...Strategic Plan, Part III: Balanced Scorecard BUS/475 July 10, 2014 Forward The document relates to the methods which organizations use in creating as well as executing methods. Specifically this document would discuss the method of balanced scorecard or BSC method which is extensively getting used by big as well as small companies. To elaborate the concept papers would cope with the use of the idea to the business design of an organization known as Ace Gym. As soon as the organizations’ importance, objective, perception and profits are evaluated after that the strategic plan of balanced scorecard can be developed considering them. The document would also concentrate on the contingency planning, danger elimination and moral dimensions of the developed plans. The Balance scorecard The BSC method can be shown as a method which evaluates the efficiency of the company through four main areas i.e. economical, client, inner business procedures and research and development (Bergen & Benco, 2007). These four areas can be described keeping in consideration the organization’s (Ace Gym) objective, perception and value declaration as: 1) Financial Gym Ace would have to concentrate on developing a competitive edge for itself through allocation of correct adequate sources...
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...Strategic Plan, Part III: Balanced Scorecard BUS/475 Julio 29, 2012 Un ‘balanced scorecard” es una herramienta que se utiliza para recolectar y analizar información de una compañía, para manejar la empresa de la mejor manera posible. En el caso de la compañía “Kave” se va a evaluar de la empresa en cuatro áreas diferentes. Se va a evaluar desde el punto de vista financiero, desde la perspectiva del cliente. También se van a evaluar las operaciones internas de la empresa y el proceso de capacitación y de crecimiento de “Kave”. Estudiar estas cuatro área nos dará una guía para monitorear la compañía y nos permite detectar las áreas que se deben mejorar. Esto me ayudará a llevar la compañía hacia el éxito. En el ámbito financiero de “Kave” el enfoque principal serán los ingresos, costos, la rentabilidad y lograr obtener ventaja competitiva. Administrar los ingresos y los costos es sumamente importante en una empresa. Si se manejan los ingresos y costos adecuadamente se tendrán unas finanzas estables. La meta en la empresa es generar más ingresos que gastos. La rentabilidad es otro factor importante y podemos usar el margen de ganancia para determinar si se están cumpliendo con las metas de la empresa. Se busca aumentar el valor de la empresa y se buscan aumentar las ganancias de cuatro a seis por ciento Haremos lo necesario para cumplir con las ventas y crear más estrategias para cumplir con nuestros objetivos. Se decidió que para lograr una ventaja competitiva...
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...excellent objectives. You paper was written well...only a couple small errors. You had your references...but you need to make sure the references and citation are formatted according to APA guidelines. Late papers are really really hurting your grade. Content and Organization: 70/70 Readability and Style: 14/15 Mechanics: 10/15 Total: 94/100 Measureable outcomes to be achieved within a set time frame are defined strategic objectives. Strategic objectives contain a diversity of characteristics, extending from procuring a business to new heights, advancing the organization in the direction set out by the mission statement. The Chemistry Consulting (n.d.) website states, during strategic objective sessions it’s important to ensure that objectives can work within the framework of the mission, value and goal statements developed earlier in the planning process, and that the organization develops specific strategic measures or benchmarks to asses how well it does in obtaining its objectives. Balanced Scorecard |Perspectives |Objectives |Measurements |Targets | |Financial |Maximum Returns |Return on Equity |15% | | |Revenue growth |% Change in revenues |+13% | ...
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...En este ensayo se estará presentando un análisis ambiental interno y externo y un análisis de la cadena de suministro para la propuesta ofrecida en el nuevo negocio. Se creara una tabla SWOTT donde se resumirán los hallazgos. En el análisis ambiental se deberán considerar como mínimo, los siguientes factores. Para cada factor se identificara la principal fortaleza, debilidad, oportunidad, amenaza, y la tendencia los cuales se incluirán en la tabla: 1. Fuerzas Externas y tendencias a considerar: Leyes y regulaciones, fuerzas externas mundiales, economía, la tecnología, innovaciones, aspectos sociales, ambientales y la ventaja competitiva. 2. Fuerzas internas y tendencias a consideras: las estrategias, estructuras, procesos y sistemas, recursos, metas, capacidades estratégicas, la cultura, tecnología, innovaciones, propiedad intelectual y liderazgo. Se escribirá un resumen en el que se analizaran las fuerzas y tendencias relevantes de la lista anterior. El análisis debe incluir lo siguiente: fuerzas económicas, leyes y regulaciones con sus tendencias, hacer una critica de lo bien que la empresa se adapta a los cambios. También se analizara y explicara la cadena de suministro de la nueva empresa. Comparta sus planes de desarrollo y habilidades básicas de la influencia y los recursos dentro de la cadena de suministro con el fin de tener un impacto positivo en el modelo de negocio y de las partes interesadas. Identificar problemas y oportunidades. Identificar los problemas y/o...
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...Statistics in business Glenn Smith QNT/351 June 1, 2014 Mark Alsakka Summary Statistics is the research of the assessment, arrangement, accumulation, as well as the meaning of the data in the field of business as well as marketing procedures. Statistics cope with the main business elements, e.g., the planning process of the data accumulation by way of developing the surveys as well as tests. Additionally, there are 2 main kinds of statistics, the first one is descriptive statistics, in which the figures are used in the statistics procedure, as well as the second one is inferential statistics, in which the procedure incorporates getting the results and making the forecasts. Statistics Methods With regards to statistical techniques, there are several specific types of statistics techniques that are described here. The 1st technique is the “Experimental Method,” that includes the study procedure in which the venture looks into the causality and draws a specific decision on the impact of the modifications in the values of independent parameters. The “Observational Study” is the technique which looks at the connection between 2 different but same factors, like a connection in smoking and cancer of the lung. The “Levels of Measurement” is yet another technique which includes 4 levels of measurement, that are - minimal, ordinal, interval, as well as ratio. Each one of these measurements includes a different use in the study procedure and analysis procedure. The Null theory...
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...Nike Marketing Mix James Thorogood MKT/421 April 15, 2014 Dean Tripodes Nike Marketing Mix The controllable variables that a company puts together to satisfy their target group. That is how the marketing mix is simply stated. These variables can be placed in four primary categories: product, place, promotion and price otherwise known as the four Ps of the marketing mix. The goal of the marketing mix is to tailor these variables so that the target group/customer has every need met. The customer is the central focus of every marketing strategy. Every new business idea or concept should be birthed with a target group in mind, and development of these ideas and concepts is fostered through the marketing mix. Once the company has shaped these variables into what their customers want then they are well on their way to being a successful company. Nike is one company for decades that has proven that they understand want their customers are attracted to, they have proven by their 43% market share that they get it. Nike has established itself as one the top names in the sports world and it’s because they continually reinvent themselves to satisfy ever changing needs of sportsmen. Nike has various strategies that target athletes, sportsmen, celebrities, colleges and athletic teams from T-ball to the Olympics. Targeting large group like NCAA Division I athletic programs and professional teams has been highly successful because typically the entire team will wear the...
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...The Balanced Scorecard (BSC) Framework, Implementation Methodology and Recommended Application - Executive Brief (April 2012) - Introduction Balanced Scorecard is an integrated, organization-wide management system that drives, in an aligned manner, the transformation, improvement and modernization efforts of all hierarchical levels towards the accomplishment of organization’s Strategy. For this reason, Balanced Scorecard is also known as a Strategy Execution system. More precisely, Balanced Scorecard represents a framework for aligned Strategic Planning and for the consistent management of the organizational and individual performance in the execution of the Strategic Plan. Furthermore, Balanced Scorecard is a communication tool that helps each employee better understand where the Strategy drives the organization, what the plan is for reaching that destination and what their departmental and individual measured contribution is to that convergent effort. With such understanding, the employees – whether directly involved in the planned Strategy Execution, or not – can also change and improve the way they perform their daily jobs through micro-decisions that are both convergent and complementary to the execution of organization’s Strategic Plan. BSC History Balanced Scorecard has been launched twenty years ago as a first set of principles for balanced strategic Objectives and Measures/KPIs setting and measurement. The “parents” of Balanced Scorecard are Dr. Robert S. Kaplan...
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...Basic Concepts Accountants communicate with financial statements. Engineers communicate with as-built drawings. Architects communicate with physical models. It seems that almost every profession has some means of communicating clearly to the end user. However, for people engaged in strategic planning there has been an on-going dilemma. The finished product, the strategic plan, has not communicated and reached the end user. Sure strategic plans are nice to look at, full of bar charts, nice covers, well written, and professionally prepared; but they simply have not impacted the people who must execute the strategic plan. The end result has been poor execution of the strategic plan throughout the entire organization. And the sad fact of the matter is that execution of the strategic plan is everybody’s business, not just upper level management. Upper level management creates the strategy, but execution takes place from the bottom up. Chapter 1 So why do strategic plans fail? According to the Balanced Scorecard Collaborative, there are four barriers to strategic implementation: 1. Vision Barrier – No one in the organization understands the strategies of the organization. 2. People Barrier – Most people have objectives that are not linked to the strategy of the organization. 3. Resource Barrier – Time, energy, and money are not allocated to those things that are critical to the organization. For example, budgets are not linked to strategy, resulting in wasted resources...
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...Improving Government Performance Using the Balanced Scorecard to Plan and Manage Strategically Howard Rohm President and CEO, the Balanced Scorecard Institute Are programs, services, and staff aligned around a shared vision of the future? Do government leaders have a clear strategy for delivering cost-effective services for citizens and other stakeholders, and is that strategy communicated with clarity, both internally and externally? Do you have a disciplined way of choosing priorities among competing programs and services, under tighter and more stringent budgets? How are you keeping score and communicating progress toward the vision? If you need to make hard choices among competing programs and services for tight budget dollars, if you are looking to increase program and service effectiveness and improve operational efficiency and performance, and if you need to become a more strategy focused organization then a balanced scorecard may be the best planning and management framework for your organization. This article describes how to build a strategy-based balanced scorecard system, and shares some lessons learned from developing strategy-based scorecard systems in dozens of government and nonprofit organizations in 22 countries and from training over 5000 people from 150 organizations. “Balanced scorecard” means different things to different people. Balanced scorecards have evolved over the past decade from dashboard systems that simply measure financial and non-financial...
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...by CEO and Executive Leadership Team 2. Approve major financial decisions 3. Select the chief executive officer, evaluate the CEO and senior executive team, ensure executive succession plans 4. Provide counsel and support to the CEO 5. Ensure compliance However, board of directors often fall short in carrying out their five responsibilities due to limited time they have available, and the inadequate information provided to them. The board members, burdened by limited time and limited information, can participate in a more effective and efficient governance process by implementing Balanced Scorecard program. The program starts with an Enterprise Scorecard enabling the board to become more informed about the enterprise’s strategy so that it can perform better its responsibilities. The board can also create a Board Scorecard, which defines its primary outcomes, board processes, and skills, information, and meeting dynamics for more effective governance. Finally, executive scorecards enable the Board to evaluate the performance of each senior executive and his or her succession plans. Enterprise Balanced Scorecard Enterprise Scorecard describes the strategy of the organization, including strategic objectives, performance measures, targets, and initiatives. The enterprise scorecard has a dual role. First, and primarily, it is a powerful internal communication and alignment tool that helps the CEO implement the corporate strategy throughout the organization. It provides...
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...Strategic Plan, Part III: Balanced Scorecard BUS 475 Alicia Joseph May 7, 2012 James Sternieri – Instructor Strategic Plan, Part III: Balanced Scorecard 2 One may ask, “What is a Balanced Scorecard?” “A Balanced Scorecard is a tool that is used in management to completely monitor the performance and access whether smaller goals are consistent with larger and long-term goals, based on the vision and strategies being used” (Kaplan & Norton, 2005). This type of tool can be beneficial for the operation of All Eyes on Me as a startup business. Having a balanced scorecard will allow the following to be identified: the mission statement, the vision statement, the objectives, the values of the company, and mainly the SWOT analysis. The balanced scorecard is often times considered an excellent perspective as it relates to learning the financial perspective, internal perspectives and the consumer. In this paper, I will attempt to discuss the objectives, target audience and performance measures. Also, in this paper, I will discuss the mission, SWOT analysis and vision of All Eyes on Me. Financial Perspectives “While defining the financial perspective, the main concern is the company image as perceived by their stakeholders at a time when they are already successful” (Kaplan & Norton, 2005). All Eyes on Me will have to develop a strategy (marketing) that will show an increase that is compared against its’ competitors. The competition research or market...
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...Using a Balanced Scorecard in a Nonprofit Organization Joel Zimmerman, Ph.D. Director of Consulting Services Creative Direct Response This paper is part of the CDR White Paper Collection. It is maintained and distributed by the Nonprofit Learning Center. 2004, Creative Direct Response, Inc. USING A BALANCED SCORECARD IN A NONPROFIT ORGANIZATION Using a Balanced Scorecard in a Nonprofit Organization Joel Zimmerman, Ph.D., Director of Consulting Services Creative Direct Response, Inc. Since its invention in the 1990s, the balanced scorecard has won acceptance as a management tool in the for-profit sector. Now, nonprofits are becoming familiar with, and trying to use, balanced scorecards. This white paper explains what balanced scorecards are and gives critically important tips about how to adapt them successfully into the nonprofit world. “Balanced Scorecard” has been a corporate management buzzword for about a decade. Like many management movements before it, balanced scorecard is migrating from corporate management into the offices of nonprofit management. The transition of a balanced scorecard concept from for-profit to nonprofit organizations is not direct. The basic ideas behind creating a balanced scorecard are as valid for nonprofits as they are for corporate businesses, but the implementation of this idea needs to be modified a bit to make it work effectively in the nonprofit world. In this article, we will look at what a balanced scorecard is all about...
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...Communications of the Association for Information Systems Volume 17 Article 8 2-23-2006 Using the Balanced Scorecard to Achieve Sustained IT-Business Alignment: A Case Study Qing Hu Florida Atlantic University, qhu@fau C. Derrick Huang Florida Atlantic University, dhuang@fau Follow this and additional works at: http://aisel.aisnet.org/cais Recommended Citation Hu, Qing and Huang, C. Derrick (2006) "Using the Balanced Scorecard to Achieve Sustained IT-Business Alignment: A Case Study," Communications of the Association for Information Systems: Vol. 17, Article 8. Available at: http://aisel.aisnet.org/cais/vol17/iss1/8 This material is brought to you by the Journals at AIS Electronic Library (AISeL). It has been accepted for inclusion in Communications of the Association for Information Systems by an authorized administrator of AIS Electronic Library (AISeL). For more information, please contact elibrary@aisnet.org. Communications of the Association for Information Systems (Volume 17 2006) 181- 204 181 USING THE BALANCED SCORECARD TO ACHIEVE SUSTAINED IT-BUSINESS ALIGNMENT: A CASE STUDY Qing Hu C. Derrick Huang Department of Information Technology & Operations Management Florida Atlantic University qhu@fau.edu ABSTRACT High levels of investments in IT and related products and services by firms over the last several decades produced only mixed results. Research shows that one of the most significant determinants of successful IT investments...
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...www.hbrreprints.org BEST OF HBR Using the Balanced Scorecard as a Strategic Management System by Robert S. Kaplan and David P Norton . • Included with this full-text Harvard Business Review article: 1 Article Summary The Idea in Brief—the core idea The Idea in Practice—putting the idea to work 2 Using the Balanced Scorecard as a Strategic Management System 14 Further Reading A list of related materials, with annotations to guide further exploration of the article’s ideas and applications Reprint R0707M BEST OF HBR Using the Balanced Scorecard as a Strategic Management System The Idea in Brief The Idea in Practice Why do budgets often bear little direct relation to a company’s long-term strategic objectives? Because they don’t take enough into consideration. A balanced scorecard augments traditional financial measures with benchmarks for performance in three key nonfinancial areas: The balanced scorecard relies on four processes to bind short-term activities to long-term objectives: • a company’s relationship with its customers • its key internal processes • its learning and growth. COPYRIGHT © 2005 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. When performance measures for these areas are added to the financial metrics, the result is not only a broader perspective on the company’s health and activities, it’s also a powerful organizing framework. A sophisticated instrument panel for coordinating ...
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...Balanced Scorecard Introduction How can a balanced scorecard be utilized for optimum organizational performance in my organization – Cleveland Clinic? Within today’s complex environments many organization have pinpointed that an accurate understanding of their particular goals and the methods that they implement in order to achieve these goals is vital, this is also true with healthcare organizations. Organizations have come to the conclusion that no simple one measure can provide a clear performance target or focus attention on the critical areas of the business. Managers, today, want a balanced presentation of both financial and operational measures. Therefore, while they still require the financial measures, associated with the traditional approach, in order to assess the overall health of the organization, they also require measures that will allow them to concentrate more directly on their strategic performance and long term vision. The concept of the balanced scorecard was developed in order to provide managers with such a tool. The balanced scorecard can be described as a comprehensive framework that translates an organization mission and strategy into a comprehensive set of performance measures that provides the structure for creating a strategic measurement and management system. As a result the objectives and measures of the balanced scorecard are more than a collection of financial and non financial performance measures; they are derived from a...
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