Explain in your own words the advantages of “Balanced scorecard” as a strategy performance management tool or a structured report that can be used by managers to keep track of the execution of strategies.
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Explain in your own words the advantages of “Balanced scorecard” as a strategy performance management tool or a structured report that can be used by managers to keep track of the execution of strategies.
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- Create a Group Control System Step 1 Form into groups of three to five students. Each group will assume that another student group has been given an assignment of writing a major paper that will involve research by individual group members that will be integrated into the final paper. Each group member has to do his or her part. Step 2 Your assignment is to develop a list of rules and identify some statistics by which to control the behavior of members in that group. Brainstorm and discuss potential rules to govern member behavior and consequences for breaking those rules. Step 3. first, select the five rules that you think are most important for governing group member behavior. Consider the following situations that rules might cover: arriving late for a meeting; missing a meeting; failing to complete a work assignment; disagreements about desired quality of work; how to resolve conflicts about paper content; differences in participation, such as one person doing all the talking and someone else talking hardly at all; how to handle meetings that Start late; the use of an agenda and handling deviations from the agenda; and any other situation that your group thinks a rule should cover that your group thinks a rule should cover.When the idea first occurred to her, it seemed like such a win-win situation. Now she wasn't so sure. Marge Brygay was a hardworking sales rep for Inspire Learning Corporation, a company intent on becoming the top educational software provider in five years. That newly adopted strategic goal translated into an ambitious, million-dollar sales target for each of Inspire's sales reps. At the beginning of the fiscal year, her share of the sales department's operational goal seemed entirely reasonable to Marge. She believed in Inspire's products. The company had developed innovative, highly regarded math, language, science, and social studies programs for the K— 12 market. What set the software apart was a foundation in truly cutting-edge research. Marge had seen for herself how Inspire programs could engage whole classrooms Of normally unmotivated kids; the significant rise in scores on those increasingly important standardized tests bore Out her subjective impressions. Bur now, just days before the end of the year, Marge's sales were $1,000 short of her million-dollar goal. The sale that would have put her comfortably over the top fell through due to last-minute cuts in one large school system's budget. At first, she was nearly overwhelmed with frustration, but then it occurred to her that if she contributed $1,000 to Central High, the inner-city high school in her territory probably most in need of what she had for sale, they could purchase the software and put her over the top. Her scheme would certainly benefit Central High students. Achieving her sales goal would make Inspire happy, and it wouldn't do her any harm, either professionally or financially. Making the goal would earn her a $10,000 bonus check that would come in handy when the time came to write out that first tuition check for her oldest child, who had just been accepted to a well-known, private university. Initially, it seemed like the perfect solution all the way around. The more she thought about it, however, the more it didn't quite sit well with her conscience. Time was running out. She needed to decide what to do. 1. Donate the $1,000 to Central High, and consider the $10,000 bonus a good return on your investment.In what ways can a balanced scorecard be used to give managers the information they need to make decisions? There are some examples that you can show, like this:
- The Balanced Scorecard is a useful performance management tool that incorporates financial and non-financial objectives. Discuss both the benefits and the drawbacks associated with the use of the Balanced Scorecard. Which type of business would most benefit from using this tool in their performance management system? Please answer this question with at least 150 words minimum.The implementation of the balanced scorecard (BSC) can involve all of the following excepta. the strong support of top management.b. a strategy of differentiation (as opposed to one of cost leadership).c. a link to reward and compensation systems.d. an accurate reflection of the organization’s strategy.What are some of the most important aspects of creating a balanced scorecard and ensuring its success?
- The Balanced Scorecard is a useful performance management tool which incorporates financial and non-financial objectives. Discuss both the benefits and the drawbacks associated with the use of the Balanced Scorecard. Which type of business would most benefit from using this tool in their performance management system?One of the managers explained, "All the sections' performances are benchmarked against each other". Specify the managerial function that the manager is conducting in this statement.Explain what are some of the most important aspects of creating a balanced scorecard and ensuring its success?
- The balanced scorecard approach to performance measurement is not always the most useful to measure performance for an organization. Using supporting evidence, discuss the validity of this statement.examine the key components and strategies involved in designing an effective performance management system that fosters goal alignment and facilitates employee growth. Additionally, you’ll discuss the benefits of such a system and provide practical considerations for its implementation using the job you have identified in previous module assignments. For this paper, consider the following questions: · Why are performance management systems important? What are the benefits? · Considering the job you identified in previous module assignments, what are the Key Performance Areas (KPA) or Key Results Areas (KRA) for this position? How do the KPA/KRAs align with the organizational goals? What supports are needed to enhance the employee’s performance? · How do you propose measuring the KPA/KRAs? Describe your proposed assessment procedures and annual timeline cycle. · How would you address performance that does not meet expectations? · What…At the close of your project, you measure the customer satisfaction and findthat some customer needs were not fully met. Your supervisor asks you whatsteps you took on your project to improve customer satisfaction. Whichsubsidiary plan would you consult to determine this information?A. Communications management planB. Staffing management planC. Quality Management planD. Risk management plan Customer satisfaction should be measured at the end of the project tomaintain long-term relationships. Which of the following is NOT always anaspect of customer satisfaction?A. The product meets its stated and unstated requirementsB. The product is high qualityC. The customer’s needs are metD. The project is profitable