Strategic Management Accounting and Balanced Score Card

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

Beard, D. F. (2009.). Successful applications of the balanced scorecard in higher education. Journal of Education for Business, 84(5), 275-282. Retrieved from http://go.galegroup.com.ezproxy.liberty.edu:2048/ps/i.

Robert S. Kaplan and David P. Norton introduced the balanced scorecard, which supplemented traditional financial measures with criteria that measured performance from the perspectives of customers, internal business processes, and learning and growth. The scorecard enabled companies to track financial results while monitoring progress in building the capabilities they would need for growth.

1. To provide an introduction to the conceptual framework of strategic management using a non-business situation.

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…”

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.

| The store’s revenue should increase at least 1% per quarter. By ensuring fiscal growth, the Telstra store will ensure that it is constantly developing and establishing itself as a forefront in Telstra stores.

Regardless of the many advantages that an organization can make use of by adopting the balanced scorecard while planning its organizational strategies, it is seen that its adoption in the health care industry and even by the Crandon Hospital has been slow. The reason for this has been the few problems which are been faced by the non-profit health care organizations while adopting the BSC, they can be listed as:-

This article describes the benefits and concerns of adopting balanced scorecards as a performance management tool to meet organisational missions and strategies. It discusses the areas of: financial, customer, internal business, and learning and growth perspectives and how they relate to balanced scorecards; the principles involved in using balanced scorecards; how balanced scorecards are beneficial for an organisation; the administrative support required; and the outcomes that can be achieved from employing balanced scorecards as a performance management tool.

The balanced scorecard is a strategic management system that helps guide corporate strategy to meet a number of disparate objectives (BSI, 2011). It does this by highlighting for managers the key objectives in a number of areas in order to find the strategy that best meets all of the objectives. These areas are the financial, customer, learning and growth, and internal business processes. Kaplan and Norton (2004) make the case that in order to create value, three behaviors are important focusing on the customer, being creative and innovative and delivering results. Most of the measures in the balanced scorecard will relate to this underlying philosophy.

During this week’s assignments, the authors discussed the primary components of the strategic management process. In order for a company to be successful, the

Media General wanted to design a balanced scorecard to apply to all divisions of the company not individual needs of operating units. This was a major task to accomplish given the size of the company and needed the help of outside consultants . The design process was critical to make this system work in order to have all employee’s buy into it. Media General knew they would need help designing a balanced scorecard to fit the company’s needs. The Balanced Scorecard Collaborative led by Dr. Robert Kaplan and Dr. David Norton was a consulting company used by Media General to help develop and implement the scorecard as a value-added management process. BSCol helped Media General learn how to use the balanced scorecard as a strategic

In this paper, I will discuss balanced scorecards and how they can be used for goal-setting and decision making within an organization. As an emerging business professional, it is important for you to understand balanced scorecards because “research has shown a strong a positive link between successfully implementing a social and environmental strategy and corporate value (Epstein 9).” Greater than 50% of Fortune 1,000 have implemented the model in some way. (Hendricks) Balanced scorecards help all units of an organization communicate their goals and succeed. First, I will describe what a balanced scorecard is and why it is useful to an organization. Second, I will discuss the advantages and disadvantages to be aware of when working with a balanced scorecard. Finally, I will explain how cascading the scorecard improves the functionality and communication within a business.

There is a great deal of struggles Managers face when it comes to accounting related decisions. Financial reports are often conducive in coming up with resolutions regarding company operations, but they don’t necessarily contribute to the direct goals and missions of said companies. Individuals such as Nolan Norton and Robert Kaplan were among the first group to recognize the dilemma of solely relying on financial reports and the outcome resulted in what is now known as a balanced scorecard (Bible, Kerr, & Zanini, 2006, p. 18). In an article written by Larry Bitner and Mary Myers (2010), Kaplan and Norton state that balanced scorecards are used for “translating an organization’s mission and