...The Balanced scorecard is a valuable tool available to management that allows management to translate the mission and vision statements of the company into identifiable objectives that can be measured, quantified and evaluated (Management Tools, 2013). The challenges of attaining the objectives identified in Nobel Oilfield Services mission and statements have been identified in the company’s balanced score card with clear objectives and metrics to measure the attainment of these goals. The Balanced scorecard has been broken down and evaluated into four main areas which include financials, internal business processes, customers and learning and growth. One of the most important factors of any business in the financial aspect of the business and ensuring that Noble Oilfield Services reaches its financial goals is a key task of management. The financial objectives of the balanced scorecard are to lower operating costs, increase revenue and to increase overall profitability. These objectives will be measured by examining the statement of earnings, evaluating year on year growth and IBT (Income Before Taxes) respectively. The target for lowering operating costs are set for a 5% reduction year on year, increasing revenue by 10% year on year and increasing overall profitability by 15% year on year. To achieve these objectives the company will undertake an initiative to standardize equipment and parts to reduce operational costs, optimize the delivery of services to grow revenue and...
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