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Duke Children's Hospital Balanced Scorecard - Essay Example
Author : pietroshanahan
Pages 4 (1004 words)
Title: Duke Children’s Hospital Balanced Scorecard Name: Course: Tutor: Date: Introduction A balanced scorecard (BSC) refers to a planned performance administration framework used by managers in monitoring the progress of business in their organizations or firms within the limit of their powers with a particular focus on the activities taking place and managing the consequences resulting from these activities…
A Balanced scorecard therefore aids in achieving the firm’s strategic priorities and goals. In developing a balance scorecard, Duke Children’s Hospital had an established strategy: “perk up communications to perk up quality of health care while reducing expenses.” The organization sought to use the balanced scorecard in evaluating its business processes and stakeholder relationship due to its meditated impacts on business organizations. Duke Children’s Hospital employed the strategy of evaluating and examining its past records such as patient satisfaction survey data, in establishing the balanced scorecard. As a result of its anticipated positive results, the staff generally took it positively and was patient to reap the fruits. Analysis In the Duke Children’s Hospital, the developed BSC methodology started with the development of the strategic plan and a mission. The senior management were involved in setting the strategic goals and provided credible support for the project. The key metrics for measuring performance were then developed and established. The process was concluded by developing initiatives that were pointed towards enhancing performance and to support the realization of the set strategic goals. ...