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Finance & Accounting
Pages 7 (1757 words)
BALANCED SCORECARD Name: Institution: Course: Date: BALANCED SCORECARD A balanced Scorecard is a system that bases on the strategic and management aspects of businesses, non-governmental organizations and even governments to execute their missions, objectives and operational strategies.
It is mainly a measurement framework that adjoins measures that are not financial to conventional financial methods to offer a balanced feature of organizational performance. However, there has been a disbelief of this system in implementing it in small-medium manufacturing enterprise (SME). The disbelief concludes that Balanced Scorecard requires an organization with an advanced strategic planning process to realize its whole benefits. In demystifying that idea, this paper digs into the feasibility of applying the Balanced Scorecard process in the small-medium manufacturing enterprises (SMEs), its prospective benefits, the principal management process and the application of costing systems in SMEs. Introduction Businesses always establish a strategic planning that has connection with the performance of the business. This means that for a business to develop there must be growth in the planning of strategies to realize a better management system. It is at this point that essential strategic management tools must be applied to a business (Brown, 2007, p.5). One of the tools in management processes of strategic planning is the Balanced Scorecard. However, it is important to understand that large organizations often exude a series of challenges in the application of the Balanced Scoreboard. This is because of the extensive coordination, communication and regulations operations in the organizations. ...
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