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This 7 page paper looks at the key performance areas that could be measured by a balanced scorecard approach and evaluates the usefulness of the tool in achieving strategic objectives of a service organization. The bibliography cites
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7 pages (~225 words per page)
File: TS14_TEconBSC.rtf
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narrower measures, such as assessment of performance using financial measures only. There has been a great deal of support for the use of balanced scorecard methodologies to help business meet
their strategic goals (Kaplan and Norton, 2006; Gumbus and Lussier, 2006). For a business to be successful it is necessary to have
costs under control and be profitable, but creating a profit is more than financial management. To be effective and create long term profit a company needs to be able to
satisfy the needs of its stakeholders, without satisfied customers the firm will not sell its goods or services, or will not sell as many as it could if they were
satisfied. Likewise there are costs associated with having other dissatisfied stakeholders; for example poor employee motivation can increase employment costs and decrease productivity (Huczyniski and Buchanan, 2006).
It is not only the people that are important to a business, but also the processes, great employees do not automatically lead to efficient operations,
this means a business is also reliant on processes in order to provide the goods or services in an efficient manner, and an ability to adapt and change both the
processes and general business practices in order to adapt to a changing environment. The balanced scorecard is able to bring together many of the different elements that arte required
by a business to gain and sustain a long term success. There are four dimensions to a standards balanced scorecard, these are; 1. The financial dimension 2. The customer relationship
dimension 3. The business process dimension 4. The learning and growth (or innovation) dimension These factors can also be seen as highly interrelated, satisfied customers
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