Got a tricky question? Receive an answer from students like you! Try us!

The Balanced Scorecard - Essay Example

Only on StudentShare
Masters
Essay
Management
Pages 4 (1004 words)

Summary

The Balanced Scorecard is a management system which uses strategic planning methods to evaluate the performance of the organization against the strategic objectives and goals of the organization. The Balanced scorecard is used in organizations with an objective to streamline the strategies and vision of the organization with the activities followed in the business processes…

Extract of sample
The Balanced Scorecard

The Balanced Scorecard

Though the balanced scorecard system was originally developed by Kaplan and Norton to be implemented as a technique for performance management and evaluation, the technique is now used extensively by the organizations as a framework for implementation of new strategies in the business by the identification and deployment of the value drivers in the business with an aim to create strategic advantage. The Balanced Scorecard is a management framework comprising of the performance measurement system as well the process of meeting the key strategic objectives for the business. But there are several deficiencies associated with the original Balanced Scorecard framework as designed by Kaplan and Norton. These may be recognized as: The framework does not have a sufficiently codified mechanism to enable the organization to take decision regarding the inclusion and sustainability considerations in the design of the scorecard. Also, the balanced scorecard framework seems to lack the appropriate processes to evaluate risks that are beyond the client related risks. Other drawbacks of the balanced scorecard technique include the dependence of the scorecard on the performance and control features that do not originate from within the organization, the lack of rationality in the original framework of the scorecard model and the validity of the identified objectives based on which the cause and effect mappings are formed. ...
Download paper
Not exactly what you need?

Related Essays

Gender roles and Marriage
While sex refers to the biological classification into male and female categories, gender indicates social classification of the masculine and feminine attributes. On the other hand identity depends on ones self realization about his or her sexual category. In the paper two stories have been taken up for study – ‘The Secret Life of Walter Mitty’ by James Thurber and ‘The Story of an Hour’ by Kate Chopin. In the former work, Mr. Mitty tries to build his masculine identity through his regular daydreams and in the second work, Mrs. Mallard tries to gain freedom from the repressive bond…
5 pages (1255 words)
A response on The Yellow Wallpaper
A response on The Yellow Wallpaper …
4 pages (1004 words)
Efficient Market Theory & Behavioural Finance with regard to Financial Crisis 2007-2010
Behavioural Finance is a blend of psychology with finance, a contribution by Psychologists Daniel Kahneman and Amos Tversky, along with Richard Thaler, a University of Chicago professor and his colleague Nicholas Barberis. Their works have encouraged many scholars to pursue research in this unusual and different-from-classical-approach field. In this paper, there is the analyses of the two theories, the causes of the Financial Crisis and if EMH has direct implications in it. There is an explanation how behavioural finance can explain the anomalies which have persisted too long to lead to this…
6 pages (1506 words)
Finance and Accounting: Nike Inc.
Financial information is an important component for any organization in the contemporary business environment. Accounting and budgeting information are important aspects of finance and accounting that rely on accuracy, reliability and ease of access for the strategic advantage of any firm. …
12 pages (3012 words)
Performance Management
Therefore, the system of performance management generally involves evaluating and developing the skills, behaviors, and the performance of individual employees, for ensuring that the organization competes favorably in the market through its high performance. …
6 pages (1506 words)
suggested Central Bank for Gulf Cooperation Council (GCC)
The similar nature of their economic structure implies that they have common sources of strengths and weakness in their financial systems. They are heavily dependent on their natural resources which are in the process of being depleted. Hence the GCC nations have made diversification of their economic activities as a long-term policy objective. Their financial sector has a central role to play in this strategy of economic diversification. The financial sector is like an intermediary contributing to the economic development of the GCC countries through creation of profits and employment. It…
5 pages (1255 words)
Steven’s gift tax liability for 2013
The IRS considers gifts given by couples jointly, to be divided into half of the total value of the gift, such that each individual ends up giving half (Herisgad). From this point, each half is dealt with individually, subject to gift tax guidelines. If Steven, had given the car to Bobby jointly with his wife then it would have been total value $18,000 divided by two from each thus from Father $9,000 and Mother $9,000 of which both amounts do not reach the annual exclusion of $14,000 or $28,000 if put together. Same with Carla, the $20,000 gift if given jointly it will be subject to a $28,000…
3 pages (753 words)