Chapter 13, 23, & 14b - Balanced Scorecard and Levers of Control

Chapter 13, 23, & 14b - Balanced Scorecard and Levers of Control

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Chapter 13 – Pgs. 466-474 I. Strategy Implementation and the Balanced Scorecard a. The Balance Scorecard i. Translates an organization’s mission and strategy into a set of performance measures that provides the framework for implementing its strategy 1. Does not focus solely on achieving financial objectives 2. Highlights the nonfinancial objectives that an organization must achieve to meet and sustain its financial objectives ii. Four Perspectives: 1. Financial 2. Customer 3. Internal Business Processes 4. Learning and Growth iii. Balances the use of financial and nonfinancial performance measures to evaluate short-run and long-run performance b. Four Perspectives of the Balanced Scorecard i. Competitor benchmarks provide the basis for target performance levels for financial and nonfinancial measures 1. Indicate the performance levels necessary to meet customer needs, compete effectively, and achieve financial goals ii. Financial Perspective: 1. Evaluates the profitability of the strategy iii. Customer Perspective: 1. Identifies targeted customer and market segments and measures the company’s success in these segments iv. Internal-Business-Process Perspective:
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1. Focuses on the internal operations that create value for customers that, in turn, furthers the financial perspective by increasing shareholder
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Chapter 13, 23, & 14b - Balanced Scorecard and Levers of Control

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