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Conceptual Modelling (Abstraction)
Published in Andrew Greasley, Simulation Modelling, 2023
Balanced Scorecard Measures The balanced scorecard approach is an attempt to incorporate the interests of a broader range of stakeholders through performance measures across four perspectives of finance, customer, business process and learning/growth. The idea of the scorecard is to provide managers with multiple perspectives on the goals that need to be met for organisational success. Although designed for performance measurement at a strategic level, its relevance to operations is that it provides a direction for the organisation that will impact on and be impacted by operations. The balanced scorecard also provides a way of translating strategy into action. It does this by deriving operational performance measures from strategic objectives.
Reporting
Published in Gerhard Plenert, Joshua Plenert, Strategic Excellence in the Architecture, Engineering, and Construction Industries, 2018
Gerhard Plenert, Joshua Plenert
The balanced scorecard is a strategic management tool for reporting the performance of the organization or division based on a select few business metrics. The “balanced” in balanced scorecard suggests that the report should balance financial with nonfinancial metrics, thus reducing the narrow-mindedness of purely financial reporting methodologies. The balanced scorecard focuses on how well the organization is executing the strategy. All the metrics included on the balanced scorecard should come directly from the strategic plan and should be grouped by objective, priority, and perspective to make it clear how well the organization is supporting the strategy and which areas may need work. The metrics on the balanced scorecard should be selected from all four strategic perspectives, which are financial, operational, employee, and customer.
Principles of Quality Management
Published in Alan J. Stolzer, John J. Goglia, Safety Management Systems in Aviation, 2016
Alan J. Stolzer, John J. Goglia
One popular method of measuring performance is the balanced scorecard. The purpose of a balanced scorecard is to provide a comprehensive measure of performance in terms of the organization’s vision and strategies. This method does not in itself aid in the creation of the strategic plan; rather, it is a management system used in the deployment process. By encouraging the organization to think beyond just financial measures, the balanced scorecard helps to focus attention on other important perspectives of performance, such as the customer, internal business processes, and learning and growth, and to define appropriate metrics for measuring progress in these areas. This “balanced” approach to measuring performance assists the organization in achieving its strategic goals and results by developing and managing appropriate objectives, measures, targets, and initiatives for each of these four perspectives.
Business transformation frameworks: Comparison and industrial adaptation
Published in Journal of Enterprise Transformation, 2018
Sedki Allaoui, Mario Bourgault, Robert Pellerin
In academic and professional literature, various structures are publicized as business transformation frameworks. However, not all of these structures can be used to initiate, plan, and execute business transformations. Most structures are more assessment tools than frameworks. For example, the McKinsey 7S model was initially built to help organizations assess their effectiveness and provides directions to where changes are required (McKinsey, 2008a). A balanced scorecard is a strategic planning tool that focuses on the use and structure of metrics to drive results in the organization (Kaplan & Norton, 1992). Enterprise Architecture frameworks (EA), like TOGAF or Zachman, were developed to align IT architecture and capabilities to the organization’s strategy and objectives (Donaldson, Blackburn, Blessner, & Olson, 2015). These models and structures provide insightful perspectives and tools to analyze the organization. Nevertheless, they lack the full view of the organization’s dimensions: strategy, people, processes, information and technology. They also lack the enactment of key success factors, specifically program and project management. Created for specific aspects of the organization’s ecosystem, they are limited and do not provide guidance on how to deliver business transformations (Uhl & Gollenia, 2013).
Performance measurement of lean supply chain management: a balanced scorecard proposal
Published in Production Planning & Control, 2022
Noelia Garcia-Buendia, Thomas Borup Kristensen, José Moyano-Fuentes, Juan Manuel Maqueira-Marín
Kaplan and Norton (1992) proposed the balanced scorecard to evaluate corporate performance from four different perspectives that include the areas where managers should ensure that the business vision and strategies are consistent with each other: financial, customer, business process, and learning and growth. Brewer and Speh (2000) adapted the BSC to the sphere of the supply chain. Bhagwat and Sharma (2007b) suggested that a balanced supply chain management (SCM) scorecard could be the basis for a strategic SCM system since particular development guidelines are properly followed, relevant metrics are evaluated, and key implementation obstacles are overcome.