ASSIGNMENT

Assignment

Question 01: Evaluate the 'usefulness' or otherwise of the Balanced Scorecard approach in relation to an organization of your choice. Illustrate your response with appropriate goals and measures for your chosen organization.

Management theory to performance management strategy states that it should monitor whether the work and systems has been implemented and describes the methodology, measurement, processes, systems and software used to monitor and manage the performance of the work of the project.

Performance management system in organizations comprises of strategic alternates, evaluations, and mechanisms for passing on responsibility for strategic planning and implementation to particular performing and highly managed units and individuals and holding them answerable for outcome. This process goes far beyond a simple annual performance assessment: performance management is an ongoing process to set goals, evaluate progress and provide ongoing support (coaching) and feedback to ensure that employees achieve their objectives, particularly with regard to their careers. The main alternates for evaluation of performance management are management by objectives (MBO), balanced scorecard (BSC), and financial outcomes as reflected in financial statements of organizations.

In this discussion, we will thoroughly discuss the balanced scorecard approach and its usefulness with respect to National Health Information library.

Balance score card

Evolution of concept

The concept of Balanced Scorecard was originated in the early nineties when the calendar the Nolan Norton Institute conducted a study entitled performance measurement facility in the future, with the participation of twelve companies from different fields. The main engine of the study participants are convinced that the traditional methods of measuring performance based on historical data is no longer adequate required to make effective decisions.

The study lasted a whole year and the result was laying the foundation stone of the concept of Balanced Scorecard. The results are summarized in the book The Balanced Scorecard was developed by an academic researcher Robert Kaplan and David Norton of the Nolan Norton Institute.

Concept

The balanced scorecard (BSC) is an organizational measurement for performance evaluation and management system that links strategy to financial and non financial objectives. The balanced scorecard measures organizational performance across four perspectives: financial, customer, internal process, and learning and growth. Executives interpret the organization's vision and strategy into correlated objectives and processed it in the four balanced scorecard perspectives. (Kaplan and Norton, 2004, pp. 52-63)

The balanced scorecard has been divided into four axis card of measurement that means each axis of the mentioned fields of the measurements and standards that should be measured to reach the measurement year for performance and linking it to the extent of achievement of strategic goals. The card to link the vision and mission established performance indicators, which vary depending on the axis, such as return on investment and customer satisfaction and quality of performance and skills of staff. The effectiveness of using the card over the logical targets set for each indicator.

The application of balanced score card and use it correctly makes it easier to move away from traditional methods to measure performance, such as compared to the fiscal budget ...