Preview

A Balanced Score Card

Better Essays
Open Document
Open Document
1311 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
A Balanced Score Card
1

A Balanced Score Card
Lisa Thompson
Htt/220
April 17, 2011
Samuel L Grant

2 The most important thing to having a successful business is to have the most up to date information. If you have all the information at your fingertips it can help you to make the best possible decisions. What kind of information is available and how do we sort through it and use this information? In the hospitality industry the amount of information received everyday is overwhelming, and it isn’t possible for staff to be able to sort through it and organize it properly. In the hospitality industry the information technologies are the tools that the staff uses to sort and manage the information and the balanced score card is just one such tool. The Balanced Score Card is a very useful tool for managers because it organizes information from different departments to create a picture of the hotels operations and the success of those operations. The Balanced Score Card is a tool that is used by business professionals, the information that this found on this card is useful to the managers for a variety of reasons. However the primary use is to monitor the organizations progress towards it vision and its mission. The information is like a snapshot of the health of the business. This tool allows manager to identify areas that need improvement, ones that are doing well and what might be future opportunities. (Nyheim &McFadden, 2007) In the balanced score card the data that is used is collected by many different departments. One of the main types of information found on the balanced score card is financial information. Some other information that can also be found on the card includes such things as information on employees, the turnover rate, and also promotions. There is also equipment functionality and learning and growth of the company that is found on the card. One last thing that is present on the card is customer information and it may include


References: Technology Strategies- Nyheim,P.D.,F.M.,& Connolly,D.J. (2007) http://www.prenhall.com/nyheim Technology Strategies for the Hospitality Industry http://www.hospitalityguild.com/books.technology_strategies_for_the_h.htm
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Frieda’s Fizz Balanced Scorecard Analysis
    • 1163 Words
    • 5 Pages

    Frieda’s Fizz Balanced Scorecard Analysis

    A balanced scorecard is a tool to provide management a way to bridge the gap between the organization’s strategy and vision and the operational processes used to do business. It enables the company to look at more than just the financial targets, but to include nonfinancial measures such as customer service, internal business processes and more. These intangible measures provide better focus on the organization’s long-term strategies.…

    • 1163 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Strategic Plan Iii
    • 1081 Words
    • 5 Pages

    Strategic Plan Iii

    A balanced Scorecard was circulated by Robert Kaplan and David Norton in 1992. This measures the current performance in the financial terms; the Balanced Scorecard also evaluates the business efforts for the future improvements using the process, customer, and learning and growth metrics. This can signify the balance among short-term objectives and long-term objectives, financial measures and non-financial measures, internal performance and external performance perspectives, and any lagging indicators and leading indicators.…

    • 1081 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Strategic Plan Part III Balanced Scorecard
    • 786 Words
    • 3 Pages

    Strategic Plan Part III Balanced Scorecard

    Before opening its doors, a company must employ researchers and marketers to create new ideas or products that will make his or her company stand out above competitors and get the attention of consumers. Management will come up with a strategic plan on the direction of the company, which will include a balanced scorecard. According to Pearce and Robinson, (2009) "The balanced scorecard is a set of measures that are directly linked to the company 's strategy and was developed by Robert S. Kaplan and David P. Norton in order to direct a company within its long-term strategies with tangible goals and actions " (p. 202). A balanced scorecard includes detailed information regarding the strategic goals of an organization for shareholders and investors. An organization is required to evaluate their performance in four key categories. The four key categories are financial perspective, customer value perspective, internal operations perspective, and growth perspective. These sets of measures are linked to the company’s strategy to link their long-term goals with tangible goals and actions (Pearce & Robinson, 2009, p. 202).…

    • 786 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Miliatory Care Case Study
    • 130 Words
    • 1 Page

    Miliatory Care Case Study

    The Balance Scorecard is used as strategic tool and as an organization technique to achieve desired goals. The concept is used to bring into line an organization’s performance towards its objectives and vision. The scorecard can also be used to develop communication and response between the management and employees for monitoring…

    • 130 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Good Essays

    MGT 445 Final Study Guide short answer questions
    • 1649 Words
    • 7 Pages

    MGT 445 Final Study Guide short answer questions

    iv) Balanced Scorecard: Examines how customers and shareholders view the firm, how the firm creates value, and what core competencies a firm needs to achieve a competitive advantage.…

    • 1649 Words
    • 7 Pages
    Good Essays
    Read More
  • Good Essays

    Strategic Plan 111: Balanced Scorecard Paper
    • 1021 Words
    • 5 Pages

    Strategic Plan 111: Balanced Scorecard Paper

    A balanced scorecard is a system used by management to organize the organization and forecast objectives, this system helps the company by providing feedback as to how the four areas that are used to measure the balanced scorecard is doing .These areas are: Financial, Customers , Internal an learning and growth. Shareholder Value or Financial Perspective includes long-term objectives in areas such as:…

    • 1021 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Week 4 Paper
    • 827 Words
    • 4 Pages

    Week 4 Paper

    The Balanced Scorecard is a technique used in strategic planning and management system used comprehensively worldwide in business management, government entities and non-profit organizations to align the organizational performance to the corporate vision and its strategic goals. It is “A set of four measures directly linked to a company’s growth” (Pearce & Robinson, 2009, pp202).…

    • 827 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    guiding questions belagio
    • 732 Words
    • 3 Pages

    guiding questions belagio

    The company uses ‘Balanced Scorecard’ on a weekly basis. The balanced scorecard provides key metrics for the manager’s list of targets and it provides an indication of the progress towards budget target. Besides the…

    • 732 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Maverick Lodging Case
    • 940 Words
    • 4 Pages

    Maverick Lodging Case

    Maverick lodging company's objectives are increasing operating profit and market shares by enhancing customer satisfaction. By implementing the balanced scorecard, the company is trying to increase financial yield, control profit and flexible budget, improve internal business control, stimulate performance of hotel management, facilitate communication between principals and agencies and start learning and growing processes. However, the balanced scorecard has several problems and makes it hard for the company to reach its goals. The first problem is that the balanced scorecard is hard for hotel level managers to…

    • 940 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Strategic Plan Part 3
    • 669 Words
    • 3 Pages

    Strategic Plan Part 3

    Similar to a vehicles control board, the balanced scorecard shows indicators of performance that gives an overview of the organization. A balanced scorecard, developed by Robert S. Kaplan and David P. Norton, is a tool that merges financial and nonfinancial measurements into a view of organizational performance linked to the strategy (Pearce & Robinson, 2009). Although several versions of balanced scorecards exist, each defines an organization’s mission, vision, and objectives. Demary & Sons’ mission is to deliver freight professionally and on time while committing to highway safety. The vision is to be among the safest trucking organizations while delivering customer and employee excellence by way of strong relationships.…

    • 669 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Bus 475 Balanced Score Card Analysis
    • 1901 Words
    • 8 Pages

    Bus 475 Balanced Score Card Analysis

    As a performance measurement tool the balanced scorecard could be considered to be very successful. If executed properly in the organization then there is huge positive side for a business. It has more advantages to bigger firms where cost is less significant for implementation and can bear dip in profits for short term. The same is not possible for small businesses.…

    • 1901 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Individual Learning Project 1
    • 1904 Words
    • 8 Pages

    Individual Learning Project 1

    According to Blocher (2010), the balanced scorecard (BSC) is an accounting report that includes the firm’s critical success factors in four areas: (1) financial performance, (2) customer satisfaction, (3) internal processes, and (4) learning and growth (p.11). The following is a balanced scorecard for Work-study Enterprise Inc.…

    • 1904 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Mgmt/300 Final Exam
    • 2616 Words
    • 11 Pages

    Mgmt/300 Final Exam

    The balanced scorecard= comprehensive management control system that balances traditional financial measures with measured of customer service , internal business processes, and the organizations capacity for learning and…

    • 2616 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Good Essays

    Bank of Montrial Analysis
    • 657 Words
    • 3 Pages

    Bank of Montrial Analysis

    The first strength of the BSC approach is a focus on the company’s strategic direction. A BSC approach helps management communicate the company 's mission by linking performance measures to its mission and strategy. The balance scoreboard not only gives you a better idea of your workforce, but also creates better customer service for the customers involved. The balanced scorecard makes the CEO 's of these companies make sure that their businesses are running accurately and if it is not, it will reflect in their pay. Thus, a good balanced scorecard identifies many cause-and-effect relationships within the business and helps employees and managers appreciate the roles of employee and task as well as the importance of each result to the overall corporate effort. The balanced scorecard method is a form of checks and balances for a company to ensure that the needs of all four shareholders are met.…

    • 657 Words
    • 3 Pages
    Good Essays
    Read More
  • Best Essays

    The Balance Scorecard of Tesco
    • 2503 Words
    • 11 Pages

    The Balance Scorecard of Tesco

    The Balanced Scorecard is a comprehensive framework to achieve the company’s vision and strategy. In addition to measuring the financial side, the work surface also is added to make up for traditional performance evaluation, which emphasizing on financial data. Therefore, the Balanced Scorecard can be said a new system of strategic management with the company strategy, vision and performance evaluation, and not just a performance evaluation system. The Balanced Scorecard is divided into four important perspectives, including financial perspective, customer perspective, internal perspective and innovation and learning perspective. Organizations design performance indices basis on the perspectives to measure the performance, the entire sector information and the organization 's strategy and vision, which are matched together to achieve goals. It is to balance the implementation of organizational performance, seeking short-term and long-term goals, financial and non-financial measurable, and the balance between the performance of the external and internal perspectives (Kaplan and Norton, 1996).…

    • 2503 Words
    • 11 Pages
    Best Essays
    Read More

Related Topics