Individual Project
The meeting with the manager at Eddison Electronics Company (EEC) was a very interesting meeting due to the balanced scorecard that was discussed. The manager at EEC found the concept to be very valuable which lead to a presentation being done about the balanced scorecard and discussed with other managers at the next meeting. A balanced scorecard is a concept that managers use to appropriately measure the strategic planning objectives. Business, governmental agencies, and nonprofit organizations are factors that are employed by the balanced scorecard. It is also involved in the strategic planning and management systems in the company as well as the activities in the business within the strategy and vision of the company performance relating to the strategic goals.
Elements of a Balanced Scorecard The learning and growth perspective, the business process perspective, the customer perspective, and the financial perspective are the elements of a balanced scorecard that are important. The learning and growth perspective of a balanced scorecard guides employee training and organizational improvement. It contributes to the knowledge that is an important resource in the company due to management guiding the training programs designing employee training according to the needs of the company. The learning and growth perspectives also develop open organizational culture that the workers are provided with information and knowledge that is needed to perform effectively in their roles. The business process perspective involves the managers reviewing the organization business operations. The managers use the perspective to ensure that the internal business processes meet customers’ needs and expectations in an effective and efficient manner as well as ensuring the needs of the shareholders that is balanced against the needs of the customers. The customer perspectives involve the developing metrics that determine level of customer satisfaction and analyzing
Elements of a Balanced Scorecard The learning and growth perspective, the business process perspective, the customer perspective, and the financial perspective are the elements of a balanced scorecard that are important. The learning and growth perspective of a balanced scorecard guides employee training and organizational improvement. It contributes to the knowledge that is an important resource in the company due to management guiding the training programs designing employee training according to the needs of the company. The learning and growth perspectives also develop open organizational culture that the workers are provided with information and knowledge that is needed to perform effectively in their roles. The business process perspective involves the managers reviewing the organization business operations. The managers use the perspective to ensure that the internal business processes meet customers’ needs and expectations in an effective and efficient manner as well as ensuring the needs of the shareholders that is balanced against the needs of the customers. The customer perspectives involve the developing metrics that determine level of customer satisfaction and analyzing
References: Doe, Gissimee (2013).Elements of a Balanced Scorecard. Retrieved November 5, 2013 from, www.ehow.com Kaplan, R.S. & Norton, D.P. (2013). Using the Balanced Scorecard as a Strategic Management System. Retrieved November 5, 2013 from, www.hbr.org/.../using-the-balanced-scorecard-as-a-strategic-management-syste... Keel, Lela (2011). Balanced Scorecard. Retrieved November 5, 2013 from, www.voices.yahoo.com/balanced-scorecard-9095383.html