Limitations of Balanced Scorecard - Term Paper Example

? Rainbow Lighting Ltd. – Balanced Scorecard AFFILIATION: Table of Contents Table of Contents 2 Executive Summary 3 Introduction to Balanced Scorecard 4 Literature Review 7 Pre-requisites of implementing Balanced Scorecard 10 Limitations of Balanced Scorecard 10 Conclusion 11 Recommendations 12 Implementation 13 Behavioural Implementation 14 References 15 Appendix-I: Balanced Scorecard for Rainbow Lighting Ltd. 22 Executive Summary In today’s dynamic environment, it is crucial for every organisation to ensure that their performance level is measured from time to time and one of the most effective ways is to use Balanced Scorecard. The scorecard has found to have strategic importance as the card is developed in linkage with the vision and goals of the organisation and adequate awareness is created within the organisation so that every stakeholder is well-aware of the importance of its implementation in the business activities. Many researchers have researched about the various purposes of the balanced scorecards along with their role in enhancing the organisation’s performance. The company has to manage the strategies for its survival and growth and it can respond to the environmental changes only by operations management. It is vital for every organisation to ensure that the strategy is supported by effective business operations and systems; hence, it is important that the organisation has to ensure that proper mechanisms are in place so that everything is appropriately placed. The company needs to ensure that four of its key problems are rectified regarding the production, marketing activities, internal processes and employee satisfaction. Hence, the management of the company must strive to apply the Balanced Scorecard as identified in the report and try to implement it in the organisation. The management needs to set the short-term goals as well for the purpose of performance improvement by the implementation of the new system in the organisation; it should ensure that appropriate mechanisms are in place that supports the organisation in improving its performance. Introduction to Balanced Scorecard In today’s dynamic environment, it is crucial for every organisation to ensure that their performance level is measured from time to time and one of the most effective ways is to use Balanced Scorecard (Figgie et al., 2002 and McGillicuddy, 2009). The scorecard is found to have strategic importance as the card is developed in linkage with the vision and goals of the organisation and adequate awareness is created within the organisation so that every stakeholder is well-aware of the importance of its implementation in the business activities. Many researchers have researched about the various purposes of the balanced scorecards along with their role in enhancing the organisation’s performance (Lawson et al., 2003 and Mintrop and Trujilo,2005). Considering the situation being faced by Rainbow Lighting Ltd., it has been found that the existing management of the company has been unable to increase the production and performance of the company. The sales of the company have not been increasing at an accelerating rate and the product range has been accelerating simultaneously; the product ranges of the company are classified as Alpha and Beta ranges. In the industrial sector, the company introduced bulbs by the name Everlasting Halogen Spotlight (EHS) bulb and the problems highlighted by its users created bad publicity in the market; it was reported that there was a fault in the manufacturing sector and the annual sales revenue decreased by 5%. Another problem faced by the company is that the sales order processing time is longer i.e. 21 days and the distributors are not satisfied with such longer time duration. The price of the bulbs was increased but the sales did not increase as compared to the total increase in the market. The rejection rate of the bulbs has increased from 3.6% to 5.4% and the production efficiency has decreased significantly. The employee turnover has increased to 6% from last year which was 5%; the employees are dissatisfied with the compensation package and their morale level is extremely low. The machinery has become outdated and that is why the production level has gone down as well. Rainbow Lighting Ltd. has been taken over by a multinational electrical products manufacturing company i.e. Eindnacht GmbH and it has given the company’s management team the ultimate responsibility of improving the performance of the company by developing and implementing well-thought and well-coordinated Balanced Scorecard. The use of Balanced Scorecard has been rectified by the Eindnacht GmbH’s report in which they have highlighted the main problems that need to be addressed by the company so that all the issues can be resolved. The company has to manage the strategies for its survival and growth and it can respond to the environmental changes only by operations management. The balance scorecard is described as the combination of the corporate policy with the performance management system so that the visions and strategy of the company is supported to enhance its performance (Mackay, 2004). According to Arora (2002) and Bose and Thomas (2007), Balanced Scorecard is a tool that is designed to formulate an index to measure the four indicators highlighted by the tool developers i.e. Kaplan and Norton and it guides the management team to fulfil the organisational goals and objectives. The generic example of the balance scorecard as developed by Kaplan and Norton can be represented in the following figure: Source: Kaplan and Norton (2007) Although numerous changes have been done in the original format of the Balanced Scorecard and the explanation of the four metrics remain same but they have been given more extensive explanations which are described as customer, internal processes, learning and growth (Kaplan, 2010). The businesses need to identify their goals, objectives and measures that they will implement to monitor the performance of the organisation. The latest representation of the Balanced Scorecard is as follows: Source: Kaplan (2010) The balanced scorecard has proved to provide numerous benefits to the organisation such as linking business performance to the organisation, ensuring sustainability of the business operations, implementing properly designed internal and external measure so that both external and internal factors are taken into account and monitor the performance of the organisation so that the drivers of future results can be identified and the company can prosper in the right direction (Assiri, Zariri and Eid, 2006, Braam and Nijssen, 2004, De Guser, Mooraj and Oyon, 2009, Ittner, Larcker and Randall, 2003, McDevitt et al., 2008, Said et al., 2003 and Somers, 2008). Literature Review The concept of Balanced Scorecard has being studied by many researchers since 1992 and the concept was introduced by Kaplan and Norton so that the company’s were able to ensure that there was linkage between the organisation’s vision and strategy. It has been investigated by numerous studies about the impact of using Balanced Scorecard in enhancing the organisation’s performance (Bourne and Bourne, 2003, Farooq and Hussain, 2011, Fletcher and Smith, 2004, Muhammad, 2010 and Rohm and Monogomery, 2010). In some studies, the benefits of using this management tool have been indicated (Neely, Adams and Kennerly, 2002, Papalexandris, Loannou and Prastacos, 2004, Rohm, 2008 and Struckman and Yammario, 2003) while in others, some problems with the usage of Balanced Scorecard have been reported (Banker et al., 2004, Kaplan et al., 2008, Neely, 2008, Schalm, 2008). The researches have shown that Balanced Scorecard needs to be implemented in a way that it has supportive mechanisms in place and it should be aligned with the strategy of the company; the results of the organisation’s performance needs to be measured simultaneously so that it can be ensured that it is following the right course to achieve its target (Braam and Nijssen, 2004, De Guser, Mooraj and Oyon, 2009, Ittner and Larcker, 2003 and Jenkins, 2007). The Balanced Scorecard has undergone drastic changes so that it is compatible with the demands of today’s competitive environment and it should definitely support the learning organisation environment (Chi and Hung, 2011, Ittner, Larcker and Meyer, 2003, Neely et al., 2002 and Littler et al., 2011). The foundation of the Balanced Scorecard is same i.e. customer, internal processes, financial and learning and innovation. The best aspect of using this management tool is that the Key Performance Indicators are first identified and that the measures and goals are developed in proper alignment with the organisation’s strategy. Melnyk et al. (2004) and Perry (2002) in their studies indicated that both the internal and external factors are considered so that the organisation has the complete picture of the things happening in the environment. The main factors that are studied in the Balanced Scorecard as identified by various researchers related to the financial perspective are return on capital employed, expenses, operating income, profit margin, economic value added and cash flow forecast; the points that need to be considered for the internal processes are quality of the end products, production processes, effectiveness, throughput, efficiency of the process, standards and guidelines perspective and reduction in defection rate; the customer perspectives comprise of elements such as customer acquisition, retention of the customers, customer’s satisfaction levels, value added services, market share of the target markets and the learning and growth perspective comprise of employee satisfaction, reduction in employee turnover, knowledge management and enhancing the employees’ knowledge and skills set. According to Gambergen and Haes (2005) and Chi and Hung (2011), the goals and performance indicators are the same things because they are inter-linked. Hence, it can be said that Key Performance Indicators are synonymous to Key Goal Indicators. Many other factors that can be classified into the basic elements of the Balanced Scorecard have been highlighted by various other researches of Chi and Fung (2011), Evans (2002), Figgie et al. (2002), Ittner and Lacker (2003), Kaplan (2010), Marr (2009), Niver (2002), Phinex et al. (2005), Qualitech (2005), Roberts et al. (2004) and Rohm (2008). The researchers have emphasized the importance of developing the vision, mission and strategy of the organisation and then the management tool should be designed (DeGueser, Mooraj and Oyon, 2009, Kaplan and Norton, 2004, Lawrie and Cobbold, 2002, Marr and Neely, 2003, Norreklit, 2003 and Rillo, 2004). It has been found by Research Reports (2009) and Speckbacher et al. (2003) that the organisations that follow a focussed approach in designing a well-thought scorecard that will help them in following the right strategy and ensuring that everything is well-integrated. The suggested designing method of the Balanced Scorecard is as follows: Source: Research Reports (2009) Pre-requisites of implementing Balanced Scorecard The Balanced Scorecard can be successfully implemented in the organisation when the company has a set vision and mission statement, followed by objectives and strategy; the top management should support the team that is undertaking this process; the main problems must be highlighted and every stakeholder should be taken on board so that everyone’s viewpoint is properly incorporated. KPIs must be realistic and attainable and there should be milestones for each KPI so that the organisation’ performance can be monitored. Limitations of Balanced Scorecard Some of the limitations as highlighted by Kaplan (2010) and Norreklit (2003) are as follows: 1. The Balanced Scorecard does not have any sequential steps and it does not take into account the time factor. 2. The concept is found to be more conceptual and subjective based rather than objective based. 3. The top management support is lacking in most of the organisation and it is crucial that they support their management team in implementing the tool within the organisation. 4. The method does not take account of External factors in-depth and does not incorporate PESTEL Analysis, Porter’s Five Forces Model and etc. Conclusion After carefully reviewing the problems being faced by Rainbow Lighting Ltd. and studies of various researchers about the Balanced Scorecard, it can be concluded that the tool will be effective only when it is linked with the organisation’s vision and mission. It is important that everyone in the organisation is well-aware of the importance of the usage of the balanced scorecard. The goals and measures need to be identified carefully and set and they should be realistic so that the organisation can ensure that it enhances its performance and helps the organisation in achieving its targeted goals and measures. It has been rightly identified by Kaplan (2010), Research Reports (2009) and Waal (2003) that the four factors of the Balanced Scorecard need to be properly identified and their main foundations should revolve around the primary aim of the system i.e. ensuring proper mechanisms are in place so that the performance of the company is improved and enhanced in the right direction. The management of the company is well-aware of the problems being encountered in the organisation. Therefore, the management needs to bring changes in its organisation structure so that new and effective mechanisms are in place which ensures that the organisation’s performance is improved and all the stakeholders are satisfied simultaneously. Hence, the company’s management team needs to make sure that the organisation’s performance needs to be monitored simultaneously so that all the stakeholders are happy with the organisation’s smooth functioning. Recommendations The suggested Balanced Scorecard is shown in Appendix-I, the management team needs to ensure that they successful translate the identified structure of the Balanced Scorecard to right strategies so that everything is well in place. The company needs to ensure that four of its key problems are rectified regarding the production, marketing activities, internal processes and employee satisfaction. 1. The foremost recommendation for the company is to first hold a detailed meeting to equip everyone on board about the importance of the Balanced Scorecard along with understanding its mechanism so that the theoretical perspective is correctly incorporated into the practical experience. The company needs to review the mission and vision of the company and then understand the objectives and goals of it so that there is proper alignment between the organisation’s key aspects and Balanced Scorecard. 2. The compensation package of the employees needs to be changed so that employees are paid for the number of units that they produce. From the case study, it is evident that there are no proper mechanisms for checking the quality of the products which means that the workers are least concerned about the production and improved performance of the company. The employees need to be first motivated and it can be done by rewarding them for increased production which means that they are complied with the international standards of the production methods. 3. The compensation package of the employees should incorporate payment for the right quality of units produced; profit sharing scheme and half-yearly bonuses. The employees should be given fringe benefits in terms of annual leaves, rewards in the form of family dinners or two days vacations and educational and medical benefits. The production processes of the companies need to be changed and the old machinery needs to be replaced by selling the old machines; although the initial cost will be slightly higher but the maintenance cost is very high. The new machinery will be more advanced and it will help the organisation to produce right quality products free of any defects. 4. In addition to the above mentioned things, the marketing activities of the company need to be changed because the customers get attracted only by the promotional activities that are being done by the companies. It has been found that the marketing activities need to support the organisation’s objectives and help in increasing their sales. Therefore, the company needs to ensure that the marketing activities are properly aligned with the organisation’s mission such as discount packages should be given to the wholesalers, industrial goods should give six months warranty and end consumers should be allowed to take advantage of promotional activities such as buy one get one free, coupons utilization and etc. It is crucial for the organisation that everyone on the management team is following the same Balanced Scorecard and it should be developed in accordance with the strategy of the organisation. Everyone needs to ensure that every stakeholder understands the importance of the Balanced Scorecard and every one of them is on the same grounds. Hence, every factor of the Balanced Scorecard should be properly studied and developed so that every factor is given utmost consideration and they collectively support the organisation in implementing right strategies and enhancing the organisation’s performance. Implementation The customer perspective should incorporate following elements such as inventory cycle time, accuracy of order details, receipt cycle time, customer complaints numbers, the score of customers satisfaction level, the responsiveness level of the staff, availability of stock, level of professionalism shown by the employees, products return rate and access to information. The financial perspective will comprise of elements such as Profit margin, operating income, inventory on hand, availability of cash, return on assets, return on capital employed, supply cost trend and preventive measures for curtailing the cost. The Key Performance Indicators for Internal business processes comprise of productivity of the purchasing, accuracy of purchasing, accuracy of order fulfilment, efficiency ratio of the production, compliance of the contract, Ratios of Supply Chain Managed Inventory, Supply Chain Managed Item and Supply Chain Managed Inventory, Speed of the production, time and cost of the production processes. Behavioural Implementation Hence, the management of the company must strive to apply the Balanced Scorecard as identified in the report and try to implement it in the organisation. The management needs to set the short-term goals as well so that the performance improvement by the implementation of the new system in the organisation; it should ensure that appropriate mechanisms are in place that support the organisation in improving its performance. References Arora, R. (2002). Implementing KM – a balanced scorecard approach. Journal of Knowledge Management, 6(3), pp.240-249. Assiri, A., Zairi, M. and Eid, R. (2006). How to profit from the balanced scorecard. Industrial Management Data Systems, 106(7), pp.936-952. Banker, R.D., Chang, H. and Pizzini, M.J. (2004). The balances scorecard: judgmental effects of performance measures linked to strategy. Accountants Review, 79(1), pp.1-23. Bose, S. and Thomas, K. (2007).Applying the balanced scorecard for better performance of intellectual capital. Journal of Intellectual Capital, 8(4), pp. 653-665. Bourne, M. and Bourne, P. (2003). Balanced Scorecard: In a week. 2nd ed. Hodder and Stoughton. Braam, G.J.M. and Nijssen, E.J. (2004). Performance effects of using the balanced scorecard: a note on the Dutch experience. Long Range Planning, 37(4), pp.335-349. Chi, Der-Jang and Hung, Hsu-Fung (2011). Is the balanced scorecard really helpful for improving performance? Evidence from software companies in China and Taiwan. African Journal of Business Management, 5(1), pp.224-239. De Geuser, F., Mooraj, S. and Oyon, D. (2009). Does the balanced scorecard add value? Empirical evidence on its effect on performance. European Journal of Accountant Reviews, 18(1), pp.93-122. Evans, M.H. (2002). Course 11: The Balanced Scorecard. [Online] Available at: http://www.exinfm.com/training/pdfiles/course11r.pdf [Accessed 7 July 2012] Farooq, A. and Hussain, Z. (2011). Balanced Scorecard Perspective on change and performance: a study of selected Indian Companies. [Online] Available at: http://www.isma.info/dosyalar/168-179_BALANCED_SCORECARD_PERSPECTIVE_ON_CHANGE_AND_PERFORMANCE,__A_STUDY_OF_SELECTED_INDIAN_COMPANIES,_Ayesha_Farooq,_Zareen_Hussain.pdf [Accessed 7 July 2012] Figgie, F., Hahn, T., Schaltegger, S. and Wagner, M. (2002). The Sustainability Balanced Scorecard – Theory and Application of a tool for Value-based sustainability Management. [Online] Available at: http://www.peblds.org/files/Publications/Banks/Banks_TheSustainably_Balanced_Scorecard.pdf [Accessed 7 July 2012] Fletcher, H.D. and Smith, D.B. (2004). Managing for value: developing a performance measurement system integrating EVA and the BSC in strategic planning. Journal of Business Strategy, 21(1), pp.1-17. Gambergen, W.V. and Haes, S.D. (2005). COBIT’s Management Guidelines Revisited:The KGIs/KPIs Cascade. [Online] Available at: http://www.isaca.org/Journal/Past-Issues/2005/Volume-6/Documents/jpdf0506-CobiT-Management.pdf [Accessed 7 July 2012] Ittner, C.D. and Larcker, D.F. (2003). Coming up Short on Nonfinancial Performance Measurement. Harvard Business Review, 81, pp.88-95. Ittner, C.D., Larcker, D.F. and Meyer, M.W. (2003). Subjectivity and the Weighting of Performance Measures: Evidence From a Balanced Scorecard. Accounting Review, 78, pp.725­758. Ittner, C.D., Larcker, D.F. and Randall, T. (2003). Performance Implications of Strategic Performance Measurement in Financial Services Firms. Accounting Organisations and Society, 28, pp.715-741. Jenkins, D.R. (2007). Balanced Scorecard Paper. [Online] Available at: http://works.bepress.com/perfect_and_beautiful_woman/2/ [Accessed 7 July 2012] Kaplan, R.S. (2010). Conceptual Foundations of the Balanced Scorecard. [Online] Available at: http://www.hbs.edu/research/pdf/10-074.pdf [Accessed 7 July 2012] Kaplan, R. S. and Norton, D. P. (2004). Strategy Maps: Converting Intangible Assets into Tangible Outcome. Boston: Harvard Business School Press. Kaplan R.S. and Norton, D.P. (2007). Using the Balance Scorecard as a Strategic Management System. [Online] Available at: http://www.hbs.edu/research/pdf/10-075.pdf [Accessed 7 July 2012] Kaplan, R.S., Norton, D.P. and Rugelsjoen, B. (2008). Managing Alliances with the Balanced Scorecard. [Online] Available at: http://www.quintiles.com/elements/media/case-studies/managing-alliances-balanced-scorecard.pdf[Accessed 7 July 2012] Lawrie, G. and Cobbold, I. (2002). 2GC: Conference The development of the Balanced Scorecard as a strategic management tool. [Online] Available at: http://www.2gc.co.uk/pdf/2GC-PMA02-1f.pdf [Accessed 7 July 2012] Lawson, R., Stratton, W. and Hatch, T. (2003). The Benefits of a Scorecard System. CMA Management, pp.24-26. Littler, K., Aisthrope, P., Hudson, R. and Keaysey, K. (2009). A new approach to linking strategy formulation and strategy implementation: an example from the UK banking sector, International Journal of Information Management, 20(6), pp.411- 428. Mackay, A. (2004). A Practitioner’s Guide to the Balanced Scorecard. [Online] Available at: http://www.cimaglobal.com/Documents/Thought_leadership_docs/tech_resrep_a_practitioners_guide_to_the_balanced_scorecard_2005.pdf [Accessed 7 July 2012] Marr, B. (2009). What is a balanced scorecard? [Online] Available at: http://www.ap-institute.com/Balanced%20Scorecard.html [Accessed 7 July 2012] Marr, B. and Neely, A.D. (2003). Balanced Scorecard Software Report. Stamford, CT: Gartner. McDevitt, R., Giapponi, C. and Solomon, N. (2008). Strategy revitalization in academe: a balanced scorecard approach. International Journal of Educational Management, 22(1), pp.32-47. McGillicuddy, J. (2009).Case Study: Using the Balanced Scorecard to Move from “Management by Experts” to Managing for Results through Data-driven Decisions. [Online] Available at: http://www.balancedscorecard.org/LinkClick.aspx?fileticket=tOmjwPcVlUQ%3D&tabid=36 [Accessed 7 July 2012] Melnyk, S.A., Stewart, D.M. and Swink, M. (2004). Metrics and Performance Measurement in Operations Management: Dealing With the Metrics Maze. Journal of Operations Management, 22, pp.209-217. Mintrop, H. and Trujillo, T. (2005). Corrective action in low performing schools: lessons for NCLB implementation from first-generation accountability systems. Education Policy Analysis Archives, 13(8), pp.1-30. Muhammad, A.B. (2010). Corporate Performance Management & Impact of Balanced Scorecard System. [Online] Available at: http://www.ecbpm.com/files/Performance%20Management/Corporate%20Performance%20Management%20&%20Impact%20of%20Balanced%20Scorecard%20System.pdf [Accessed 7 July 2012] Neely, A. (2008). Does the balanced scorecard really work: An empirical investigation. [Online] Available at: http://www.som.cranfield.ac.uk/som/dinamic-content/research/cbp/NEELY%20KENNERLEY%20MARTINEZ%20Does%20the%20Balanced%20Scorecard%20Work%20EurOMA.pdf [Accessed 7 July 2012] Neely, A.D., Adams, C.A. and Kennerley, M. (2002). The Performance Prism: The Scorecard for Measuring and Managing Stakeholder Success. London: Financial Times/Prentice Hall. Neely, A.D., Bourne, M.C.S., Mills, J.F., Platts, K.W. and Richards, A.H. (2002). Getting the measure of your Business. Cambridge: Cambridge University Press. Niven P.R. (2002). Balanced Scorecard Step By Step: Maximizing Performance and Maintaining Results. Wiley, New York: USA. Norreklit, H. (2003). The Balanced Scorecard: What Is the Score? A Rhetorical Analysis of the Balanced Scorecard. Accounting, Organisations and Society, 28, pp.591-619. Papalexandris, A., Loannou, G. and Prastacos, G.P. (2004). Implementing the balanced scorecard in Greece: a software firm’s experience. Long Range Planning, 37(4), pp.351-366. Perry, G.S. (2002). Strategic Themes – How Are They Used and WHY? [Online] Available at: http://www.balancedscorecard.org/portals/0/pdf/Strategic_Themes_How_Are_They_USed_And_Why.pdf [Accessed 7 July 2012] Phenix, D., Siegel, D., Zaltsman, A. and Fruchter, N. (2005). A forced march for failing schools: lessons from the New York City Chancellor’s District. Educational Policy Analysis Archives, 13(40), pp.1-21. Rillo, M. (2004). Limitation of balanced scorecard. [Online] Available at: http://www.mattimar.ee/publikatsioonid/ettevottemajandus/2004/12_Rillo.pdf [Accessed 7 July 2012] Research Reports (2009). KPIs and Balanced Scorecards. [Online] Available at: http:// idnsummit.com/files/KPI.pdf [Accessed 7 July 2012] Roberts, M. L., Albright, T.L. and Hibbets, A.R. (2004). Debiasing Balanced Scorecard Evaluation. Behavioural Research in Accounting, 16, pp.75-88. Rohm, H. (2008). Using the Balanced Scorecard to Align Your Organisation. [Online] Available at: http://www.balancedscorecard.org/LinkClick.aspx?fileticket=1Uq6fsxJyaY%3D&tabid=56 [Accessed 7 July 2012] Rohm, H. and Mongomery, D. (2010). Link Sustainability to Corporate Strategy Using the Balanced Scorecard. [Online] Available at: http://www.balancedscorecard.org/Portals/0/PDF/LinkingSustainabilitytoCorporateStrategyUsingtheBalancedScorecard.pdf [Accessed 7 July 2012] Qualitech (2005). Balanced Scorecard, Executive Dashboard and Managing Key Performance Metrics (KPI’s). [Online] Available at: http://www.iexecutivedashboard.com/solution/Executive_Dashboard.pdf [Accessed 7 July 2012] Said, A. A., Hassabelnaby, H. R. and Wier, B. (2003). An empirical investigation of the performance consequences of non- financial measures, Journal of Management Accounting Research, 15, pp.193-223. Schalm, C. (2008). Implementing a balanced scorecard as a strategic management tool in a long-term care organisation. [Online] Available at: http://www.ncbi.nlm.nih.gov/pubmed/18325162 [Accessed 7 July 2012] Somers, A.B. (2008). Shaping the Balanced Scorecard for use in UK social enterprises. [Online] Available at: http://www.sel.org.uk/uploads/Ali-Somers_BSC-Paper_FINAL.pdf [Accessed 7 July 2012] Speckbacher, G., Bischof, J. and Pfeiffer, T. (2003). A Descriptive Analysis on the Implementation of Balanced Scorecards in German-Speaking Countries. Management Accounting Research, 14, pp.361-387. Struckman, C. K. and Yammario, F. J. (2003). Organisational change: A categorization scheme and response model with readiness factors. Research in organisational change and development, 14, pp.1-50. Waal, A.A. (2003).The future of the balanced scorecard: an interview with Professor Robert S. Kaplan. Measuring Business Excellence, 7(1), pp.30-35. Appendix-I: Balanced Scorecard for Rainbow Lighting Ltd. Read More