StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Critical evaluation of development and role of Balanced Scorecard in production and service organizations - Essay Example

Comments (0) Cite this document
Summary
According to Lawrence and Sharma (2002), Balance Scorecard (BSC) is a systematic approach of performance management that has been effectively approved by companies in different sectors to translate their strategic approach into a reality and gain sustainable competitive edge…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
Critical evaluation of development and role of Balanced Scorecard in production and service organizations
Read TextPreview

Extract of sample "Critical evaluation of development and role of Balanced Scorecard in production and service organizations"

Download file to see previous pages The current essay sought to provide a brief overview of BSC and its responsibility to measure overall performance of the firms in production and service sector. In addition to that, it also provides a critical reflection about the various roles played by BSC in service and production sectors.
In today’s business environment, customer’s satisfaction has become one of the vital concerns for organizations and companies to improve product or service quality. Studies have noted that it is very problematic to measure performance of the service quality especially for the intangible goods. The accurate prediction of service quality is very complicated and there are numerous evidences that supports to that companies have failed to attempt the actual dimensional structure of service quality. Simons (2000) describes that, measuring and evaluating service quality generally uses a basic theory approach. He concluded that, it is very difficult to understand views of the different customers towards quality level of a particular product or service outcome. Thus, the mangers need to consider perception of the service process, service input and the overall supportive framework.
The acceptance of globalization in the international market place has brought significant changes in the production and service sector, in terms of the level of competition, cost structure, production environment that led to rapid development in the advancement of technology. Majority of the companies in the global market were compelled to adopt contemporary business management techniques to ensure long-term business survival and to maintain competitive advantage (Kaynak, 2003). Performance management has evolved to be considered as an integral part of management accounting system. In this context, a large number of performance measures have been reported by the financial institutions to pursue cost of the organization’s long-term objectives. However, most of them have failed to provide ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Critical evaluation of development and role of Balanced Scorecard in Essay”, n.d.)
Critical evaluation of development and role of Balanced Scorecard in Essay. Retrieved from https://studentshare.org/management/1665733-critical-evaluation-of-development-and-role-of-balanced-scorecard-in-production-and-service-organizations
(Critical Evaluation of Development and Role of Balanced Scorecard in Essay)
Critical Evaluation of Development and Role of Balanced Scorecard in Essay. https://studentshare.org/management/1665733-critical-evaluation-of-development-and-role-of-balanced-scorecard-in-production-and-service-organizations.
“Critical Evaluation of Development and Role of Balanced Scorecard in Essay”, n.d. https://studentshare.org/management/1665733-critical-evaluation-of-development-and-role-of-balanced-scorecard-in-production-and-service-organizations.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Critical evaluation of development and role of Balanced Scorecard in production and service organizations

Balanced Scorecard

...be monitored until predetermined intervals and the measurement method is capable of providing relevant information for analysis. Many of the modern theorists do not know whether or not there exists a causal interrelation between customer, internal business processes, and learning and growth in all circumstances as claimed by Kaplan and Norton. The Balance Scorecard model developed by Kaplan and Norton argues that more revenues will be generated if customers are more loyal and satisfied with the products or services provided by the organization (pp.122-123). Scholars like Norreklit strongly disapprove such a connection between customers...
8 Pages(2000 words)Essay

Management Accounting: Performance Evaluation (Balanced Scorecard)

...because of this reason has been increasingly used by organisations as a performance measurement tool. The name balance scorecard refers to how an organization balances all four important perspective that influence its performances and organization cannot improve its performances without considering these four perspective. If an organization wants to improve its financial performances, then it has to consider other three perspectives as well. Similarly, if an organization analyses or measures its performances and it has been found that the financial performances of the company has been influenced, then other three...
10 Pages(2500 words)Essay

Balanced scorecard evaluation

...?Balanced Scorecard Evaluation In order to experience continued growth and improvement, it is very critical that managers of organizations understandtheir companies from their financial and non-financial perspectives. Kaplan and Norton (1996) state that “if u can’t measure it, u can’t manage it.” This means that managers of organizations should be in a position to keep track of the way the staff execute activities that are within their control. The manager should also be in a position of monitor the consequences resulting from these actions. Every organization aims at achieving growth and a competitive advantage. This...
8 Pages(2000 words)Essay

Balanced Scorecard

... situational feedback and updating ideal strategies fit for shortcomings of previous organizations functionality. However, strategy translation to action using the Balanced Scorecard is not completely ignorant of the steps that organizational managers use to build a tailored balanced scorecard. Rather than managing performance measurements and bottom line aspects, the Balanced Scorecard system enables companies to focus and stabilize their long-term performance with regards to the human resource, clients, internal processes, and development of new products. In specific terms, the Balanced Scorecard approach seeks to retain the company’s financial measures such as employed capital returns, economic value creation, and consequently... or...
10 Pages(2500 words)Essay

BALANCED SCORECARD

...Perspective 8 Sales Growth 9 Growth in Operating Activities 9 Free Cash Flow Productivity 9 Customer Perspective 10 Increase in Customer Retention 10 Improved Customer Service 10 Increase in number of Customers 11 Internal Perspective 11 Reductions in Inventory 11 New Product Developments 12 Improvement in Distribution Efficiency 12 Learning and Growth Perspective 12 Employee Turnover 13 High Skill Levels 13 Employee Satisfaction 13 References 16 Formulation and Implementation of Balanced Scorecard of Procter & Gamble Balance Scorecard was developed by Robert Kaplan and Dr. David Norton...
10 Pages(2500 words)Essay

Balanced Scorecard

...in the capital, particularly depending on how the stakeholders are involved in the process as well as the manner in which the intervention involves the non-managerial staff. Service quality management applying the balanced scorecard: an exploratory study - Ratnasingam, 2009. This study looks at the functions of the balanced scorecard framework in web service quality. A balanced scorecard approach is designed for web service quality by pointing out critical success factors that constitute the goals of a business, targets, measures and programs. The study is done by...
8 Pages(2000 words)Assignment

Balanced Scorecard

...Introduction This paper provides a study of balanced scorecard measure and the significant of its measures in achieving the goals set by an organization. The most important of the company's activities lies in driving maximum level of customer satisfaction through enhanced performance on the part of the company and its people. This objective cannot be achieved unless the company sets specific performance goals and the specific measures to evaluate the level of performance towards the achievement of these goals. As customer satisfaction is the main driver of the organization's profit target, it is of critical importance for the company to...
5 Pages(1250 words)Essay

Balanced Scorecard for Banagas

..., the organizations cultural environment, management and evaluation systems should be examined to ascertain if existing personnel/human resources processes will support or hinder diversity in the organization; Then, appropriate strategies can be designed to develop and manage diversity based on these findings’ A critical issue for the human resources perspective of Balanced Scorecard is the choice of the appropriate model of human resources management that will perform more effectively under the specific conditions. In this context, Kesler (1995, in Kesler, 1997, 26) has presented the "HR grid" which includes process...
16 Pages(4000 words)Essay

Balanced Scorecard

...technology, which supports the decision-making process, overall management of an organisation, and other critical operations within an organization. As noted above, the management of Dual-Tech Inc will need different critical information pertaining to the four components of the balanced scorecard in order to implement the balanced scorecard. In this regard, the management of Dual-Tech Inc will obtain these information from various information systems that are clustered under the executive support systems. The information systems that will be used to obtain information include management information systems, decision...
2 Pages(500 words)Research Paper

Balanced Scorecard

..., shortens response time, manages on a longer-term perspective, reduces the number of times for new product launch, and emphasizes the value of teamwork. Likewise, there is also the acknowledged benefit of maximizing the potentials of organizational resources. The balanced scorecard concept and strategic performance measure is reported to be effectively implemented by initially establishing explicitly defined goals (quality, time, performance, service); as well as translating these goals into specifically designed measures or strategies of accomplishment. Finally, it was noted that the main responsibility and applicability of the balanced...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Critical evaluation of development and role of Balanced Scorecard in production and service organizations for FREE!

Contact Us