Case Study : Hospital Trust Board

Soderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance scorecard as a strategic planning procedural tool used by organizations to balance financial concerns, customer concerns, process concerns, and innovation concerns with the main purpose of developing appropriate strategy in favor of a more favorable market position (p. 689-690). Similarly, Lawrence and Webber (2008) illustrated

“The balanced scorecard should translate a business unit’s mission and strategy into tangible objectives and measures. The measures represent a balance between external measures for shareholders and customers and internal measures of critical business processes, innovation and learning and growth. The measures are balance between outcome measures, the results of past efforts, and the measures that drive future performance. And the scorecard is balanced between objective, easily quantified outcome measures and subjective, somewhat judgmental, performance…”

A balanced scorecard is a performance measurement system, which takes into account the customers, internal business processes, learning and growth, as well as financial

Martello, M., Watson, J., Fischer, M., (2008). Implementing a balanced scorecard in a not-for-profit organization. Journal of Business & Economics Research. 6(9), 67-80. Retrieved from: http://journals.cluteonline.com/index.php/JBER/article/view/2471/2517

A balanced scorecard is a tool to provide management a way to bridge the gap between the organization’s strategy and vision and the operational processes used to do business. It enables the company to look at more than just the financial targets, but to include nonfinancial measures such as customer service, internal business processes and more. These intangible measures provide better focus on the organization’s long-term strategies. This paper is an attempt to analyze Frieda Fizz decision to utilize a balanced scorecard as they expand into new geographic areas. The strengths and weaknesses of each perspective are discussed along with the pros and cons of using

The balanced scorecard is a strategic planning and management system that was developed by Dr. Robert S. Kaplan and Dr. David P. Norton in the early 1990's. Their goal was to provide organizations with a clear understanding of what to measure in order to improve performance and results (Balanced Scorecard Institute 2014). The balanced scorecard is a framework that allows an organization to measure performance and compare it to the organization’s strategic objectives and goals (Kinney and Raiborn 2013, 10).

There were 147 NHS Foundation Trusts in total by March 2014. They are authorised and regulated by Monitor, the independent regulator of NHS foundation trusts, and have more financial independence to retain our surpluses and decide how they utilize this money, compared to other NHS trusts that have not gained a foundational status and are still managed by the NHS Trust Development Authority. Not all the NHS Trusts have become NHS Foundation Trusts yet, as some trusts are in the assessment process. In order to achieve Foundation Trust Status, NHS Trusts have to meet a number of requirements. At the early introduction of foundation trusts, they were regarded as a special unit existing in a way between the public and private sectors, as it is originally designed to be a "patient-led" NHS that can get the local people get fully involved and listen to the patients’ real needs. However, these foundation trusts are not as autonomous as expected, and even behave more like public sectors, as the plans to give financial autonomy to these foundation trust proposed by Alan Milburn being

The document relates to the methods which organizations use in creating as well as executing methods. Specifically this document would discuss the method of balanced scorecard or BSC method which is extensively getting used by big as well as small companies. To elaborate the concept papers would cope with the use of the idea to the business design of an organization known as Ace Gym. As soon

In order to develop a conceptual performance framework for Dutch health system, balanced scorecard has been selected with four perspectives; consumer, financial, internal business processes, and innovation perspectives (Ten Asbroek et al., 2004). Then, the developed conceptual model has been integrated with a population health model with information such as health environment factors and life styles to clarify the relationship between them. In another study, twenty-two BSC applications at different countries in non-profit healthcare organisations including hospital department, national healthcare, and local government have been reviewed in order to analysis the use and design of BSC as strategic performance system (Gurd and Gao, 2008). The study shows that different BSC designs have been used but generally, the default BSC template is followed. Additionally, in the same study, some observations are given including; 1) number of perspectives used was four at the most cases, three and five at few cases, and one case had eight perspectives, 2) financial, client/patient, and internal processes perspectives are listed as the top perspective at some systems while

A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate

One of the most popular measures is the balanced scorecard (BSC). The BSC “strikes a balance between financial and nonfinancial measures (Horngren, Sundem, Stratton, 2008, p. 401)” and is used by about 50% of the top 1,000 United States firms. To develop this system, Guillermo needs to decide what the responsibility centers are and how performance is measured and acknowledged. He will also need to define the key performance indicators; financials, customers, internal processes, and employee growth and learning.

Balanced scorecard is a measurement system that takes into financial as well as non-financial information into account. This system strongly affects the behaviour of managers and employees by aligning their goals to the company’s vision. Kaplan and Norton argues in ‘The Balanced Scorecard- Measures That Drives Performance, 1992’ that no single measure can provide a clear performance target or focus attention on critical areas, and by observing and working with many companies they found that senior executives do not rely on one set of measures.

Another contribution related to the company performance can be found in Kaplan and Norton's (1992) ideas about the Balanced Scorecard and the revolution in performance measurement. This Balance Scorecard embodies key stakeholder interests in a firm specific set of measures which link important operational drivers to financial

Investigating the relevance of adopting Balanced Scorecard as a strategic tool for measuring financial performance.

The Balanced Scorecard is the most popular approach used to measure performance. The balance scorecard was developed by Kaplan and Norton in 1992 to help the weak and vague performance management strategies (Kaplan & Norton, 1992). The balanced scorecard looks at measures and objectives of the organizational performance from four aspects: Financial, customer, internal processes, and learning and growth (12 Manage, 2009).