Balanced Scorecard 101 A Brief Overview of the BSC Methodology Steve Logan Department of Energy 202 287-1383 Steve.Logan@hq.doe.gov Presentation to the BSIG October 2004 2 “One accurate measurement is worth more than a thousand expert opinions.” - Admiral Grace Hopper, USN 3 What is a Balanced Scorecard? Definition of BSC as a strategic management system Steps in a strategic management system: 1. Clarify and translate vision and strategy 2. Communicate and link strategic
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Robert S. Kaplan and David P. Norton introduced the balanced scorecard in 1990s,to measure the performances of organization’s strategy. They believed that “the ability to execute strategy was more important than the strategy itself”(Measures that matters. Ernst&Young, 1998.9). Therefore, the implementation of strategy is more significant factor that leads to a successful achievement of organization’s mission. In order to measure the strategy performances, financial measurement was used to keep a
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499 – BSBA Integrative Project Session Long Project Module 4 Dr. Darlene Pomponio 9 January 2012 As one of the four perspectives of the Balanced Scorecard, the Learning & Growth perspective focuses on how the organization must learn and innovate in order to achieve the set goals. It is the root of the balanced scorecard and requires nutrients to grow. It develops intellectual capital and empowers employees as part of the relationship to the vision and strategy portion of the
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writing Report Writing Effective Learning Service Report Writing Bradford University School of Management Report Writing REPORT WRITING A report is a form of communication in one or more of the following ways: Written form Verbal form Audio-visual form A report is a form of communication that will do one or more of the following: describes analyses summarises criticises or praises makes predictions about … a subject and is based on an analysis of current or past events or identifiable
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The rational for introducing a performance scorecard falls within two extremes (1). At one end, some firms may see scorecards as simply a “framework for grouping existing measures into categories, and displaying the measures graphically (1)” which permits senior management to track items of interest and gauge operational performances. On the other end, a scorecard can be used as a “robust organization-wide strategic planning, management and communications system” which among other things “align
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and William N. Lanen 91999): Strategic Planning at Five World-Class Companies, Management Accounting, 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,”
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The balanced scorecard (BSC) approach to quality management is an approach in which the organization views their quality program from many different points of view. “Operative goals are reflected in what management attends to, controls, and measures. The idea that the structure of most accounting and control systems may be inhibiting competitiveness is slowly gaining currency in the U.S. business community.” (Kaplan 1988) The metrics that are usually measured are: • Financial: Improving the profitability
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MANAGING FOR THE LONG TERM | BEST OF HBR | January–February 1996 Using the Balanced Scorecard as a Strategic Management System Editor’s Note: In 1992, Robert S. Kaplan and David P. Norton’s concept of the balanced scorecard revolutionized conventional thinking about performance metrics. By going beyond traditional measures of financial performance, the concept has given a generation of managers a better understanding of how their companies are really doing. These nonfinancial metrics
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Electric Utility, Inc. – Balanced Scorecard Example Objectives Measures (D=Drivers) FY01 Customer Financial •Maximize returns •Profitable growth •Leverage asset base •Manage operating costs •Industry leading customer loyalty •ROCE •Revenue growth •Asset utilization rate •Operating costs / customer •Customer Satisfaction Rating 14% 6% 80% $150 80% Targets FY02 14.5% 8% 85% $140 85% Initiatives FY03 15% 12% 90% $125 90% •Customer loyalty program Business Growth •Capitalize on deregulation
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he Balanced Scorecard (BSC) is a strategy performance management tool - a semi-standard structured report, supported by proven design methods and automation tools, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.[1] It is perhaps the best known of several such frameworks (it is the most widely adopted performance management framework reported in the annual survey of management tools undertaken
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