balanced scorecard

Examples of balanced scorecard in the following topics:

• Balanced Scorecards

  • A balanced scorecard is a device that managers use to convey performance across a range of relevant strategic criteria.
  • A balanced scorecard is a semi-standardized strategic management tool used to track, monitor, update, and improve key performance indicators (KPI) within an organization.
  • The balanced scorecard is currently one of the most popular management tools used for tracking organizational performance
  • Today, this second-generation balanced scorecard is often referred to as a "strategy map", but the vernacular "balanced scorecard" is still used to refer to anything consistent with a pictographic strategic management tool.
  • The balanced scorecard gets each of the moving parts in an organization on the same page to ensure continuity and synergy between functional aspects.

• Visual Scorecards

  • The visual scorecard is a graphic analogy of the balanced scorecard framework and a key visual link between performance and strategy.
  • A balanced scorecard is the sum of all relevant inputs; the visual scorecard is the graphic representation of findings or results.
  • Visual scorecards make the data in balanced scorecards instantly readable.
  • The visual scorecard gives stakeholders a clear understanding that jargon and business-speak may not.
  • Produce a visual representation of a balanced scorecard for communication and meetings

• Scorecard Measurement

  • Balanced scorecard measurements require extensive data collection and are essential in validating scorecard outputs.
  • The balanced scorecard is ultimately about choosing measures and targets.
  • Useful measurement feedback from a balanced scorecard is also essential.
  • It is important to note that there are no hard-and-fast rules about defining measures and targets within a balanced scorecard.
  • A balanced scorecard should include specific details, like the units on a tape measure, so that the scorecard can yield useful results.

• What is Strategy?

  • A balanced scorecard is a tool sometimes used to evaluate a business's overall performance.

• Long-Term Relationships: Satisfaction and Loyalty

  • Unsatisfied customers are not loyal customers, thus customer satisfaction is seen as a key performance indicator within business and is often part of a "Balanced Scorecard. " In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.

• Preservation

  • The second form is external and includes keeping ahead of laws and legislation, industry improvements, directives from customers (e.g. scorecards' insisting that packaging or toxins be reduced), disruptive trends, and other forms of change.

• Managing Organizational Diversity

  • Scorecards are used in various aspects of management strategy, and are particularly useful in working both financial and nonfinancial objectives into specific business processes.
  • From the diversity-management perspective, a diversity scorecard, which identifies both how diversity interacts with other long-term objectives and how observation/feedback could be implemented to assess it, is of high value to managers looking to improve their diversity management skills.

• Introduction to minimizing packaging

  • Wal-Mart, for example, received quite a bit of favourable publicity when it unveiled a packaging ‘scorecard' to its suppliers demanding that they reduce their packaging by at least 5% (Wal-Mart discovered that up to 20% of its garbage was directly attributed to packaging waste).

• The Post-Closing Trial Balance

  • A post-closing trial balance is a trial balance taken after the closing entries have been posted.
  • The permanent balance sheet accounts will appear on the post-closing trial balance with their balances.
  • When the post-closing trial balance is run, the zero balance temporary accounts will not appear.
  • As with the trial balance, the purpose of the post-closing trial balance is to ensure that debits equal credits.
  • The post-closing trial balance differs from the adjusted trial balance in only two important respects: It excludes all temporary accounts since they have been closed, and it updates the retained earnings account to its proper ending balance.

• What Goes on the Balances Sheet and What Goes in the Notes

  • The balance sheet lists current liability accounts and their balances; the notes provide explanations for the balances, which are sometimes required.
  • Balance sheets are presented with assets in one section, and liabilities and equity in the other section, so that the two sections "balance. " The fundamental accounting equation is: assets = liabilities + equity ([).
  • All liabilities are typically placed on the same side of the report page as the owner's equity because both those accounts have credit balances (asset accounts, on the other hand, have debit balances).
  • Current liabilities and their account balances as of the date on the balance sheet are presented first, in order by due date.
  • Explain why a company would use a note to the balance sheet