1. Balanced scorecard in the Hotel industry:
The balanced scorecard derives its name primarily from the way it provides a structured focus upon the main organizational performance dimensions: the financial, customer, internal processes and learning and growth.
Balanced scorecard thinks far beyond the traditional financial system, so that hotel appears the appropriate setting for implementation of the balanced scorecard.
The first step in developing a balanced involves is determining a mission or vision. A vision outlines the purpose of an organization. After vision, we need to determine what strategy will be employed to achieve the mission. After strategy we need to translate this strategy into specific strategic objectives. If the strategic objective of staff is to be regarded among most friendly, appropriate performance measures could include: hours s pent to train staff on politeness and friendly customer engagement, customer survey ratings with respect to perceived friendliness of staff. As strategic objectives and performance measures would need to be developed for each of four balanced scorecard’s key perspectives. a] Financial perspective in hotel:
The financial perspective contains strategic objectives that are developed from shareholder’s perspective. Kaplan and Norton suggest these objectives can be developed by answering the question: To succeed financially, how should we appear to our shareholders! Once these objectives have been developed, a set of financial measures generated. The financial measures includes departmental cost, cost of providing a room night, hotel profit, profit of market segment, revenue per available room, share price, revenue growth compared to budget, sales mix, operating profit compared to prior year, ROI, etc. b] Customer perspective:
This comprises strategic objectives that are developed by customer point of view. To