Futura Industries‚ based in Clearfield Utah‚ is an international company with more than 50 years’ experience in aluminum extruding‚ finishing‚ fabrication‚ machining‚ and design. Futura employs 230 personnel. Futura holds a position in several markets to include original equipment manufacturer‚ floor covering trims‚ electronics‚ transportation‚ shower door‚ marine store fixture and retail. Balanced Scorecard (BSC) “Most companies use the balanced scorecard (BSC) to focus on the financial aspects
Premium Balanced scorecard Strategic management
Running Head Learning and Growth Perspective Learning and Growth Perspective Kendell Moore Dr. JD Eveland BUS499 Case 4 Learning and Growth Perspective Introduction Measures in the Learning and Growth perspective of the Balanced Scorecard are really the enablers of the others perspectives. In essence‚ they are the foundation upon which the Balanced Scorecard is built. Susan Johnson of Futura identify measures and related initiatives in your customer and internal process perspectives‚ you can be certain
Premium Balanced scorecard Strategic management Management
What are some of the potential difficulties in approaching strategic planning from a balanced perspective? Isn’t financial performance still the most important perspective to take in planning? Explain. Traditional financial measures – ROI‚ net profit‚ sales growth‚ and market share – fail to capture the true picture of a firm’s value propositions because they focus on the past. They tell the story of what has happened to the organization. They explain the results of past transactions and disregard
Premium Strategic management Management Business terms
Balanced scorecard The notion of the Balanced Scorecard was developed by Robert Kaplan and David Norton in 1992 which has already widely used by many companies in the world (Helen Atkinson‚ 2006). The balanced scorecard not only focuses on the financial information but also nonfinancial information. However‚ with the rapid development the value of intangible assets such as intelligence becomes more important. Because the traditional management performance system always focuses on financial aspect
Premium Balanced scorecard Management Strategic management
aspects of an organization. Since inventing in 1990s‚ Balanced Scorecard was received a wide range of use and promotion in the global business community‚ including profit and non-profit organizations. The article proposes the application the Balance Scorecard in higher education to improve quality in universities. II/ Literature Review 1. The Balanced Scorecard The Balanced Scorecard (BSC) is a system of measurement which was first introduced by Robert S. Kaplan and David D. Norton in 1992. Main feature
Premium Balanced scorecard Strategic management Strategy map
THE BALANCED SCORECARD 1 Why businesses need a balanced scorecard The balanced scorecard was developed by US academics Robert Kaplan and David Norton in response to the shortcomings of traditional financial measures. Traditional financial measures are one-dimensional. By definition‚ they only look at the financial aspects of a business. Traditional financial measures are historical. They tell us nothing about what may happen to the business in the future. There are many examples of businesses
Premium Balanced scorecard Strategic management Strategy map
accessible capital. Began to breakthrough on information technology perspective have changed the capacity to manage business independent through the traditional system restriction of space or time. From past to now‚ traditional performance measure system focus on ‘Financial Performance’ and usually ignore the other aspects of performance and evaluation like Financial; Customer; Internal Business Processes and Learning and Growth. The weakness of adopting a financial performance is accounting methodologies
Premium Strategic management Samsung Group Samsung Electronics
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). 123 See M3e Free Bail bonds need to develop a balanced scorecard to assist in defining the company’s mission‚ values‚ vision‚ and SWOTT analysis. Perspectives A balanced scorecard suggests the company collect data and analyze the perspectives view of the organization learning and
Premium Management Business terms Balanced scorecard
General Dynamics Balanced Scorecard General Dynamics Balanced Scorecard Executive Summary “General Dynamics is one of the market leaders in business aviation‚ combat vehicles‚ weapon systems and munitions; ship building and marine systems; and mission-critical information systems and technology (Corporate Overview‚ 2012).” In 2012‚ General Dynamic’s revenue has expanded from $4 billion to over $32 billion and the workforce has steadily increased from 29‚000 to over 95‚000 employees
Premium Balanced scorecard Business terms Strategic management
The Balanced Scorecard and Performance Measurement Assignment 1. The design of a good performance measurement system must follow a “top down” approach to ensure that key measures are in fact a measure of the strategic goals established by senior management. Performance initiatives should always start at the top because senior management has the power to implement the system and provide the organizations missions and objectives. The top down approach starts with a clear business strategy
Premium Strategic management Management Balanced scorecard