Summary2

In: Business and Management

Submitted By opito
Words 495
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Novi Prastia K.
11/320299/EK/18696

Chapter 2 Summary
The Balanced Scorecard and Strategy Map

These days, companies use the performance measurement for several roles: 1. To communicate the company’s strategic objectives 2. To motivate employees to help the company to achieve those objectives 3. To help the managers to allocate resources as productive and profitable as possible 4. To provide feedback on whether the company is making progress in improving the processes and meeting the expectations of the customers and also the shareholders

However, these days the performance measurement faces challenges because it is difficult to find the right mix of the financial measure sand non-financial measures. As we know, it is not enough if we only rely on the financial measures. The financial measures only reflect the current and prior period decision taken, moreover, the financial measures, which measure the financial results, are driven also by the non-financial measures. For example, the business objective is to earn profit. However, these targeted profits can be achieved through the synergy of the employees and their improvements, the processes, and the customers. Therefore, the financial and non-financial matters are related to each other.
In addition to face this challenge, the Balanced Scorecard was developed. The Balanced Scorecard consists of several elements, including the perspectives, objective, and measure.

The perspectives consist of: 1. Financial perspective
This perspective consists of objectives and measures that represent the success measures for the profit-seeking companies. 2. Customer perspective
This perspective may describe how a company intends to attract, retain, and deepen the relationships with targeted customers by differentiating itself from the competitors. 3. Process perspective
The process…...

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