Balance score card paper
Analysis paper on Phillips Electronic Balance Scorecard
What is a Balance Scorecard? A Balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan Harvard Business School and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced ' view of organizational performance (Balance Scorecard Institute, 2013). This paper will analyze the Balance Scorecard at Phillip Electronics; it will discuss the rationale and issues surrounding the development and implementation of a Balance Scorecard. The paper will also discuss the advantages and disadvantage of Phillips Electronics Balance Scorecard (BSC).
Philips Electronics has implemented a scorecard system to align company views, to focus employees on how they fit into the organization, and also to educate employees on what drives the business. The company management uses the scorecard as a guide at quarterly business reviews worldwide to promote organizational learning and continuous improvement. Philips also created its balanced scorecard with the belief that understanding what drives present performance is the basis to determine future results. Philips uses the scorecard as a basis for employees to understand management’s strategic policies and vision for the future. Philips created four critical success factors (CSFs) to align indicators that measure markets, operations and laboratories with business success. First is Competence which is consist of knowledge, technology, leadership, and teamwork. The second is the Processes which is the
What is a Balance Scorecard? A Balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan Harvard Business School and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced ' view of organizational performance (Balance Scorecard Institute, 2013). This paper will analyze the Balance Scorecard at Phillip Electronics; it will discuss the rationale and issues surrounding the development and implementation of a Balance Scorecard. The paper will also discuss the advantages and disadvantage of Phillips Electronics Balance Scorecard (BSC).
Philips Electronics has implemented a scorecard system to align company views, to focus employees on how they fit into the organization, and also to educate employees on what drives the business. The company management uses the scorecard as a guide at quarterly business reviews worldwide to promote organizational learning and continuous improvement. Philips also created its balanced scorecard with the belief that understanding what drives present performance is the basis to determine future results. Philips uses the scorecard as a basis for employees to understand management’s strategic policies and vision for the future. Philips created four critical success factors (CSFs) to align indicators that measure markets, operations and laboratories with business success. First is Competence which is consist of knowledge, technology, leadership, and teamwork. The second is the Processes which is the