The Balanced Scorecard & the Financial Perspective (1S)

The Balanced Scorecard & the Financial Perspective (1S)
Order description:

The purpose of the Session Long Project is to give you the opportunity to explore the applicability of the Module to your own life, work, and place in space and time, and to experiment with the Module to see how the otherwise academically rigorous presentation of a topic may, with more or less work and/or trauma, become “up close and personal”. This is done in a number of different ways — sometimes cumulative papers, sometimes practical hands-on experimentation with a tool of some sort, sometimes reflections on a place of work or life. The common thread is personal application, aimed at demonstrating a cumulative knowledge and understanding of the course’s material.

The Balanced Scorecard & the Financial Perspective (1S)

For this course, the Session Long Project will take the form of putting together background from each of the four perspectives for a balanced scorecard approach to an organization or organizational unit with which you are familiar. In the final module, you will have a go at strategy mapping. You?re not building a complete balanced scorecard — that would be far beyond our current scope ? but you?ll have a chance to see what goes into it and how it gets put together into a coordinated whole. As in the cases, you?ll be drawing on your previous course work to help.

The Balanced Scorecard & the Financial Perspective (1S)

The Module 1 assignment has two parts. First, you need to identify an organization to which you have access to at least some information concerning financial data; staffing and human resource systems; marketing and customer relations; information systems; and operations. While most material on the Balanced Scorecard is written from the private, for-profit point of view, it?s perfectly possible to use this approach with public or non-profit organizations as well.

For the second part of this assignment, consider the organization’s mission and strategy from the perspective of its financial operations (from your work on the case, your previous course work, and your background reading, you should be reasonably clear what such operations are). In this section of the assignment you?ll begin to identify objectives and measures relevant to that perspective. If you?re unclear on just what objectives and measures are, here is a presentation that describes what they are and how to write them.

The Balanced Scorecard & the Financial Perspective (1S)
SLP Assignment Expectations

When you have thought about it and made your selection, please specify (2-3 pages):

The name of your organization
What this organization does ? its mission, vision and overall strategy
The access you have to information about this organization — remember, you?ll need information about its financial performance, marketing, internal operations, strategy, and management systems.

Once you?re reasonably clear on what?s involved, think about your organization and its finances, and then:

Identify at least three objectives for improving the organization’s financial position, and show how they relate to the mission, vision and strategy of the organization.
For each objective, develop at least one meaningful performance measure (metric).
For each objective, identify at least one expected level of performance (target).
For each objective, identify at least one new action or program that needs to be developed to ensure successful implementation of the organization’s strategy (initiative).

Here?s a table that you may wish to copy and fill in:

Objective
Measure
Target
Action
Required Reading

Please read the Introduction and Chapters 1-3 of:

MacKay, A., (2004) A practitioners guide to the balanced scorecard: A practitioners? report based on: Shareholder and stakeholder approaches to strategic performance measurement using the balanced scorecard. Chartered Institute of Management Accountants. Retrieved from: http://www.cimaglobal.com/Documents/Thought_leadership _docs/tech_resrep_a_practitioners_guide_to_the_balanced _scorecard_2005.pdf

Please read Chapter 1 of:

Murby, L., Gould, S., (2005). Effective Performance Management with the Balanced Scorecard: Technical Report. Chartered Institute of Management Accountants. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/ Tech_rept_Effective_Performance_Mgt_with_Balanced_ Scd_July_2005.pdf

Also review the following to re-familiarize yourself with the concept of mission and vision as they relate to strategy:

Robin, D. (n.d.) Vision, Mission and Values: Management Tools for Building a Better Workplace. Daniel Robin & Associates. Retrieved from: http://www.abetterworkplace.com/developing-the-organization-and-the-people-in-it/

The case assignment article can be found at:

Martello, M., Watson, J., Fischer, M., (2008). Implementing a balanced scorecard in a not-for-profit organization. Journal of Business & Economics Research. 6(9), 67-80. Retrieved from: http://journals.cluteonline.com/index.php/JBER/article/ view/2471/2517

This web article will be helpful for focusing your SLP.

Niven, P. (N.D.) Financial perspective. EPM Review. Retrieved from http://www.epmreview.com/resources/articles/item/84-financial-perspective.html
Optional Reading

American University of Beirut (N.D. Balanced Scorecard Initiative: Guidelines for Building a BSC. Retrieved from http://www.aub.edu.lb/osm/scorecards/Documents/guidelines_for_building_a_bsc.pdf

Averson, P. (1998). What is the Balanced Scorecard? Balanced Scorecard Institute, a Strategy Management Group company. Retrieved from https://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx

Measurements for Success. Retrieved from http://www.mystrategicplan.com/strategic-planning-topics/balanced-scorecard.shtml

QuickMBA (N.D.) The Business Vision and Company Mission Statements. Retrieved from http://www.quickmba.com/strategy/vision/

Sharma, P. (N.D.) Measuring Business strategy through balanced scorecard. Retrieved from http://www.scribd.com/doc/5032771/Balanced-Scorecardfinancial-perspective

By admin in Essays on July 27, 2016