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Balanced scorecard assignment
Assignment on perspective of balanced scorecard
Assignment on perspective of balanced scorecard
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Introduction
The balanced scorecard can be defined as the system that manage the strategic planning of the organization and assist the management to utilize the internal and external communication process to examine the performance of the firm (Wheelen & Hunger, 2004). This balanced scorecard will assist the beauty line business organization to synchronize all the business activities and action according to the vision and strategy. The main role of balanced scorecard is to provide a dimension of framework through which the organization can follow an impartial perspective for the execution of various objectives such as shareholders value, customer value, internal operations and learning and growth (Sadler & Craig, 2003).
The given balanced scorecard would be supportive for the beauty line organization to evaluate the various metrics and targets according to the strategic mission and vision. This will also help the firm to analyze the performance of the employees and business in the industry (Pierce & Robinson, 2009). In addition, this balanced scorecard will make easy for the firm to execute innovative strategies, so that the firm can strengthen its strengths and utilize environmental opportunities to achieve the mission and vision of the firm (Pienaar & Penzhorn, 2000). The four quadrants of a balanced scorecard are as followed to evaluate the performance of the company (Olve, 2006).
Financial Perspective and Shareholder Values
Customer Value Perspective
Process or Internal Operations Perspective
Learning and Growth (Employee) Perspective
The balanced scorecard for the beauty line organization for the development of various strategic objectives and tactics is as followed:
Balanced Scorecard Category Strategic ...
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Kaplan, R.S. & Norton, D.P. (2006). Alignment: using the balanced scorecard to create corporate synergies (eds.). Harvard Business Press.
Niven, P.R. (2002). Balanced scorecard step by step: maximizing performance and maintaining results (eds.). John Wiley and Sons.
Olve, N. (2006). Balanced scorecard (eds.). John Wiley and Sons.
Pienaar, H. & Penzhorn, C. (2000). Using the Balanced Scorecard to Facilitate Strategic Management at an Academic Information Service. Libri, 50, 202-209.
Pierce, J. & Robinson, R. (2009). Strategic Management: Formulation, Implementation and Control (11th Edition). New York: McGraw Hill Companies.
Sadler, P. & Craig, J.C. (2003). Strategic management (2nd Edition). Sterling, VA: Kogan Page Publishers.
Wheelen, T.L. & Hunger, J.D. (2004). Strategic Management and Business Policy (9th Edition). Pearson Education.
The Balanced Scorecard is a business strategic planning system used by management to make decisions based on information provided about the business from four different perspectives. The first of the four perspectives is the financial perspective. Which means that we evaluate our business and conduct research from the shareholders perspective. Next is the internal business perspective, which is an internal evaluation of what the business must be good at to excel. Next is the innovation and learning perspective which is an evaluation of the firm’s ability to continue to improve and create value. The final perspective is the customer perspective, which is looking at the business activities from the customers
This part of the assignment will discuss balanced scorecard that has been implemented by UK National Health Service (NHS), how it has influenced and impacted upon the performance measures of this organisation.
Balanced Scorecard The balanced scorecard (BSC) is a strategy used in organizations to determine their performance measures (Meredith & Shafer, 2016). The BSC provides knowledge into four perspectives of an organization; financial performance, customer performance, internal business process performance, and organizational learning and growth (Meredith & Shafer, 2016). There are many elements of the BSC, including the strategy map which displays the cause and effect relationships between the four perspectives to achieve a specific organizational goal (Meredith & Shafer, 2016).
Pearce, J.A., & Robinson, R.B. (2013) Strategic Management: Planning for Domestic and Global Competition. (13th Ed.). Boston, MA: McGraw-Hill/Irwin. ISBN-13: 9780078029295
Pearce II, J. A., & Robinson, R. B. (2011). Strategic Management 12th Ed. New York: McGraw-Hill/Irwin.
Fast Company,(139), 69-70,73,16. Retrieved from Research Library. Document ID: 1870795761. Wheelen, Thomas L. & Hunger, J. David, (2010). Strategic management and business policy.
The criteria are designed to work in an integrated way to achieve a system of performance excellence. Leadership, Strategic Planning, and Customer and Market Focus, link together to emphasize the importance of leadership focus on strategy and customer satisfaction (Shields, 2013). The criteria are written as a series of questions that can help an organization gain knowledge of itself. Critics of the Baldrige process say that criteria are too focused on business results and not focused enough on quality. As it stands, the customer and market focus category counts for 450 of the criteria’s possible 1,000 points.
The Balanced Scorecard is a management tool used for strategic planning in business and industries to align activities with a vision and strategy. The tool is used in the organizational setting to improve communications (USAID,
A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate to Scents & Things vision, mission, values, and SWOTT analysis.
Pearce, J. A., & Robinson, R. B. (2013). Strategic management: planning for domestic & global competition (13th ed.). New York: McGraw-Hill/Irwin.
Hitt, M., Ireland, R. & Hoskisson, R. (2010).Strategic Management: Competitive and Globalization, Concept and Cases. Mason, Ohio: Cengage Learning
Witcher, B., and Chau, S. V., 2010. Strategic Management: Principles and Practice. Cengage Learning EMEA.
The Balanced Scorecard has emerged in recent years as a performance measurement system in various organizations. This paper will discuss the origin and concept of the balanced scorecard and how it was first implemented. We will then review the criticisms on the balanced scorecard methodology as well as analyse the strengths and weaknesses of this performance measurement tool.
Performance management is a useful and powerful tool that can be used by managers to identify what areas of their organisation they need to improve to increase the organisation’s overall performance. The idea of a balanced scorecard enforces a sensible distribution of resources and effort across all aspect of performance an organisation is, or should be, concerned with.
Hitt, M., Ireland, and Hoskisson, R. (2009).Strategic management: Competitive and Globalization, Concepts and Cases. In M.Staudt & Stranz (Ed).