Introduction to Balanced Scorecard

The Balanced Scorecard (BSC) is thoroughly sustainable. Because when the proper management can be done and when the formulation process can be done impeccably, then the sustainable Balanced Scorecard (BSC) can be incorporated. There are some sorts of features that may help in maintaining the sustainability. The perspectives should also be well–formulated. The financial and customer’s attitude helps in maintaining the total business organization perfectly and then the internal business process can be run in a perfect manner so that the sustainability can be measured. Besides, the point is the Balanced Scorecard (BSC) is sustainable universally and it can be used in any moment to pursue the performance measurement activities.

It's used to align the company’s vision, focus employees on how they fit into the big picture, and educate them on what drives the business.

The goal of this essay is to focus on theory and implementation of the Balanced Scorecard system. Because of the structured generic approach of the methodology, the Balanced Scorecard has gained its popularity as means of evaluating performance and reporting quantitative performance results. The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals (The Balanced Scorecard Institute, 2014). The Balanced Scorecard is the most prevalent and adopted of the several strategic performance tools since the early 1990s. In addition, the derivatives of the Balanced Scorecard such as Performance Prism and Results Based Management have also gained prominence in the field of strategic performance management and improvement. The Balanced Scorecard commenced as a performance management tool that incorporated strategic non-financial performance measures to the conventional financial indicators in order to provide managers and company executives with a somewhat “balanced” view of the aspect of organizational performance.

The balance score card is a tool of strategy performance management, which objective was to bring business activities into step with the strategy of organization and monitor its performance against strategic goals, was developed by Kaplan and Norton (1992). Over the past few decades, a large proportion of FTSE 100 companies have implemented the BSC (Hendricks, 2004). At present, hundreds of thousands of organizations in various domains, such as private and public, complied with this international trend (Kaplan, 2010).

Measuring performance means when a business will measure the quality of the activities that are passing and the quality of the services provided to the customers by employees. It involves creating a simple, but effective, system for determining whether organizations meet objectives. It’s also a process of collecting and reporting information regarding the performance of an individual, group or organizations. It can

Performance measurement is a system and vital process to evaluate and record results and the success of goals. Historically, performance measures have been indicator that is used in measuring an organizations performance. Identifying the research of performance evaluations, employee turnover, profit/loss, return on investment, market share, size of company in comparison to competitors, product rate of failure and customer satisfaction survey in the critique of a company or organizations. The organizations innovation, total quality management, and controlling operation within a company. This section covers why measuring performance for the selected measures are useful and important to improve the

Working closely with Bradley Stonefield, the consulting team has been able to gather the important data and information necessary to construct a viable and effective performance measurement system for his company. According to a recent interview, the following information was presented:

A balance scorecard is essential for developing a healthy business growing place. It is a vital key for defining the goals and targets of a company as well as the vision, mission and the SWOTT Analysis. A balanced scorecard is, “A set of measures that are directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2013, p. 194). This company will relate the in-building turbines values, mission, vision and SWOTT Analysis with the four perspectives of the scorecard (financial performance, customer knowledge, internal business process, and learning and

This research paper describes an overview of the theoretical background of the Balanced Scorecard as well as describing the historical foundation and the development of its theories.

The Cambridge Performance Measurement Design Process proposed by Neely (1996), serves as tool to improve the design of performance measurement systems. This model aims to develop a coherent and balanced system that utilizes financial and non-financial indicators and considers both, internal and external measures. Balancing performance measurements depends on to the huge extent on the successful identification of conflicting or counter-productive performance measures and their elimination.

As an individual deciding on marketing a new product or service the product life cycle shows the life cycle of a product or service. The product life cycle is the introduction, growth, maturity, and decline stages. Each stage is vital for the development of a product or service. The balanced scorecard enables managers to follow the progress of the product life cycle. The use of a balanced scorecard incorporates both internal and external factors. The future of any product or service depends highly on correctly using and identifying potential

Introduction- To be competitive, organizations must be both strategic and tactical to the nth degree, must be proactive rather than reactive, and must find a way to measure this easily and accurately. One way to accomplish this is through a Balanced Scorecard approach; a tool often viewed as one of the best tools that helps organizations translate strategy into performance. In general the BSA (Balanced Scorecard Approach) allows for a clear strategic and tactical directions for the organization, retains financial measurements in a summation along with their links to performance, and highlights an important and robust measurement system that links and integrates customers, stakeholders, processes, resources, and performance into single measurement strategy.

General Dynamic’s core business strategy is customer value proposition, which includes customer relations, product and service standards, and the company’s perceived image. According to General Dynamic’s 2012 Annual Report, 66 % of their revenue was from the U.S. Government, another 13 percent were from U.S. commercial customers, 8% were from international defense customers, and the final 13% are from international commercial customers. General Dynamic’s diverse customer’s base has separated itself from their competitors to attract, retain, and establish a relationship with targeted customers. Since the U.S. Department of Defense (DOD) and the intelligence division are our primary customers creating a deep relationship with

In this section, we are going to introduce the concept of balanced scorecard. We 'll talk about what kind of role the balanced scorecard is playing in business processes, and discuss how to implement this measure method into real business world using Costco as an instance. Eventually, with the above being discussed, we will generate a balanced scorecard for Costco.

BAE decided to implement the balanced scorecard, which would orient the firm's mission and vision around four different perspectives internal operations, customer, financial and learning & growth (Norton & Kaplan, 2013). The change program that initiated the balanced scorecard was actually part of a wholesale program that broke up the conglomerate and replaced it with an entirely new business structure that would better support the new way of thinking about the business. Thus, the change project partially involved implementing the balanced scorecard, and that new way of thinking about strategy was to be part of the organizational culture going forward.