scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,273
The Balanced Scorecard was devised to provide managers with a comprehensive method of evaluating corporate performance without placing extensive reliance upon traditional financial measures Critically examine the above statement The Balanced scorecard is an approach to performance measurement that combines traditional financial measures with non-financial measures to provide managers with more relevant information about activities they are managing In addition to financial measures which typically include profitability growth and shareholder value managers are encouraged to look at three other perspectives of the business the customer perspective internal perspective and the innovation and learning perspective The customer perspective has the view that the Balanced Scorecard demands that managers translate their general mission statement on customer service into specific measures that reflect the factors that really matter to customers This includes four categories lead time quality performance and service These are leading indicators if customers are not satisfied they will eventually find other suppliers that will meet their needs The internal perspective includes the business processes that allow managers to know how well their business is running and whether its products and services conform to customer requirements The measures should include factors that have the greatest impact on customer satisfaction including quality employee skills and productivity Innovation and learning perspective includes employee training and corporate attitudes related to both individual and corporate self-improvement These areas determine the companys ability to launch new products improve operating efficiency and create more value for customers This perspective is considered by most companies the most important for competitive success because according to Kaplan and Norton The companies ability to innovate improve and learn ties directly to company value That is only through the ability to launch new products create more value for customers can a company penetrate new markets and increase revenues and margins The Balanced Scorecard puts strategy and vision first in a company and not control It creates goals for firms but it is then the
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA