Abstract:
The study was conducted to determine the extent to which the four perspective of the balanced scorecard help manufacturing companies in the performance measurement. Issues talked about include;
• Identify the extent of the usage of the balance scorecard by manufacturing companies
• Explore whether manufacturing companies use the four perspectives namely, customer, financial, internal business and learning and growth of the performance scorecard
• Explore how to communication the companies vision, mission and objectives into the perfect development and implementation of the balanced scorecard
Description:
Accountants communicate with financial statements. Engineers communicate with as built drawings. Architects communicate with physical models. It seems that almost every profession his some means of communicating clearly to the end user. However for people engaged in strategic planning there has been an on-going dilemma. The finished product, strategic plan, has not communicated and reached the end user. Sure strategic plans are to look at full of bar charts nice covers well written, and professionally prepared but they simply have not impacted the people who must execute the strategic plan. The end result has been poor executions of the strategic plan throughout the entire organization. And the sad fact of the matter is that execution of the strategic plan is every body’s business not just upper level management. Upper level management creates the strategy, but executive takes place from the bottom up. So why do strategic plan fail? According to balanced scorecard collaborative, there are four barriers to strategic implementation.
