...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...
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...Hilton The critical success factors of a company are the essential features and elements of an organization that contributes to the organizations success within its industry. Since its founding in 1919 by Conrad Hilton in Cisco, Texas, Hilton Worldwide has remained a frontrunner within the hospitality industry. Currently, it is one of the largest hospitality companies in the world with over 10 brands and offering 3900 hotels worldwide. Hiltons reign as a leader within the hospitality industry is contributed to its four key success factors which includes providing a level of customer service that enhances the customer experience, competitive marketing, effective cost management and brand differentiation. One of the ways that Hilton has become so successful is due its outstanding customer service. It provides its guests with a hotel experience that is unrivaled. It is known for leaving a lasting impression by the level of service it provides. In order to deliver the superior service, which is boasted about throughout the world, Hilton enrolls its staff in an extensive training program to ensure they have the knowledge and skills needed to efficiently perform their job functions. Having a knowledgeable staff that is courteous coupled with effective problem resolution skills helps to provide the award winning service that is attached to the Hilton brand. Another critical success factor for Hilton is its marketing and advertising strategy. Due to the wide variety of brands it appeals...
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...RESORT AND HOTEL OPERATION ARGUMENT ESSAY Name: Tuong Vy Dinh Student ID: din12236844 Subject: Resort and Hotel Operations Lecturer: Lynn Richardson Tutor: Ajay Khatter The development of hospitality industry has been putting more pressure on hotel and resort managers. They not only satisfy their customers’ service expectation but also please their hotel owners wants with limited budgets. Although the “balanced scorecard” has been applied recently, it seems to be hard for the managers to adjust the balancing between these desires of two important elements in hotel and resort processes. This essay will analyze these expectations, the application of balanced scorecard in the hotel and resort industry and exam whether it is helpful to solve to conflict between owner and manager or not. In the competitive environment, understanding what customer expect and want is the most significant step to have a good service. According to Parasuraman (1988) and Richard (1997), customer expectations are reflected the service quality and customer satisfaction. However, hotel guests do not use only unique expectation; they may adopt many types of desires to judge hotel service. Predictive expectation- prediction what level of service that the customer will receive and normative expectations – what service that the guest believe that the provider will offer to them, are the most prevalent types being used to evaluate (Tam, M 2005). Moreover, location, furniture, price, hotel category,...
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...The Perfect Scorecard Daniel Partello HTT 220 Leigh Lawrie 5.15.2011 As in any company out there these days the hospitality industry is doing whatever it can to make sure that it is doing what it can to take care of the customer. That is the bottom line to any business to help that business do what it needs to do to become profitable, because that is what it boils down to, making money. Without making money there is no point in having the business, it ends up being a loss to everyone involved and can have horrible effects to all of those involved. A balanced scorecard is something that helps managers and executives see how they are measuring up to these expectations (Nyheim, 2005). I personally do not work in the hospitality industry yet, but am very familiar with the basic concept of what is being shown on these scorecards as the example shows in the book. The hospitality industry is not the only one that uses such an item, as I work in retail and we have something very similar that we look at each day to see where our numbers are. It shows thing such as numbers of rooms being booked and services being sold not to mention labor costs and other numbers that are vital to pay attention to, to see where the business stands number wise. Looking at this scorecard you can see that many departments collect data and I am sure that not all of the departments are shown. Marketing, room reservations, and guest satisfactions are just a few shown clearly here. I would...
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...A Balanced Scorecard Brenda Rivers HTT 220 May 15, 2010 Simone Davis Made popular in 1996 by Kaplan and Norton, the balanced scorecard acts as an organizational report card that varies from business to business (Nyheim, McFadden & Connelly 2005). When assessing performance companies do not use single measurements, but rather a set of measurements which takes into the stakeholders, employees, guests, owners, supplier’s investors and franchisees. The goal of a comprehensive balanced scorecard allows management to monitor measurements such as financial ratios, net profit, revenues, and budget variances. Key indicators or critical success factors provide information across vast categories including; operational statistics, competitive activity, internal factors, employee measures, satisfaction ratings, cost savings, turnovers, guest perspectives and supplier relationships (Nyheim, McFadden & Connolly 2005). A balanced scorecard also provides strategic objectives to those in charge of the implementation and fulfillment of these duties. The scorecard provides a benchmark to measure and compare results against other results previously taken (Nyheim, McFadden & Connolly 2005). Other information represented on a balanced scorecard includes; environmental issues such as energy consumption and recycling programs, external factors including research and development, training and innovation...
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...Acknowledgement 2 Table of Contents 3 Executive Summary 4 HR Scorecard – The Birth 5 HR Scorecard 6 Indicators of HR Scorecard 8 Balanced Scorecard 10 Relation between HR Scorecard & Balance Scorecard 11 Designing HR Scorecard 12 The Implementation 14 Sample HR Scorecard 15 Primary Research Industry Example: The Taj Group 16 Industry Example: NTPC 17 Pros & Cons 18 Conclusion 19 References 20 Executive Summary This project is based on finding the rationale behind the development of HR Scorecard and the reasons behind its successful implementation in companies worldwide. HR Scorecard is a tool used by the organization to match HR deliverables with the strategic aspect of the business. It provides a platform to measure HR performance and efficiency and how it can be molded to adapt to the ever-changing strategies of the company. First the strategy of the business is identified and the basis of that, KPIs of HR Scorecard is designed. Implementation of HR Scorecard involves complete acceptance of the system by the employee as well as the employer. Also it requires the development of a flexible system, which can be revised and reformed according to different scenarios. Overall Performance of Company The Company’s capacity to implement strategy Strategically Focused Employees Performance Measurement System HR Strategic Alignment Knowledge Management System HR Scorecard helps to highlight the role of the HR as that of the Strategic Business...
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...Executive Seminars Executive Action Learning Seminars CEO Club Executive Courses International Institute of Management Executive Education Courses Harvard Balanced Scorecard Review Med Jones International Institute of Management iim-edu.org International Institute of Management (IIM) iim-edu.org IIM Open Courseware (OCW) Copyright International Institute of Management (www.iim-edu.org) This work is the intellectual property of the authors. Permission is granted for this material to be shared for personal and educational purposes. IIM also grants the rights to disseminate otherwise or to republish in full or in part, provided that a statement of the source referencing the author(s) and “International Institute of Management” appears on the reproduced materials. As courtesy, please provide us with a notice of use by contacting us at: IIM Open Courseware (OCW) International Institute of Management 10161 Park Run Dr. #100 Las Vegas, NV 89145 USA Email: contact_us(at)iim-edu.org International Institute of Management (IIM) iim-edu.org Strategy International Institute of Management iim-edu.org Harvard Balanced Scorecard (BSC) Strategy Alignment & Performance Measurement Tool International Institute of Management iim-edu.org Executive Challenge Business Strategy Alignment & Performance Control International Institute of Management iim-edu.org Strategy Execution • In the 1980s, less than 10% of the strategies were successfully...
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...[1] INSTITUTE FOR OPEN LEARNING STUDY MANUAL MANAGING CHANGE CODE: BIS-3318 COPYRIGHT Published by the International University of Management Windhoek, Namibia © International University of Management 2009 No part of this publication may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission of the publishers. International University of Management 59 Bahnhof Street Private Bag 14005 Windhoek Telephone (264 61) 245150/84 Fax (264 61) 248112 E-mail: ium@ium.edu.na Website: www.ium.edu.na TABLE OF CONTENTS Chapter 1 System Development Fundamentals System Design Methods Structured System Analysis and Design Method (SSADM) Rapid Application Development (RAD) Joint Application Development (JAD) Skilled Small Team Development End of Chapter Questions Chapter 2 The Design and Implementation Process End of Chapter Questions Chapter 3 Assessing Systems Impact Prototyping End of Chapter Questions Chapter 4 Design for User Tasks and Organizational Requirements Stages of a BPR Development Project End of Chapter Questions Chapter 5 System Implementation and Security User Involvement Change Over Strategies End of Chapter Questions References MODULE...
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...What is an ideal management control system Management control is a process of assuming that resources are obtained and used effectively and efficiently in the accomplishment of the organization’s objectives. It is a fundamental necessity for the success of a business and hence from time to time the current performance of the various operations is compared to a predetermined standard or ideal performance and in case of variance remedial measures are adopted to confirm operations to set plan or policy. Features of management control system Total System: MANAGEMENT CONTROL SYSTEM is an overall process of the enterprise which aims to fit together the separate plans for various segments as to assure that each harmonizes with the others and that the aggregate effect of all of them on the whole enterprise is satisfactory. Monetary Standard: MANAGEMENT CONTROL SYSTEM is built around a financial structure and all the resources and outputs are expressed in terms of money. The results of each responsibility centre in respect to production and resources are expressed in terms of a common denominator of money. Definite pattern: It follows a definite pattern and time table. The whole operational activity is regular and rhythmic. It is a continuous process even if the plans are changed in the light of experience or technology. Coordinated System: It is a fully coordinated and integrated system. Emphasis: Management control requires emphasis both on the search for planning as well as...
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...Benchmarking in HR/ HR Balanced Scorecard /SEM SAP AG HCM EMEA - public - Agenda Benchmarking Balanced Scorecard © SAP AG 2002, The HR Balanced Scorecard, Dr. Martina Schuh, Page 2 Agenda Benchmarking Balanced Scorecard © SAP AG 2002, The HR Balanced Scorecard, Dr. Martina Schuh, Page 3 Benchmarking – Definition Benchmarking is the comparison of similar processes across organizations, companies and industries to identify best practices and develop improvement plans and actions (Score Research) [ Learn from the best by enterprise comparison!!! ] [ Learn from each other by enterprise comparison!!! ] © SAP AG 2002, The HR Balanced Scorecard, Dr. Martina Schuh, Page 4 Integration with Benchmark Provider: Data Flow Payroll Benchmark Provider SEM Measure Catalog (HR Measures) Administration 0100010101 1011001010 1101001010 1010100011 1010100101 1011010101 1001010101 XML Time Management HR Benchmarks Business Content Benchmarks from Provider 0100010101 1011001010 1101001010 1010100011 1010100101 1011010101 1001010101 XML Developments BW Rel. 3.0 HR InfoCube for external Benchmarking © SAP AG 2002, The HR Balanced Scorecard, Dr. Martina Schuh, Page 5 Measures: Data Flow SAP SEM Objective/Measure Actual Plan B.mark Develop key skills Strategic skills available 17 26 25,5 Employee retention 73 70 68 Improve corporate culture Employee satisfaction 9,1 8,5 9,0 Measure Builder Measure definition Balanced Scorecard MEASURES are defined from a purely business point...
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...Step One: Assessment Step One of the scorecard building process starts with an assessment of the organization’s Mission and Vision, challenges (pains), enablers, and values. Step One also includes preparing a change management plan for the organization, and conducting a focused communications workshop to identify key messages, media outlets, timing, and messengers.Step Two: Strategy In Step Two, elements of the organization’s strategy, including Strategic Results, Strategic Themes, and Perspectives, are developed by workshop participants to focus attention on customer needs and the organization’s value proposition.Step Three: Objectives In Step Three, the strategic elements developed in Steps One and Two are decomposed into Strategic Objectives, which are the basic building blocks of strategy and define the organization's strategic intent. Objectives are first initiated and categorized on the Strategic Theme level, categorized by Perspective, linked in cause-effect linkages (Strategy Maps) for each Strategic Theme, and then later merged together to produce one set of Strategic Objectives for the entire organization. | | | Step Four: Strategy Map In Step Four, the cause and effect linkages between the enterprise-wide Strategic Objectives are formalized in an enterprise-wide Strategy Map. The previously constructed theme Strategy Maps are merged into an overall enterprise-wide Strategy Map that shows how the organization creates value for its customers and stakeholders...
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...Balanced Scorecard The BSC is a planning & management system which can be widely applied to organizations and companies regardless of size or type of business. The technique, extensively used in business and industry, government, and non-profit organizations worldwide, provides a method of aligning business activities to the vision & strategy of the organization, integrating internal & external communications, & keeping a watch on organization performance against strategic goals. It was developed by Robert Kaplan and David Norton of Harvard University in 1990. The line of the balanced scorecard runs deep, and include the revolutionary and path breaking work of General Electric on performance measurement coverage in the late 1950’s and the work of French engineers in the early part of the 20th century in France. Due to the fact that balanced scorecard term is a generic, it is interpreted differently by different people, and in practice, there are wide variations in both understanding and implementation. To some, the balanced scorecard is just a simple control panel indicating performance measures, while to others it is a inclusive planning and management system encompassing the whole organization and planned to focus efforts on business strategy and more significantly on performance and results. The balanced scorecard has steadily developed from its early use as a simple performance measurement framework for non-financial performance measures to a full strategic planning and...
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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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...CASE MEMO VERIZON COMMUNICATIONS INC: IMPLEMENTING A BALANCED SCORECARD By : Pallabi Roy (35) Pranjal Yadav (37) Rudra Prasad Banerjee (43) Sherin S Mathews (49) Sohini Banerjee (52) Srijan Sinha (53) Supratim Datta (55) By : Pallabi Roy (35) Pranjal Yadav (37) Rudra Prasad Banerjee (43) Sherin S Mathews (49) Sohini Banerjee (52) Srijan Sinha (53) Supratim Datta (55) CASE SUMMARY Company profile: Verizon is a global leader in delivering innovation in communications, information and entertainment. It has close to 90.0 million customers. 130 million customer connections (wireless, wireline, broadband and TV) are served every day by them. It has its headquarters in New York City and Operations Center in Basking Ridge, N.J. Its key products and services are: * Wireline voice and data services * Wireless services * Publishing of print and electronic directories Company Evolution: Originally, before the passage of the Act, Bell Atlantic, NYNEX, and other “baby bell” companies were formed. Then in 1996, Congress passed the Telecommunications Act which aimed at deregulation in the telecommunications industry. The total value of mergers and acquisitions had increased considerably after the passage of the act. Soon after this, Bell Atlantic / GTE merger was announced. The entity thus created was named as Verizon. Verizon had more than $22 billion in cash flow. * It had $6 billion revenues and 260,000 employees * It was the largest...
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...ISSN 1940-204X COORS BALANCED SCORECARD: A DECADE OF EXPERIENCE Hugh Grove University of Denver Tom Cook University of Denver Ken Richter Coors Brewing Company IntroductIon By the end of 1997, Coors had finished the implementation of a three-year Computer Integrated Logistics (CIL) project to improve its supply chain management. Coors defined its supply chain as every activity involved in moving production from the supplier’s supplier to the customer’s customer. (Since by Federal law, Coors cannot sell directly to consumers, Coors customers are its distributors whose customers are retailers whose customers are consumers.) Coors supply chain included the following processes: purchasing, research and development, engineering, brewing, conditioning, fermenting, packaging, warehouse, logistics, and transportation. This CIL project was a cross-functional initiative to reengineer the business processes by which Coors logistics or supply chain was managed. This reengineering project improved supply chain processes and applied information technology to provide timely and accurate information to those involved in supply chain management. The project objective was to increase company profitability by reducing cycle times and operating costs and increasing customer (distributor) satisfaction. The software vendor used for this project was the German company, Systems Applications & Products (SAP), 1 that provided the financial and materials planning software modules. The SAP planning...
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