The Balanced Scorecard For A Business Community For Many Years Essay

The Balanced Scorecard For A Business Community For Many Years Essay

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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...


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...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.

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