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BalancedScorecardVideo2.pptxPaper #2
The balanced scorecard
The Balanced Scorecard
The Balanced Scorecard is a tool that offers business people a way to translate a company’s Strategic Plan into a series of Performance measures (Kaplan & Norton, 1992)
According to Kaplan and Norton (1992), the Scorecard consists of 4 perspectives from which to choose these measures:
Customers
Shareholder/Financial processes
Innovation/Learning
Internal/Improvement activities
The Balanced Scorecard
As with Porter’s 5 Forces and SWOT Analysis, the Scorecard is a tool that when used in combination with other financial indicators, can inform an organization as to how well it is performing within its market and with how well it is doing to meet its own strategic goals.
The Scorecard can direct an organization around where it might need to initiate change in mission critical areas - product, processes, customer service and/or market development. Its measures are forward looking and are based on the organization’s strategic objectives and competitive demands (Kaplan & Norton, 1992)
It “converts senior managements priorities(as described in the Strategic Plan) into visible, actionable objectives by identifying ways to measure progress against agreed upon targets” (Turban, Volontino & Wood, 2015)
The Balanced Scorecard
It uses both financial and non financial indicators to assist with informing an organization with identifying how it is doing with reaching its strategic goals and objectives.
If helps with identifying what it is doing well along with where it needs to institute improvements.
Balanced Scorecard (Kaplan & Norton, 1996)
The Balanced Scorecard
According to Kaplan and Norton (1996) the Balanced Scorecard can also be used to help organizations link long term strategy to short term goals by, among other things, assisting with:
Translating the Vision
Communicating and Linking
Business Planning
Feedback and Learning
The Balanced Scorecard – Managing Strategy (Kaplan & Norton, 1996, 2007)
The Assignment
Summarize the videos identified below discussing the Balanced Scorecard. APA format – double spaced, 12 point Arial or Times New Roman typeface, cite in text FREQUENTLY to the content of the videos. Minimum of 3 pages, Maximum of 4 pages in length.
The Assignment
Section 1 – write a brief introduction. Use an online dictionary or online magazine/newspaper to define the Balanced Scorecard. A very short definition is fine.
Section 2 – discuss the content of the first video - https://www.youtube.com/watch?v=G8Hgm08ofqQ Cite in text as (Balanced Scorecard Institute, 2017)
Section 3 – discuss the content of the second video https://www.youtube.com/watch?v=VAgWjEgv25g Cite in text as (Balanced Scorecard Institute, 2016)
Section 4 – write a brief conclusion that summarizes your thoughts on what you have viewed in the videos about the Balanced Scorecard.
Section 5 – Reference page – see the next slide for some tips on formatting
The Assignment – How to cite to a YouTube video
Reference page citation format for YouTube videos- Author screen name (such as Balanced Scorecard Institute). (Year, Month, Day{that the video was posted}). Title of video [Video file]. Retrieved from URL of specific video
Example - The Cat Shop. (2006, November 4). How to train a cat to operate a light switch [Video file]. Retrieved from http://www.youtube.com/watch?v=Vja83KLQXZs
The Assignment
Submit your own work.
So long as you stay focused on the topic, there is no right or wrong answer.
Watch the videos carefully and critically.
What counts is providing a clear and concise summary of the Balanced Scorecard as discussed in the videos thus demonstrating an understanding of the concepts.
Follow the formatting for the paper that is illustrated above
Cite, cite, cite, cite, cite, cite!!!!!!!
Conclusion
Questions? Send me an email
Comments? Send me an email
Happy watching!!!
References
Kaplan, R.S. and Norton, D.P. (1992). The balanced scorecard – Measures that drive performance. Harvard Business Review, 71-79
Kaplan, R.S. and Norton, D.P. (1996, reprinted 2007). Using the balanced scorecard as a strategic management system. Harvard Business Review, 75-85
Turban, E., Volonino, L., and Wood, G. (2015). Information technology for management: digital strategies for insight, action and sustainable performance, (10th ed.) Hoboken, N.J.: John Wiley and Sons, Inc.
