As such, the aim of this paper is to examine the underlying hypotheses of the BSC model and how they can be used for performance evaluation by focusing on the banking sector of Bangladesh.
While the scorecard was initially built for organisations with purely commercial goals, many public sector bodies and third sector organisations have used and adapted scorecards to support their own strategies and plans.
The Balanced Scorecard (BSC) is a strategic-based responsibility accounting system that converts an organization's mission and strategy into operational objectives and measures for four perspectives: the financial perspective, the customer perspective, the internal process perspective, and the learning and growth perspective. 2GC case studies demonstrate the application of our ideas to the hard reality of real organisations. Successful design and implementation requires that the process, its designers and facilitators are intelligent and flexible. Notice of Retraction After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been fo Notice of RetractionStudy on Balanced Scorecard of Commercial Bank in Performance Management System - IEEE Xplore Document.
However, not all organisations have been successful in implementing a balanced scorecard framework, and the implementation process requires strong leadership and clear insights in order to yield positive results. This article explores a what the balanced scorecard is; b how the balanced scorecard can be implemented successfully and c how the scorecard should be adapted for successful implementation in charities and foundations.
What is the Balanced Scorecard? The framework empowers managers, equipping them with a set of tools that allows them to gauge company performance holistically, and moving beyond the limitations of purely financial metrics.
This simple framework can be used to communicate, measure, and implement corporate strategy in three key steps: A clear map is a crucial step in helping employees to understand the strategy and become motivated to execute it.
A system of measurements is created to support the strategy. There should not be too many measurements, and those selected should be meaningful and relate directly to how effectively the company is executing its strategy. Performance gaps are identified and action plans initiated to fill these gaps.
These plans should be monitored on a continual basis. How can the Balanced Scorecard be implemented successfully?
Research by the European Centre for Best Practice Management used surveys, case studies and recent academic literature to identify the following best practices: Utilise the Balanced Scorecard to provide objective data for business decisions. Data provided by the Balanced Scorecard can be used as a base for decisions ranging from allocation of available resources to the future direction of the organisation.
For example, the Balanced Scorecard could support a business case for more resources. Ensure commitment to and buy-in for the Balanced Scorecard at all organisational levels, especially at the top.
Research clearly shows that strong leadership is paramount for nurturing performance improvements. Senior management should frequently review progress and results, and have frequent formal and informal meetings with employees and managers to show support for improvement efforts and implementation initiatives.
Focus on employee training. Comprehensive training should be provided to help employees to understand and implement the Balanced Scorecard. Training could include designing their own measures, understanding how measures affect organisational goals and strategy, and using improvement tools and techniques to action the outcomes for continuous improvement.
Align the reward and recognition system to scorecard measurements.Balanced Scorecard was originally used by the organization or company profits, but in its development the method can also be used on non-profit organizations.
Of course, these . Notice of Retraction After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been fo Notice of RetractionStudy on Balanced Scorecard of Commercial Bank in Performance Management System - IEEE Xplore Document.
Case Study: The Balanced Scorecard.
In the early s, Robert S. Kaplan and David Norton developed the “Balanced Scorecard.” While its roots extend deeper than 20 years, Drs. Kaplan and Norton gave shape to the notion that businesses needed to see beyond financials and measure other key dimensions to achieve a more complete picture of performance.
The balanced scorecard suggests that an organization be viewed from four perspectives – financial, customer, internal and growth – and that the organization develop metrics, collect data and analyze that data relative to each of these perspectives. The Balanced Scorecard (BSC) is an innovative management accounting tool, designed by Kaplan and Norton in , now used in both public and private sectors.
The BSC takes a. Balanced Scorecard Defined A Balanced Scorecard is a performance management tool used by executives and managers to manage the execution of organizational activities .