... Orfanoudaki, C. Zopounidis Technical University of Crete, Department of Production Engineering and Management University Campus, Kounoupidiana, 73100 Chania, Greece a r t i c l e i n f o Article history: Received 5 July 2010 Accepted 11 April 2011 Processed by Triantaphyllou Available online 20 April 2011 Keywords: Health service Multicriteria analysis Case study Performance measurement Balanced scorecard Business strategy a b s t r a c t The Balanced Scorecard (BSC) methodology focuses on major critical issues of modern business organisations: the effective measurement of corporate performance and the evaluation of the successful implementation of corporate strategy. Despite the increased adoption of the BSC methodology by numerous business organisations during the last decade, limited case studies concern non-profit organisations (e.g. public sector, educational institutions, healthcare organisations, etc.). The main aim of this study is to present the development of a performance measurement system for public health care organisations, in the context of BSC methodology. The proposed approach considers the distinguished characteristics of the aforementioned sector (e.g. lack of competition, social character of organisations, etc.). The proposed measurement system contains the most important financial performance indicators, as well as non-financial performance indicators that are able to examine the quality of the provided services, the satisfaction of internal and external...
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...joint ventures in the universal vitality division and builds up a joint endeavor model, as a business advancement and evaluation device. The joint endeavor model displays an orderly strategy that depends on present day business brainpower to evaluate a potential business wander by utilizing an adjusted score card method to screen potential accomplices, in view of their mechanical and budgetary center abilities. The model can be utilized by business improvement administrators to saddle the capability of joint dares to make monetary development and reasonable business extension. Besides, associations with nearby organizations can help to moderate econo-political hazard, and encourage purchase in from the national governments that are ordinarily the essential partners in the vitality area wanders (specifically or in a roundabout way). The specific instance of Eskom Enterprises (Pty) Ltd, a completely claimed auxiliary of Eskom, is highlighted. Table of Contents 1. BACKGROUND 4 2. INTRODUCTION 4 3. PROBLEM STATEMENT 5 4. CRITICAL ANALYSIS OF A JOINT VENTURE STRATEGY 5 4.1 What are joint ventures? 5 4.2 The elements of business strategy 6 4.3 Partnership capabilities: a value-added perspective 7 5. ALIGNING THE TECHNO-FINANCIAL STRATEGIES OF PARTNERS 8 5.1 Technology strategy 9 5.2 Financial strategy 10 5.3 The need for a strategic fit between partners 11 6. THE JOINT VENTURE MODEL (JVM). 12 6.1 RECOMMENDATION FOR THE FIRM OF JOINT VENTURE 13 PHASE 1 Most...
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...with JSTOR to digitize, preserve and extend access to The Accounting Review. http://www.jstor.org This content downloaded from 131.181.108.165 on Tue, 11 Mar 2014 05:15:52 AM All use subject to JSTOR Terms and Conditions THE ACCOUNTING REVIEW Vol. 75, No. 3 July 2000 pp. 283-298 The Balanced Effects Scorecard: of Common Judgmental and Unique Performance Measures Marlys Gascho Lipe University of Oklahoma Steven E. Salterio University of Waterloo ABSTRACT: The balanced scorecard is a new tool that complements traditional measures of business unit performance. The scorecard contains a diverse set of performance measures, including financial performance, customer relations, internal business processes, and learning and growth. Advocates of the balanced scorecard suggest that each unit in the organization should develop and use its own scorecard, choosing measures that capture the unit's business strategy. Our study examines judgmental effects of the balanced...
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...Contents 1. Introduction 2. BSC in Kazakhstan a. Sat&Company JSC b. Eurasian Bank c. Alfa-bank SB JSC d. TetraPack 3. Conclusion 4. References The organizations mentioned by the creators of Balanced Scorecard are from the future - only because they have a system that allows to create actual numerical results from the strategic initiatives and to turn a strategy into action Philip H. Knight, CEO and founder of Nike Introduction Balanced Scorecard (BSC) is one of the current world's top-ten effective strategic performance management tools. BSC is a system of measuring the effectiveness of the entire company, based on a vision and strategy that reflects the most important aspects of the business. It supports strategic planning, implementation, and further adjustments to the strategy by combining the efforts of all departments. It was first introduced in 1990s and became a very popular worldwide. Despite this popularity, little is known about which organizations use Balanced Scorecard, what they use it for, and how useful it is in practice. BSC implementation in Kazakhstan is under a big concern of local top managers. In this report we are trying to answer the practical questions of BSC’s usage by Kazakhstani companies, its limitations as well as opportunities for its successful maintenance in Kazakhstan. Benefits and limitations of Balanced Scorecard Throughout the report we will pay attention to the BSC’s benefits and the opportunities...
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...A Balanced Scorecard for Small Business C. W. Von Bergen Southeastern Oklahoma State University Management and Marketing Department Durant, OK 74701-0609 Phone: 580-745-2430; Fax: 580-745-7485; e-mail: cvonbergen@sosu.edu Daniel C. Benco Southeastern Oklahoma State University Department of Accounting and Finance Durant, OK 74701-0609 Phone: 580-745-2498; Fax: 580-745-7485; e-mail: dbenco@sosu.edu Abstract The balanced scorecard is a performance management system that enables businesses to drive strategies based on measurement and follow-up. Since the early 1990s the balanced scorecard has been applied in numerous large organizations resulting in many positive results that have been chronicled in the management literature. However, there are few studies addressing the use of a balanced scorecard within small companies. Hence, this paper presents a discussion of the key elements of the balanced scorecard and its applicability to small business. Executive Summary The balanced scorecard (BSC) approach helps organizations manage the implementation of their strategies. The BSC measures an organization’s performance from four key perspectives: financial, customer, internal business processes, and learning and growth. The BSC approach logically links these four perspectives. Improvements in employee learning and growth result in improved internal business processes, which create better products and services and, therefore, higher customer satisfaction and higher market...
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...IMPLEMENTATION GUIDE IN AN IRANIAN CONTEXT DARYUSH FARID, َ EHRAN NEJATI, HEYDAR MIRFAKHREDINI∗ M Close compete of universities and higher education institutes in recent year in order to offer high quality services and achieve higher national and International rank, has led to an increase in their demand for a customized approach for assessing and improving their performance. This paper studies the application of Balanced Scorecard (BSC), as a powerful measurement and assessment system, in universities and higher education institutes. Reviewing the existing literature, the paper also provides an implementation guide for BSC in an Iranian perspective. Eventually, the performance indicators for measurement purposes of the introduced case study are proposed. Keywords: Balanced Scorecard, BSC, Performance Assessment, Higher Education, Universities, Iran. Introduction In today’s world of global competition, providing quality service is a key for success, and many experts concur that the most powerful competitive trend currently shaping marketing and business strategy is service quality (Abdullah, 2006, p. 31). Institutes of higher education are also focusing on ways to render high quality education to their educators and have a better performance. Higher education institutes are facing new challenges in order to improve the quality of education. There is a pressure for restructuring and reforming higher education in order to provide quality education and bring up graduates who become...
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...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 in brand management and manger should make these perspectives to address both short and long term objectives of organization...
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...performance measures such as profit and loss figures and balance sheet figures. Now though, more emphasis is been given to the use of non-financial measures and incorporating these into the formal reporting systems used by organisations. The BSC allows the overall mission, policies and strategy of the organisation to be translated into an ample set of performance measurements. The BSC does not only focus on achieving financial objectives but instead allows a firm to pay attention to other non-financial goals that it must accomplish in order to meet its original, financial targets. The use of the BSC can be seen as a way of monitoring and improving both operational and financial performance of an organisation while a t the same time being used as a tool in order to aid the formulation and implementation of the organisation’s strategy. The idea of the Balanced Scorecard was first introduced by Kaplan and Norton in the 1992 Harvard Business Review article entitled “The Balanced Scorecard: Measures that Drive Performance”, which was based on a “multi-company research project to study performance measurement in companies whose intangible assets played a central role in value creation.”The original train of thought that lead to the creation of the BSC was that if companies were to improve the overall performance of their financial and tangible assets, there was a need to also integrate and improve the performance of intangible assets also. Soon...
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...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 26-32 CHAPTER FOUR 27-28 28-30 31-32 1 A iti al a alysis of Bala ed “ o e a d as a pe fo a e easu e e t tool: a o e ie of its usage a d sustai a ility CHAPTER FIVE FINDINGS 5.1 Balanced Scorecard links the performance measurement for better business management and it is an universal solution 5.2 The sustainable Balanced Scorecard 5.3 Why sometimes BSC fails? 5.4...
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... he concept of the balanced scorecard (BSC) was first introduced by Robert S. Kaplan and David P. Norton (1992) in their now widely cited Harvard Business Review article, “The Balanced Scorecard—Measures that Drive Performance.” The widespread adoption and use of the BSC is well documented. For example, Kaplan and Norton (2001) reported that by 2001 about 50% of the Fortune 1000 companies in North America and 40% to 45% of companies in Europe were using the BSC. The basic premise of the BSC is that financial results alone cannot capture value-creating activities (Kaplan & Norton, 2001). In other words, financial measures are lagging indicators and, as such, are not effective in identifying the drivers or activities that affect financial results. Kaplan and Norton (1992) suggested that organizations, while using financial measures, should develop a comprehensive set of additional measures to use as leading indicators, or predictors, of financial performance. They suggested that measures should be developed that address four perspectives: 1. The financial perspective. Measures in this perspective should answer the question, “How should we appear to our shareholders?” 2. The customer perspective. These measures should answer the question, ABSTRACT. Although the application of the balanced scorecard (BSC) in the business sector is well documented, very little research has been reported regarding the adaptation or application of the BSC in the education sector. In this article...
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...Table of Contents Introduction 3 Background 2 BSC Advantages 4 BSC Disadvantages 5 Review 4 Methodology 6 Pre-study essentials 5 How to Implement a Balanced Scorecard 7 Discussions and Results 9 Conclusion: 13 Recommendations: 13 References 14 Introduction Any business organization’s goal is to improve its operational performance. Through the employment of various types of performance measures, firms can assess the efficiency and effectiveness of their business process objectives. Furthermore, performance measurement tools can help businesses in evaluating their resource allocation processes in order to determine how resources can be better managed and distributed to the appropriate channels, Kaplan and Norton (1996) introduced the concept of a “Balanced scorecard (BSC)” as a basis for a strategic management system. This approach not only included financial and non-financial aspects but also blended business strategies into management systems. Background What is balanced scorecard? The BSC developed by Robert Kaplan and David Norton, and has been adopted by a wide range of leading edge organizations, both public and private. The BSC is a conceptual framework for translating an organization’s vision into a set of performance indicators distributed among four perspectives: Financial, Customer, Internal Business Processes, and Learning and Growth. BSC perspectives: 1. Financial perspective The importance...
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...BALANCED SCORECARD APPLICATION IN LENDING/MICROFINANCING INSTITUTIONS: A STRATEGIC MAP IMPLEMENTATION IN THE PHILIPPINES CONTEXT This paper studies the application of Balanced Scorecard (BSC) as a powerful measurement and assessment system, in lending/micro financing institutions. Adopting the balanced scorecard (BSC) model, this exploratory study investigates the critical performance measures that lending/micro-financing institutions in the Philippines need to emphasize in their performance reporting to drive high performance. The proposed model can assist the lending institutions in assessing organizational performance, making it highly applicable for managers. Reviewing the existing literature, the paper also provides an implementation guide for BSC in the Philippines perspective. Eventually, the performance indicators for measurement purposes of the introduced case study are proposed. Keywords: Lending/ Micro financing Institutions, MFIs, Financial Services, Balanced Scorecard, BSC, Organizational Performance Assessment, performance reporting, Philippines. 1. Introduction In many developing countries, microfinance plays a vital role in providing the poor (i.e. micro-entrepreneurs, small farmers, fishermen) with access to credit and helping them improve their lives by encouraging entrepreneurial activity (Arch, 2005; Bhatt & Tang, 2011; Khandker, 1996; Llanto, 2004). It has also proven to be “a potent tool for poverty reduction by helping the poor...
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...http://docslide.us/documents/individual-examination-bt-plc-m31005.html Individual Examination: British Telecom Cape Town CONTENTS 1 Executive Summary On the surface it would appear that British Telecom has addressed each area of TQM in their effort to implement a QMS system. They have had good financial results. Their people/staff satisfaction is high. Their customer satisfaction index high and are termed “loyal”. What really happened was that they had not implemented TQM correctly. In their attempt to focus on the customer they had neglected their staff. During Project Sovereign BT lost 130 000 staff members. This may have been because the strategy and vision was not shared with all the staff. The outcome was however that they probably lost many good people. The main component that was missing from their TQM implementation was Systems Thinking. They did not implement a system that allowed issues which required improvement to become new projects. Thus even though they claimed they were continuously improving, there were very few new initiatives. Prepared by: Deon du Plessis Page 2 of 19 Created on 04/04/15 Individual Examination: British Telecom Individual Examination: British Telecom The solution will be to become a true BSPM learning organisation. This will involve some more changes to the structure where the continuous improvement projects will be programme managed across the value chain. 2 Question1: What role has the Quality Management...
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... BSc/BSc (Hons) Computing (Information Systems Development) • (Web Systems Development) BSc/BSc (Hons) Information Technology Management for Business BSc (Hons) Computer Games (Design) BSc/BSc (Hons) Cyber Security and Networks BSc/BSc (Hons) Networked Systems Engineering IT PROJECT MANAGEMENT 1 module code M3G405252 MODULE HANDBOOK – TRIMESTER A SESSION 2015/2016 Module Code: M3G405252 Module Title: IT PROJECT MANAGEMENT 1 Standard Module Abbreviation: ITPM1 Module Level: 3 Credit Points: 20 Module Leader: Edwin Gray, Office: M609, email:e.gray@gcu.ac.uk September 2015 Issue 1 01/09/2015 Edwin M Gray, BA, MSc, MBCS, CITP, CPSSADM Contents Page 1 Introduction 3 2 Module Overview 3 3 Module Descriptor 4 4 Module Assessment 7 5 Feedback 10 6 Indicative Reading 10 7 The Library, Saltire Centre 11 8 Learning Material Supplied By Module Leader 12 9 Module Delivery Structure 12 10 Learning and Teaching Plan 14 M3G405252 IT PROJECT MANAGEMENT 1 INTRODUCTION This handbook gives details of the module content, teaching schedule, recommended reading, assessment and feedback strategies used for students undertaking the module IT Project Management 1 (M3G405252 (old code: COMU350) Module Leader contact details: Eddie Gray, M609, (e.gray@gcu.ac.uk) Programmes Taking This Module This module’s host programmes are: • P01627 BSc/BSc (Hons)...
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...Robert S. Kaplan (rkaplan@hbs.edu) is the Baker Foundation Professor at Harvard Business School. David P. Norton (dnorton@ thepalladiumgroup.com) is the founder and president of the Balanced Scorecard Collaborative, Palladium Group, in Lincoln, Massachusetts. Bjarne Rugelsjoen (bjarne@rugelsjoen.no) is a director at GoalFocus, a performance-coaching consultancy based in London. Managing Alliances with the Balanced Scorecard Fifty percent of corporate alliances fail. But you can increase your partnership’s odds of success by applying these techniques. by Robert S. Kaplan, David P. Norton, and Bjarne Rugelsjoen 114 Harvard Business Review January–February 2010 HBR.ORG C ILLUSTRATION: BRETT RYDER orporate alliances are a 50/50 bet—at least according to a recent study by McKinsey & Company, which found that only half of all joint ventures yield returns to each partner above the cost of capital. That’s worrying, given that partnerships and alliances are central to many companies’ business models. Originally used to outsource noncore parts of supply chains, alliances today are expected to generate a competitive advantage. So it is necessary to dramatically improve their odds of success. Why do alliances fail so often? The prime culprit is the way they are traditionally organized and managed. Most alliances are defined by service level agreements (SLAs) that identify what each side commits to delivering rather than what each hopes to gain from the partnership...
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