...The goals and measurements of those goals that were determined for Frozen Bliss LLC in the balanced scorecard were derived from the previously stated vision, mission, values and SWOTT analysis. The smoothie industry has many growth opportunities, particularly with the advent of the health conscious individual who is looking for convenient alternatives to fast food. The following categories are breakdowns of each goal and how it relates to the overall strategy of Frozen Bliss. Financial In the financial category, Frozen Bliss is focused on obtaining a large percentage of the market share for their specific industry. This can be accomplished through the implementation and evaluation of the goals in each of the above categories. Frozen Bliss does face competition from numerous other similar businesses, but through the constant effort of maintaining and achieving their mission and goals, the market share will be easier to garnish and maintain. Frozen Bliss intends on developing their national and international growth through the opening of many new locations across the globe. By increasing their presence in different geographic areas, Frozen Bliss will naturally increase their brand awareness and thus increase their market share. The ultimate success of Frozen Bliss will be determined by a year round stable revenue that on average increases and does not decrease. The revenue should be evaluated on a quarterly basis to ensure that growth is taking place. Customer The...
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...Bringing the Balanced Scorecard to Life: The Microsoft Balanced Scorecard Framework White Paper By: Charles Bloomfield Insightformation, Inc. Published: May 2002 For the latest information, please see http://www.microsoft.com/business/bi/ Abstract This paper describes the Microsoft® approach to developing and implementing a Balanced Scorecard for enterprise performance management. It presents basic information on the Balanced Scorecard performance management methodology, and identifies key business issues that must be addressed in developing and deploying a balanced scorecard. The paper then presents the Microsoft Balanced Scorecard Framework (BSCF)—a comprehensive set of techniques, tools, and best practices to speed scorecard implementation using toolsets with which organizations are familiar. An extensive body of research and literature describing the Balanced Scorecard exists. That body of knowledge is constantly being expanded by The Balanced Scorecard Collaborative, Balanced Scorecard Institute, various consulting organizations, software companies, and client organizations. This paper cannot comprehensively cover such a complex topic or reflect accurately many of the nuances of scorecard development and implementation. Instead, it presents a basic conceptual overview of the Balanced Scorecard. Interested readers are encouraged to use the bibliography presented at the end of this paper as a guide to more detailed information. ...
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...BALANCE SCORECARD INTRODUCTION: A Conceptual Framework for Managing Lodging Brands: A Balanced-Scorecard Approach Abstract: The issue of brand management remains a formidable challenge for lodging organizations and lodging brand managers. This challenge is partly due to the fact that effective brand management requires an all-inclusive and comprehensive organizational approach. This paper proposes a framework that uses the balance scorecard (BSC) as the basis for brand management. The framework proposes both a proactive and reactive approach to brand management through the use of performance measures or perspectives, which form the underlying components of the BSC. These are the financial perspective, the customer perspective, process perspective, and the learning perspective. The paper enhances and expands this BSC framework by including a brand maintenance and enhancement component. The concept of balance scorecard was introduced by Kaplan & Norton (1992, 1996, 2007) and they argued that that balance scorecard is a useful tool that tells managers how organization is performing in relation to strategic objectives of organization. Kaplan & Norton(1992) state the four perspectives which are financial perspective,customer perspective,internal business process perspective and learning and growth perspective.These four perspectives are used by managers in order to measure and analyze information. Kalpan and Norton explain these four perspectives which are effective...
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...WHAT IS A BALANCED SCORECARD? According to Robert Kaplan and David Norton, the founders of the Balanced Scorecard, "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation. (4)" In essence, the Balanced Scorecard is a performance management system used in multitude of organizations throughout the world. It is used to develop an organization’s goals and mission that will enhance the success it has with its customers and employees. HISTORY Although first developed in the early 1990’s by Robert Kaplan and David Norton of the Harvard Business School and coined “Balanced Scorecard” in the early 1990’s, Kaplan and Norton’s method originally stemmed from the pioneering work of General Electric on performance measurement reporting in the 1950’s and the dashboard performance measures from French process engineers in the early 20th century (4) The idea behind this performance measurement tool developed from the fact that traditional performance measurement systems, mostly financial performance indicators, were insufficient in...
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...A critical analysis of Balanced Scorecard as a performance measurement tool: an overview of its usage and sustainability A iti al a alysis of Bala ed “ o e a d as a pe fo TABLE OF CONTENTS a e easu e e t tool: a o e ie of its usage a d sustai a ility TOPICS PAGE i ii iii iv-v LETTER OF TRANSMITTAL DECLARATOIN ACKNOWLEDGEMENT ABSTRACT CHAPTER ONE INTRODUCTION 1.1 Background of the study 1.2 Objective of the study 1.3 Scope of the study 1.4 Methodology 1.5 Limitations of the study BALANCED SCORECARD 2.1 Overview of the Balanced Scorecard (BSC) 2.2 Objective 2.3 Design 2.4 Original design method 2.5 Improved design method 2.6 Popularity 2.7 Variants and alternatives CRITICAL ANALYSIS ON THE CONCEPT & USING OF BALANCED SCORECARD WHETHER IT IS THE UNIVERSAL SOLUTION FOR THE BUSINESS MANAGEMENT? 3.1 Crucial investigation of the concept and using of Balanced Scorecard 3.2 A comprehensive new approach for the measurement and management 3.3 Is the Balanced Scorecard a universal key to the business management? 3.4 Balanced Scorecard: a question of conjecture and application CHAPTER FOUR: THE SUSTAINABILITY OF THE BALANCED SCORECARD 4.1 The Balanced Scorecard: an instrument for sustainability management 4.2 Different possible approaches of integrating environmental and social aspects 4.3 The process of formulating a sustainability Balances Scorecard 4-7 5 5 5 6 7 8-15 9-11 12 12-13 13 14 14 14-15 16-25 CHAPTER TWO CHAPTER THREE 17-21 21-22 22-23 23-25...
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...Norton & David Kaplan have seen the increasing attention to the importance of strategic measurement system that include both financial and non-financial measures (Kaplan, 2010, p.2). To answer the call, those professors have introduce in 1992 the balanced scorecard which is a multi-dimensional measurement system considering more than one source of information and including both financial and non-financial information. The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and non-profit organisations 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 (Balanced Scorecard Institute, 2013). The balance scorecard is a tool that aims to translate the mission, objectives and strategies of an organisation into performance measure. It allows firms to implement strategy and to monitor and manage performance within the organisation focused basically around four different perspectives. From results obtained, managers are able to undertake corrective action on area they should operate further. History: The balanced scorecard has been first introduced in a Harvard Business Review article in 1992 by the professors Robert Kaplan & David Norton and then developed by themselves at Harvard Business...
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...introduce a well-known paper in my research area, named The Balanced Scorecard-Measures That Drive Performance, then the underlying assumptions and paradigm of this research will be discussed and identified. After that, some criticize will be raised from the view of other paradigms, the difference of underlying assumptions will be explained in the end. Paper of Balanced Scorecard In 1992, Robert S. Kaplan and David P. Norton published the paper named The Balanced Scorecard - Measures That Drive Performance, this paper is based on a year-long research project with 12 companies at the leading edge of performance measurement. It changed the traditional performance measurement (which only concerns the financial performance of the company) by introducing four aspects of performance : financial perspective; customer perspective; internal process perspective and learning and innovation perspective. The paper argues that managers could have a better understanding and control of their companies by answering the basic questions related to these perspectives. For example: How do customers see us(customer perspective); What must we excel at(internal perspective); Can we continue to improve and create value(innoviation and learning perspective); How do we look to shareholders(financial perspective). The paper also demonstrated some examples of how to build the balanced scorecard for the company and developed the performance measurement system from balanced scorecard. This paper could be considered...
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...Bringing the Balanced Scorecard to Life: The Microsoft Balanced Scorecard Framework White Paper By: Charles Bloomfield Insightformation, Inc. Published: May 2002 For the latest information, please see http://www.microsoft.com/business/bi/ Abstract This paper describes the Microsoft® approach to developing and implementing a Balanced Scorecard for enterprise performance management. It presents basic information on the Balanced Scorecard performance management methodology, and identifies key business issues that must be addressed in developing and deploying a balanced scorecard. The paper then presents the Microsoft Balanced Scorecard Framework (BSCF)—a comprehensive set of techniques, tools, and best practices to speed scorecard implementation using toolsets with which organizations are familiar. An extensive body of research and literature describing the Balanced Scorecard exists. That body of knowledge is constantly being expanded by The Balanced Scorecard Collaborative, Balanced Scorecard Institute, various consulting organizations, software companies, and client organizations. This paper cannot comprehensively cover such a complex topic or reflect accurately many of the nuances of scorecard development and implementation. Instead, it presents a basic conceptual overview of the Balanced Scorecard. Interested readers are encouraged to use the bibliography presented at the end of this paper as a guide to more detailed information. ...
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...Welcome: the third issue [2] Top picks in… Balanced Scorecard [3] Database search guide: Lexis-Nexis [4] Some recent acquisitions Welcome: the third issue We decided to devote our third issue to the Balanced Scorecard measurement system due to the information demands we had received about this subject during the last term. Additionally, as a new development, we have introduced a chapter on "how to use databases". In this issue you'll find a search guide for the Lexis -Nexis database. Hope you enjoy it! Top picks in … Balanced Scorecard "The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise." The Balanced Scorecard Institute. What is the Balanced Scorecard? [on line]. (1998) Web page, URL . [Consulting May 6, 2002] Resources on the Net … The Balanced Scorecard Institute http://www.balancedscorecard.org/ The Balanced Scorecard Institute is an independent, nonprofit source of information about applications of the balanced scorecard approach to management in government and other nonprofit organizations. What is the Balanced Scorecard? http://www.balancedscorecard.org/basics/bsc1...
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...Assignment Cover Sheet Student Name: Student Number: Fabiana Vieira Severino Unit Name: 252775 Unit Code: School of Business Charles Darwin University Casuarina NT 0909 Phone: (08) 8946 6830 Strategic Management Accounting Lecturers Name: CMA302 Kevin J CLARK Assessment Title Semester: Year: Assignment Due Date (dd/mm/yyyy): Lodgement Date (dd/mm/yyyy): Applied for Extension: N/A NO One 16/05/2014 YES – to 2014 (dd/mm/yyyy) 16/05/2014 Lodgement Locations: (refer to specific lodgement requirements as set out by the lecturer) DO NOT LODGE BY FAX nor EMAIL nor at LECTURER’S OFFICE • The assignment must be lodged online via the Learnline Assignment Lodgement link on the Learnline site for this unit. Ensure your file is named using a file naming convention that allows the lecturer to identify to whom it belongs. Failure to use an acceptable file naming convention may result in your assignment lodgement being rejected. Refer to the endnotes of the assignment details for lodgement options if the Learnline Assignment Lodgement link for this unit is unavailable. • KEEP A COPY Ensure you have a copy of the assignment lodged. If you have submitted assessment work electronically please make sure you have a backup copy. DECLARATION BY STUDENT I certify that this assignment is my own work, based on my own personal study and research, and that I have acknowledged all material and sources in the preparation of this assignment, whether...
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...The Balanced Scorecard: Historical Development and Context, As Developed by Robert Kaplan & David Norton Karl R. Knapp Anderson University – Anderson IN ABSTRACT This paper discusses the general theory of the Balanced Scorecard and traces its historical origins. The Balanced Scorecard is based on three main areas: Measurement, Human Relations, and Customer Value Disciplines. The basis in measurement draws on Management by Objectives. The human relations school of management and open-book management theories are influential. The customer value discipline links the scorecard to the strategy of the firm. The Balanced Scorecard The Balanced Scorecard is a theory and management approach first proposed in the Harvard Business Review by Robert S. Kaplan & David P. Norton (1995). A subsequent book, The Balanced Scorecard, was published following this article (1996). The most recent refinement of this theory and management approach appears in Kaplan & Norton’s book, The Strategy-Focused Organization (2001). This paper attempts to present a high-level overview of this management theory, along with a description of its historical foundation and development. As defined by Kaplan and Norton (1996), “The Balanced Scorecard translates an organization’s mission and strategy into a comprehensive set of performance measures that provides the framework for a strategic measurement and management system”. This strategic management system measures organizational performance in...
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...Balanced Scorecard Michelle Baird BUS/475 July 15, 2013 Larry Myers Balanced Scorecard Introduction The four quadrants will be addressed in this paper for Cyber Café on the strategic objectives. This will be shown in the form of a balanced scorecard for each section, followed by and explanation on how these objectives will be met. By the end of the paper you (the reader) will have a better understanding of Cyber Café’s strategic objectives for the four quadrants of its balanced scorecard. The purpose of a balanced scorecard for Cyber Cafe is to be able to align the company’s business activities to the strategy’s and vision of the company. In this section Cyber Café will implement the use of a balanced scorecard to help understand and visualize the strategic objectives of the company. This will also help the company be able to analyze the performance of the employees and the business. The four quadrants of a balanced scorecard are: 1) Customer values 2) Financial prospective and shareholder value 3) Process of internal operations 4) Learning and growth prospective The following tables are the balanced scorecard of Cyber Café. This will show Cyber café’s various strategic objectives and tactics in different areas of the business. Financial: | Objective | Measures | Target | Initiatives | | First year | Meet budget growth targets. | Revenue growth versus budget targets. | Budget targets for growth. | Achieve financial sustainability...
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...329.2.3: Responsibility Centers and Balanced Scorecards - The graduate designs responsibility centers and develops a balanced scorecard system to improve strategic success. Introduction: In this task, you will analyze the “Utah Symphony and Utah Opera: A Merger Proposal” case study. You will develop a proposed action plan for the new leader, Anne Ewers, to help her in the development of a new strategy to measure the success of the ongoing merger process. The strategic goals for the first year of the merger include the following: • Integrate the business processes of the two companies • Reduce overall expenses as a percentage to profit • Retain key employees • Maintain audience base for both the Utah Opera and the Utah Symphony • Identify and pursue synergistic opportunities between the two companies Task: A. Develop an action plan for Anne Ewers by doing the following: 1. Analyze the financial and leadership strengths and weaknesses of the Utah Symphony before the merger. a. Recommend the key steps Anne should take to address these weaknesses to ensure a successful start of the merger. 2. Analyze the financial and leadership strengths and weaknesses of the Utah Opera before the merger. a. Recommend the key steps Anne should take to address these weaknesses to ensure a successful start of the merger. 3. Analyze the four aspects of the scorecard from the attached “Business Scorecards” for each company. Consider the following...
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...Measuring Business Excellence Performance measurement tools: the Balanced Scorecard and the EFQM Excellence Model S. WongrassameeJ.E.L. SimmonsP.D. Gardiner Article information: To cite this document: S. WongrassameeJ.E.L. SimmonsP.D. Gardiner, (2003),"Performance measurement tools: the Balanced Scorecard and the EFQM Excellence Model", Measuring Business Excellence, Vol. 7 Iss 1 pp. 14 - 29 Permanent link to this document: http://dx.doi.org/10.1108/13683040310466690 Downloaded on: 14 April 2015, At: 10:28 (PT) References: this document contains references to 27 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 13506 times since 2006* Users who downloaded this article also downloaded: Joaquín Gómez Gómez, Micaela Martínez Costa, Ángel R. Martínez Lorente, (2011),"A critical evaluation of the EFQM model", International Journal of Quality & Reliability Management, Vol. 28 Iss 5 pp. 484-502 http://dx.doi.org/10.1108/02656711111132544 Downloaded by MIDDLESEX UNIVERSITY At 10:28 14 April 2015 (PT) Michael Trevor Hides, John Davies, Sue Jackson, (2004),"Implementation of EFQM excellence model self-assessment in the UK higher education sector – lessons learned from other sectors", The TQM Magazine, Vol. 16 Iss 3 pp. 194-201 http:// dx.doi.org/10.1108/09544780410532936 Andy Neely, Mike Gregory, Ken Platts, (1995),"Performance measurement system design: A literature review and research agenda", International...
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...Volume 17, Number 1, July Anand, Manoj, B. S. Sahay and Subhashish Saha (2005): Balanced Scorecard in Indian Companies, Vikalpa, Volume 30, Number 2, April – June. Batra, R. (2006): The Balanced Scorecard: An Indian Perspective, ICFAI Journal of Management Research, Volume 5, Number 8. Baldwin, C and Clark, K (1992). “Capabilities and Capital Investment: New Perspectives on Capital Budgeting,” Journal of Applied Corporate Finance, 5(2), 67-82. Emmanuel, C and Otley, D (1995). Readings in Accountingfor Management Control, London: Chapman and Hall. Ittner, C.D., Larcker, D.F., 1998. Innovations in performance measurement: trends and research implications. J. Manage. Acc. Res. 10, 205–239. Jeans, M and Morrow, M (1990). “Performance Measurement in the UK Industry,” Journal of Cost Management for the Manufacturing Industry, 3(1), 51-54. Joshi, P L (2001). “The International Diffusion of New Management Accounting Practices: The Case of India,” Journal of International Accounting, Auditing, and Taxation, 10(1), 85-109. Kaplan, Robert S and Norton, David P (1992). “The Balanced Scorecard: Measures that drive Performance,” Harvard Business Review, 70(1), January-February, 71-79. Kaplan, Robert S and Norton, David P (1996a). The Balanced Scorecard: Translating Strategy into Action, Boston: Harvard Business School Press. Kaplan, Robert S and Norton, David P (1996b). “Using the Balanced Scorecard as a Strategic Management System,” Harvard Business Review, 74(1), January-February...
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