Balanced scorecard is the most recent strategic tool that most organizations currently use in their planning and management activities. It is crucial as far as the alignment of the business activities to the objectives of the firm, boost both internal and external communications, and assess the organization performance relative to strategic goals. BSC is classified into four quadrants that include customer, financial, internal business…… [Read More]
This particular perspective is used in the accurate identification of infrastructure that a given company must acquire so as to compete in the future dynamic and highly competitive global market place.
The Balanced Scorecard has not just been praised for its theoretical soundness but has actually produced real results. Prickett (2003) noted that in 2003, a study that involved 35 firms in the UK proved that the best performance measurement strategies were implemented by firms that employed the Balance Scorecard approach of measurement. This study further indicated that companies that had been successful in their measurements because the Balanced Scorecard approach successfully identified certain critical indicators after a thorough consultation with all sectors of the firm's business team (including the lower level and the front line employees).
Extant literature on the Balanced Scorecard approach have shown a constant praise of the model. This is because as noted by Hagood and…… [Read More]
Control and Adjustment of Environmental Factors for a New Bookstore: The Balanced Scorecard Perspective
All businesses, whether they are brand new and still in the planning stages or have been around for generations, must continually reappraise their position in their given market and industry in order to ensure that they are providing their shareholders and all stakeholders with the maximum possible benefit for their involvement with the business. Simply put, companies must make sure that their vision and strategies, in addition to being maintained with a high degree of focus and integrity, are also being implemented in effective and practical ways. There are a variety of different theoretical models that can help to translate the abstractions of visions and objectives into practical actions and decisions, and among the simplest yet potentially most effective of these models is the balanced scorecard.
The balanced scorecard model or framework was developed…… [Read More]
CMBS overcomes resistance to change by concentrating on quantifying customer satisfaction by asking for ratings of each aspect of a system installation after it has been installed. This gives each member of the team a high level of ownership in the metrics being measured, and over time they improve as CMBS system integration teams become more attuned to the unmet needs of their customers purchasing systems. In this regard BSC strategies with accountability for performance lead to continual efforts to improve scores on each metric defined as part of both the customers' expectations and the motivation CMBS integration teams have to improve their performance and gain greater financial results as well. In this way CMBS alleviates resistance to change by focusing on how to motivate employees to become active change agents for the good of the metrics measured on behalf of clients.
Defining BSC Perspectives for CMBS
The four perspectives…… [Read More]
What was the situation for Saatchi & Saatchi in the mid 1990s? The management team adopted an approach that was primarily two-pronged: the financial perspective and the customer perspective. In terms of the financial perspective, what goals did the new leadership set for the company?
Saatchi & Saatchi had lost critical amounts of market share, because the company had overleveraged itself through numerous acquisitions. The goals that the new leadership of the company provided include: improving client relations (through personalized service), utilizing the creativity of employees and decentralizing operations. These different elements are important, because they would allow the firm to be able to deleverage some of the mergers and refocus on their core markets. Once this took place, it would increase the financial strength of the company, by reducing areas that were a drag on the firm. (Greenhalgh, 2004)
Analysis: How did the company categorize its different…… [Read More]
Balanced Scorecards (BSC) are designed to provide insights into which customer-centric strategies are the most profitable and scalable over the long-term (Glykas, Valiris, 2011). Often customer-centric measures of satisfaction, sales and repurchase rates hide the real issues of customer profitability, lifetime customer value and cost to serve the most loyal customers (Kaplan, 2005). A balanced scorecard must take into account the entire value chain of a business if it is going to be successful and capture those most profitability activities first, not just seek to gain customers' satisfaction levels alone (Jayashree, Hussain, 2011).
The measurements as defined by Niven are not customer-centric, they are centered on how companies connect with their prospects and customers. There is a major difference in truly customer-centric measures of performance and those that seek to measure the value of the messaging produced. Niven is speaking of unique value propositions (UVP) that are unquantifiable by nature,…… [Read More]
Balanced Scorecard: Customer Perspective
he balanced scorecard (BSC) developed by Robert Kaplan and David Norton is "one of the most highly touted management tools today" (Gumbus, A. & Lussier, R. 2006), and is used extensively by Fortune 1000 companies to "set strategy and align operations to achieve breakthrough results" (Gumbus, A. & Lussier, R. 2006). Is the balanced scorecard a tool only for the multinational or conglomerate firm? Increasingly no, as small to mid-sized firms are embracing BSC as an effective "strategic planning and measurement system" (Balanced Scorecard Institute) which allows for organic growth, greater profitability, "innovation, and outstanding customer service" (Niven, P.N.D.). An analysis of three firms: Hyde Park Electronics, Futura Industries, and Southern Gardens Citrus demonstrate the positive impact of the BSC for small to mid- size entities.
he balanced scorecard was designed with the understanding that "financial measures alone were not sufficient to measure performance" (Gumbus, A.…… [Read More]
Product measures will reflect quality as rated by customers, and by the number of awards the food wins in competitions. Other process measures will include the amount of food waste generated, and it is hoped that this will be minimal.
Learning and growth objectives are important, since Heavy Henry's wants to have a staff that is among the best-trained in the business. The company's code of values is an important element of the training process. Measures will include the knowledge level of the staff with respect to preparation techniques, ingredients, and the code of ethics. Service staff will also be tested on their beverage pairing knowledge as well. Management will be measured on their knowledge not only of the restaurant but also of the competition -- they must always know what the competition is doing to ensure that they are consistently outcompeting.
Using the balanced scorecard approach, we can see…… [Read More]
Balanced Scorecard: Internal Business Perspective
Increasingly companies large and small are implementing the balanced scorecard (BSC) as "a management system that enables organizations to clarify their vision and strategy and translate them into action" (Balanced Scorecard Institute. N.D.). In Kaplan and Norton's framework of the BSC they articulated four distinct perspectives: financial, customer, internal process, and learning and growth; because "financial measures alone were not sufficient to measure performance" (Gumbus, . & Lussier, R. 2006). In the case of Duke Children's Hospital, a BSC was introduced to ameliorate deteriorating financial conditions; with expenses per case rising 42% from 1993-1996, and net margin reductions of 11 million in 1996 form two million in 1993. "In addition, staff productivity had fallen, and patient and staff satisfaction was at an all time low" (Meliones, J. Ballard, R. Liekweg, R. & Burton, W. 2001).
The balanced scorecard implemented by Duke Children's Hospital focused…… [Read More]
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…… [Read More]
Blogger Balanced Scorecard
Ease of use
Cash flow, profit margin
Percentage of users adopting new features
Rate of additional feature additions
Percentage of parent's total revenue
Reported problems adding additional non-Google components
Reported problems with Google components
Frequency of use with various applications
Internal Business Pers.
Rate of adoption of other google products by Blogger
Rate of Blogger adoption by users of other products
Continuous in-house testing and review
Click rate for Google-placed ads
Rate of ad changes based on algorithmic processes
Reduced human resources
Labor hours/usage hours ratio
Blogger HR budget/expenditures
Time-to-market for new media supports
The above balanced scorecard is rather simply explained. From the financial perspective, Blogger's main goals are to ensure it…… [Read More]
In summary, the role of the balanced scorecard is to translate strategic goals and objectives into short-term, tactically achievable objectives. In measuring performance relative to KPIs on an individual level, many organizations seek to create meaningful contexts for employees to seek achievement in their jobs. When an employee or manager finds achievement in their work, the alignment of their efforts to achieving the measures of performance in the four perspectives mentioned becomes possible. In a sense a balanced scorecard is meant to provide direction and guidance to managers and subordinates over an extended period of time, ensuring the achievement of longer-term objectives.
ichard W. Beatty, Mark a Huselid, Craig Eric Schneier. (2003). New H metrics: Scoring on the business scorecard. Organizational Dynamics, 32(2), 107-121. etrieved March 16, 2009, from ABI/INFOM Global database. (Document ID: 386010131).
David W. Bracken. (2006). The Workforce Scorecard: Managing Human Capital to Execute Strategy. Personnel…… [Read More]
Balanced Scorecard Analysis of Peel Memorial Hospital
Using the case analysis of The Balanced Scorecard-solution at Peel Memorial Hospital (Harber, 1998), this paper illustrates how performance management can directly affect the success of an organization in meeting its goals and mission. A brief analysis of the case is first presented, followed by the identification of major issues involving both the organization and the individuals involved. This analysis continues with an identification of the alternative courses of action to address, and a decision or recommendation for action as well. The scenarios that Peel Memorial Hospital faced are easily transferrable to a very broad base of other business unrelated to healthcare as the case concentrates on the alignment of vision and mission of an organization with their daily routines and initiatives (Harber, 1998).
Brief Analysis of the Case
The nature of the healthcare business, as can be inferred from the case, is…… [Read More]
The company that I am going to study is Google. This company makes most of its money from online advertising. hile it has a wide range of different services and products -- Android and Chrome being to prominent ones -- advertising is where it makes its money. The mission of Google is to "organize the world's information and make it universally accessible and useful" (Google.com, 2013). The company does not have an explicit vision statement. It competes on a differentiated strategy. This means that it seeks to sell more ads than its competitors by delivering the most eyeballs, but also by being able to provide significant data about those eyeballs. Google sells ads, therefore, by allowing its customer to better target their ads, something that adds value. Competing on value-added is typically associated with a differentiated strategy.
Google has a rather exceptional financial situation, in that it is…… [Read More]
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 small hotel business in China in several important ways. It will help them to see what areas of their business need improvement, it will help them to pinpoint specific problems within their organization. It will help to bring weakness from obscurity into the forefront where solutions can be found. It will also show them their strengths and the area that could be developed for even greater prosperity in the future. This research will help small hotels to develop long-term vision…… [Read More]
There is also the need to make sure the funds are actually leading to the socially-driven and philanthropic goals being achieved as well. Where for-profit organizations commonly use balanced Scorecards for measuring their effectiveness relative to financial and operational goals, not-for-profit organizations need them even more to measure and report back on the progress to attaining greater social good (Weinstein, Bukovinsky, 2009). Arguably the increased pressure on not-for-profits to show not just a return on their investment in terms of social welfare but also show the funds were spent judiciously and without waste accentuates, intensifies the need for tighter reporting. As a result, there is the need to ensure a very high level of transparency and accountability in now the funds and resources of a not-for-profit are used. For all of these factors and the need for auditability of not-for-profit organizations' financial statements and ongoing activities, balanced scorecards are indispensible.…… [Read More]
Q2: Has ABM (Activity-Based Management) any place in the operation of NPOs, if yes should it be the case that it must be implemented first before BSC is implemented, or can BSC be implemented without first implementing ABM?
ABM is quite relevant to NPOs -- even if NPOs are not specifically created to generate a profit, they must still budget their activities to save revenue and to act in a fiscally responsible manner. Prioritizing human and financial resources is also essential, to realize the goal of the organization. Adding value to the product through efficiency and accuracy is an important goal for NPOs such as the Red Cross, as the organization's scarce resources and efforts must be well-suited to the specific, pressing needs of a natural disaster or health crisis. ABM should be implemented first, before a BSC is created as definitions of what constitutes organizational value within NPOs may…… [Read More]
Chang and Young (1995) points that the process of measuring performance give an organization an opportunity to have focus, projections, common understanding as well as quality knowledge to enhance good decision making process in any organization. t also helps organizations to have a mechanism of getting feedback on the improved efforts of service delivery. n addition to this due to the fact that measurement of performance is closely related to achievement of an organizations goals and objectives, it provides the management with an opportunity to control and monitor all the processes of the organization geared towards the achievement if the organizations overall vision and mission through the vigorous implementation of the chosen strategies (Aid mark 2001). However, with ever changing business environment and embracing of new strategies by the different organizations, dissatisfaction and discontent with the traditional methods of measuring performance is growing. This has consequently resulted into many organizations…… [Read More]
Google's internal business processes are surprisingly informal for a group of engineers. Rather, Google likes to encourage the creative side of their workers, and so there is an emphasis on projects, even where there is no clear objective at the outset. The company also embarks on projects where there is no clear profit potential -- such is life at a company with $50 billion in the bank. The reality is that Google does all of this because it recognizes the importance of intellectual property in its success. The company hires great people, but then it allows them to innovate and perform, and the internal operations are specifically design to remove constraints to innovation.
On the more conventional side of the business, where Google runs the advertising business that makes all of its money, the company does have more formalized business processes. There is still an element of innovation…… [Read More]
Peel Memorial Hospital in Brampton, ON, was at a crossroads in 1995, without a meaningful mission statement and floating along with no measurable targets. Not surprisingly, employees lacked direction. Complicating the matter was that the regional health boards and provincial health ministries had undergone a period of structural change, which combined with strong growth in the Peel Region, was putting pressure on existing health care facilities. But overall, the major issue facing Peel Memorial was an overall lack of strategic direction.
The performance management tool that was chosen to help Peel Memorial was the balanced scorecard. The balanced scorecard sees performance as being driven by four domains: customer, operations, the learning & growth dimension and the financial dimension, all driven by a strong strategy and vision. The balanced scorecard was implemented with the help of Xerox Quality Services, a consulting firm.
The first way that the balanced scorecard…… [Read More]
Balanced Scorecard (BSC) is special strategic performance management framework that enables organizations to effectively manage as well as measure the process of strategy delivery (Kaplan & Norton,1992). The concept was proposed by obert Kaplan and his counterpart David Norton as has so far been voted as one of the most important business ideas of the last couple of decades.The idea involves the application of four generic viewpoints/perspectives that covers the major focus areas of the organization.In this paper, we develop the strategic objectives for McDonald's in the format of a balanced scorecard. The strategic objectives are important as measures for attaining the corporation's vision and mission.
An overview of McDonald's Corporation
From the moment of its inception as well as the opening of its very first store in San Bernardino, California, McDonald's has upheld a vision of quality products, service as well as innovation. McDonald' has worked tirelessly to differentiate…… [Read More]
Strategy implementation can also be severely affected by the lack of commitment of employees of all levels. "The resistance from some employees who not yet see the big picture" can have detrimental affects on the successful implementation of strategies derived from the Balanced Scoreboard process (Berger 2009).
Moreover, there are long durations between creation, implementation, and results. Long pauses in implementation can drastically lower the momentum of the entire project, and "The Balanced Scorecard could pay the price of their fatigue through a lack of attention and modeling necessary to set proper tone throughout the organization (Niven 2002). So much energy could go into planning, but "Perhaps the single biggest Scorecard pitfall to be avoided, however, is lack of maintenance," (Niven 2002). Great pangs should be taken in order to make sure that appropriate levels of attention are being paid to individual problems in productivity. Therefore, "The Scorecard, like any…… [Read More]
high-quality healthcare services to families with children suffering from a broad range of developmental disabilities is a challenging enterprise in any setting, but the constraints to productivity faced by Cattaraugus County eHabilitation Center were daunting indeed. The Center had grown to include a number of organizations that provide specialized care to disabled children, but it had outgrown its old business model when a Balanced Scorecard initiative was implemented. This paper examines the Center's efforts to determine if the job they did in implementing a balanced scorecard approach was effective in reflecting its organizational mission and vision. A summary of the research and an overall evaluation of the Center's efforts are provided in the conclusion.
eview and Analysis
The balanced scorecard approach developed by Kaplan and Norton (1992) is intended to provide managers with quantifiable performance metrics that link outcome measures with measures reflecting future outcome drivers (Martello, Watson & Fischer,…… [Read More]
balanced scorecards. Why is it important to have this type of criteria in place? What is the theory of "do no harm"? Why is it important to have this type of criteria in place?
The balanced scorecard is effective in looking at potential challenges from a number of perspectives. The most notable include: learning & growth, internal operations, finance and customers. Learning and growth is when the firm will understand key lesson during the process of growing and is applying them to their overall business model. Internal operations are looking at the policies, practices and procedures. Finance is examining the total number of financial resources that are available in the form of the public markets, loans and lines of credit. Customers involve understanding what is most important to cliental and the way the organization can evolve to meet these objectives. (Brown, 2010) (Martin, 2013)
This criterion helps to provide better…… [Read More]
balanced scorecard approach is quite pervasively used by organizations of all stripes when it comes to their strategic decision making and their long-term plans. It is especially associated with for-profit businesses in terms of what they will focus on, what they will not focus on, what resources/people will be allocated to the initiatives that are chosen and so forth. While the balanced scorecard and for-profit businesses are quite commonly talked about in the same sentences, a lot of (but not all) the priorities and such associated with the practice can be used just as effectively with non-profit businesses. The focus of this report will be a non-profit agency known as the Cattaraugus County ehabilitation Center (CCC). While some of the results of balanced scorecard use by the CCC were mixed, they did a good job overall when it comes to the use of the tool.
The article explains that…… [Read More]
BALANCED CORED CARD & THE FINANCIAL PERPECTIVE
The Balanced corecard & the Financial Perspective
CCRC (Cattaraugus County Rehabilitation Center) is a non-profit organization that focuses on the rehabilitation of disabled people in order to improve their quality of life. The organization also delivers the comprehensive services for disabled people to achieve maximum independence. imilar to the for-profit organizations that used balanced scored to maximize their revenues, the Center also attempted to use the strategy planning tools to enhance its effectiveness, however, the organization faced several challenges in its implementation. The new Director of the trategic Planning introduced the Balanced corecards tool "to cascade strategic planning throughout the entire organization." (Martello, Watson, Fischer, 2008, p 72). The goal of using the corecard is to align each area of the organization with the overall strategic plan.
This paper argues that the organization has done a good job by implementing the Balanced corecard…… [Read More]
Balanced Scorecard Analysis: Starbucks
What is the balanced scorecard?
The balanced scorecard is a method of conveying value to an organization through the use of performance measurement tools. "The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The 'new' balanced scorecard transforms an organization's strategic plan from an attractive but passive document into the 'marching orders' for the organization on a daily basis" ("Balanced scorecard basics," 2014). It can be quantified according to a 'four quadrant' perspective analysis whereby a business is analyzed holistically from a financial, customer, process, and learning and growth perspective. It was designed to circumvent the frequently 'backward-looking' perspective of many modern organizations and to create a more forward-thinking perspective. "Traditional financial reporting systems provide an indication of how a firm has performed in the past, but offer little information about how…… [Read More]
Tesco Balanced Scorecard
More stores, more locations
Online sales volume
INTENAL Business PESPECTIVE
Middle-management promotion levels
Changes in department outputs
Explanation and Justification of Proposed Measures
From the financial perspective, the company has set itself goals of continued and even stronger growth, and profitability is also specifically mentioned by the CEO in his review of the company's 2011 annual report (Tesco, 2012). Likewise, the specific measures listed for these goals -- market share, sales volume, OCE measures, and profit margins -- are all referenced by the CEO in his assessment of the company's current position, its future desires, and its real future outlook, and they are also generally associated…… [Read More]
AE alanced Scorecard Performance Management Implementation
Facing the daunting challenge of staying competitive in rapidly consolidating industry segments of aerospace, defense and commercial aircraft components and assembly manufacturing and service, senior management at AE Systems chose to completely re-architect the company. The comprehensive change programme included dismantling the global conglomerate and replacing its structure with a series of interlocking businesses that would strengthen and support each other, generating greater competitive advantage than the current structure allowed for (Murby, Gould, 2005). As ritish Aerospace had been privatized in 1979, and with the acquisition of Marconi Electronic Systems in 1999 the company changed its name to AE Systems and become Europe's largest defense contractor and the second leading defense contractor in the world (Murby, Gould, 2005). Through both acquisitions and organic growth, the company had grown to over 100,000 employees in nine global markets including the UK, USA, Sweden, Saudi…… [Read More]
Internal Business Process Perspective balanced scorecard turns attention aspects organization's operations possibility direct control managers employees.
The balanced scorecard at Duke's Children Hospital
In the context of a rapidly evolving society, the health care sector must also develop new mechanisms by which to keep up with the emergent changes and challenges. One example in this sense is represented by the implementation of business tools and techniques within the act of health care provision.
One relevant example in this sense is offered by Duke Children's Hospital in Durham, North Carolina, which implemented the balanced scorecard to address some critical problems with costs of health care provision and nurse dissatisfaction.
"Between 1993 and 1996 DCH's cost per case increased $4,389, while reimbursement declined, leading to a negative net margin in 1996 of $11 million dollars. During this same period, nurse productivity declined from 80th percentile to the 80th percentile, while patient and…… [Read More]
Balanced Scorecard approach in an organizational situation
The Application of the Balanced Scorecard Approach in an Organizational Situation
A balanced scorecard is used to help ensure that a company is on the correct path and moving forward in a way that benefits it and its customers, as well as anyone else who has an interest in it, such as stakeholders or shareholders (ohm & Malinoski, 2010; Kaplan & Norton, 1992). While some scorecards are only focused on the end result when it comes to what the numbers say, other scorecards deal with the strategy behind the numbers (Norreklit, 2000). These are the scorecards that are much more significant when it comes to technology companies, because they offer information about the how and why instead of just providing final numbers that are not going to provide strategic information (ohm & Malinoski, 2010). It is not just about what a company is…… [Read More]
Learning Growth Perspective
The success or failure of any business entity is greatly dependent on how well align its goals and management systems are with its strategic plans. There have been cases reported where businesses failed to make it big despite of having excellent strategic plans. This was because they failed to keep their management systems and activities in line with their strategic plans. While management in itself is a small term, it covers various dimensions of business activity that include both internal and external influences. These include management of business processes, financial management, customer satisfaction, human resource management and the internal and external communications pertaining to the business. All these management aspects must be integrated into a well balanced management system such that it keeps the overall business activity in line with the strategic plans of the business. Many businesses get on the…… [Read More]
M Balanced Scorecard
The balanced scorecard is a unique managerial technique that promotes scoring metrics that analyze the important factors of any business. This technique enables organizations to develop and track key business strategies and goals. There are four branches of this approach including the customer leg, financial leg, internal business leg and education leg. M& followed this breakdown and created scorecards for sections under these four legs in order to implement change and create a new profit making strategy.
M&'s balanced scorecard approach demonstrated many strengths and can be useful for gaining competitive advantage within the oil industry. One strength of this approach was that the managers of each gas station was given the opportunity to adjust at a local level to customer needs and demands. This training allowed a decentralized approach that can be more flexibly applied throughout the nation.
Another strength of M&'s balanced scorecard approach was…… [Read More]
Hot Wings Balanced Scorecard
From the financial perspective, the measures for the balanced scorecard are revenues, profitability (net income) and margins (gross, operating and net margins). These measures are the most important to the shareholders, and they best reflect the industry. Market share is not a good financial measure because the casual dining segment is so heavily fragmented that market share will always be miniscule even when Hot Wings is successful -- achieving a dominating market share is not a realistic objective. Revenue, profit and margin objectives are closely related. Profit and margin reflect the relationship between revenue and costs, and reflect in part the pricing power that the company has with its suppliers and customers. Given that the current state of the industry is oriented towards price competition in casual dining, the ability to maintain superior margins can be seen as both a source of competitive advantage and as…… [Read More]
Customer Perspective alanced Scorecard
On what specific customer perspectives did each company focus, and what measures did each company use to ascertain how well it was meeting the goals implied by those specific perspectives?
As far as Hyde Park Electronics is concerned, they were concentrating on the quality of the product that was delivered to determine customer perspectives. The measures that were used to achieve these objectives were: manufacturing / labor efficiency and new product sales. In the case of Futura, they were focusing on customer perceptions about the product and services they were receiving. To measure this, they focused on randomly calling the customers and determining how employee retention affected the underlying quality of the product. While SGC, was concerned about the quality of orange juice that they were selling to retail customers. The way they analyzed how effective they were at meeting this goal was to focus on…… [Read More]
The balanced scorecard approach is a framework for building a better organization. It relies on the organization placing emphasis on four different perspectives, with the theory being that if the organization excels at these four perspectives it will achieve success. The dimensions are customer, financial, internal business processes and learning & growth. At Futura, Susan Johnson chose to focus most of the company's effort on the learning and growth perspective.
Johnson explained that the reason she favored this perspective above the others is that by emphasizing learning and growth, the company's employees would gain the skills and knowledge that they need to achieve better results in the other perspectives. Thus, by becoming a learning organization, Futura would see improved performance everywhere. If Futura had chosen any other perspective on which to focus, excellence in that perspective would not necessary translate into excellence anywhere else. Only the learning and…… [Read More]
Starbucks Balanced Scorecard
Increase diversity and international scope of operations
Measure: Number of international stores opened
Target: Increase Starbucks' presence in the developing world in high-profit areas such as China and India
Action: Open new stores in China and India
Improve communication between company and customers
Measure: Increase in sales internationally as well as abroad
Target: Turn developing world nations into coffee-drinking cultures
Action: Modify Starbucks brand positioning in target developing world nations
Create a 'third place' (home away from home) for customers
Measure: Increase in sales of goods and services specifically tailored for home nations
Target: Improve Starbucks design to facilitate consumption and increase foot traffic
Action: Increase in sales at high-priority companies
Starbucks: Meeting balanced scorecard objectives
Starbucks is now an international company and has had to reconfigure its focus to build demand in high-priority countries, given that demand is now becoming supersaturated in the United States. Since…… [Read More]
internal business process perspective balanced scorecard turns attention aspects organization's operations possibility direct control managers employees. Here a summary approach: Niven, P. (N.D.) Internal Process perspective.
The balanced scorecard at the Duke Children's Hospital
The change process at Duke Children's Hospital was decided upon as the healthcare institution faced severe challenges. Its operational costs were increasing while its revenues were decreasing. Issues had been raised about eliminating specific programs and reducing the palette of services offered. The levels of productivity on the part of the staff members were decreased, as was their satisfaction and the satisfaction of the patients.
In addressing these issues, the managerial team at the hospital focused on the integration of the clinicians and administrators in a strategic manner, with the aid of the balanced scorecard. As a result, the revenues increased and the net margin of the hospital increased by $15 million. Employee satisfaction also increased…… [Read More]
The balanced scorecard is a concept used in strategy to bring about a sublime alignment of different stakeholder interests within an organization. The concept arises from the understanding that shareholders are just one of many stakeholders for a given organization. For the organization to sustain success, it must be able to meet the needs of all critical stakeholders. Thus, the most effective strategy will create a symbiosis between the interests of different stakeholder groups. The balanced scorecard is an output-based perspective, with the outputs being in one of four different categories -- financial, internal business process, knowledge and innovation, and customer. This perspective is the opposite of the traditional approach that only places the interests of shareholders (i.e. The financial interests) as important in the business. It is understood, in the balanced scorecard, that financial interests are most effectively met when all of the other interest are met…… [Read More]
Sustainability Balanced Scorecard
The balanced scorecard is a tool for management that supports the positive execution of strategies instigated by the corporation. This report makes the aim to assist Wave Master Limited Company (WML) with the further analysis of sustainability. In particular, the report comes up with a strategic map for the company's objectives and thereafter creates a scheme for the formation of a sustainable balanced score card (SBSC). These strategic objectives are categorized in accordance to the perspectives of the SBSC that is suggested. The study goes on to further offer justification as to why such strategic objectives were classified and categorized in that particular manner. In concurrence with assignment two, we make the assumption that the sustainability reports and analysis made previously are appropriate and suitable to be used for this study. In developing the sustainable balance score card, the approach used in this study is that of…… [Read More]
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 model and ethos.
The financial ability of this firm to execute this vision and strategy
According to a recent 2011 press release, Symantec's revenue was $1.433 billion for the 2011 first quarter, which means its growth was flat vs. last year's first quarter results, or up 2% after adjusting for currency changes. This indicates that Symantec is still a financially solvent and healthy company, but it must act quickly to rebrand itself, lest its market performance continue to stall.
Balanced…… [Read More]
.....business world is filled with a multitude of work environments that demand quick and effective responses. That is why one of the key ingredients for any successful business is the ability to gain competitive advantage via leveraging of performance-based measurement. To maintain high productivity levels and employees, make customers happy, and increase profits, a company must recognize and understand its weaknesses so it can improve general performance. Assessing performance gaps and planning initiatives to address any identified performance problems should be priority for organizational effectiveness to remain consistent. To do this, a company can adopt a basic four-stage performance measurement process, offering the obligatory competitive advantage and avoiding too much energy diverted from regular company processes. This four-stage process is called the Supply Chain Balanced Scorecard.
The Supply Chain Balanced Scorecard provides a company with the ability to track a limited number of key metrics. These cover four main areas.…… [Read More]
The core competence analysis emphasizes whether an organization has unique selling points that will help it succeed in business. These are relevance, difficulty of imitation, and breadth of application (MindTools, 2013). Miley Cyrus scores well on all three counts, which means that she has the core competencies needed to succeed in the entertainment performer field.
Cyrus has maintained a high degree of relevance, which is critical to success as a popular entertainer. She parlayed a high level of exposure in a role as Hannah Montana into an adult music career. In particular, she has taken steps of late to cement this transition both for her fans and for the media. Had she not taken these steps, her relevance as a child performer who is no longer a child would be in steep decline. By re-inventing herself as a mature performer in the mainstream she has improved her relevance.…… [Read More]
This is a strategic planning and management system that is widely used in the industrial sector, the nonprofit organizations, in the business world and even the government in order to put the activities of the business to the strategy and the vision of the business. It is used to check whether the management and their visions and decisions are in line with the goals of the organizations and whether these visions are implemented by the employees. The balanced scorecard helps in improving the external as well as the internal communications of the organization. This also helps in monitoring the performance of the organization against the strategic goals that the organization set. The balanced scorecard also helps in increase in quality of service in the service oriented organizations and observance of procedure. These set procedures under the balanced scorecard will ensure the reduction of blame games within…… [Read More]
Performance scorecards provide a straightforward means of integrating metrics into a healthcare organization’s strategic planning. Scorecards are most effective when they have a clear purpose, identifying specific patient populations and outcome measures. According to Baker (2015), “savvy organizations select the best metrics to track that are appropriate to what the organizational staff members wish to measure,” which could include specific issues like patient vital signs or patient satisfaction survey outcomes (p. 224). Moreover, performance scorecards need to be simple, kept on a manageable scale so that the data gleaned can be readily communicated to inform organizational practices, policies, and procedures (Hansel, n.d.). The following performance scorecard includes three core categories including performance, quality, patient safety, and employee engagement, all while focusing on addressing the needs of a specific patient population: adults over the age of 65 who have been diagnosed with Type II Diabetes.
REVIEW…… [Read More]
The balanced scorecard concept highlights a number of different measures that reflect on the success of a company. These measures include the normal financial measures that corporations use, but also measures relating to the customer, to the staff and to the environment/community. The leader must therefore take into account these different dimensions -- innovation, processes, financial outcomes and the customers -- in order to ensure that the company excels (Kaplan & Norton, 1992). The role of the leader is both to serve as visionary and strategist, but also as the inspirational leader of the organization. Vision is essential, because the leader has to see how all of the different elements of the organization come together to deliver on the multiple objectives laid out in the balanced scorecard approach.
The first step for the leader is to determine the organization's strategy, something that demands a high level of vision (Porter,…… [Read More]
Healthcare system is large, spending accounted for 17% of the GDP in 2011 and was expected to increase (Kaplan & Porter, 2011). By 2014 this had risen to 17.5% of GDP, with a monetary value of $3 trillion, equal to $9,523 per capita, employing approximately 10 million people within the sector (CDC, 2016). The largest single costs are those associated with hospitals, accounting for 32.1% of all healthcare expenditure, providing approximately 1,200 stays for every 10,000 members of the U.S. population, with physician and clinical services accounting for 19.9%, prescription drugs 9.8% and nursing care/continuing care retirement facilities 5.1% (CDC, 2016). The cost of healthcare far exceeds costs seen in other high income countries, for example in 2013 when healthcare costs were 17.1% of GDP in the U.S., they were 11.6% in France, 11.5% in Sweden and 8.8% in the UK (Squires & Anderson, 2016). Despite this higher spending level,…… [Read More]
organization: Department of Veterans Affairs (VA)
What this organization does -- its mission, vision and overall strategy:
The mission of the VA is taken from Lincoln's Second Inaugural Address which is to "To care for him who shall have borne the battle, his widow and his orphans."
Vision: The VA states that, "The President's vision for the Department of Veterans Affairs (VA) is to transform VA into a 21st Century organization that is Veteran-centric, results-driven, and forward-looking" (Annual budget submission, 2013, para. 2).
Overall Strategy: The VA Secretary, Honorable Eric K. Shinseki, states that the VA "will not compromise the safety, security, or well-being of Veterans or our employees, but we must scrutinize every event, initiative, program, and proposal to assure that each is absolutely essential and will produce positive, measurable, returns to the accomplishment of our mission" (2013). The VA's current priorities are to:
Expand access for veterans.
2.…… [Read More]
Michael J Fox Foundation
Mission and Vision
The Michael J Fox Foundation is the world's largest non-profit organization for the funding of research that is dedicated to finding a cure for the estimated five million people living with Parkinson's disease. The organization has funded more than five hundred million dollars of research through the end of 2014 which is mostly targeted at groundbreaking high-risk and high-reward research targets (Eisner Amper, 2015). The organization makes the claim that 89 cents of every dollar that it spends goes directly to grants and other initiatives that are directed at finding a cure for Parkinson's disease (The Micael J Fox Foundation, N.d.). Therefore, one performance metric could be that the company must maintain internally is to maintain its high donation conversion rate.
The performance of the paid resources that the organization utilizes must be as efficient as possible to function effectively with minimal expenditures.…… [Read More]