Balance Scorecard

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In
a 4 page word document, address the following

  • Create a balanced score-card for a
    fictitious company.
  • Discuss the importance of a
    balanced scorecard as a measure for evaluating performance and
    strategizing for success.
  • Include each of the four balanced
    score-card elements (financial, customer, internal processes, learning and
    growth).
  • APA format.

Balanced
Scorecard

Balanced
scorecards are used in an organization to measure both financial and
non-financial performance. A balanced scorecard illustrates performance
objectives that can be monitored over a period of time. Using a balanced
scorecard develops goals and transforms a company’s overall strategy and vision
through visual application.

Balanced
scorecards begin with a strategy map. A strategy map illustrates the four
aspects of a balanced scorecard (Financial, customer, internal processes,
learning and growth)

A332c_Sample_Strategy_Maps.pdf

Each
aspect of the balanced scorecard can be divided in measurable objectives.

Measurable
Objectives of a Balanced Scorecard

Financial Measures:
Income, cash flows, revenue from sales, reduction in expenses.

Customer Measures:
Customer service and satisfaction, improving customer base and attracting new
customers.

Internal Processes:
Maximizing time to fill orders, lead time, relationships with suppliers,
turnover of material amounts.

Learning and Growth:
Employee satisfaction and retention, employee training, research and
development for new products/ideas.

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