Title of Paper: Written Assignment Week 7

Student Name (Anonymous for Written Assignments)

BUS 5117: Strategic Decision Making and Management

Dinesh Tandon (Instructor)

Date 19/10/2022
Introduction

The balanced scorecard is a management system that enables organizations to translate vision

and strategy into action. (IŠORAITĖ, 2008) The system provides feedback on internal business

processes and external outcomes to improve organizational performance and results. In research

IŠORAITĖ (2008) a balanced scorecard management system maps an organization’s strategic

objectives into performance metrics in four perspectives: financial, internal processes, customers,

and learning and growth. A balanced scorecard offers an approach t deciding where the company

heading what the company needs to get there, and what the company needs to measure and

control to achieve organizational goals. (IŠORAITĖ, 2008)

According to Akbarzadeh (2012) a balanced scorecard is a strategic planning framework that

companies use to assign priority to their products, projects, and services; communicate their

targets or goals; plan their routine activities. A balanced scorecard enables companies to monitor

and measure the success of their strategies to determine how well they have performed. (Kaplan

& Norton, 2020)

The balanced scorecard acts as a structured report that measures the performance of company

management. The management team can evaluate against key performance indicators to show

their contributions to the strategy and attainment of the target set forth. Success is measured

against specific goals or targets to determine the rate at which the business is growing and how it

compares to its competitors. (Kaplan & Norton, 2020)

Identifying objectives for each category of the balanced scorecard

The following are the objectives of balanced scorecard perspectives;

Financial Under this objective, the goal of a company is to ensure that it earns a return on the

investments made and manages key risks involved in running the business. The shareholders are
an integral part of the business, and satisfying them is important. Shareholders should be happy

when the company achieves financial success.

 Customer

This objective monitors how the company is providing value to its customers and determines the

level of customer satisfaction with the company’s products or services. The goal of this objective

is to consider the company’s reputation among customers.

 Internal process

This objective determines how well the company runs. Internal processes indicate that business

runs more effectively and evaluate the company’s products and services that customers desire.

 Organizational growth and learning

Employee growth is significant in optimizing objectives with favorable results. The employees in

the organization’s departments are required to demonstrate high performance in leadership, the

company’s culture, application of knowledge, and skill sets.

The relationship among specific objectives

The objectives of the aspects of the Balanced Scorecard are interconnected. It means that if all

employees are on the same page company will be able to achieve organizational objectives. The

company will reach open and honest communication and motivation to support each other.

Consequently, they will be able to meet work within the work schedule and meet the

predetermined deadlines; this will provide time to implement testing and training, and

preparations for customer feedback and subsequent improvements (Akbarzadeh, 2012)

Specific Initiatives and Actions required to attain the Targets

The specific initiatives and actions for learning and growth will be social relations, social media

and remote dealings, and the interaction of emails. The capacity for retention will be defined and
estimated during training sessions for successive follow-up. The specific initiatives and actions

for the business process aspect will also include daily follow-ups with members of our team to

confirm the progression and quality of the project. This is to ensure that the project does not

change and remains aligned with our goals. The specific initiatives and actions for the customer

perspective aspect will target client feedback during their interaction with the platform for

subsequent improvements in user-friendliness and compatibility

Conclusion

A Balanced Scorecard is a structured system that allows ensuring that all goals in the company

are efficiently determined. It remained aligned with the goals of the organization. The Balanced

Scorecard enables to maintain track of progress while allowing the performance of initiatives to

track the activities of team members. The Balanced Scorecard also makes it more comfortable to

articulate strategy, while keeping it at the front and center of the reporting operation

(Akbarzadeh, 2012). The Balanced Scorecard, however, must be executed according to the

special requirements and objectives of an organization.

Reference

IŠORAITĖ, M. (2008). THE BALANCED SCORECARD METHOD: FROM THEORY TO

PRACTICE. INTELLECTUAL ECONOMICS, 1(3), 18–28.

https://www3.mruni.eu/~int.economics/3nr/Isoraite.pdf

Kaplan, R. S., & Norton, D. P. (2020). The balanced Scorecard—Measures that drive

performance. https://hbr.org. Retrieved October 19, 2022, from

https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance-2

Akbarzadeh, F. (2012, December). THE BALANCED SCORECARD (BSC) METHOD.

Arabian Journal of Business and Management Review, 2(5), 86–96.

https://www.researchgate.net/publication/270675712