Developing a Balanced Scorecard - Thesis Example

The five salient perspective indicators which have been identified in the study can be summarized as follows: (a) safety management through the elimination or reduction of accidents, including related aspects such as reducing accident-related costs and leading by example as well as through an emphasis on safety awareness (b) Improvement of safety performance levels through safety learning and adequate training for new recruits, as well as through the establishment of an effective feedback system (c) operational aspects related to establishing a feedback system, through creation of a better working environment, implementing effective follow on system and carrying out effective site planning (d) safety performance through ensuring student and teacher satisfaction, as well as through the enhancement of school students’ morale and lastly through (d) the safety climate, wherein a safe environment is established by controlling violent, aggressive behavior and ensuring healthy relationships among all the members of the school.

Education spending has risen dramatically in Saudi Arabia in the last decade, with a 12.8% increase in spending during the last year – from Saudi Riyals 121.9 billion to 137.6 billion (Conway, 2010). There are about 25,000 schools, of which 16,000 operate out of rented buildings and the Government has spent money acquiring land to build schools. Attendance at schools and at Universities is completely free; there are no tuition fees, rather students at the post-secondary level actually receive a stipend.

The Government also funds vocational training centers, which offer Saudi students training in typing, shorthand, accounting and other skills (www.education.stateuniversity.com).The Balanced Scorecard is a strategic management system that focuses on the measurements of a company’s activities in terms of its vision and strategies. It eschews sole reliance on financial metrics and also emphasizes performance metrics in order to arrive at an effective assessment of the evaluation of the factors that drive corporate success.