The document discusses strategic cost management and the balanced scorecard approach. It notes that the balanced scorecard maps an organization's strategic objectives across four perspectives: financial, customers, internal processes, and learning and growth. Key performance indicators are identified for each perspective. The balanced scorecard links short-term operational goals to long-term strategic goals and allows organizations to track performance and make adjustments to strategy.
The Balanced Scorecard: Measures that Drive Performance
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A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton (Balanced Scorecard ...
Semi Standard Structured Report PowerPoint Presentation SlidesSlideTeam
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Improving Asset Management performance using Balanced Scorecards
Managing the performance of an asset-intensive organization is a strategic activity. The crucial aspect of performance management is the alignment of the strategies at the corporate level with those at the functional/operational level. We also include asset management at this functional level. The purpose of using Balanced ScoreCards (BSC) is to effectively manage the mission, vision, purpose, goals and objectives within an organization.
In this webinar, Stork AMT provides an outline of how the effective use of Balanced Scorecards can help organizations align their asset management strategy with the organizational strategy and how the BSC can help translate asset management objectives into tangible , recognizable actions, where you maintain a balance between costs, risks and performance.
The Balanced Scorecard: Measures that Drive Performance
WordPress.com
https://yuiworld.files.wordpress.com › 2012/01
A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton (Balanced Scorecard ...
Semi Standard Structured Report PowerPoint Presentation SlidesSlideTeam
It has PPT slides covering wide range of topics showcasing all the core areas of your business needs. This complete deck focuses on Semi Standard Structured Report PowerPoint Presentation Slides and consists of professionally designed templates with suitable graphics and appropriate content. This deck has total of twenty slides. Our designers have created customizable templates for your convenience. You can make the required changes in the templates like colour, text and font size. Other than this, content can be added or deleted from the slide as per the requirement. Get access to this professionally designed complete deck PPT presentation by clicking the download button below. https://bit.ly/3gfJIi5
Improving Asset Management performance using Balanced Scorecards
Managing the performance of an asset-intensive organization is a strategic activity. The crucial aspect of performance management is the alignment of the strategies at the corporate level with those at the functional/operational level. We also include asset management at this functional level. The purpose of using Balanced ScoreCards (BSC) is to effectively manage the mission, vision, purpose, goals and objectives within an organization.
In this webinar, Stork AMT provides an outline of how the effective use of Balanced Scorecards can help organizations align their asset management strategy with the organizational strategy and how the BSC can help translate asset management objectives into tangible , recognizable actions, where you maintain a balance between costs, risks and performance.
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
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2. Financial & Non Financial Me
asures
Financial Measures:
Profits
ROI/RI/EVA
ROCE
Sales Volume
Market Share
EPS
Profit / Sales
Return / Equity
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-2
3. Financial & Non Financial Mea
sures
Conventional system concentrate only on financial measures rath
er than what managers need to create future value for various st
ake holders.
In case all efforts are concentrated on increasing financial perfor
mance ethical issues takes backseat.
Though financial indicators are basic measure of achievement b
ut to have a comprehensive performance measure, non financial
measures / intangibles should also be included.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-3
4. Financial & Non Financial Mea
sures
New operating environment has made isolated use of financial pe
rformance measures obsolete.
Cross Functions
Links to Customers & Suppliers
Customer Segmentation
Global Scale
Innovation
Knowledge Workers
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-4
5. Intangibles
Intangibles are important to business units as they include whole gam
ut of activities that determine future growth prospects of business ent
ity.
Intangibles:
New product pipeline
Process capabilities
Employees skills
Motivation
Flexibility
Customer Loyalty
Database
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-5
8. Balance Score Card
Balance Score Card
The Collision between irresistible force to build long range compe
titive capabilities and immovable object of historical-cost financia
l accounting model has created new synthesis called Balance Scor
e Card.
The Balanced Scorecard is a management system that maps an organ
ization's strategic objectives into performance metrics in four perspect
ives: financial, internal processes, customers, and learning and growth
.
These perspectives provide relevant feedback as to how well the strate
gic plan is executing so that adjustments can be made as necessary.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-8
9. Balance Score Card
The balanced scorecard retains traditional financial measures. B
ut financial measures tell the story of past events, an adequate sto
ry for industrial age companies for which investments in long ter
m capabilities and customer relationships were not critical for su
ccess. These financial measures are inadequate, however, for for
guiding and evaluating the journey that information age compani
es must make to create future value through investment in custo
mers, suppliers, employees, processes, technology and innovation
.
- Kaplan & Norton
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-9
10. Definition :-
The balanced scorecard (BSC) is a strategic performance managem
ent tool – a semi-standard structured report, supported by proven des
ign methods and automation tools, that can be used by managers to k
eep track of the execution of activities by the staff within their contr
ol and to monitor the consequences arising from these actions
Four steps of the Balanced Scorecard design process:
1) Translating the vision into operational goals;
2) Communicating the vision and link it to individual performance;
3) Business planning; index setting
4) Feedback and learning, and adjusting the strategy accordingly.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-10
11. Balance Score Card
Features:
Performance Measurement Framework:
BSC is comprehensive performance measurement framework that tra
nslate organization’s strategy into clear objectives, measures, targets
and initiatives.
Management System:
The balanced scorecard is a management system (not only a measure
ment system) that can motivate breakthrough improvements in critica
l areas of product, process, customer and market development.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-11
20. Customer Perspective
Goals Measures
New Products Percent of sales from new products
Responsive Supply On time delivery as defined by the
customers
Preferred Supplier Share of key accounts purchase
Customer Partnership No. of co-operative engineering
efforts
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-20
21. Internal Business Perspective
Goals Measures
Technology Capability Manufacturing Geometry v/s
competition
Manufacturing Excellence Cycle time, Unit cost & Yield
Design Productivity Silicon Efficiency & engineering
efficiency
New Product Innovation Actual introduction schedule v/s plan
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-21
22. Learning & Growth Perspective
Goals Measures
Technology Leadership Time to develop next generation
Manufacturing Learning Process time to maturity
Product Focus % product that equals 80% of sales
Time to Market New product introduction v/s
competition
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-22
23. How to Draw a Balanced Scorecard
Balanced scorecards are easiest to create using a template. Start with a
space for all four perspectives and just add what specifically applies to
your organization.
Determine the vision. The company's main vision belongs in the cente
r of a balanced scorecard. Whichever part of your company you look at
, you should always keep this goal or vision in mind.
Add perspectives. To create a traditional balanced scorecard, place the
four perspectives in a ring around the central vision.
Add objectives and measures. Within each perspective define specifi
c objectives, measures, targets, and initiatives.
Connect each piece. Link each perspective to the others using arrows t
o indicate that they're all interconnected when it comes to achieving the
company's vision.
Share and communicate. Use the balanced scorecard to demonstrate h
ow different initiatives and short-term actions are contributing to the lo
ng-term strategic objectives of the company.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-23
26. Key Value Drivers
Key value drivers which drive these four perspectives:
1. Environmental:
Govt. regulation, economic cycle, global, nation & local p
olitics etc.
2. Organizational:
Co. strategy, HR systems, policies, procedures, organization
structure, pay system etc.
3. Group or Departmental:
Work process, group relationships, work responsibilities, w
ork assignments etc.
4. Individual:
Personality, management style, skills, behaviour etc.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-26
28. Lead & Lag Measures
Success of BSC will depend upon the measures selected.
Ideally it should be mix of measures which tell negative occurrences
in past and others tell us what is likely to happen in future if nothing i
s done to correct them and what needs to be done now.
Lag Measures: These indicate whether the targets are met or not.
Lead Measures: What is being done and allows for adjustment in pe
rformance so that goals are met successfully.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-28
29. Lead & Lag Measures
Lag Measures Lead Measures
Definition Focus on results at the end of
the time period. Normally hist
orical performance.
Measures that drive or lead to the perf
ormance of lag measure. Normally inte
rmediate process & activities.
Example Revenue,
Employee Satisfaction.
Grants Written,
Absenteeism.
Advantages Easy to identify. Predictive in nature.
Organizations can adjust.
Issues Historical in nature.
Do not reflect current activitie
s.
Lack predictive power.
May prove difficult to identify & captur
e.
Often new measures with no history in
the organization.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-29
31. Need of Balance Score Card
Need: Gap between the mission, vision, strategy and actions
initiated by employees on daily basis.
Mission- Why we exist
Values- What is important to us
Vision – What we want to be
Strategy – Our game plan
TQM – What we must improve
Empowerment/Personal objectives – What I need to do
The Gap Zone
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-31
32. Mission- Why we exist
Values- What is important to us
Vision – What we want to be
Strategy – Our game plan
TQM – What we must improve
Empowerment/Personal objectives – What I need to do
Strategic Initiatives
Strategic Outcomes
Satisfied
Shareholders
Delighted
Customers
Effective &
Efficient process
Motivated &
Prepared
Workforce
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-32
33. Benefits of Balance Score Card
1. Alignment of strategy with key performance objectives at all leve
ls of the organization.
2. Measuring and managing business performance effectively.
3. Strategic feedback.
4. Maximizing overall IT investment.
5. Double loop feedback.
6. Outcome metrics.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2007 Slide 1-33