BUSINESS FINANCE – OPERATIONS MANAGEMENT
Ace your studies with our custom writing services! We've got your back for top grades and timely submissions, so you can say goodbye to the stress. Trust us to get you there!
Order a Similar Paper Order a Different Paper
1. Balanced scorecards are used to communicate goals, organize daily work with a strategy, prioritize projects, products and services, and gauge progress (Strategy Management Group, 2016). This system utilizes mission and vision statements, values, and goals and objectives to create the system. Scorecards are used by businesses, industries, and nonprofits. The BSC requires an organization to have four different perspectives: financial, customer, internal process, and learning and growth. Strategic objectives are improvement activities that are used to apply strategy (Strategy Management Group, 2016). The mission and vision statement can be used as guides to what the organization can do to achieve strategic objectives. In regards to control, the BSC can be used to help managers take action to ensure that employees are on track to achieving organizational goals (Reference for Business, n.d.). It can be used to make sure employees understand the organization’s goals and to measure employee performance.
Financial
Increase pay and compensation
Create goals to be achieved and have a reward for completion
Reduction in turnover rate regarding pay related issues
Customer
Try to reduce the amount of difficult customers
Create ICE cards (Interactive Customer Evaluation)
Discover why customers are being difficult and find a solution
Internal
Improve scheduling
Plan schedule 2 months out
Increase employee satisfaction // Better scheduling work schedule regarding amount of employees at work
Learning and Growth
Increase quality customer service
Train employees on customer service – “Give ‘em the Pickle” training video
Enhance employees with “people” skills // Better prepare them in life as well
Reference for Business. (n.d.). MANAGEMENT FUNCTIONS. Retrieved December 07, 2017, from http://www.referenceforbusiness.com/management/Log-Mar/Management-Functions.html#ixzz412Ls4N5R
Strategy Managment Group. (2016). What is the Balanced Scorecard? Retrieved December 07, 2017, from http://www.balancedscorecard.org/BSC-Basics/About-the-Balanced-Scorecard
CLASSMATE #2
Controlling as a management function. Controlling is supervising and double-checking to ensure that policies and procedures are being followed (MSG, 2017). The control function is important because it is not enough to simple have plans in place within an organization but it is important that plans are implemented and executed efficiently. It is checking actual performance against the standards that are set (MSG, 2017).
The balance scorecard approach fits into the control function of management because this approach is used to align the organization’s performance of its vision and objectives (The balance scorecard). It helps to manage employees work quality and the quality that is set by the organization. Controlling and the balance scorecard fits because they both are ensuring that the organization is on the right track.
Laurel City Bowling Alley Balanced Scorecard
Goal – Improve Employee Turnover
Strategy Perspective
Objectives
Measures
Targets
Learning and Growth
Improve customer relation skills.
Provide customer relation training.
Complete training within a month of employment.
Employee Satisfaction
Provide a flexible schedule and Increase Pay.
Make the schedule a month in advance.
Increase pay after 6 months.
Make next months’ work schedule now and monthly thereafter.
Increase pay now for employees that has been there for over 6 months.
Financial
Cut back on training cost.
Better customer service equaling more customers and profits
Calculate on how much is saved from fewer employee turnover.
Calculate sales growth as a result of better customer service.
Looking for top-notch essay writing services? We've got you covered! Connect with our writing experts today. Placing your order is easy, taking less than 5 minutes. Click below to get started.
Order a Similar Paper Order a Different Paper