Nobody downloaded yet

Balanced Scorecard - Essay Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.6% of users find it useful
Balanced Scorecard
Read TextPreview

Extract of sample "Balanced Scorecard"

Download file to see previous pages The Balanced Scorecard is one of the contemporary performance measure systems that the managers engage to gain operational performance insights from various departments of the organization. The Balance Scorecard embraces almost all the facets of an organization and renders more valuable information to managers concerning various critical organizational decisions. Dilanthi et al. propound that, "BSC is a management framework that measures the economic and operating performance of an organization [and] is intended to link short-term operational control to the long-term vision and strategy of the business" (183). Hence, the balanced scorecard basically provides a management tool to gauge the organizational performance by means of a unique approach.
The most eminent feature of balanced scorecard measure is that rather than focusing on a single aspect, it encompasses all the major elements that have a significant impact upon of the organization's performance. Bryant, Jones and Widener (2004, p108) illustrate this point as that, "firms implement a BSC by selecting both financial and non-financial measures across four hierarchical perspectives: learning and growth, internal business processes, customer, and financial". Hence, the BSC measure rests on evaluating the performance of a firm on four distinct perspectives. Although the performance is also gauged in terms of financial perspective but it is not done exclusively. It is combined with other significant angles viz., learning and growth, customer, and internal business process etc. Dilanthi et al. suggest that, "non-financial measures, such as customer retention, employee turnover, and number of new products developed these measures serve as predictors of future financial performance" (183). It implies that even the non-financial measures in BSC contribute to the future financial success of the company.

This consideration and emphasis on non-financial elements in performance measurement also happens to be one of the major criticisms of the traditional performance measures, which led to the development of BSC measure. Yeniyurt assets that, "one major criticism to traditional metrics is that they do not consider non financial performance measures such as customer satisfaction, process efficiency and rate of innovation" (135). The Business Scorecard measures guides the organization in critical decision-making concerning employee management through learning and growth, unveiling of new products and services through internal business processes, estimating performance targets for the enhancement of customer experience and finally the financial perspective encompassing the financial position of an organization i.e., profits, losses and various costs (Bryant, Jones and Widener).

Self identifies that in BSC, "we not only decide what measures are important; we also state unequivocally what constitutes success for each measurement. each year we can literally see how well we have done." (101-102). It means that in balanced scorecard measure, an organization defines its performance measures and sets goals on the performance level to be achieved on each particular measure. This makes a company analyze its performance at the end of the year against the targets established and targets achieved so that it can realize the elements that need to ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/miscellaneous/1532270-balanced-scorecard
(Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 Words)
Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/miscellaneous/1532270-balanced-scorecard.
“Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1532270-balanced-scorecard.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Balanced Scorecard

Balanced Scorecard

...? Balanced Scorecard Approach: A Critical Review Balanced Scorecard Approach: A Critical Review Introduction Balanced Scorecard is a strategic performance management tool, which is mainly used by managers to regulate strategy execution activities and subsequent monitoring processes. Although the first Balanced Scorecard was designed by Art Schneiderman in 1970, the concept of Balanced Scorecard was extensively developed and widely popularized by Robert S. Kaplan and David P. Norton. According to them, a Balanced Scorecard “defines the set...
8 Pages(2000 words)Essay

Corporate Balanced Scorecard

...?Introduction Organizations require performance measurement as a way of ensuring that they have substantial level of control, and in a way would be able to employ corrective measures if necessary. The Balanced scorecard could be such a good measure that would be able to help an organization obtain a remarkable control, performance measurement and a good feedback mechanism to ensure if it has substantially obtained and satisfied established organizational goals. The balanced scorecard is a strategic management and measurement system measuring financial, customer, internal business process and learning and growth performance of an organization and connecting strategic objectives to comprehensive indicators (Armstrong, 2001, p.136... ). The...
10 Pages(2500 words)Research Paper

Balanced Scorecard

...?Running head: Balanced Scorecard Balanced Scorecard Insert Insert Grade Insert 12 March Balanced Scorecard Introduction The Balanced Scorecard was first developed in the early 1990s to solve organization and business measurement problems, although its use has evolved among companies into more important functionalities. Business and organizational operation environments have increasingly become complex, thus necessitating more complex applications rather than just measuring performance in this era of information. Although organizations measured their performance even before emergence of the...
10 Pages(2500 words)Essay

BALANCED SCORECARD

...? BALANCED SCORECARD WEEK 6 Executive Summary Balanced Scorecard is an important tool developed to measure the level of performance mainly of the employees in an organization. Procter and Gamble (P&G) is a reputed FMCG company which operates its business worldwide. It is headquartered at Ohio, United States. The company is engaged in the business of offering consumer goods to its customers in packaged form. The sales and marketing division of P&G group is committed towards providing best services to its customers. This study entails the preparation of a balanced scorecard for the strategies to be implemented in the sales and marketing...
10 Pages(2500 words)Essay

Balanced Scorecard

...? Balanced scorecard [Semester] Balanced scorecard Introduction A balanced scorecard is a performance measurement tool used in strategic management to discover and develop a variety of internal processes as well as assessing of the impacts of the external factors. In particular, the purpose of this technique is to measure and assist organizations in the implementation of their goals and strategies. The balanced scorecard method is used by organizations for different purposes including strategic planning, organizational and strategic positioning, improvement of communication and management...
8 Pages(2000 words)Assignment

Balanced Scorecard

...Question The expectation of Halifax, Inc. in Balanced Scorecards were to supply efficient and evaluative operational performance, focus on the achievement of core missions, comprehension of the internal and financial performance through analysis of the views and opinions of staff, clarity and definition of customer relations and outlook of managers on improvement and critical performance (Kaplan & Norton 1998). The team assured that every material needed by the scorecard existed. Moreover, they wanted the appropriate modifications on cultural change possible. This held the Customer Focus programme, where the perspective starts at performance management and personal development. Halifax...
12 Pages(3000 words)Essay

Balanced Scorecard

...The Balanced Scorecard s Introduction This present research paper mainly focuses on the Balance Scorecard of Dual-Tech Inc, which is a fictional organization that specializes in the selling and distribution of electrical appliances. The research paper will seek to describe how the balanced scorecard helps the management of Dual-Tech Inc to identify important information requirement. Secondly, the research paper will identify the information systems that Dual-Tech Inc will use to obtain information pertaining to each scorecard component. The Balanced Scorecard Kaplan and Norton (1996), in...
2 Pages(500 words)Research Paper

Balanced Scorecard

...September 8, Summary: Balanced Scorecard Balanced scorecard is reportedly a strategic management tool that provides measures or techniques which enable managers to determine the ability of the organization to apply strategies that achieve organizational goals. As indicated, these measures include both financial and operational measures, internal processes, as well as innovation and improvement activities. There have been four crucial perspectives in the balance scorecard concept, such as: the customer, internal, financial, and innovation and learning. The noted benefits of using balanced scorecard as a...
1 Pages(250 words)Essay

Balanced scorecard

...Balanced Scorecard for Charitable Organization ID Balanced Scorecard for Charitable Organization Introduction In strategicmanagement for any organization ranging from non profit to profit making organizations, there is need to include balanced scorecards to help create a sense of direction for the management to follow during the process of running the organization (Hannabarger, Buchman & Economy, 2011). During strategic management, a number of goals may be developed aiming at improving service delivery and the general aspects that the organization engages in. though balanced score cards, it becomes easy for the...
8 Pages(2000 words)Essay

Balanced Scorecard

...HUMAN RESOURCE- BALANCED SCORECARD Lecturer’s Balanced scorecard Managers in organizations want a balanced presentation of the operational and financial measures to ensure organizational success. The balanced scorecard helps in achieving this by tracking all the essential elements of the organizational strategy from partnership, teamwork, continuous improvement and global scale. The scorecard provides managers with a set of measures that provide the results of actions already taken. It is important for complementing the financial measures on customer satisfaction, organizational innovation, its...
3 Pages(750 words)Book Report/Review
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 Balanced Scorecard for FREE!

Contact Us