World 's Largest Defense Company

The Fortune 500 Company chosen for this paper is the Lockheed Martin Corporation. Lockheed Martin is a global securities and information technology company headquartered in Bethesda, MD. Lockheed Martin employs roughly 126,000 people in several facilities throughout the world. The company's main business is in research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services. Lockheed consists of four operating units, or business areas, which consist of Aeronautics, Electronic Systems, Information Systems and Global Solutions, and Space Systems (LMC, 2011).

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.

Balanced Scorecards positively impact in the business development of a company with an effective application of company values to sway customer perspective ADDIN EN.CITE Morgan2002317(Morgan &

“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…”

According to the study Zelman et al (2003) showed that the Balanced Scorecard was introduced in all areas of a particular industry, particularly with regard to health care such as hospitals, health care systems, health insurers and long-term care. In addition, the balanced scorecard is not only introduced in certain areas even been in use for strategic management at the enterprise level but in use for the evaluation of health programs, the quality of care projects and improvements as well as performance measurement across the organization.

Lockheed Martin is an American aerospace multinational that also specializes in defense, security and advanced technology industries. The corporation was instituted in 1995 following the merger between Lockheed Corporation and Martin Marietta (Yenne, 2000). The corporation is based in Bethesda in Maryland with global centers that specialize in different aspects of the corporation’s many operations. Currently, the corporation employs over 120,000 employees scattered across the world. Presently, Lockheed is one of the largest defense contractors in the world and enjoys almost unlimited orders across the world.

A Balanced Scorecard is, “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009, p. 202). Healthy Place needs to develop a balanced scorecard in order to assist in defining the company’s mission, values, vision, and SWOTT analysis. Herein, the four perspectives, financial performance, customer knowledge, internal business processes, and learning and growth will be discussed as they relate to the Healthy Place mission, values, vision, and SWOTT analysis.

Lockheed Martin’s culture in based on five imperatives: Deliver Results; Shape the Future; Build Effective Relationships; Energize the Team; and Model Personal excellence, Integrity and Accountability (Full Spectrum, n.d.). “Lockheed Martin’s believes that their culture takes place in two ways: it grows from the bottom up, as shifting social and economic realities weave their way into the fabric of an organization. And it flows from the top down, as leaders recognize the inevitable changes taking place in the world and shape them to serve the best interests of the organization and everybody who is part of it” (Full Spectrum, n.d.). Lockheed Martin is promoting culture from both directions and has been a highly successful

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 changing operating environment healthcare management and center tools and implementing up-to-date management tools for the organizations Columbia Memorial Hospital. The balanced scorecard (BSC) is considered a practical tool for high-income states to improve hospital performance. A set of performance actions secured to a strategic model and planes that has financial perspective of the customer internal perspective and knowledge, growth outlook Balanced scorecard is a strategy implementation tool that connects multiple SWOT analyses which are internal and external performance metrics to balance financial and strategic goals. The framework of strategic change and used to guide data collection and analysis contrasting

This paper will analyze two manufacturing businesses in the U.S. defense industry; Lockheed Martin and Boeing Co. These two companies of choice represent a growing demand for security by the U.S. government. Both companies constantly compete for contracts to manufacture items such as warplanes and satellites for the military. Currently, Lockheed Martin manufactures the new f-35 joint strike fighter that will soon phase out the f-16. On the other side, Boeing also builds military aircraft but it also manufactures civilian passenger planes used for airline fleets. In order to compare the two companies, liquidity, solvency, and profitability will be calculated as a base point to see where these two companies stand.

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

According to Kerzner (2011), United Airlines as a primary stakeholder contracted BAE in January of 1992 to develop an automated baggage handling system for its own concourse at DIA. As documented by Montealegre, et.al. (2000), BAE was a world leader in the design and implementation of material handling systems, and had a proven

Lockheed Martin is a major security and aerospace company headquartered in Bethesda, Maryland. Employing over 97,000 employees worldwide, Lockheed Martin is principally focused on research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services (Lockheed Martin at a Glance, n.d.). Lockheed Martin is organized into broad business areas to include aeronautics ($17.8 billion in 2016 sales), missile and fire control (6.6 billion in 2016 sales), rotary and mission systems (13.5 billion in 2016 sales), and space systems (9.4 billion in 2016 sales) (Lockheed Martin at a Glance, n.d.). To better understand the global giant that is today’s Lockheed Martin, a historical look at the two companies that merged in 1995 and their respective accomplishments is essential.

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