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Balanced Scorecard Methodology - Assignment Example

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According to Kaplan and Norton, the balanced scorecard cannot be just considered as a measurement but it becomes useful only when applied as a framework for management process (21-23). Performance measures are set in the balanced scorecard anticipating that those would help to meet the financial objectives of the Organization. Balanced Scorecard Financial Perspective Performance Measures Desired Change Total profit Total sales revenue Contribution margin per unit Customer Perspective Performance Measures Desired Change Written-off accounts receivable (bad debts) as a percentage of sales Customer satisfaction with accuracy of charge account bills from monthly customer survey Product returns as a percentage of sales Percentage of customers retained from last period Number of new customers Internal Business Process Perspective Performance Measures Desired Change Percentage of charge account bills containing errors Average age of accounts receivable Travel expenses for buyers for trips to fashion shows Percentage of suppliers making just-in-time deliveries Sales per square foot of floor space Unsold inventory at the end of the season as a percentage of total cost of sales Learning and Growth Perspective Performance Measures Desired Change Profit per employee Sales per employee Percentage of charge account bills containing errors Percentage of salesclerks trained to correctly center data on charge account slips Suggestions per employee 2. If the organizations do not channel the efforts into

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validating performance measures, creating a desired linkage between measures and end-results, it would end up in disaster. Measurement validation is an integral part of the process, and so rushing with the performance measures would not be advisable for an organization. Therefore, necessary significance must be given to measurement validation or else will be left with stimulating performance and behavior that the organization had not anticipated. While adopting a balanced scorecard, it is important to consider that business process does not take place in a coherent straight line. Therefore, it is advisable to leave out space for innovation and change. Opportunist behavior are welcomed and it is an added advantage to the organization to consider local idea generation in the future in order to be equipped with the ability to clutch opportunities as they arise. It is not a stand-alone process, and so must be put into application and driven by firm’s strategy process. After it is in operation for sometime, some of the measures may show improvements while some others may be lagging. Here it is necessary for the management to review and update the scorecard for increasing its efficiency. The organizational strategies will need to be changed over the period, so do the elements of the scorecard. Measures that do not show improvements must be identified and put under review and renewal, and new measures should be adopted in each dimension of the scorecard. Once the renewal process is completed, the management should make sure that the scorecard measures are exactly what the firm really wants to achieve. While reviewing and updating the performance measures, it is advisable to the organization evaluate through a pattern of questions, in each dimension of the balanced scorecard, to make sure that the
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Summary

Balanced Scorecard 1. As per reports, more than half of the most fortunate firms across the world make use of the Balanced Scorecard methodology. Like any other business process application, it acts as a catalyst and a platform for learning evaluating the operations of the business organization…
Balanced Scorecard Methodology
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