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Constructing and Implementing the Balance Scorecard


Ref: busman0003

The emergence of the information era, however, in the last decades of the 20th century, has made obsolete many of the fundamental assumptions of industrial age competition. The information age environment for both manufacturing and service organisations requires new capabilities for competitive success. The ability of a company to mobilise and exploit its intangible assets has become far more decisive than investing and managing tangible, physical assets. Industrial age companies created a sharp distinction between two groups of employees. The intellectual elite – managers and engineers – used their analytical skills to design products and processes, select and manage customers, and supervise day-to-day operations. The second group was composed of the people who actually produced the products and delivered the services. This direct labour work force was a principal factor of production, which performed its tasks under supervision of the first group. Today automation and productivity have increased the number of people performing analytic functions: engineering, marketing, management and administration. Therefore, the people are more viewed as problem solvers, not as variable costs. In other words, information age has brought about the concept of knowledge management. The balanced scorecard is a management system (not only a measurement system) that enables organisations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyse it relative to each of these perspectives:
  • The Learning and Growth Perspective
  • The Business Process Perspective
  • The Customer Perspective
  • The Financial Perspective

  • 13,000 words - 54 pages in length
  • Good use of literature
  • Well written throughout
  • Ideal for business students


1: Theory Behind the Balanced Scorecard
Background of the Concept of Balanced Scorecard
Balanced Scorecard as Complementary Tool for Management Accounting
Balanced Scorecard as a Measurement Tool
Balanced Scorecard as a Strategic Management System

2: Constructing a Balanced Scorecard
Establishing Strategy by Building up a Balanced Scorecard
Clarifying and Translating the Vision and Strategy
Communicating and Linking Strategic Objectives and Measures
Planning, Setting Targets and Aligning Strategic Initiatives
Enhancing Strategic Feedback and Learning
Defining Critical Success Factors and Measures
Financial Perspective
Customer Perspective
Market and Account Share
Customer Retention
Customer Acquisition
Customer Satisfaction
Customer Profitability
Beyond the Core: Measuring Customer Value Propositions
Internal Business Process Perspective
Learning and Growth Perspective
Conclusions and Recommendations - How Many Measures to Choose?
Testing the Balanced Scorecard
Analysing Outcomes and Performance Drivers
Analysing Cause and Effect
Establishing Action Plan
Setting up Catalytic Mechanisms

3: Implementing a Balanced Scorecard as a Management System
Case Studies on Implementing a Balanced Scorecard
Practical Aspects of Setting up Balanced Scorecard in a Service Company
Using the Balanced Scorecard at Metro Bank
Using the Results of a Balanced Scorecard at Sears Company
Conclusions and Recommendations on Implementing a Balanced Scorecard

4: Summary

References



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