The Balanced Scorecard For A Business Community For Many Years Essay

The Balanced Scorecard For A Business Community For Many Years Essay

Length: 832 words (2.4 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

The balanced scorecard has been used in the business community for many years (Evans, 2002). The balanced scorecard is used to put all the information that a company needs for its strategic plan into an easy to understand and read chart. There are many different versions of the balanced scorecard, but the standard scorecard lays out how the company can increase its profits by looking at the internal working of the company, the customer service, and the education of the company. The Heathrow Terminal 5 project used a unique balanced scorecard. The Heathrow Terminal 5 project really showed just how versatile the balanced scorecard can be (Basu, 2009).
The reason that the Heathrow Terminal 5 project decided to use the balanced scorecard to manage the project is because it allowed them to breakdown all of the different aspects of the project into smaller and more manageable parts. The balanced scorecard approach has allowed smaller firms to capture the intangible metrics and make the most out of their time and money (Basu, 2009). The project leads then went even farther and used the balanced scorecard to cover all applications that needed to be covered for the project. They used the Key Performance Indicators to give a clear indication of how they should approach their primary considerations (Basu, 2009). These indications included obtaining a picture of the most important parts of the project, consistency in the way they viewed the project and the ability to measure the financial performance accurately (Basu, 2009). Now this project even though it was larger than most the balanced scorecard allowed the project managers to focus in on and stay focused on what they believed to be the most important parts of the project. I th...

... middle of paper ...

...ct which allowed them to follow through on everything that they wanted to happen. By using the balanced scorecard the managers at every level of the Heathrow Terminal 5 project were able to see the goals that had been set and were able to follow through and achieve those goals. Since the balanced scorecard is a living breathing document it can easily be reevaluate throughout the course of the year to ensure that the company is still on track with the goals they have set. If they have gotten off track or something has changed it is easily changed on the balanced scorecard so that everyone in the company is able to see the change and move towards the new goals. This alone shows just how adaptive the balanced scorecard can be when used properly. The Heathrow Terminal 5 project proves that the balanced scorecard is a must use tool for business both large and small.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Performance Evaluation At Tri Cities Community Bank Essay

- Introduction Traditionally, companies collect information regarding past transactions. These are then converted to statements which are used for analysis and regulatory requirements. Financial accounting has been revolving around these financial transactions and ignoring qualitative factors that may contribute to a company’s profit. Nowadays, managers recognize the impact of such qualitative factors since these contribute to the company’s future performance. There are numerous methods today that measure both financial and nonfinancial factors of a company....   [tags: Balanced scorecard, Strategic management]

Better Essays
1710 words (4.9 pages)

Balanced Scorecard Of Maybank Essay

- BALANCED SCORECARD OF MAYBANK The vision and mission of MPI is to achieve a top 10 position as a bank of choice in the upscale consumer market for strategic Deposit/Wealth Management Products; as well as Auto Loans, Personal Loans, CTS, Mortgage; and to be a known player in selected segments of top-tier companies for Corporate Banking. The past two years have been especially good for MPI, as for the first time, they have posted positive operating income and have obtained good results in other areas as well....   [tags: Maybank Company Profile Analysis]

Free Essays
2415 words (6.9 pages)

Essay on Strategic Management And Business Research

- Balance Scorecard – A Complement to the Strategy Map Companies are constantly reinventing themselves in the name of profit. There are a number of different strategies companies implore to create success. Whether it is the expansion into international markets, new technologies, or sustainability the goal is to create a strategy that allows the business to successfully compete. There are numerous strategies capable of generating abnormal profits or can take a company into bankruptcy. The spectrum holds no magic formula as a variety of resources and capabilities are necessary to successfully compete....   [tags: Strategic management, Balanced scorecard]

Better Essays
1877 words (5.4 pages)

Essay on Strategic Planning At This Time

- The need for Strategic Planning at this time would be to gain more membership in the small group health insurance market segment. New developments and changing environments cause some assessment of mission and priorities. With the implementation of the Affordable Care Act, many of our small group members have decided to drop coverage for a couple of reasons. One reason is that they are not mandated by the Federal government to provide health insurance to their employees if they have fewer than fifty full-time-equivalent employees....   [tags: Balanced scorecard, Strategic management]

Better Essays
1925 words (5.5 pages)

Balance Scorecard Assignment Essay

- Balance Score Card Assignment A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process....   [tags: Management Business Analysis]

Better Essays
1488 words (4.3 pages)

The Evolution Of The Balanced Scorecard Essay

- 3. The Evolution of the Balanced Scorecard The Balanced Scorecard began with the idea that managers should be measuring more than just the financial results of the company when determining the success of the organization. The term was first coined by Robert S. Kaplan, a Harvard Business School accounting professor, and David P. Norton, a business consultant, when they wrote an article published in the Jan/Feb 1992 issue of the Harvard Business Review entitled, “The Balanced Scorecard – Measures that Drive Performance.” (   [tags: Strategic management, Balanced scorecard]

Better Essays
767 words (2.2 pages)

Essay about Balanced Scorecard For Tyson Food

- Balanced Scorecard The balanced scorecard (BSC) is a strategy used in organizations to determine their performance measures (Meredith & Shafer, 2016). The BSC provides knowledge into four perspectives of an organization; financial performance, customer performance, internal business process performance, and organizational learning and growth (Meredith & Shafer, 2016). There are many elements of the BSC, including the strategy map which displays the cause and effect relationships between the four perspectives to achieve a specific organizational goal (Meredith & Shafer, 2016)....   [tags: Balanced scorecard, Management]

Better Essays
1580 words (4.5 pages)

Sustainability Practices : The Balanced Scorecard Essay

- While more e-commerce companies are focusing on refining their sustainability practices, it can be very costly and hard to justify in today’s economy. The Balanced Scorecard is a comprehensive approach used to help businesses understand how sustainability practices can have an effect on their productivity and business strategies. This report focuses on different options that Gogotech can use to integrate sustainability measures into their Balanced Scorecard, in conjunction with issues to consider when creating quantifiable metrics....   [tags: Strategic management, Balanced scorecard, Customer]

Better Essays
1280 words (3.7 pages)

Balanced Scorecard : An Organization And Human Resources Essay

- Balanced Scorecard Companies need to determine whether they are meeting the mission, strategy, and objectives. Many businesses use a balanced scorecard to weigh performance against the enterprise’s strategic components. The human resources (HR) balanced scorecard will have to determine if the internal performance meets the firm’s strategic plan and mission. In the following describes what a balanced scorecard means to an organization and HR, and what the HR balanced scorecard will assess for Best Buy....   [tags: Strategic management, Balanced scorecard]

Better Essays
831 words (2.4 pages)

Historical Background Of Balanced Scorecard Approach Essay

- Abstract Businesses use many indicators in order to measure what is going on in their markets. Good leaders of organizations every time check if they are achieving their business strategies, if they are meeting their customer needs and also the most important thing if they are making any profit. Therefore, an easy way of getting those answers is by using Balance Scorecards (BSC) which focuses on the factors that are critical for the success of the business. The historical background of Balanced Scorecard approach started at 1990s as a system developed through some innovation and changes by Robert Kaplan, an accounting professor at Harvard Business School and David Norton, a consultant also...   [tags: Strategic management, Balanced scorecard]

Better Essays
1652 words (4.7 pages)