Performance Measurement in a Modern Business Environment________________________________________ In the past‚ performance measures were primarily based on financial measures (Bruns‚ 1998) where the double entry accounting systems was used to avoid disputes and settle trades between traders (Johnson‚ 1983). As businesses began to grow‚ their nature and structure also began to change‚ reducing the control and the close relationship that existed between the owners and management. Consequently‚ the
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Exam - Executing Strategy Volkswagen do Brasil: Drving Strategy with the Balanced Scorecard Name: Roy Stoop Student number: 5877431 MSc Business Studies/Business Administration – Marketing Track University of Amsterdam (UvA) Date of submission: 23-10-2014 Case questions 1. What challenges does Thomas Schmall face upon becoming CEO of Volkswagen do Brasil (VWB)? 2. Describe VWB’s new strategy and comment on it in terms of quality of strategic thinking. 3. Does the strategy map (Exhibit 4) and
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Taking Strategy Design shortcuts. Many companies take a balanced scorecard that has been designed by a similar organisation in their industry and just copy it. Others take the four box BSC model and hold a brainstorm session to map objectives into each of the perspectives without ever reflecting on the strategy. Both of these can lead to a BSC that does not reflect your strategy. Creating and agreeing on your own strategy requires efforts‚ discussions and thinking. Designing your strategy should
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standards that guide the way TNT does business. While business plans and strategies may change‚ the core values of a business remain the same. TNT’s values are: * Be honest * Aim to satisfy customers every time * Challenge and improve all we do * Be passionate about our people * Act as a team * Measure success through sustainable profit * Work for the world. Every aspect of TNT’s business strategy focuses on ’delivering a superior customer experience’. For example‚ TNT
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The Balanced Scorecard Concept The balanced scorecard is a strategic planning and management system that is used extensively in business and industry‚ government‚ and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization‚ improve internal and external communications‚ and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework
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performance and manage the execution of its strategy. It is used to align business activities to the vision and strategy of the organization‚ improve internal and external communications‚ and monitor organization performance against strategic goals. The Balanced Scorecard provides a framework that not only provides performance measurements‚ but helps planners identify what should be done and measured. Furthermore‚ it enables executives to truly execute their strategies. It was originated by Robert Kaplan
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h. It links four main perspectives: 1) internal 2) customer 3) financial 4) learning and growth. i. Sample illustration‚ (Pivnicka‚ Czech Republic) i. Mission ii. Values iii. Vision iv. Strategy v. Strategy Map vi. Balanced
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performance measurement frameworks have been developed of which the balance scorecard by Kaplan and Norton is the most commonly accepted tool by scholars as well as by practitioners (Thakkar‚ 2007). The balance scorecard translates the mission and strategy of an organization into many goals. It uses financial and non-financial measurements within Financial‚ Customers-oriented‚ Process-oriented‚ Innovation and Learning in order to achieve the set targets. A critical assumption of balance scorecard is
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C V S C a r e m a r k I n c . Retail Pharmacy Growth Strategy : CVS has managed to successfully grow its company ov er the past few decades both organically and throug h the acquisitions of beneficial companies. It has a proven track record of successfully integrating these companies into its operations and creating synergies to drive higher margins and greater econo mies of scope. According to CVS’s top management it expects in 2008 to earn around $700 million dollars in cost saving
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increases‚ they too must institute performance goals along with programs and processes that consistently progress toward those goals. Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies‚ Second Edition empowers your organization to turn strategy into performance at every organizational level and translate your intangible resources such as innovation‚ customer relationships‚ and intellectual capital into real value. Significantly updated and enhanced to reflect the latest theory and practice
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