Chadwick case study report

Chadwick case study report

Executive summary

The Chadwick Inc is facing some problems in their organization which are related to the short term finances. The division managers have discussed the problem with the top management of the company and have come up with the solution of implementing balance score cards in the each of their division. To overcome the issues of quality management and professional development “Balanced Scorecard” was introduced in 1990s. This professional tool was first developed by Dr. Robert Kaplan, a Harvard Professor. Consultant David Norton assisted him. It is a management tool and a measurement tool as well. They referred to balance scorecard as measure of process, product market and customer development. After series of experimentations and modifications, the concept was widely adopted across the world. Balance Scorecard or BSC is a framework that is used as a common practice now to solve the issues related to management problems in hospitals at the present moment. The mission of balance score card is to organize the strategic initiatives of an organization. This approach not only helps to organize the overall strategy of growth but also to measure performance.

The Balanced Scorecard is an incorporated set of financial and non-financial measures employed in a firm's strategy executing procedure which underlines the strategy of communication with the members and for providing feedback for attaining goals of the organization. The scorecard can be used at different levels for the total organization or a sub-unit, or as a “personal scorecard.” The scorecard can be useful in various levels of the organization either in the subunit or as a personal score card. The BSC can provide managers with the tools they need to compete in the future and executives the ability to monitor the effectiveness of an organization's strategy. The BSC allows an organization to take their mission and strategy; then translate them into a set of performance measures that provide the foundation for a strategic management system. The BSC includes the traditional financial objectives, but also includes the objectives that drive financial results.

Introduction

The aim and objective of this assignment is to define and discuss the concept of balance score card which is being discussed in the case study of Chadwick Inc.

Balanced Score card

It is a type of management system which allows organizations to convert and transform their strategy and vision into action. The Balance Score card gives feedback on the internal processes of business and the outcomes which are related to the external environment in order to improve organizational performance on a continuous basis. By means of the balanced scorecard, organizations develop their own measures which reflect the strategy of the organization. A nine-step process has been suggested by Kaplan and Norton for formulating and implementing the concept of balanced scorecard in any organization. Following are the steps of the model which has been suggested by Norton and Kaplan:

Carry out an assessment of the whole organizational.

Determine the strategy of the organization.

Narrow down the strategic objectives of the ...