Reference no: EM13351299
Prepare a Balanced Scorecard for the unit of an organization of your choosing (Red Lobster).The organization may be Red Lobster (the restaurant). Unless you are in senior management, focus on the unit with which you are most common rather than the organization as a whole (server, hostess trainer, hostess). Check the strategic objectives of the entire organization and the secondary objectives for the unit. Prepare three specific objectives within each of the four perspectives for the unit. Every objective should have at least one quantified target metric associated with it.
It is required to understand what metrics are. Be sure to study the next section of this Conference entitled "More Information on metrics" The specific information needed to determine each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target. The paper should be no more than 12 pages, including the reference list, and be formatted in accordance with the APA guidelines.
Helpful Info needed to complete assignment:
Metrics
Prepare three specific objectives within each of the four perspectives for the unit. Each objective should have at least one quantified target metric related with it. So your table should get 4 perspectives, each with 3 specific objectives, and a target value of the metric for each objective.
If you would like to see a sample table of metrics, here is one example:
|
Perspective
|
Objective
|
Metric
|
Target Value
|
|
Financial
|
Revenue Growth
Operating Profit Growth
Short-term Solvency
Long-term Solvency
|
Annual Rate of Growth
% EBIT/Sales
Current Ratio
Long-term Debt/Equity
|
> 6%
> 7%
> 2.0
< 30%
|
|
Customer
|
Increase Number of Customers
Maintaining Transaction Size
Improve Customer Satisfaction
|
Annual rate of Customers Increase
Average Transaction Size
Median Score: Customer Survey
|
> 5%
> $600
> 90%
|
|
Internal
|
Product Improvement
Ratio of New to Old Products
Maintain Market Share
|
% R&D Expense to Revenue
Ratio of New to Old Products
Market Share %
|
> 4%
> 8%
> 24%
|
|
Learning
|
Employee Training
Employee Turnover
Employee Compensation
|
Annual Hours of Employee Training
Employee Turnover
Average Compensation
|
> 30,000
< 3%
> $38,000
|
The Balanced Scorecard is the most extensively used system of performance management, as evidenced by the following two studies.
1) Cranfield University, a well-respected and well-know U.K. institution of higher learning found that 75% of organizations with formal performance management systems use a system based on the Balanced Scorecard. Marr, B. (2004). Business performance management: current state of the art.Cranfield School of Management and Hyperion.
2) The Balanced Scorecard has become by far the leading system for managing company performance, outdistancing systems based on quality management and financial management.