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Essay / Research Paper Abstract
The balance scorecard is one example of a framework that is used by some organizations as part of their performance measurement systems. This 6 page paper analyzes some of the alternative frameworks available and discusses why organizations need to identify their long term strategy before they choose or design a suitable framework. The bibliography cites 5 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEpermodel.rtf
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Unformatted sample text from the term paper:
the Balanced Scorecard is to translate companies organizational visions into a set of measurable strategic and/or tactical objectives (Missroon, 1998). This is not unique to the balanced scorecard and can
be seen as an approach which is present in other tools. Some of the tools will complement the balanced scorecard, some achieved the same as the balanced scorecard in a
different way, and some where provide a different form of analysis overcoming some of the shortcomings associated with about a scorecard. One lesser used tool is the performance prism. This
is a three-dimensional model which is the shape to wedge, so has five facets. The facets at the top and bottom are those of stakeholder satisfaction and stakeholder contribution, around
the side the three facets are strategies, processes and capabilities (Neely et al, 2002). This is shown in figure 1 Figure 1 Performance Prism (12manage,008) The model is designed
to help organizations be successful by focusing on key stakeholders, identifying who they are what they want in order to develop, and continue strategies which will deliver satisfaction to those
stakeholders (Neely et al, 2002). It is argued that this model bucks conventional, does not choose measures which are derived strategy, this is a similar approach adopted by the balanced
scorecard, the balanced scorecard tends to focus on shareholders and internal stakeholders where is this emphasizes customer. It is argued that this is a mortal which is highly suitable for
services and e-commerce, where there are a number of custom stakeholders, which can include retailers as well as end-users (Neely et al, 2002). The first stage is to assess the
most influential stakeholders are, and what is his they want and need. Understanding this and owls second perspectives to be considered, strategies. Assessing how the strategies are, all not, to
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