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

Transforming the balanced scorecard - Coursework Example

Cite this document
Summary
The Balanced Scorecard is a performance measure that utilizes financial measures and supplements it with measures on the drivers, lead indicators, and financial forecasts. There has been an increased adoption of the Balanced Scorecard approach to manufacturing and service…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Transforming the balanced scorecard
Read Text Preview

Extract of sample "Transforming the balanced scorecard"

Transforming the Balanced Scorecard The Balanced Scorecard is a performance measure that utilizes financial measures and supplements it with measures on the drivers, lead indicators, and financial forecasts. There has been an increased adoption of the Balanced Scorecard approach to manufacturing and service companies since its introduction in 1992. The popularity is due to its emphasis on the linkage of measurement to strategy and cause and effect linkages that outline the hypotheses of the strategy.

It also shows the changing nature of technology and competitive advantage. Modern organization view intangible assets as a source of competitive advantage as opposed to the view of the 19th century and early 20th-century firms (Kaplan and Norton 88).The Balanced Scorecard was introduced to provide a new framework for describing value-creating strategies that link tangible and intangible assets. It describes how to mobilize and combine intangible and tangible assets to develop differentiating customer-value offering and superior financial results.

The program has helped over 200 executive teams. It allows the strategy to emerge from meetings and consultations with the senior executives. Then a general framework for describing and implementing the strategy known as the strategy map is developed. It creates a common and comprehensible point of reference for the company (Kaplan and Norton 92).Apart from its industrial application, Balanced Scorecard has also been adopted by non-profit and government organizations (NPGOs), however, it faces the challenge of a strategy that has not been clearly defined.

It is important for the class to note that the Balance Scorecard is not just about performance measurement. It has evolved to become the organizing framework, for a new strategic management system. Its adoption has been observed to deliver good result. The Balanced Scorecard provides a recipe to combine with what exists in the organization for long-term value creation. The following points will be in class; strategic maps, other forms of performance measurement, Balanced Scorecard and NPGOs and beyond performance management (Kaplan and Norton 102).

Work CitedKaplan, S. Robert, and Norton, P. David. Transforming the Balance Scorecard from performance Measurement to Strategic Management: Part I, 2001. Print

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Transforming the balanced scorecard Coursework Example | Topics and Well Written Essays - 250 words”, n.d.)
Transforming the balanced scorecard Coursework Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/finance-accounting/1690173-transforming-the-balanced-scorecard
(Transforming the Balanced Scorecard Coursework Example | Topics and Well Written Essays - 250 Words)
Transforming the Balanced Scorecard Coursework Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/finance-accounting/1690173-transforming-the-balanced-scorecard.
“Transforming the Balanced Scorecard Coursework Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/finance-accounting/1690173-transforming-the-balanced-scorecard.
  • Cited: 0 times

CHECK THESE SAMPLES OF Transforming the balanced scorecard

Balanced Scorecard of Procter & Gamble

the balanced scorecard includes all the four perspectives of a balanced scorecard namely, the financial, customers, learning and internal business process perspectives.... balanced scorecard is an important tool developed to measure the level of performance mainly of the employees in an organization.... … 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....
10 Pages (2500 words) Essay

Balance Score and Strategy Map Analysis of Chevron

Designed balanced scorecard 6 4.... Balance of balanced scorecard 10 6.... balanced scorecard a critical analysis 15 11.... Limitations of balanced scorecard 16 12.... the balanced score card is used here as a strategic management tool and strategic control system.... Based on the observations obtained from the balanced score card and the strategy map, a recommendation is prepared.... A critical analysis of the balanced score card is also provided along with limitation and conclusion in this report....
11 Pages (2750 words) Essay

Strategic Management - Plan, Ploy, Position, Pattern, and Perspective

There is no ambiguity in saying that strategic management is a plan, ploy, position, pattern and perspective as it balances internal progressions of organizations with external factors.... The overall strategic management of organizations is indivisible from strategic management of relationships, usually the accountability of the public relations or communication department. … Strategic management rivets taking decisions and actions that resolve long-term organizational performance....
7 Pages (1750 words) Essay

The Role Of Financial Management In Successful Business Acquisitions

An essay "The Role Of Financial Management In Successful Business Acquisitions" reports that from a financial perspective mergers have become an attractive business option in the modern corporate practice as a means of achieving an increase in growth and the ultimate goal of economies of scale.... hellip; Advice pertaining to investment banking within mergers and acquisitions forms an integral part of the job of a banker and will be adding momentum towards the closing and coordination of the plethora of events and actions which need to be reviewed....
13 Pages (3250 words) Essay

Delivering an Appropriate Quantity of the Product to the Customer

It is quite imperative for a product-based organization to be capable of delivering appropriate quantity of the right product to the right customer and at the right time without holding surplus inventory (Wagner, Ullrich & Transchel).... Not only that, a product based organization… lso has to ensure a smooth flow of work between every operational department whether it is accounting, finance, manufacturing or logistics (Christopher & Holweg, 2011)....
9 Pages (2250 words) Essay

Strategy and Performance Management at DSM

An attempt has been made to identify the key processes that DSM needs to provide within its system in order to successfully link its key success factors… The main KSF of DSM can be classified under three heads.... The first head consists of the KSF for the local players.... Ensuring loyalty of the consumers is vital for the local players....
4 Pages (1000 words) Essay

Balance Scorecard for Measuring Performance

The balance score card to be designed shall comprise of four major key performance indicators such as internal processes (maintenance and engineering), learning and innovation (human resources), customer satisfaction (marketing and customer services) and financial (accounting).... hellip; The firm is inclined towards delivering quality service to its local passengers....
11 Pages (2750 words) Essay

Financial and Non Financial Measures of an Organisation

Customers and employees as presented above could participate in the balanced scorecard system (which also interacts with EVA as described previously) and in this way a direct link between the company's financial and nonfinancial measures is built.... The most applicable method for the evaluation of a firm's performance seems to be the balanced scorecard system which is cooperating with the economic value added (EVA) measure in order to achieve the desired result....
11 Pages (2750 words) Research Paper
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.
Contact Us