Balance Score Card and Strategy Map Executive Summary The study has been prepared for understanding the utility and functioning of the balance score card in an organization. The balance score card is a strategic management tool which helps in evaluating the performances related to the financial as well as non financial factors, used extensively in many industries, businesses and other non profit seeking organization…
The study will identify the measures to be taken for fulfilment of the objectives followed by the recommendations to Chevron for achieving the target. The study will also reflect the strategy mapping for Chevron Corporation followed by the link between each perspective (financial, customer, internal business process, learning & growth) and the perspectives and the objectives. In this study, it will be shown that how the four perspectives of balance score card are linked to each other and how the perspectives and objectives are linked to each other. Finally the study will be concluding with a critical analysis of the balance score card and the limitations of the balance score card. Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 Vision of Chevron 4 Strategy 5 Designed Balance Scorecard 5 Balance of Balance Score Card 10 Strategy Map 12 Links within Each Perspective and the objectives 13 Recommendation 14 Balance Score Card: A Critical Analysis 15 Limitations of Balance Score Card 16 Works Cited 17 Name of the student Name of the professor Course number Date Introduction Chevron Corporation is a multinational energy corporation whose headquarter is located in San Ramon, California. The company operates in more than 180 countries and is engaged in gas, oil and other geothermal sectors including production, exploration, marketing, chemicals manufacturing and power generation. It is one among the six major oil companies. From last five years, the company has been ranked as the third largest corporation (in Fortune 500) in America. Chevron is considered to be one of the largest corporations, in terms of revenue. Vision of Chevron The vision statement of Chevron is “At the heart of The Chevron Way is our vision …to be the global energy company most admired for its people, partnership and performance" (Chevron, “The Chevron Way”). The values of Chevron Corporation are: Integrity The company performs its operations with integrity and meets the highest standards of codes and ethics in its business dealings. The company believes in keeping its commitment and accepting the responsibilities (Chevron, “Values”). The company holds itself accountable for its work and its actions. Diversity Chevron respects the culture in which it works and learns from it. It values and respects the uniqueness of the individual and their varied perspectives and the talents they possess. It has an inclusive working environment. Protecting the people as well as the environment The company places its highest priority on the safety of the work force and the protection and proper care of its assets and environment (Chevron, “Corporate Responsibility”). The company aims to be admired for the world class performance by means of the Operational Excellence Management System. Trust The management and the employees of Chevron believe in respecting and supporting each other and they strive for earning the trust of the partners, the colleagues and the customers. Ingenuity The company seeks opportunities out of ordinary solutions. It utilises the creativity of the employees to find practical ways of solving problems. High performance The company is committed to the excellence in its performance. It strives to improve consistently and achieve results that exceed the expectations. Strategy Chevron states that its capital ...
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11 Pages(2750 words)Coursework
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