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Implementation of Balanced Scorecard by Citibank - Essay Example

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This paper "Implementation of Balanced Scorecard by Citibank" examines the varied theoretical lenses provided by economics, psychology, and sociology that are effective in the understanding the issues the bank observe during the implementation of the balanced scorecard…
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Implementation of Balanced Scorecard by Citibank
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"Implementation of Balanced Scorecard by Citibank"

Download file to see previous pages Economics-based agency models underscore the significance of performance measure in align the goals of the agent with those of the principal. Economic-based models harness the use of traditional financial measures to evaluate whether the company’s strategy contributes to the bottom-line progress of the company. These models therefore attempt to examine the outcome from the strategy, and to translate the success of the strategy in financial terms.
Citibank should select performance measures while reflecting on their real purposes and overall effect. In addition, they should indicate that the selection of the performance metric in incentive contracts should be a feature of the incremental information content for each measure with regard to an employee’s action choices.
Citibank should exploit the full potential of the balancing score card in tracking the short-term financial results while at the same time tracking its progress in developing capacities and acquisition of the intangible assets that promote the growth of future financial performance.
At this stage, Citibank should consider the three possible stages in which to consider the financial measures to evaluate, namely rapid growth phase, sustain phase and harvest phase. In the growth stage, I expect Citibank to evaluate increase in customer base, revenue surge or increase in sales. At the sustain stage, the bank should come up with measures that can effectively evaluate its overall performance, in which case it should consider financial measures like return on capital employed or return on investments (ROI). In the harvest phase, Citibank should probably come up with effective cash flow analysis to appraise its success in harvesting profits from established services or products(Christensen & Demski 2003). In brief, economics-based agency models concentrate on the significance placed on encouraging congruence between the agent and the principal’s goal (Pfeffer 1998). Psychology Psychology-based models study how the type of information applied in assessing performance is influenced by decision strategies and human-information processing capacities. Usually, they tend to deviate from the balanced choice models in economics and inquire much into how limitations of human-information processing and decision-making strategy affect the use of performance measures. Citibank should examine how its employee’s information processing abilities and their strategies for making decision affect the types of information ...Download file to see next pagesRead More
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This essay was always my weak point. I could never complete it well. Still, after I found this precise essay, I understood how it should be completed. So, I performed my research afterward and completed the essay in several hours, instead of months as it was previously.
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