Balanced Score Card - Essay Example

Only on StudentShare

Extract of sample
Balanced Score Card

According to various studies, the Balanced Score Card system affects strategy at the levels of finance, customer, internal, and growth. One advantage of this strategy is that it relies significantly on measurable outcomes that weigh against specific goals as spelt out in the organization’s specific mission and vision.
According to a range of financial management literature, the application of the Balanced Score Card is manifest at the financial level of strategy (Punniyamoorthy, & Murali, 2008; Figge, Hahn, Schaltegger, & Wagner, 2002, p. 269). This is because, financial growth strategies are comparably easier to ascertain as compared to the other levels of strategy as customer growth and satisfaction. The universal characteristic of these strategies involve the active application of specific periods within certain financial goals are measured (Brown & McDonnell, 1995). The levels of success or failure are measured within the specified period in order to obtain the most accurate standards of measurement as spelt out within specific growth objectives and strategies. On this score, it becomes appropriate to consider the fact that time factor remains one of the most important considerations of the rate of growth.
Financial Management
In many organizations, the determination of growth using the Balanced Score Card method involves the determination of revenue growths and profits (Chavan, 2009). This usually entails the determination of the rate of growth in profits as understood together with certain financial measurable. ...
Download paper

Summary

In general, the balanced scorecard is an important measure of strategy since it involves the measuring of results from some specific scores. Many scholars of management accountancy agree that there is a direct relationship between the kind of application of management strategies and the outcome of the application processes. …
Author : kreigerkenneth

Related Essays

Strategic Management Accounting in University
The paper tells that every organization whether it is a profit making organization or non-profit making organization has various vision and mission. The objectives or the organisations are focussed on this achievement of the vision and mission of the organisation. The organisation at various time adopt a number of strategies to achieve the mission of the organisation. These strategies are focussed on the objectives of the organisation. To achieve the organisational objectives it is very important to control the activities of the organisation. In this regard tools and techniques of management...
13 pages (3263 words) Essay
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.
59 pages (14809 words) Dissertation
Implementation of Balance Score Card (BSC)
Balance Score Card (BSC) is a framework for measuring performance on strategic level and accounts both financial and non financial measures (Banker, Chang, and Pizzini. 2011). BSC, since introduced by Kaplan and Norton in the early 1990s, has been adopted by large number of organizations. It is called BSC as it attempts to balance between short and long term goals while maintaining balance between financial and non financial variable (Kalpan, 2010). Proponents of BSC claim that it has many beneficial features that makes it preferred choice; such as connecting vision with strategy and...
10 pages (2510 words) Essay
Balanced Scorecard
Although organizations measured their performance even before emergence of the balanced scorecard, they did not know how to implement new strategies. The balanced scorecard has evolved in its functionality to embrace translation of company strategies into action.
...
10 pages (2510 words) Essay
Balanced Scorecard
Essentially, the balanced scorecard is concerned with analysis of four areas including customers, finance, business processes and learning and growth. Managers are usually engaged in collection of quantitative data and then analyzing it with the aim of making appropriate and long-term decisions courtesy of balanced scorecard technique. This paper will analyze five different papers, which have examined balanced scorecard through case studies, primary data collection and as well as secondary research. The papers have good insight on the applicability, advantages as well as the challenges of...
8 pages (2008 words) Assignment
BALANCE SCORE AND STRATGEY MAP ANALYSIS OF CHEVRON
The balanced score card is used here as a strategic management tool and strategic control system. The balance score card is supplemented with a strategy map. The strategy map use a more direct approach to depict the cause and effect relationship between the various objectives across finance, customer, internal process and learning and growth. The research report also involves a detailed explanation of the link between each type of objective. Apart from that the strategies are also linked with the mission and objectives of Chevron. Based on the observations obtained from the balanced score card...
10 pages (2510 words) Essay
design a balanced scorecard and linked strategy map and evaluate the techniques used.
Thornton Chocolate Company has been going through a rough phase, as the company has to deal with consecutive losses. In this scenario development of balanced scorecard and strategic map for guidance become necessary for the company. A comprehensive discussion on balanced scorecard and the key performance indicators, targets, and objectives of the company are also ascertained to develop a strategic map for the company. The strategic map will put forward the strategies by which Thorntons Chocolate Company can pull up sales, minimise cost and increase their market share in the industry. The...
8 pages (2008 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!