week 4 Balance scorecard

week 4 Balance scorecard - Balanced Scorecard Balance Score...

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Balanced Scorecard Balance Score Card Holly M. Hyatt University of Phoenix Bus/475 Dr. Raby
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Balanced Scorecard 2 I n t h i s p a p e r i t w i l l d i s c u s s t h e s t r a t e g i c o b j e c t i v
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scorecard. It will also show the vision and mission statements while discussing the outcome of what happened in the SWOT analysis.
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Balanced Scorecard 3 c l a s s i f i c a t i o n s c h e m e s h a v e b e e n a d v
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ocated by various authors to match business activities to strategy. In 1992, Dr. Robert Kaplan of the Harvard Business School and David Norton of Nolan, Norton, and Company (a private consulting firm) developed a performance framework and management philosophy they coined the "balanced scorecard." The balanced scorecard framework has been of considerable interest to managers since that time As Kaplan and Norton assert in their article, "What you measure is what you get." Recognizing that because of this truism, no single measure could provide an acceptable performance target or adequately focus management’s attention on critical areas of the business, they developed a "balanced scorecard" composed of a set of measures to give managers a fast but comprehensive view of their business. Specifically, the balanced scorecard allows an organization's managers to look at its business from those perspectives most important for the success of the firm and to establish tangible objectives and measures that relate to the organization's mission, vision, and strategy Originally, Kaplan and Norton recommended that managers use the following four metrics for private sector organizations: 1. The Financial Perspective, 2. The Internal Business Perspective, 3. The Customer Perspective, and
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Balanced Scorecard 4 t h e l e a s t p o s s i b l e u s e
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of resources. Efficiency indicators rate the processes by which transit services are producing, particularly through the relationship of inputs to outputs. That is, efficiency will be concerning with "doing things right." "Effectiveness" has been defined as the comparison of produced output (provided service) to intended output or objectives. That is, measures of effectiveness are concerned with the extent to which the service is providing--in terms of quantity, location, and character--and corresponds to the goals and objectives established for the transit system by government and the needs of citizens. The effectiveness is concerned with "doing the right things." The third category, impact, describes the macro effects of public transit and reflects the efficiency and effectiveness of transit, as well as external and indirect effects on social well- being, economic development, and environmental quality. That is, it includes externalities and indirect effects beneficial and adverse, intended and unintended . Categorization of transit performance measures has been advocated in the literature because of the fundamental difference between efficiency and effectiveness. For example, one early work on
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Balanced Scorecard 5 transit perfor mance insisted that measur es of efficien cy in the use of resourc es be separat ed from measur ed of effectiv eness Drawin
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week 4 Balance scorecard - Balanced Scorecard Balance Score...

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