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Performance Management: using Balanced Scorecard as a tool to improve performance - Dissertation Example

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Performance Management: using Balanced Scorecard as a tool to improve performance

lts from Questionnaire Survey 44 4.3 Analysis 45 4.3.1 Interview 45 4.3.2 Questionnaire Survey 47 4.4 Discussion and Implications of Findings 48 CHAPTER 5 50 5.1 Conclusion 50 5.2 Recommendation 52 5.3 Limitations and Future Scope of the Study 53 References 55 Bibliography 62 Appendices 67 Appendix 1 67 Appendix 2 68 Appendix 3 73 CHAPTER 1 1.1 Background Organisational functions are generally controlled and monitored by the top-level management of the company. Their duties involve strategic planning, implementing plans to achieve profit and increase the market share of the company. They also have the responsibility to review the level of performance and control the internal factors. So the management not only monitors the corporate but also business performances in the organisation. Business management functions involve analyzing and organizing the business methodologies, processes and the systems and accordingly work to increase the performance of the business. The balance scorecard methodology is a part of performance analysis tool. This tool was introduced by Robert S. Kaplan and David P. Norton. This helps a company to determine its long term goals and strategies. Basically a company is analyzed from four basic perspectives: growth and Learning, Customer base and satisfaction, financial aspect and finally internal business process of the company (Balanced Scorecard Institute, 2012). Balanced Scorecard concept has become deeply embedded in all kinds of organizations around the world. Organizations have used systems which consist of a mix of financial and non financial measures in order to track the progress for quite some period of time. The balanced scorecard terminology was coined by Schneider man as the roots of the performance management as the activity which runs deep in management practice and literature (Scarlett, 2001, p.41). Kaplan and Norton included the details like non financial measures which would help to compare the target values within a single report. Balanced scorecard is considered as one of the most crucial management idea of this century. The concept was first coined by Robert Kaplan and David Norton in 1992. The idea of balanced scorecard consists of performance prism, third generation balanced scorecard and result based management. In mid 1990s organizational theorists had taken up Norton and Kaplan's work and modified the method of balanced scorecard (Kaplan and Norton, 1996, p.41). In the beginning of the century Frederick Taylor established the concepts of resource allocation. In 1920's motion studies and assembly line was prepared for the production processes. In 1930's the main topic of studies ...Show more

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Performance Management: using Balanced Scorecard as a tool to improve performance Table of Contents CHAPTER 1 6 1.1 Background 6 1.2 Problem Areas 8 1.3 Rational of study 9 1.4 Problem Statement 10 1.5 Research Question 10 1.6 Research Objectives 10 1.7 Literature Review 11 1.7.1 Performance Management 11 1.7.2 Performance Drivers 12 1.7.3 Benefits of Performance Management 14 1.7.4 Balance Scorecard 15 1.7.5 Reasons for Implementing Balance Scorecard 15 1.7.6 Relation of Balance Scorecard with the Strategic Metric 16 1.7.7 Latest Findings on Balance Scorecard 17 CHAPTER 2 19 2.1 Theoretical Framework 19 2.1.1 History of Balanced Scorecard 19 2.1.2 Balanced Scorecard Principles 20 2.1.3…
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