The paper "A Balanced Scorecard for a Targeted Corporation" is a great example of a business case study. Organization management in the present contemporary business environment has become a point of concern. A lot of organizations are currently utilizing strategic planning to help improve the quality and quantity of production. In this regard, performance management which focuses on a specific strategy has turned out to be the legitimate prerequisite for both public and private companies. This type of management does not, however, utilize all mandatory tools that are required to facilitate service delivery.
Managers and other company executives require accurate information to help run organizations effectively. Strategic planning can sometimes fail due to lack of sufficient and valid information to be utilized. Consequently, the development and use of a balanced scorecard which focuses on a strategy become a refuge for many organizations. A well-adjusted scorecard is an administrative process that allows various organizations to decode vision and strategy into effective action (Isoraite, 2014). Sensible scorecards play a pivotal role in business management. The effectiveness of a balanced scorecard depends on its objectives.
As such, this retrospect essay focuses on the creation and application of a balanced scorecard for the targeted corporation. The above-created scorecard focuses on four basic components that enable the smooth running of an organization. Essentially, an organization can either succeed or fail due to the financial management, customer services, internal business operations and the ability of the worker to learn and grow. I decided to choose the four components because there are specific activities which have to be done to ensure that the organization runs smooth. Firstly, the finance section is a critical section that requires accuracy and transparency.
As a result, an organization has to establish how to act sufficiently towards there shareholders (Jung, 2014). Shareholders help in boosting the capital of any business organization. An organization has an obligation of formulating an effective strategy on how to act towards the shareholders in order to become financially successful. I, therefore, formulated specific objectives that can help in achieving this financial success. Secondly, I chose customers since they equally play a fundamental role in an organization. Customers are the determinants of the prosperity of the company (Jung, 2014).
The company cannot realize high market sales if the produced products are not satisfactory to the customers. Consequently, the company has to derive away based on how to act towards customers in order to achieve a specific objective. Thirdly, an organization has to focus on the prosperity in terms of learning and skills acquisition by its workforce. This aspect is critical since the daily growth of the workers in terms of skills acquisition leads to quality production. To achieve this aspect an organization has to focus on fostering various potentials which can lead to the realization of the set vision (Jung, 2014).
An organization has to ensure that the workers are equipped with current knowledge about the market situation in order to learn various changes. This aspect can be easily achieved when an organization adopts a fusion of modern technology in production.
ReferencesThe paper "A Balanced Scorecard for a Targeted Corporation" is a great example of a business case study. Organization management in the present contemporary business environment has become a point of concern. A lot of organizations are currently utilizing strategic planning to help improve the quality and quantity of production.