This study examined the effects of the Balanced Scorecard (BSC) on performance in firms in the service sector in Kakamega Municipality, Kenya. A survey of 200 service firms found that the BSC integrates both financial and non-financial performance measures across four perspectives: financial, customer, internal processes, and innovation and learning. The study revealed that non-financial criteria are as important as financial criteria in measurement systems and that integrating both measures leads to superior results. Common methods firms used to enhance employees' skills and performance included training, better rewards, team building, and employee participation in decision making.
performance measure
,
why measure performance
,
the value concept
,
measure what matters
,
why accounting measures of performanceare not ade
,
lead indicators as value drivers
,
financial performance can be measured by
,
internal business process measures
,
the objectives of six sigma
,
difference between tqm and six sigma
,
malcolm baldrige national quality award
The document discusses various methods for measuring corporate performance, including return on equity, return on assets, economic value added, and accounting rates of return. It provides examples of using these metrics to analyze the performance of Sainsbury, a UK supermarket chain, over several years. Specifically:
1) Return on equity, return on assets, margins, and liquidity ratios like current ratio declined for Sainsbury from 2011 to 2012, indicating weaker performance.
2) Metrics like asset turnover and inventory turnover remained relatively stable, suggesting working capital efficiency did not change significantly.
3) Accounting income only considers operating costs and not capital costs, so economic value added is a better measure as it incorporates the full cost
This document discusses the design of performance measurement systems. It begins by defining performance measurement as quantifying the efficiency and effectiveness of actions. It then discusses issues around designing performance measurement systems at three levels: individual measures, the set of measures (system), and how the system relates to the environment.
The document reviews common measures used to quantify quality, time, cost and flexibility. It discusses challenges in measuring these concepts and provides examples of specific measures. Finally, it discusses frameworks for designing holistic performance measurement systems and analyzing systems at the individual measure, set of measures, and environmental relationship levels.
The document discusses benchmarking, which involves comparing performance metrics to other organizations in order to identify areas for improvement. It outlines the history and definition of benchmarking, as well as different types (e.g. internal vs. external). A typical benchmarking process involves planning, data collection, analysis, implementation, and monitoring. Various tools are used in benchmarking, including balanced scorecards, gap analysis, and data envelopment analysis. While benchmarking provides a way to improve performance, it also faces challenges in securing sponsorship, defining scope and metrics, establishing standards, and deriving meaningful results.
This document outlines different aspects of performance appraisal systems including definitions, importance, processes, methods, barriers, and limitations. It discusses the purposes of performance appraisal including development, feedback, administrative decisions around salary, promotion, retention and termination. Common methods described are ranking, paired comparison, forced distribution, graphic rating scales, MBO, BARS, assessment centers, and 360-degree/multi-rater feedback. Barriers mentioned include personal bias, lack of uniform standards, and stress on the individual rather than performance.
Lecture 4 quality performance measurement tools and techniquesTantish QS, UTM
This document discusses quality performance measurement techniques. It defines performance measurement and explains that it is an important part of Total Quality Management programs. Performance measures help managers know when and where to implement changes by providing appropriate information. The document outlines some challenges with traditional performance measurement systems and recommends developing new measures that align with TQM principles like customer focus, continuous improvement, and cross-functional teamwork. It also discusses characteristics of effective performance measurement systems and categories of performance measures. Overall, the document emphasizes that performance measurement provides valuable information for understanding processes, making decisions, and driving improvements.
The document discusses measuring organizational performance through a holistic framework. It examines existing performance measurement models like the balanced scorecard, performance pyramid, performance prism, and action-profit linkage model. These models share similarities like linking customer satisfaction to organizational performance. The document outlines challenges to effective performance measurement like organizational resistance, poorly chosen measures, and lack of data availability. It emphasizes the importance of measuring the right things through a collaborative process and communicating measurements to align performance across departments.
Vodafone Group uses a balanced scorecard approach to manage performance across financial and non-financial perspectives. It has four main strategies: drive operational performance to enhance customer value; pursue growth in mobile data, broadband, and enterprise services; execute in emerging markets through low-cost offerings; and strengthen capital discipline to drive shareholder returns through cost efficiency programs. Key performance indicators are tracked across four perspectives: customer, financial, internal processes, and learning/growth. This balanced approach helps Vodafone make strategic decisions and continuously improve performance.
performance measure
,
why measure performance
,
the value concept
,
measure what matters
,
why accounting measures of performanceare not ade
,
lead indicators as value drivers
,
financial performance can be measured by
,
internal business process measures
,
the objectives of six sigma
,
difference between tqm and six sigma
,
malcolm baldrige national quality award
The document discusses various methods for measuring corporate performance, including return on equity, return on assets, economic value added, and accounting rates of return. It provides examples of using these metrics to analyze the performance of Sainsbury, a UK supermarket chain, over several years. Specifically:
1) Return on equity, return on assets, margins, and liquidity ratios like current ratio declined for Sainsbury from 2011 to 2012, indicating weaker performance.
2) Metrics like asset turnover and inventory turnover remained relatively stable, suggesting working capital efficiency did not change significantly.
3) Accounting income only considers operating costs and not capital costs, so economic value added is a better measure as it incorporates the full cost
This document discusses the design of performance measurement systems. It begins by defining performance measurement as quantifying the efficiency and effectiveness of actions. It then discusses issues around designing performance measurement systems at three levels: individual measures, the set of measures (system), and how the system relates to the environment.
The document reviews common measures used to quantify quality, time, cost and flexibility. It discusses challenges in measuring these concepts and provides examples of specific measures. Finally, it discusses frameworks for designing holistic performance measurement systems and analyzing systems at the individual measure, set of measures, and environmental relationship levels.
The document discusses benchmarking, which involves comparing performance metrics to other organizations in order to identify areas for improvement. It outlines the history and definition of benchmarking, as well as different types (e.g. internal vs. external). A typical benchmarking process involves planning, data collection, analysis, implementation, and monitoring. Various tools are used in benchmarking, including balanced scorecards, gap analysis, and data envelopment analysis. While benchmarking provides a way to improve performance, it also faces challenges in securing sponsorship, defining scope and metrics, establishing standards, and deriving meaningful results.
This document outlines different aspects of performance appraisal systems including definitions, importance, processes, methods, barriers, and limitations. It discusses the purposes of performance appraisal including development, feedback, administrative decisions around salary, promotion, retention and termination. Common methods described are ranking, paired comparison, forced distribution, graphic rating scales, MBO, BARS, assessment centers, and 360-degree/multi-rater feedback. Barriers mentioned include personal bias, lack of uniform standards, and stress on the individual rather than performance.
Lecture 4 quality performance measurement tools and techniquesTantish QS, UTM
This document discusses quality performance measurement techniques. It defines performance measurement and explains that it is an important part of Total Quality Management programs. Performance measures help managers know when and where to implement changes by providing appropriate information. The document outlines some challenges with traditional performance measurement systems and recommends developing new measures that align with TQM principles like customer focus, continuous improvement, and cross-functional teamwork. It also discusses characteristics of effective performance measurement systems and categories of performance measures. Overall, the document emphasizes that performance measurement provides valuable information for understanding processes, making decisions, and driving improvements.
The document discusses measuring organizational performance through a holistic framework. It examines existing performance measurement models like the balanced scorecard, performance pyramid, performance prism, and action-profit linkage model. These models share similarities like linking customer satisfaction to organizational performance. The document outlines challenges to effective performance measurement like organizational resistance, poorly chosen measures, and lack of data availability. It emphasizes the importance of measuring the right things through a collaborative process and communicating measurements to align performance across departments.
Vodafone Group uses a balanced scorecard approach to manage performance across financial and non-financial perspectives. It has four main strategies: drive operational performance to enhance customer value; pursue growth in mobile data, broadband, and enterprise services; execute in emerging markets through low-cost offerings; and strengthen capital discipline to drive shareholder returns through cost efficiency programs. Key performance indicators are tracked across four perspectives: customer, financial, internal processes, and learning/growth. This balanced approach helps Vodafone make strategic decisions and continuously improve performance.
Benchmarking is a process of comparing business processes and performance metrics to industry best practices from other organizations. It is used to identify areas for improvement and adopt strategies to achieve superior performance. There are different types of benchmarking including process, financial, performance, product, and strategic benchmarking. The benchmarking process involves identifying focus areas, finding organizations with leading practices, surveying their measures and practices, visiting them to identify best practices, and implementing improvements. Benchmarking is an important tool for quality management and enhancing organizational performance and competitiveness.
This document discusses the author's dissertation topic on creating competitive advantage for Thailand's independent hotel businesses.
It includes definitions and examples of key variables like firm performance, competitive advantage, competitive environment, and internal resources. Metrics for measuring these variables are also presented, such as financial measures like sales growth and non-financial measures like customer satisfaction.
Survey results are shown relating competitive advantage to firm performance, with a beta of 0.48 indicating a 48% relationship. Metrics for assessing competitive advantage include cost effectiveness and product differentiation strategies around efficiency, costs, and new product development.
This document discusses methods for measuring corporate performance, including the balanced scorecard and stakeholder measures. It outlines the advantages and limitations of each. The balanced scorecard takes a holistic view across four perspectives: learning and growth, internal business processes, customers, and financials. It aims to align business activities with organizational strategy but can fail if not properly communicated. Stakeholder measures evaluate performance based on key stakeholder groups' priorities but balancing different stakeholders' interests can be challenging. The document provides an in-depth examination of these two approaches to corporate performance assessment.
The document discusses various quality improvement tools and techniques. It describes Six Sigma, which aims to minimize process variability through statistical methods. Total Quality Management uses cross-functional teams to solve issues using statistical tools. Additional techniques covered include ISO 9000 quality standards, Quality Control Circles for analyzing work-related problems, and Kaizen for continuous incremental improvement. Quality tools like check sheets, cause-and-effect diagrams, flow charts, Pareto charts, scatter plots, histograms, control charts and brainstorming help organizations understand and improve their processes.
This document discusses corporate performance analysis. It introduces the concept of measuring total corporate effectiveness and efficiency using a comprehensive performance evaluation system. The objectives are to analyze components of total performance, compare different evaluation approaches, and develop an integrated performance analysis approach. Key aspects covered include the balanced scorecard framework, benchmarking, economic value added, and using indicators to measure areas like cleaner production and quality.
Application of variance analysis for performance evaluation a cost benefit ap...Alexander Decker
This document discusses variance analysis as a tool for performance evaluation. It examines the costs and benefits associated with using variance analysis. The document provides an overview of performance evaluation, describing it as assessing an individual's performance against predetermined criteria and organizational objectives. It also discusses other performance measures organizations can use, including financial measures like return on investment and non-financial measures like customer satisfaction. The document recommends that managers use a balanced scorecard approach when evaluating performance as it considers both financial and non-financial factors.
This document discusses environmental scanning and analysis for businesses. It defines the business environment and its internal and external components. The external environment includes micro factors like shareholders, suppliers, distributors, customers and competitors as well as macro factors such as political, economic, social and technological conditions. Environmental scanning involves monitoring these external and internal factors to identify opportunities and threats. It is important for setting strategy and gaining a competitive advantage. The document outlines various techniques for environmental scanning like surveys, historical analysis and input-output analysis. It also discusses analyzing different parts of the external environment like the natural, societal, task and international environments.
The document discusses various aspects of organizational control, including:
1) It defines control and describes the three approaches to control systems - market, bureaucratic, and clan control.
2) It explains the three steps in the control process - measuring performance, comparing to standards, and taking action to correct deviations.
3) It discusses tools managers use to control organizational performance, such as financial ratios, balanced scorecards, benchmarking, and information controls.
Operations management involves managing the processes that transform inputs like materials and labor into finished goods and services. It is important for both manufacturing and service organizations to improve productivity and competitiveness. Value chain management aims to integrate all members of the supply chain to create the highest value for customers. Current issues include using technology to improve quality, implementing standards like ISO 9000 and Six Sigma, and offering mass customization to build customer relationships.
The document discusses performance measurement for homeless services. It defines performance measurement and outlines ingredients for successful implementation, including establishing strategic objectives and metrics. It notes challenges like pressure on staff to lie about data and discomfort with data analysis. Approaches discussed include prioritizing clients, tracking outcomes over just outputs, and coordinating measurement across service sectors rather than just programs.
The document presents a framework called IMPaKT (Improving Management Performance through Knowledge Transformation) that links knowledge management strategies to business performance evaluation. The framework is a three-stage process: 1) Developing a business improvement strategy by defining goals and performance measures; 2) Assessing implications for the organizational knowledge base and developing aligned KM initiatives; 3) Evaluating the impact of KM strategies on business performance measures. The framework was developed through research including a literature review and workshops with industry collaborators to validate the approach. It provides templates to guide organizations in strategically implementing KM and evaluating its impact on goals.
This document discusses various techniques for organizational and financial appraisal. It begins by introducing performance appraisal as a system to measure employee effectiveness and efficiency. Traditional methods of performance appraisal focused on personal qualities like knowledge and initiative, using techniques like ranking, rating scales, and critical incidents. Modern methods aimed to reduce bias, including management by objectives, behaviorally anchored rating scales, and human resource accounting. Additional techniques discussed include assessment centers, 360/720-degree feedback, and financial analysis methods like ratio, trend, and funds flow analysis. The document concludes that the best technique depends on the organization's needs as each has pros and cons.
This document discusses the balanced scorecard (BSC) approach to measuring organizational performance. It provides background on BSC, noting that it integrates financial and non-financial metrics to help organizations translate strategy into tangible objectives. The document then outlines the typical phases of BSC implementation, including strategy synthesis, measure synthesis, technical implementation, organizational integration, technical integration, and ongoing operation. It also discusses linking department-level BSCs to the overall organizational BSC and strategy. Finally, the document reviews prior literature on BSC and performance measurement.
Relationships among Structural Adaptations, Strategy Implementationa and Perf...Prof. Peter Kihara
This document examines the relationships between structural adaptations, strategy implementation, and performance of manufacturing small and medium enterprises (SMEs) in Thika Sub-County, Kenya. It finds that structural adaptations, formalization, and specialization are positively and significantly related to SME performance, while centralization is positively but insignificantly related. The study used a mixed research design and questionnaire to collect primary data from 115 SMEs, analyzing the data using correlation and regression. It concludes that formalization and specialization are key determinants of superior performance for SMEs, while centralization does not necessarily contribute to better performance in the dynamic SME environment in Kenya.
This document discusses strategic environmental scanning and its impact on organizational performance. It analyzes two companies - Nestle Nigeria Plc and Cadbury Nigeria Plc - to understand this relationship. The findings show that 30% of variations in effective organizational performance and productivity are caused by variations in strategic environmental scanning and external environmental factors respectively. Thus, strategic environmental scanning helps companies identify opportunities to seize and threats to avoid, leading to improved profitability. The document recommends that organizations strategically and continuously scan their environment to stay aware of changing political, economic, social, technological and other external factors impacting their business.
Short-term objectives translate long-term strategy into specific, measurable goals for functional areas. Functional tactics are the key activities each function undertakes to achieve objectives and strategy. Policies guide employee decisions within boundaries to empower them while ensuring consistency with strategy. Executive compensation plans like stock options, restricted stock, and bonuses motivate executives to maximize shareholder wealth.
This document discusses strategic control and continuous improvement. It defines strategic control as tracking strategy implementation, detecting changes, and making adjustments. There are four types of strategic control: premise control checks strategy assumptions; strategic surveillance monitors internal/external events; special alert control reconsiders strategy due to unexpected events; and implementation control assesses strategy changes based on incremental actions. Continuous improvement focuses on customer satisfaction, measurement, and process improvement through techniques like total quality management (TQM), six sigma, ISO 9001, and balanced scorecards.
This document reviews previous research on factors influencing the successful implementation of Activity-Based Costing (ABC) systems between 1995-2008. It identifies some key gaps in the past research. Specifically, early studies focused mainly on technical factors, but more recent research found behavioral, organizational, and contextual factors to be more important predictors of ABC success. However, there has been little examination of the roles of organizational culture and structure. The paper concludes by proposing a new research framework to address these gaps and better understand the factors influencing successful ABC implementation.
A New Model For Balanced Score Cards (BSC)Amber Ford
This document proposes a new 6-perspective balanced scorecard model that adds social/environmental, risk
management, and employee perspectives. It reviews literature on balanced scorecards including traditional
models with financial, customer, internal processes, and learning/innovation perspectives. Kaplan and Norton's
original balanced scorecard model is described. Benefits of balanced scorecards in communicating strategy and
aligning performance measures are outlined.
This document examines the Balanced Scorecard Model within Strategic Management. It discusses the four perspectives of the Balanced Scorecard - financial, customer, internal processes, and learning and growth. It then discusses how organizations like the Kenya Red Cross implement the Balanced Scorecard and looks at some limitations and modern adaptations of the model.
Benchmarking is a process of comparing business processes and performance metrics to industry best practices from other organizations. It is used to identify areas for improvement and adopt strategies to achieve superior performance. There are different types of benchmarking including process, financial, performance, product, and strategic benchmarking. The benchmarking process involves identifying focus areas, finding organizations with leading practices, surveying their measures and practices, visiting them to identify best practices, and implementing improvements. Benchmarking is an important tool for quality management and enhancing organizational performance and competitiveness.
This document discusses the author's dissertation topic on creating competitive advantage for Thailand's independent hotel businesses.
It includes definitions and examples of key variables like firm performance, competitive advantage, competitive environment, and internal resources. Metrics for measuring these variables are also presented, such as financial measures like sales growth and non-financial measures like customer satisfaction.
Survey results are shown relating competitive advantage to firm performance, with a beta of 0.48 indicating a 48% relationship. Metrics for assessing competitive advantage include cost effectiveness and product differentiation strategies around efficiency, costs, and new product development.
This document discusses methods for measuring corporate performance, including the balanced scorecard and stakeholder measures. It outlines the advantages and limitations of each. The balanced scorecard takes a holistic view across four perspectives: learning and growth, internal business processes, customers, and financials. It aims to align business activities with organizational strategy but can fail if not properly communicated. Stakeholder measures evaluate performance based on key stakeholder groups' priorities but balancing different stakeholders' interests can be challenging. The document provides an in-depth examination of these two approaches to corporate performance assessment.
The document discusses various quality improvement tools and techniques. It describes Six Sigma, which aims to minimize process variability through statistical methods. Total Quality Management uses cross-functional teams to solve issues using statistical tools. Additional techniques covered include ISO 9000 quality standards, Quality Control Circles for analyzing work-related problems, and Kaizen for continuous incremental improvement. Quality tools like check sheets, cause-and-effect diagrams, flow charts, Pareto charts, scatter plots, histograms, control charts and brainstorming help organizations understand and improve their processes.
This document discusses corporate performance analysis. It introduces the concept of measuring total corporate effectiveness and efficiency using a comprehensive performance evaluation system. The objectives are to analyze components of total performance, compare different evaluation approaches, and develop an integrated performance analysis approach. Key aspects covered include the balanced scorecard framework, benchmarking, economic value added, and using indicators to measure areas like cleaner production and quality.
Application of variance analysis for performance evaluation a cost benefit ap...Alexander Decker
This document discusses variance analysis as a tool for performance evaluation. It examines the costs and benefits associated with using variance analysis. The document provides an overview of performance evaluation, describing it as assessing an individual's performance against predetermined criteria and organizational objectives. It also discusses other performance measures organizations can use, including financial measures like return on investment and non-financial measures like customer satisfaction. The document recommends that managers use a balanced scorecard approach when evaluating performance as it considers both financial and non-financial factors.
This document discusses environmental scanning and analysis for businesses. It defines the business environment and its internal and external components. The external environment includes micro factors like shareholders, suppliers, distributors, customers and competitors as well as macro factors such as political, economic, social and technological conditions. Environmental scanning involves monitoring these external and internal factors to identify opportunities and threats. It is important for setting strategy and gaining a competitive advantage. The document outlines various techniques for environmental scanning like surveys, historical analysis and input-output analysis. It also discusses analyzing different parts of the external environment like the natural, societal, task and international environments.
The document discusses various aspects of organizational control, including:
1) It defines control and describes the three approaches to control systems - market, bureaucratic, and clan control.
2) It explains the three steps in the control process - measuring performance, comparing to standards, and taking action to correct deviations.
3) It discusses tools managers use to control organizational performance, such as financial ratios, balanced scorecards, benchmarking, and information controls.
Operations management involves managing the processes that transform inputs like materials and labor into finished goods and services. It is important for both manufacturing and service organizations to improve productivity and competitiveness. Value chain management aims to integrate all members of the supply chain to create the highest value for customers. Current issues include using technology to improve quality, implementing standards like ISO 9000 and Six Sigma, and offering mass customization to build customer relationships.
The document discusses performance measurement for homeless services. It defines performance measurement and outlines ingredients for successful implementation, including establishing strategic objectives and metrics. It notes challenges like pressure on staff to lie about data and discomfort with data analysis. Approaches discussed include prioritizing clients, tracking outcomes over just outputs, and coordinating measurement across service sectors rather than just programs.
The document presents a framework called IMPaKT (Improving Management Performance through Knowledge Transformation) that links knowledge management strategies to business performance evaluation. The framework is a three-stage process: 1) Developing a business improvement strategy by defining goals and performance measures; 2) Assessing implications for the organizational knowledge base and developing aligned KM initiatives; 3) Evaluating the impact of KM strategies on business performance measures. The framework was developed through research including a literature review and workshops with industry collaborators to validate the approach. It provides templates to guide organizations in strategically implementing KM and evaluating its impact on goals.
This document discusses various techniques for organizational and financial appraisal. It begins by introducing performance appraisal as a system to measure employee effectiveness and efficiency. Traditional methods of performance appraisal focused on personal qualities like knowledge and initiative, using techniques like ranking, rating scales, and critical incidents. Modern methods aimed to reduce bias, including management by objectives, behaviorally anchored rating scales, and human resource accounting. Additional techniques discussed include assessment centers, 360/720-degree feedback, and financial analysis methods like ratio, trend, and funds flow analysis. The document concludes that the best technique depends on the organization's needs as each has pros and cons.
This document discusses the balanced scorecard (BSC) approach to measuring organizational performance. It provides background on BSC, noting that it integrates financial and non-financial metrics to help organizations translate strategy into tangible objectives. The document then outlines the typical phases of BSC implementation, including strategy synthesis, measure synthesis, technical implementation, organizational integration, technical integration, and ongoing operation. It also discusses linking department-level BSCs to the overall organizational BSC and strategy. Finally, the document reviews prior literature on BSC and performance measurement.
Relationships among Structural Adaptations, Strategy Implementationa and Perf...Prof. Peter Kihara
This document examines the relationships between structural adaptations, strategy implementation, and performance of manufacturing small and medium enterprises (SMEs) in Thika Sub-County, Kenya. It finds that structural adaptations, formalization, and specialization are positively and significantly related to SME performance, while centralization is positively but insignificantly related. The study used a mixed research design and questionnaire to collect primary data from 115 SMEs, analyzing the data using correlation and regression. It concludes that formalization and specialization are key determinants of superior performance for SMEs, while centralization does not necessarily contribute to better performance in the dynamic SME environment in Kenya.
This document discusses strategic environmental scanning and its impact on organizational performance. It analyzes two companies - Nestle Nigeria Plc and Cadbury Nigeria Plc - to understand this relationship. The findings show that 30% of variations in effective organizational performance and productivity are caused by variations in strategic environmental scanning and external environmental factors respectively. Thus, strategic environmental scanning helps companies identify opportunities to seize and threats to avoid, leading to improved profitability. The document recommends that organizations strategically and continuously scan their environment to stay aware of changing political, economic, social, technological and other external factors impacting their business.
Short-term objectives translate long-term strategy into specific, measurable goals for functional areas. Functional tactics are the key activities each function undertakes to achieve objectives and strategy. Policies guide employee decisions within boundaries to empower them while ensuring consistency with strategy. Executive compensation plans like stock options, restricted stock, and bonuses motivate executives to maximize shareholder wealth.
This document discusses strategic control and continuous improvement. It defines strategic control as tracking strategy implementation, detecting changes, and making adjustments. There are four types of strategic control: premise control checks strategy assumptions; strategic surveillance monitors internal/external events; special alert control reconsiders strategy due to unexpected events; and implementation control assesses strategy changes based on incremental actions. Continuous improvement focuses on customer satisfaction, measurement, and process improvement through techniques like total quality management (TQM), six sigma, ISO 9001, and balanced scorecards.
This document reviews previous research on factors influencing the successful implementation of Activity-Based Costing (ABC) systems between 1995-2008. It identifies some key gaps in the past research. Specifically, early studies focused mainly on technical factors, but more recent research found behavioral, organizational, and contextual factors to be more important predictors of ABC success. However, there has been little examination of the roles of organizational culture and structure. The paper concludes by proposing a new research framework to address these gaps and better understand the factors influencing successful ABC implementation.
A New Model For Balanced Score Cards (BSC)Amber Ford
This document proposes a new 6-perspective balanced scorecard model that adds social/environmental, risk
management, and employee perspectives. It reviews literature on balanced scorecards including traditional
models with financial, customer, internal processes, and learning/innovation perspectives. Kaplan and Norton's
original balanced scorecard model is described. Benefits of balanced scorecards in communicating strategy and
aligning performance measures are outlined.
This document examines the Balanced Scorecard Model within Strategic Management. It discusses the four perspectives of the Balanced Scorecard - financial, customer, internal processes, and learning and growth. It then discusses how organizations like the Kenya Red Cross implement the Balanced Scorecard and looks at some limitations and modern adaptations of the model.
The document proposes a new 6 perspective model for balanced scorecards that adds social/environmental, risk
management, and employee perspectives. It reviews literature on traditional BSC models and their limitations. The
proposed new model aims to address these limitations by providing a more holistic framework that integrates additional
key areas of corporate strategy and performance.
A BENCHMARKING FRAMEWORK FOR MEASURING CORPORATE PERFORMANCE OF SMALL AND MEDIUM CONSTRUCTION COMPANIES IN THE SOUTH AFRICAN CONSTRUCTION INDUSTRY USING BEST PRACTICE INDICATOR
A BENCHMARKING FRAMEWORK FOR MEASURING CORPORATE PERFORMANCE OF SMALL AND MEDIUM CONSTRUCTION COMPANIES IN THE SOUTH AFRICAN CONSTRUCTION INDUSTRY USING BEST PRACTICE INDICATOR
Data1. From the Table below prepare the following Financial Statem.docxwhittemorelucilla
Data1. From the Table below prepare the following Financial Statements:and provide a descripition of the uses of each.A. Income StatementB. Balance Sheet2Explain the purpose of the Statement of Cash Flowand explain the three sections, give 2 examples of data whichappears in each section.FY 2017FY 2016Cash$4,000,000$3,700,000Short Term Investments$2,500,000$2,500,000Accounts Receivable$18,500,000$17,000,000Long Term Investments$12,500,000$10,000,000Property, Plant & Equipment (Net)$25,000,000$23,000,000Other Assets$1,500,000$1,250,000$57,450,000Current Portion of Long Term Debt$2,500,000$2,000,000Accounts Payable$4,500,000$4,000,000Long Term Debt$12,500,000$11,500,000Other Liabilities$2,000,000$1,500,000Unrestricted Net Asdets$30,000,000$28,000,000Temporily Restricted Assets$5,000,000$3,000,000Premenently Restricted Assets$7,500,000$7,500,000$57,500,000$64,000,000Net Patient Revenue (Before Bad Debt)$90,000,000$86,000,000Other Operating Revenue$2,000,000$2,000,000Salaries and Wages$45,000,000$44,000,000Benefits$9,000,000$8,500,000Supply Expenses12,500,00012,000,000Depreciation Expense$6,500,000$6,000,000Interest Expense$2,000,000$1,800,000Bad Debt$6,000,000$5,300,000General Expenses$5,000,000$4,500,000Insurance Expenses$1,500,000$1,250,000$371,500,000$286,300,000
Sheet21. From the Table below prepare the following Financial Statements:and provide a descripition of the uses of each.A. Income StatementB. Balance Sheet2Explain the purpose of the Statement of Cash Flowand explain the three sections, give 2 examples of data whichappears in each section.FY 2017FY 2016Cash$4,000,000$3,700,000Short Term Investments$2,500,000$2,500,000Accounts Receivable$18,500,000$17,000,000Long Term Investments$12,500,000$10,000,000Property, Plant & Equipment (Net)$25,000,000$23,000,000Other Assets$1,500,000$1,300,000Current Portion of Long Term Debt$2,500,000$2,000,000Accounts Payable$4,500,000$4,000,000Long Term Debt$12,500,000$11,500,000Other Liabilities$2,000,000$1,500,000Unrestricted Net Assets$30,000,000$28,000,000Temporily Restricted Assets$5,000,000$3,000,000Premenently Restricted Assets$7,500,000$7,500,000Net Patient Revenue (Before Bad Debt)$90,000,000$86,000,000Other Operating Revenue$2,000,000$2,000,000Salaries and Wages$45,000,000$44,000,000Benefits$9,000,000$8,500,000Supply Expenses12,500,00012,000,000Depreciation Expense$6,500,000$6,000,000Interest Expense$2,000,000$1,800,000Bad Debt$6,000,000$5,300,000General Expenses$5,000,000$4,500,000Insurance Expenses$1,500,000$1,250,000$307,500,000$286,350,000
Income StatementIncome StatementOperating Revenue and other supportsFY 2017FY 2016
Balance SheetBalance SheetFY 2017FY 2016
Cash Flow Statement
1
Running Head: OPTIMIZING EMPLOYEE PERFORMANCE
Olena Spears
HRMT300-1803B
Professor Washington
6 Sept 2018
Introduction
· One of the key aspects of business success is the employees’ performance. This means that when a business aims at optimizing the performance of the employees most probably the b.
Utilizing the BSC and EFQM as a Combination Framework; Scrutinizing the Possi...Waqas Tariq
Increasing the competition between organizations in the field of productions and services leads them to use the samples and patterns to assess their activities and performance. Appearing this kind of needs and inefficiency of measuring systems with traditional activities assessment causes to create new models of activities assessment in organizations. These models could be divided in two groups. The first group is based on self assessment and the second group is based on measurement and improvement of business trade process. Among mentioned models, Balanced score Card (BSC) and European Foundation for Quality Management (EFQM) have had more chance to be used by many companies. Regarding the high acceptance of these two models in the world and existence many similarities between them; this study is going to present exact glance of these two models and present a comparison between them. Moreover, after recognizing the weaknesses and powers of them, the possibility of using them at the same time will be evaluated. In order to gain this goal, an automobile company’s performance has been assessed based on BSC and EFQM and the results are analyzed with TOPSIS method.
The document discusses performance evaluation and control. It outlines the basic performance pyramid with mission, vision, goals/objectives, strategies, and success drivers at the top feeding into performance measures at the bottom. It emphasizes that performance measures should aim for the long-term and be forward-thinking. Both financial and non-financial measures are needed, with an emphasis on lead indicators over lag indicators. A comprehensive performance measurement system addresses financial performance, customer satisfaction, internal business processes, and organizational learning and growth.
The Role of Balanced Scorecard for Measuring Competitive Advantage of Contain...inventionjournals
This document discusses using the Balanced Scorecard (BSC) framework to measure the competitive advantage of container terminals. The BSC is a strategic planning and management system that incorporates both financial and non-financial metrics. It can help container terminal managers better understand strategic vision and employee contributions to strategic goals. The document outlines the key components of the BSC - financial, customer, internal business process, and learning & growth perspectives. It also discusses how the BSC has been applied to measure performance at Iranian container terminals, optimize terminal operations, and identify core competencies that provide sustainable competitive advantages.
This document discusses potential appraisal and its importance for businesses. It notes that while performance appraisal evaluates past performance, it may not indicate an employee's suitability for higher roles. Potential appraisal gauges an employee's skills and attitude for occupying higher positions. The study found discrepancies in successors identified based solely on performance appraisal. It suggests potential appraisal can directly impact businesses by enhancing employee competencies, developing leaders, and identifying strong successors to advance the organization.
Articles Jack Value Mapping Second Generation Performance Management 132swati18
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Effects of balanced scorecard on performance of firms in the service sector
1. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.9, 2013
81
Effects of balanced scorecard on performance of firms in the service
sector
Esther W. Kairu1
Moses O. Wafula1
Ochieng Okaka1
Odhiambo Odera 2*
Emmanuel Kayode Akerele3
1. Department of Business Management, Masinde Muliro University of Science and Technology, Kenya
2*. University of Southern Queensland, Australia and Masinde Muliro University of Science and Technology, Kenya
Corresponding author (Email:oodera@yahoo.com)
3. Department of Accounting, Faculty of Business Administration, University of Lagos, Nigeria
ABSTRACT
This study sought to establish the effects of the Balanced Scorecard (BSC) on performance of firms in the service
sector. The study location was in Kakamega Municipality, Kenya and a survey research design involving 200 service
providing firms was utilized. Stratified random sampling procedure was adopted with the strata organized based on the
nature of services offered. After the stratification, simple random sampling was utilized to select the respondent firms.
Semi-structured questionnaires were employed to collect primary data which were analyzed through descriptive
statistics. The study revealed that non-financial criteria are as important as financial criteria in measurement systems
and when both measures are integrated in the system, they lead to superior results.
Keywords: Balanced scorecard, firm performance, service sector
INTRODUCTION
The purpose of measuring performance is not only to know how a business is performing but also to enable it to
perform better. The ultimate aim of implementing a performance measurement system is to improve the performance
of an organization so that it may better serve its customers, employees, owners, and other stakeholders (Johnson,
1981). Performance measurement generates data that will inform the users where the business is, how it is doing, and
where it is going. A performance measurement system enables an enterprise to plan, measure and control its
performance according to a pre-defined strategy (Okwo & Marire, 2012).
Researchers assert that there has been a paradigm shift from the traditional financial performance measurement
approach to an approach integrating both financial and non-financial measures (Atkinson & Kaplan, 2003; Hoque &
James, 2000; Malina & Selto, 2001; Simons, 2000). Organizations have a variety of goals and objectives and hence it is
more unlikely that a single measure or even several measures of the same type will effectively assess organizational
progress towards all of those goals and objectives. A primary goal is to be financially solvent. Since solvency is
determined by the relationship between cash inflows and outflows, cash flow has often been used as a performance
measure. If the organization is profit oriented, its goal will be to provide satisfactory returns to shareholders.
Accordingly, some measurement of income is used by virtually all businesses to assess performance.
Firms have established goals relative to customer satisfaction rates, product defect rates, lead time to market and
environmental social responsibility. Such goals are not measured directly by income. Firms producing inferior goods,
delivering late, abusing the environment or in general making customers dissatisfied will lose market share and be
forced out of business (Spraakman, 2005). Non-financial performance measures can be developed to indicate progress
(or lack thereof) towards achievement of the important, long-run critical success factors of world class companies.
Research has shown that the strongest drivers of competitive achievement are the intangibles, especially intellectual
property, innovation, and quality. Since what is measured gets done, and because these factors are important, then they
should be measured.
Some of the most important intangible assets a company can have are relationships with customers and with
employees. Employee loyalty and customer loyalty are closely linked, and retaining both is essential for success. Both
are stakeholders; and there is no conflict between satisfying stakeholders and shareholders. The quality of important
relationships must be reflected in a performance measurement framework, often called a scorecard. Performance
measures are usually used to track progress towards a target. The measures are a surrogate for the target itself. They
determine how, and on what bases, managers and other employees focus their time and efforts. Non-financial
indicators are, in effect, surrogate measures for financial performance. Financial and non-financial performance
measures can be combined through the BSC that ultimately links all aspects of performance to the firm’s strategies.
The BSC is a performance measurement conceptualization that translates an organization’s strategy into clear
objectives, measures, targets, and initiatives organized in the four perspectives: financial, customer, business
2. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.9, 2013
82
processes, and human resources or innovation and learning (Kassahun, 2010). The BSC is the most widely applied
performance management system today. It was originally developed as a performance measurement system in 1992 by
Dr. Robert Kaplan and Dr. David Norton at the Harvard Business School and later developed into a performance
management tool. The basic idea of a BSC is that learning is necessary to improve internal business processes; this
improvement is necessary to improve customer satisfaction; which in turn leads to improved financial results. The BSC
emphasizes improvement and not just attainment of certain objectives and if an organization does not continually
improve, it will eventually lose out to competitors that do (Kaplan, 2010). With the BSC, company executives can
measure and manage how their business units create value for current and future customers, how they must build and
enhance internal capabilities, and the investment in people, systems, and procedures necessary to improve future
performance. This study attempts to investigate the effects of the BSC on organizational performance in the service
sector. It follows that survival in the service sector demands for improved service delivery at the business unit level.
Firms will strive to maintain a balanced performance measurement system with the cause-effect relationship.
LITERATURE REVIEW
According to Chaudron (2003), the BSC is a way of: measuring organizational, business unit or departmental success;
balancing long-term and short-term actions; balancing the following different measures of success; Financial;
Customer; Internal Operations; Human Resource Systems & Development (learning and growth); tying the firm’s
strategy to measures of action. Much of the success of the scorecard depends on how the measures are agreed, the way
they are implemented and how they are acted upon (Bourne, 2002).
Financial perspective
The financial performance measures define the long-run objectives of the business unit (Kaplan & Norton, 1992).
Financial measures indicate whether the organization’s strategy implementation and execution are contributing to
bottom-line improvement. A well-designed financial control system can actually enhance an organization’s
management system. The performance measures in this perspective include improved cost structure and increased
assets utilization using the productivity improvement strategy, on one hand and on the other hand enhanced customer
value and expanded revenue opportunities through revenue growth strategies. The financial perspective emphasizes
cost efficiency, that is, the ability to deliver maximum value to the customer at minimum cost and sustained
stakeholder value (Gekonge, 2005).
Customer perspective
This perspective captures the ability of the organization to provide quality goods and services, the effectiveness of their
delivery, and overall customer service and satisfaction. This will result from price, quality, availability, selection,
functionality, service, partnerships and brand value propositions, which will lead to increased customer acquisition and
retention (Gekonge, 2005). The BSC demands that managers translate their general mission statement on customer
service into specific measures that reflect the factors that really matter to customers (Kaplan & Norton, 1992).
Customers’ concerns tend to fall into four categories: time, quality, performance and service, and cost. Satisfied
customers buy a product again, talk favorably to others about the product, pay less attention to competing brands and
advertising, and buy other products from the company (Kotler & Armstrong, 2004). Recent management philosophy
has shown an increasing realization of the importance of customer focus and customer satisfaction in any business
(Chabrow, 2002; Holloway, 2002; Needleman, 2003).
Internal processes perspective
According Gekonge (2005), internal processes perspective focuses on the internal business results that lead to financial
success and satisfied customers. To meet the organizational objectives and customers’ expectations, organizations
must identify the key business processes at which they must excel. These key business processes are monitored to
ensure that outcomes will always be satisfactory. The internal processes perspective reports on the efficiency of
internal processes and procedures. The premise behind this perceptive is that customer-based measures are important,
but they must be translated into measures of what the organization must do internally to meet its customers’
expectations (Kaplan & Norton, 1992).
Innovation, learning and growth perspective
The learning and growth perspective examines the ability of employees (skills, talents, knowledge and training), the
quality of information systems (systems, databases and networks) and the effects of organizational alignment (culture,
leadership, alignment and teamwork), in supporting the accomplishment of organizational objectives (Gekonge, 2005).
Processes will only succeed if adequately skilled and motivated employees, supplied with accurate and timely
3. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.9, 2013
83
information and led by effective leadership, are driving them. They will lead to production and delivery of quality
products and services; and eventually successful financial performance (Gekonge, 2005).
PERFORMANCE MEASUREMENT AND MANAGEMENT
Gekonge (2005), interpret performance measurement as a process of assessing progress towards achieving
pre-determined goals and objectives. It includes information on the efficiency with which resources are transformed
into goods and services (outcomes), the quality of those goods and services (how well they are delivered to customers
and the extent to which customers are satisfied), and outcomes (the results of the program activity compared to its
intended purpose), and the effectiveness of the company operations, in terms of their specific contribution to creating
value for stakeholders.
Performance measurement systems were developed as a means of monitoring and maintaining organisational control
(Nani et al, 1990), which is the process of ensuring that an organisation pursues strategies that lead to the achievement
of overall goals and objectives. A performance measure can be defined as a metric used to quantify the efficiency
and/or effectiveness of an action. Edson (1988) and Talley (1991) stressed the need for performance measurement
systems to focus attention on continuous improvement. Kaplan & Norton (2001) observes that an effective
performance measurement system should provide timely and accurate feedback on the efficiency and effectiveness of
operations. The following dimensions: planning, controlling and evaluating, managing change, communication,
measurement and improvement, resource allocation, motivation, have been identified by Sinclair & Zairi (1995), as the
need for measurement.
PERFORMANCE AND THE BALANCED SCORECARD
According to Abernathy (2000), the typical employee does not understand the organization’s strategy and
consequently fails to focus on the right things; does not know his or her personal role in accomplishing the strategy and
as a result does what is required, not what is needed. In addition, employees in many organizations pursue personal
rather than organizational goals, because of disharmony between employee and organizational strategies and goals,
and because of existing reward structures that focus on individual or sub-unit achievements rather than the
achievement of corporate goals (Kerr, 1975). In such a corporate environment, organizational sub-optimization is the
result of sub-organizational optimization. Frigo & Krumwiede (2000) suggest that the BSC can help remedy this
situation because it requires organizations to engage in several beneficial activities. These activities delineate the major
strengths of the BSC. Interest among both academics and practitioners in performance measurement systems as a tool
for delivering strategic objectives is now well established in the management literature (Kaplan & Norton, 1992;
Eccels & Pyburn, 1992).
Performance measurement incorporating non-financial measures has been a topic of great interest throughout most of
the 1990s. This is because non-financial measures overcome the limitations of just using financial performance
measures. “Soft” measures, such as employee satisfaction and commitment, are coming to the fore as protagonists of
the business performance measurement revolution urge organisations to complement their traditional financial focus
with softer data. Kaplan & Norton (1992) suggest that what is needed is “a balanced presentation of both financial and
operational measures”. In addition, while traditional financial measures report on what happened during the last period
without indicating how managers can improve performance in the next, the scorecard functions as the cornerstone of
the organisation’s current and future success (Kaplan & Norton, 1996).
The balanced scorecard translates an organisation’s mission and strategy into a comprehensive set of performance
measures that provides the framework for a strategic measurement and management system (Kumari, 2011). The four
perspectives of the scorecard permit a balance between short-term and long-term objectives, between desired outcomes
and the performance drivers of those outcomes, and between the objective measures and softer, more subjective
measures. While the multiplicity of measures on a balanced scorecard seems confusing to some people, properly
constructed scorecards contain a unity of purpose since all the measures are directed towards achieving an integrated
strategy. Currently, the Balanced Scorecard is a powerful and widely accepted framework for defining performance
measures and communicating objectives and vision to the organisation. A balance of measures across these four
perspectives is what gives the BSC its name. However, the measures that make up a scorecard do not exist in isolation
from each other. They relate to a set of objectives that are themselves linked, the final link usually relating to financial
outcomes of one form or another. Measures in this context can be used to communicate not simply control.
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RESEARCH METHODOLOGY
A survey research design was adopted in order to allow an in-depth and representative analysis to be conducted. The
population of study consisted of all the service providing firms in operating within Kakamega Municipality, Kenya as
at December, 2007. According to the revenue officer in the municipality, there were 200 service providing firms
operating at the time of the study. However, due to the nature of services provided and size of the firms, the population
excluded some small and medium sized firms such as salons, shoe shiners, barbers and colleges. It also excluded some
government institutions and NGOs. The sampling procedure used was stratified random sampling. The strata were
organized based on the nature of services offered and included banking, insurance, hospitality, professional firms,
transport and communication, security services and others. After the stratification, a simple random sampling approach
was utilized to select the respondent firms. On average, 30% or more of each sub-group was analysed. For each
sampled firm one person at the management level, preferably the managing director or the finance manager was chosen
as the respondent. Semi-structured questionnaires were employed to collect primary data. The strata represented the
various business lines within the service sector. Simple random sampling approach was used to select the respondent
firms within a given strata. Descriptive statistics were used to organize, interpret and present the data collected.
DATA ANALYSIS
Table 1: Nature of Services Offered
Nature of Service Frequency Percentage
Banking services 5 8%
Insurance services 8 13%
Hospitality services 15 24%
Medical services 5 8%
Financial services 4 6%
Transport and Communication 4 6%
Educational services 5 8%
Consultancy and Professional services 14 22%
Security and Courier 3 5%
Totals 63 100%
Source: Research Data (2008)
Of the 63 respondent firms, 24% offered hospitality services, 22% consultancy and professional services, 13%
insurance services, 8% banking services, 8% medical services, 8% educational services, 6% financial services, 6%
transport and communication services and 5% offered security and courier services. This indicates that within
Kakamega Municipality there are firms which offer a range of services. The hospitality industry has the highest
number of firms, followed by consultancy and professional firms, then insurance firms, after which banking, medical
and educational firms are equally distributed. Financial firms and transport and communication firms were equally
distributed while security and courier firms are the least.
Table 2: Methods of enhancing employees' skills and performance
Method Frequency Percentage
Training 42 40%
Better employee rewards 25 24%
Enhancing team building 20 19%
Employee participation in
decision making 16 15%
Compulsory annual leave 2 2%
Totals 105 100%
Source: Research Data (2008)
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The findings reveal that 40% of the respondents enhanced their employees’ skills and performance through training,
24% through better employee rewards, 19% through enhancing team building, 15% encourage employee participation
in decision making while only 2% encourage compulsory annual leave to their employees. The information indicates
that most of the firms train their employees to enhance their skills and performance, others give better rewards to
employees and others enhance team building. Some firms also encourage employee participation in decision making
and yet others offer compulsory annual leave as a way of enhancing performance.
Table 3: Effects of enhanced employee performance on the firm
Effect Frequency Percentage
Improved internal business processes 45 52%
Development of new products 7 8%
Increased customer loyalty 34 40%
Totals 86 100%
Source: Research Data (2008)
Outcomes confirms that out of the 63 respondent firms, 52% experienced increased efficiency in their internal business
processes after enhancing their employees’ skills and performance, 40% increased their customer loyalty while 8%
developed new products. In the majority of firms, enhanced employees’ skills and performance led to increased
efficiency in their internal business processes while some attained more loyal customers. In addition, there were few
firms that develop new products from the suggestions of their satisfied customers.
Table 4: Benefits of having satisfied customers to organizations
Benefits Frequency Percentage
Repetitive buying/ customer referrals 32 41%
Full-time customers/ cross-buying 38 48%
Does not bad-mouth our products 4 5%
Customer-initiated product innovations 5 6%
Totals 79 100%
Source: Research Data (2008)
Various firms benefit in different ways as a result of having satisfied customers. Results demonstrates that 48% of the
firms benefit by acquiring full-time customers and cross-selling their products, 41% enjoy repetitive buying and
customer referrals, while 6% enjoy customer-initiated product innovations. Moreover, 5% benefit from customers who
do not bad-mouth their products.
Table 5: Training, innovation and customer satisfaction costs as a proportion to total expenditure
Level Frequency Percentage
High 18 29%
Medium 37 59%
Low 8 13%
Totals 63 100%
Source: Research Data (2008)
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Findings disclose that 37 firms out of the 63 respondent firms moderately invest in training, innovation and customer
satisfaction as a proportion to their total budgetary expenditures, 18 firms vastly invest while only 8 firms invest
scantily. This implies that in the majority of firms, investment in training, innovation and customer satisfaction as a
proportion to their total expenditure is moderate.
Table 6: Spill-over effect of increased profitability on other functions of the firm
Effect Frequency Percentage
Good employee reward system 33 37%
Payment of higher dividends 18 20%
Response to corporate social responsibilities 26 29%
Business expansion 12 13%
Totals 89 100%
Source: Research Data (2008)
Outcomes reveal that different firms have different spill-over effects on their functions as a result of increased profits.
Majority (37%) of the firms gave better rewards to the employees, 29% undertook additional corporate social
responsibilities, 20% paid higher dividends to their shareholders while 13% expand their businesses.
Rating the drivers of success
To rate the various drivers of success, the very important rate was allocated a weight of 5 points, important was
allocated a weight of 3 points and not important was allocated a weight of 1 point. The various weights were multiplied
by the number of respondents who gave a particular rate and then divided by the total number of respondents to get the
weighted mean. The expected mean was the weight of 3 points (weight allocated for important rate).
Table 7: Rating the drivers of success
Drivers of success
Very
Important Important
Not
Important
Total
weight
Mean
weight
Weight 5 3 1
Learning, growth and innovation 175 84 - 259 4.11
Customer satisfaction 285 18 - 303 4.81
Improved internal business processes 180 81 - 261 4.14
Highly developed and motivated staff 140 105 - 245 3.89
Source: Research Data (2008)
The results indicate that all the drivers of success had a mean value above the expected mean. The customer
satisfaction had the highest mean value of 4.81, improved internal business processes had a mean of 4.14, and learning,
growth and innovation had a mean of 4.11, while highly motivated staff had the lowest mean of 3.89. This indicates
that, on average, all the four measures are viewed to be more than important drivers of the firms’ success.
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Table 8: Measures of success
Measures Frequency Percentage
Financial gains 29 27%
Customer satisfaction 56 51%
More developed internal processes 10 9%
Highly developed and motivated staff 14 13%
Totals 109 100%
Source: Research Data (2008)
Finings reveal that majority (51%) of the firms measure their success based on the satisfaction of their customers, 27%
consider financial gains, 13% consider highly developed and motivated staff while only 9% gauge their performance
on more improved internal business processes.
DISCUSSIONS
The first objective was to ascertain whether the Balanced Scorecard is being used to measure and manage performance
in the service sector. Findings revealed that, though differently, all firms develop their employees’ skills and
performance. Firms invest in training, innovation and customer satisfaction as such; the four perspectives of the BSC
are the most important drivers of a firm’s success. The second objective was examining the perceptions of the service
sector managers regarding the BSC concept. Firms rated the four BSC perspectives as very important drivers of
success. It was revealed that most managers strongly agreed that improvement in one BSC perspective led to
improvement in the other perspectives. The third objective was to assess the effect of the BSC on the firm’s overall
performance. All firms develop their employees’ skills and performance which led to increased efficiency in their
internal business processes. This led to improved customer satisfaction and increased market share, which in turn led to
an increase in the firm’s profitability. It was affirmed that increased profitability boosted the other functions of the
firms which improved rewards to employees and more participation in corporate social responsibilities. It also gave the
firms a positive public image and increased competitiveness.
CONCLUSIONS
The BSC emphasizes performance measurement and management in four key business areas. These four perspectives
provide a comprehensive evaluation of the organization than the traditional emphasis on tangible and financial assets
of the organization. This is because learning improves the internal business processes; this improvement leads to
improved customer satisfaction; which in turn leads to improved financial results. The BSC emphasizes improvement
and if an organization does not continually improve, it will eventually lose out to competitors that do.
Incorporating these perspectives in the BSC offers a framework for translating strategic objectives into performance
measurements that gauge the effects of implemented strategies and provide feedback on the performance of strategic
initiatives. The BSC offers some useful generic performance measurements that apply to practically all organizations.
Firms, small or large, need to know how they measure up to their own goals and standards, and the BSC can give them
the advantage they need to evaluate themselves accurately and, as a result, place themselves in a better position to
compete. The main goal for all businesses is to manage their overall performance so that they can make a profit.
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