This paper talks about the Balanced Scorecard (BSC) which developed by Kaplan and Norton enables the organization to look at the business from four different perspectives. It has a customer-focused approach, scrutinizes the internal processes, and determines innovation and growth. …
This essay declares that BSC helps to identify what does not work so that corrections to the communication plans may be made immediately. Long-term communication policy can be ascertained and the communications strategy can be streamlined with the corporate strategy.
This paper makes a conclusion that the BSC was initially developed as a comprehensive measurement system that incorporated a set of financial and non-financial performance measures which covered different organizational functions and perspectives. However, as organizations started using it, several factors came to light. It was found that it is not viable for smaller organizations because of the costs involved and because they do not have a corporate strategy in place. For larger organizations, it is essential that the different business units are pursuing the overall corporate strategy. The BSC has been successfully implement on both private and public sector organization, in businesses as well as in the health care and the education sector. However, The BSC does have certain critical success factors. These include the involvement of members in the team having diverse skills sets. The scorecard must be linked to the corporate goals and objectives without which the reports generated may not serve the purpose. The senior management should have a clear view of the potential of the BSC because it has been found that unless they are sure of the benefits, they would not be involved or would not be able to encourage others to use it. ...
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Balanced Scorecard Approach: A Critical Review (Name) (Tutor’s Name) (Date) Balanced Scorecard Approach: A Critical Review Introduction Balanced Scorecard is a strategic performance management tool, which is mainly used by managers to regulate strategy execution activities and subsequent monitoring processes.
The Balanced Scorecard was first developed in the early 1990s to solve organization and business measurement problems, although its use has evolved among companies into more important functionalities. Business and organizational operation environments have increasingly become complex, thus necessitating more complex applications rather than just measuring performance in this era of information.
The purpose of this report is centered on the company’s plan to purchase an existing dry dock in another location, so that they could cater new customer requirements in terms of large-sized vessels. The plan would bring advantages to the company’s financial performance based on the monitoring of cash flows; however, the positive forecast is limited to the financial aspect.
These strategies have been identified by the company’s strategic map, with the BSC pointing towards specific elements of the strategic perspectives. Each perspective has been subdivided into the key objectives, measures of the objectives and targets for these measures.
Management literature fulfils this need by provides various systematically designed strategic tools to be employed by the organization that facilitates in effective execution and implementation of the strategy. One of such tools is Balance Score Card (BSC) which a tool that directs the organization towards vision.
A number of management tools and techniques are used by the management to strategically manage and fulfil the organizational objectives. These are the performance prism, total quality management, value based management and the balanced score card method of which the balanced scorecard technique is the most popularly used management system used in order to improve the performance of the organization.
It critically evaluates the use of the "Balanced Scorecard as part of modern business management accounting. In addition the paper tries to understand the way in which performance can be assessed in terms of financial and non-financial measures and to appreciate the use of modern methods of performance measurement.
There have been several studies conducted on the subject of Balanced Scorecard to develop the concept adaptable to the changing circumstances and needs of the organizations. This paper presents some of the facets of balanced score card and an account of the approach in