Data Analysis For Hospitality Management

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

These challenges will be addressed by using performance assessment measures. The financial assessment measures include net income and their market share value, liabilities of health care and pension benefits, revenues, target costing and capital budgeting. Non-financial measures include customer satisfaction and

For example, the colors and points system is complex because it is difficult to connect colors and points to the bonus points and the 40% multiply factor may cause managers' confusions. Since it is hard to understand, the scorecard would have problems on acceptance and the implementation process would be difficult. As a result, the scorecard would not reach the maximum effectiveness and efficiency. The second problem is that the scorecard contains uncontrollable factors for managers. For example, managers' performance will be measured by comparing the budgets and actual expenses. However, hotel level managers have no right to determine the budget and this measurement is unfair. As a result, many managers would be reluctant to accept the scorecard. The third problem is that the scorecard is only implemented at the hotel-general-management level. As stated in the case, the hotel-general-management is the last level of the company management and they have no right to discuss the components of the scorecard. In addition, the implementation process lacks communication between different levels of managements. As a result, the scorecard represents the top managements' thoughts and may not be suitable for the bottom level management. Also, the lack of communication may cause hindrance for accepting and implementing the scorecards.

The use of a balanced scorecard when gauging the performance of executives at Paradigm Toys is useful because it measures several key areas that measure past and real time performance that directly affects the company. A balance scorecard can contain both financial and nonfinancial measures as well as both quantitative and qualitative performance measures. Additionally because a balance scorecard can be tailored to the business’s specific targets it can measure the substance of performance better that basic financial indicators that are usually considered the basis of performance ratings. It is important to use more than just financial indicators, because other factors, those qualitative in nature, measure how an employee does their job and gives a larger picture of how well an employee performs. For example, in the case of sales concerning installation of home improvement products one might be measured by repeat buyers or customer satisfaction of how well the salesman followed up with their sale and installation. This kind of non-financial factor can be used to measure the company’s goal of repeat buyer and customer satisfaction which can translate into future sales and growth. Financial indicators are used in similar ways, but are more quantitative in nature. The main reason to use financial indicators is because they can provide a clear picture

Balanced scorecard is a methodological tool that businesses use to get a measure by which someone can determine whether the set goals have been met or exceeded. It adds non-financial metrics to traditional financial metrics to give a well-rounded view of the performance in an organization. Balanced scorecards also help organizations to predict their success in meeting their overall strategic goals.

A balanced scorecard is a method company’s use to measure their performance. It includes objectives, strategies, and tactics. This paper will contain two strategic objectives for each of the four balanced scorecard areas (shareholder value or financial perspective, customer value perspective, process or internal perspective, and learning and growth perspective) for H & R Block. It will also have two strategies for every objective, one tactic for each strategy, and two methods to monitor and control the overall strategic plan for H&R Block.

“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…”

The balanced scorecard includes four perspective areas focusing on financial and non-financial categories contributed to achieving the corporations’ strategic aims. The four broad categories are; financial performance, customer satisfaction, internal processes, and learning and growth (Blocher, 2013). By breaking the organization’s performance into four perspectives, organization leaders are able to quickly break down where the organization ranks measures that are most critical to success.

The effect strategic planning has on decision making and financial performance is key to your organizations success. The introduction of the balanced scorecard emphasized financial performance as one of the key indicators of a firm’s success and helped to link strategic goals to performance and provide timely, useful information to facilitate strategic and operational control decisions. This has led to the role of finance

The balanced scorecard uses short- and long-term, internal and external, and financial and nonfinancial measures to evaluate performance. Management can analyze these measures and compare

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

The most important thing to having a successful business is to have the most up to date information. If you have all the information at your fingertips it can help you to make the best possible decisions. What kind of information is available and how do we sort through it and use this information? In the hospitality industry the amount of information received everyday is overwhelming, and it isn’t possible for staff to be able to sort through it and organize it properly. In the hospitality industry the information technologies are the tools that the staff uses to sort and manage the information and the balanced score card is just one

The Balanced Scorecard (BSC) is a performance measurement tool that originated in the business worlds. Performance measurement is a way to track performance over time to assess if goals are being met. Organizations measure their performance to monitor how they’re doing in achieving their overall mission and goals.

The world is changing, so is the business world. For companies, it is inevitable to confront with the transforming economics. There have been increasing companies find that the traditional performance measurement approaches seems to be obsolete to reflect their performance, missions and strategy objectives all rounded. For adapting to the new market and better understanding the management process, improved performance measurement tool has arisen to keep pace with the changing economic world. (Dumitrescu and Fuciu, 2009) - The Balanced Scorecard (BSC), which is described as one of the most innovative business frameworks in the contemporary history of management accounting. (Busco and Quattrone, 2015) The essay will firstly illustrate the origins of and the rise to prominence of the BSC, then demonstrate the approach to performance measurement and the advantages it offers, finally explain the limitations of the BSC.

The key fundamental strategy to drive business excellence and opportunity which Tata Group as a whole can apply to align with their mission and vision; the Balance Scorecard. Originated from Dr Robert Kaplan of Harvard Business School and David Norton, it’s a set of measurement, allowing holistic incorporated view of business performance financially and otherwise (International Review of Business Research Papers Volume 6 Number 4, 2010).