This document provides an overview of developing a performance measurement system using a balanced scorecard approach. It discusses 6 key sections: introduction to performance measurement; measurement as a management support system; the balanced scorecard; developing a customized balanced scorecard; target setting and incentives; and implementing a new performance management system. The document includes examples of balanced scorecards and outlines the steps to create customized balanced scorecards that align measures to strategic objectives.
Understand the objectives and functions of financial management. Get your concepts clear on what does financial management mean, why is financial management improtant and many more.
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Understand the objectives and functions of financial management. Get your concepts clear on what does financial management mean, why is financial management improtant and many more.
OD refers to a collection of planned change efforts based on democratic values that aim at improving employee well being and organizational effectiveness
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This is a presentation I gave at the Learning, Innovation and ICT workshop organised by the EACEA and the European Commission at Online Educa Berlin 2009
The changing business environment manager's perspectiveLou Foja
Management is expected to ensure that the organization uses its resources wisely, operates profitably, pays its debts, and abides by laws and regulations.
To fulfill these expectations, managers establish the goals, objectives, and strategic plans that guide and control the organization’s operating, investing, and financing activities.
Balanced Scorecard is a management tool that provides stakeholders with a comprehensive measure of how the organization is progressing towards the achievement of its strategic goals.
Balances financial and non-financial measures
Balances short and long-term measures
Balances performance drivers (leading indicators) with outcome measures (lagging indicators)
Leads to strategic focus and organizational alignment.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Memorandum Of Association Constitution of Company.ppt
Balance Score Card[1]
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2. There are 3 charts in this section Performance Measurement Systems: 1.0 Introduction This is a general introductory chart which has been tailored for measurements to demonstrate that a balanced scorecard is an integral part of business planning and strategy Chart 1.1: This chart emphasizes that strategy implementation must be top-down and a good measurement system is a powerful tool for achieving this. It also shows how a balanced scorecard decomposes as it permeates downwards from the top - making company objectives actionable at all levels Chart 1.2: An important chart which demonstrates that the balanced scorecard is a powerful approach for identifying areas of improvement and inadequacies in support processes. A balanced scorecard should be a prelude to a business re-design or a process re-engineering Chart 1.3:
3. 1.1 The balanced scorecard is an integral part of business planning and strategy Vision Mission Business Planning and Strategy Goals and Objectives Balanced Scorecard Corporate Measurement and Reporting System
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6. This section shows that measures provide the necessary information for management decision making and as such are a natural and inherent part of management process Performance Measurement Systems: 2.0 Measurement as a management support system Outline the Bindra continuous improvement cycle. This puts the Deming/Shewhart cycle in more contemporary terms Chart 2.1: These charts demonstrate that a good performance measurement system is an important information system for management. It is important to measure total business operating systems (BOS) to avoid sub-optimization Chart 2.2 - 2.4: This is an example of an input/output exercise to determine the customer value drivers. These are labeled "Requirements" Chart 2.5:
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8. 2.2 Measurement is a decision support system for management Who Manages What is Used to Manage What is Managed A management system consists of three components which are interrelated
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12. Performance Measurement Systems: 3.0 What is a balanced scorecard? Definition of the balanced scorecard in terms of focused performance Chart 3.1: Our version of the balanced scorecard Chart 3.2 & 3.3: Norton and Kaplan version of the balanced scorecard Chart 3.4: This chart demonstrates that Norton & Kaplan accommodate only 77% of 1992 Baldrige criteria. Our version, by creating a customizes balanced scorecard matches 100% with client requirements (See section 4) Chart 3.5:
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15. 3.3 Perhaps Lee Iacocca said in better words what we are trying to describe in model form By their very nature financial analysts tend to be defensive, conservative, and pessimistic. On the other side guys in sales and marketing are aggressive, speculative, and optimistic. They're saying let's do it, while the bean counters are cautioning why you shouldn't. If the bean counters are too weak, the company will spend itself into bankruptcy. But, if they are too strong the company would not meet the market or stay competitive. In a company you need both sides of the equation. Lee Iacocca, Iacocca: An Autobiography
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17. 3.5 Only 77% of the Baldrige National Quality Award Criteria is covered by the Kaplan/Norton approach - hence the need for a customized balanced scorecard Balanced Scorecard Financial Perspective Innovation and Learning Perspective 7.1 - Knowledge of customer requirements and expectations 7.2 - Comparison of quality results 7.3 - Customer service standards 7.4 - Commitment to customers 7.5 - Complaint resolution for quality improvement 7.6 - Customer satisfaction information 7.7 - Customer satisfaction results 7.8 - Customer satisfaction comparison Customer Perspective 4.1 - Human resource management 4.2 - Employee involvement 4.3 - Quality education and training 4.4 - Employee recognition and performance measurement 4.5 - Employee well-being and morale QA of Products and Services 5.1 - Design and introduction of products 5.2 - Process and quality control 5.3 - Continuous improvement 5.4 - Quality assessment 5.5 - Documentation 5.6 - Quality of support services and processes 5.7 - Quality of suppliers Quality Results 6.1 - Quality of product and services 6.2 - Comparison of quality results 6.3 - Business process, support services 6.4 - Supplier quality Internal Business Perspective 32% 30% 15%
18. There are 7 charts in this section outlining the practical steps necessary to create a customized balanced scorecards Performance Measurement Systems: 4.0 Developing a customized balanced scorecard Outlines the total methodology including the balanced scorecard, data collection and data portrayal and perception. Greater details on each step may be obtained from the author Chart 4.1: Show the steps we go through to create a customized balanced scorecard. A two day workshop with the top management team is necessary for this. 4.5 is an example of the workshop output Chart 4.2 - 4.5: The audit process to ensure high quality measures Chart 4.6: Definitions of generic measurement criteria Chart 4.7:
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20. 4.2 Developing a balanced scorecard requires determining the strategic performance dimensions and the appropriate measures and indicators Determine Strategic Performance Dimensions (Value Driver) Develop Measures and Indicators Test/Audit Measures Against Generic Performance Criteria Balanced Scorecard This represents Step 1 of the General Measurement Methodology
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22. 4.4 First, generate a list of ranked measures that are linked to the strategic performance dimensions Measure 1 Measure 2 Measure 3 Measure 4 Top Ranked Performance Measures Audit Factor Strategic Performance Dimensions This is an example of the output Customer Satisfaction Growth Employee Satisfaction Profitability Top Ranked Performance Measures Audit Factor Strategic Performance Dimensions Innovation Quality Service Capabilities Environmental Leadership 1 2 3 4 Innovation Quality Service Capabilities Environmental Leadership
23. 4.5 Then, develop indicators for those measures that cannot be directly operationalized Audit Factor Ranked Indicators No. of Complaints Warranty Costs On-Time Delivery Customer Survey Employee Involvement ROS ROA Profits/Employee Customer Satisfaction Growth Employee Satisfaction Profitability Ranked Measures Total Sales Sales Growth Rate Repeat Business Employee Education & Training Recognition/Awards Employee Survey
24. 4.6 Mapping the measures to the generic performance criteria results in the balanced scorecard Audit Factor Ranked Indicators Ranked Measures Customer Satisfaction Growth Employee Sat. Profitability Generic Performance Criteria Effectiveness Efficiency Quality Productivity Quality of Work Life Innovation Profitability No. of Complaints Warranty Costs On-Time Delivery Customer Survey Employee Involvement ROS ROA Profits/Employee Total Sales Sales Growth Rate Repeat Business Employee Education & Training Recognition/Awards Employee Survey
25. 4.7 A generic set of performance criteria for organizational systems is suggested here Upstream System Input Transformation Process Output Downstream System Quality of Work Life Productivity Profitability/ Budgetability Effectiveness Innovation Efficiency Quality Operational Definitions of Performance Criteria While all seven criteria are relevant to all organizational systems, their relative importance varies as a functions of the type of system
26. Performance measurement system: 5.0 Target setting and quantifying performance for incentive programs This chart describes the importance of rewards and incentives to a measurement system Chart 5.1: Target setting Chart 5.2: Shows data portrayal Chart 5.3: Depicts performance diagnosis format Chart 5.4: Indices of performance are developed in this chart. We have used the "Weighting Factor" approach. This approach is subjective and requires management concentration. But, then, the basic requirement of a good measurement system is management concentration and input. Besides, any algorithm developed for purposes of rewards and incentives tends to be subjective Chart 5.5:
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28. 5.2 In order to drive measurement from an improvement focus it is necessary to identify improvement targets first The process for identifying improvement targets is a subjective one. Our knowledge of the business combined with the risks and uncertainties leads to preference curves of the type shown Linear 100 90 80 Time Targets Baseline 1Q 2Q 3Q 1994 1Q 2Q 3Q 1995 Performance Level (%) 2Q94 4Q94 2Q95 4Q95 S - Shaped 100 90 80 Time Targets Baseline 1Q 2Q 3Q 1994 1Q 2Q 3Q 1995 2Q94 4Q94 2Q95 4Q95
29. 5.3 The performance improvement data may be represented in the form of a curve (I) or in the 'Bar Chart' format (II) 100 90 80 1Q 2Q 3Q 1994 1Q 2Q 3Q 1995 100 90 80 1Q 2Q 3Q 1994 1Q 2Q 3Q 1995 Performance Level (%) I II Curve represents the improvement targets and the points the actual performance data Improvement Targets Actual Performance Data
30. 5.4 Each performance measurement chart should be followed by a performance diagnosis and action planning chart. Here is an example... Data-Trends Against Targets Root Causes Action Plans Analysis Pareto, Detailed Research, etc. 1. 2. 3.
31. 5.5 It is first necessary to quantify performance Measures Rating Weighting Performance level Weighted score Customer Satisfaction 1 Quality 2 Employee Satisfaction 3 Profitability 4 40 0.4 5 2.0 30 0.3 8 2.4 20 0.2 6 1.2 10 0.1 8 0.8 6.4 S This is an example of how we develop a composite index of performance
32. These charts identify elements of the measurement system not covered by the other sections Performance Measurement Systems: 6.0 New performance management system and the performance improvement planning process Emphasizes that performance improvement planning has got to be a part of strategic planning Chart 6.1: Outlines performance improvement planning as an eight step process. The number of steps a client deploys depends upon his level of sophistication in planning. Details concerning each step may be obtained from the author Chart 6.2: A summary chart demonstrating, once again, that a balanced scorecard is a tool to focus the company's value drivers Chart 6.3: Highlights the need for cross-functional process and measurement focus Chart 6.4:
33. 6.1 To meet the new competitive challenge it is necessary to create a new performance management system Vision Business Planning Business Strategy Goals and Objectives Downstream Systems Vision Measures Performance Improvement Planning Measurement System Development Performance Improvement Interventions Enhanced Strategic Planning Evaluation The New Performance Management Process Flow Upstream Systems Organizational System Stimulus for Change Enhanced Strategic Planning Value Adding Processes Performance Measurement Process