Financial measures have long held sway as the most important measures for a business. They provide us with a valuable means of summarising and evaluating business achievement and there is no real doubt about the continued importance of financial measures in this role. In recent years‚ however‚ there has been increasing recognition that financial measures alone will not provide managers with sufficient information to manage a business effectively. Non-financial measures The balanced scorecard 323
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Overall Strategic Plan Structure KSOM Visionary Goals Strategic Goals Performance Goals Visionary Statements Core Goal‚ Vision‚ Mission‚ Slogan‚ Market. STRATEGY MAP Balanced Scorecard Perspectives & Purpose Descriptions Session Outline … Objectives & Objective Destinations. Strategy Map Objectives‚ Key Performance Indicator‚ Key Result Area‚ Key Responsibility Area‚ Measures and Scores. 1 The Three Key Grid Elements KSOM Grid Name Usage Objectives 1. Allocate and define how each Strategic
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THE BALANCED SCORECARD: STRUCTURE AND USE IN CANADIAN COMPANIES A Thesis Submitted to the College of Graduate Studies and Research in Partial Fulfillment of the Requirements for the Degree of Master of Science in the Department of Accounting University of Saskatchewan Saskatoon Marvin J. Soderberg Copyright Marvin Soderberg April 2006. All Rights Reserved. Use shall not be made of the material contained herein without proper acknowledgement‚ as indicated on the following page
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OF THE BALANCED SCORECARD The balance scorecard is used as a strategic planning and a management technique. It is widely used in many organizations‚ regardless of their scale‚ to align the organization’s performance to its vision and objectives. The scorecard is also used as a tool which improves the communication and feedback process between the employees and management‚ and to monitor performance of the organizational objectives. There are four different perspectives of balance scorecard which
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HKU976 NEALE O’CONNOR MAKING BALANCED SCORECARD WORK TO IMPLEMENT BUSINESS STRATEGIES AT MAGIC TECHNOLOGY In August 2008‚ Magic Technology (“Magic”) launched an initiative to implement the balanced scorecard in its organisation. Alan Lo‚ the chief executive officer (“CEO”)‚ oversaw the implementation of the balanced scorecard at the company’s headquarters. Lo encountered both strategic and execution difficulties during implementation. Yet‚ such difficulties hinted at a more fundamental issue
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Module: Supply Chain Management Exercise: Balanced Scorecard Session 4: Supply Chain Performance Management Instructor: Perry Davidson Candidate: Meg (Hongman) Liang Date: Oct 7th‚ 2013 1. State your organization’s supply chain strategy‚ e.g.‚ “to provide customerwith high level of service while contributing to corporate profitability.” The company’s supply chain strategy is “to meet customer needs and advance our technology leadership while creating value for our customers
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Success of the Balanced Scorecard The change can be described as a success when the BSC is working well‚ this can occur when certain goals and conditions are met. Those conditions will be described in this section. Once a project aligned with goals and strategies of the organization is chosen‚ project members selected‚ and proper communication of goals has been provided to the project team‚ it is possible to develop a balanced scorecard to monitor the project (Devine et al.‚ 2010). According
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Balanced Scorecard MGT 521 Sept 11‚ 2013 Balanced Scorecard Table 1 Balanced Scorecard Aspect of Company Performance Factors to be Considered Organizational Goal Actual Performance Gaps Financial Quarterly Profit Results Return on Capital Employed $5‚000 $4‚000 $6‚000 $1‚500 Quarterly profits were higher than anticipated ($6‚000 versus $5‚000)‚ Return on Capital Employed was much lower than Organization goal ($1‚500 versus $4‚000). Customer Customer Satisfaction Rate
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BALANCED SCORECARD The Balanced Scorecard is a measure of the key elements of a company’s strategy‚ ranging from continuous improvement and partnerships‚ to team work and innovation. Organisations design their unique balanced scorecard based upon their unique constraints. A company’s performance depends on how it measures its performance. Managers cannot afford to rely on either financial or operational measures exclusively. No single measure provides a clear performance target
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The following paper presents a balanced scorecard for the supply chain management in a hospital. Hospitals strive to operate efficiently while providing the best patient care. By managing the supply chain strategically‚ hospitals can save costs‚ provide better patient care‚ better serve the demands of professional staff and also maintain a sound relationship with its suppliers. According to my understanding‚ the main goal of the hospital that I previously worked was not profitability‚ but to provide
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