Utilisation of a Balanced Scorecard for Museum Management

2016 ◽  
Vol 54 (2) ◽  
pp. 45-54
Author(s):  
Marek Prokůpek
Keyword(s):  
Balanced Scorecard ◽  
Performance Assessments ◽  
Financial Indicators ◽  
Cultural Institutions ◽  
Non Profit ◽  
The Balanced Scorecard ◽  
Museum Management ◽  
The Past ◽  
Financial Metrics ◽  
New Perspective

The issues involved with the economic aspects of cultural institutions, their economic impact, and the measurement of their performance has basically only been given systematic attention during the past few years. Traditionally performance assessments are primarily connected with entrepreneurial subjects, which is why this assessment has been applied primarily to financial metrics. During the 1990’s, this issue started to be examined from a new perspective. The question arose as to whether it is realistic to restrict performance measurement only to financial indicators. More and more, the opinion began to spread that for measurement to be truly useful, it must also focus on nonfinancial indicators. Gradually this idea started to be promoted, primarily in the cultural and the artistic non-profit areas and also that it is necessary to pay the requisite attention to this topic. Several studies have been made and there have also been other kinds of attempts to measure their performance; the root of the problem is that in Czech museums there is no longer a single agreed-upon method for measuring performance. This study is focused on the use of the Balanced Scorecard method and on its application in the museum world and also on its use as a tool for managing, monitoring and planning.

scholarly journals Organizational Performance, Firm Size and Chief Executive Officer’s (CEO’S) Compensation for Firms Listed in Nairobi Securities Exchange, Kenya

2019 ◽  
Vol 7 (06) ◽  
Author(s):  
Omamo Anne ◽  
Peter K’ Obonyo ◽  
Florence Muindi
Keyword(s):  
Organizational Performance ◽  
Firm Size ◽  
Balanced Scorecard ◽  
Secondary Data ◽  
Chief Executive ◽  
Primary Data ◽  
Financial Indicators ◽  
The Balanced Scorecard ◽  
Listed Firms ◽  
The Relationship

This study examined the link between organizational performance, firm size and CEO’S compensation of firms listed at the NSE. Past studies on the determinants of CEO’S compensation revealed a lack of consensus to the explanation of increases in CEO’S compensation. While most of the studies confirm linkages between organizational performance and CEO’S compensation, they measured organizational performance using financial indicators of performance, the current study investigates the relationship between organizational performance and CEO’S compensation but differs from the previous studies by expanding the measures of organizational performance to include the balanced scorecard measures of financial indicators, customer satisfaction, internal processes and learning and growth elements of performance. Additionally, the study sought to find out the moderating role of firm size on the relationship between organizational performance and CEO’S compensation. The theoretical foundation of this study was based on agency theory. A conceptual model and conceptual hypothesis were drawn from literature and provided directions for this study. The study’s population constituted 60 firms listed at the NSE. Descriptive crossectional survey was adopted for this study. Primary data was collected to capture the opinion of board members on factors that determine levels of CEO’S compensation using semi structured questionnaire. Secondary data was gathered from the financial statements of the listed firms for 2015-2016 financial periods. Descriptive statistics and stepwise regression were used to analyze and interpret the collected data. The study revealed that there was significant and positive relationship between organizational performance and CEO’S compensation. The study further found that firm size had a significant moderating effect on the relationship between organizational performance and CEO’S compensation.  

scholarly journals The Balanced Scorecard: the illusion of maximization without constraints

2012 ◽  
Vol 2 (1) ◽  
pp. 10-15
Author(s):  
Morten Jakobsen ◽  
Rainer Lueg
Keyword(s):  
Literature Review ◽  
Organizational Performance ◽  
Performance Measures ◽  
Balanced Scorecard ◽  
Analytical Study ◽  
Leading Indicators ◽  
Financial Indicators ◽  
Financial Success ◽  
The Balanced Scorecard ◽  
Overall Performance

The Balanced Scorecard (BSC) claims to maximize organizational performance through the management of different perspectives (e.g., financial, customers, internal processes, learning & growth). Most of the chosen measures are usually non-financial, as they are supposedly leading indicators of financial success. The developers of the BSC Kaplan and Norton see these perspectives as related, but not as linked to each other by accounting logic. Moreover, Kaplan and Norton recommend cascading the BSC across the organization by breaking up the BSC into sub-targets for each organizational unit.Inevitably, this can lead to situations where actors in an organization focus on a subset of non-financial indicators. In their attempt to maximize these indicators, unit-egoism may lead to sub-optimal overall performance of the organization. This is because the link from non-financial indicators at lower levels of the organization to the overall financial goals have been disjoined. This problem, however, has been largely ignored in the BSC-literature. Therefore, this paper addresses the rationality and limits inherent in the usage of multiple performance measures. For this, we conduct an analytical study based on a literature review.

The Fifth Perspective

2010 ◽  
pp. 2378-2388
Author(s):  
Preeti Goyal ◽  
Bhimaraya A. Metri
Keyword(s):  
Performance Measurement ◽  
Performance Measures ◽  
Balanced Scorecard ◽  
Business Process Outsourcing ◽  
Organizational Boundaries ◽  
Strategic Objectives ◽  
The Balanced Scorecard ◽  
Measurement Framework ◽  
External Relationships ◽  
New Perspective

Today, alliances, collaborations, and networks are synonymous with strategy. Business process outsourcing (BPO) is one such type of alliance. With increasing reliance on outsourcing, the organizational boundaries are blurring. The implications for the client organization can be tremendous, as it now relies on an outside organization to fulfill its operational objectives. Currently, there is no single framework that can effectively measure performance for BPO arrangements. In its present form, the balanced scorecard (BSC) only addresses the performance measurement needs of a single enterprise and any perspective on any external relationships is completely missing. The traditional BSC does not suffice as a performance measurement framework for BPO. While both the client and the vendor can use a BSC for their respective organizations, the strategic objectives of the organizations may not be met. In this article the authors propose a new perspective as an extension to the BSC, namely, the goals alignment perspective. Goals alignment of the two organizations will enable creation of performance measures that will help participating organizations to achieve their respective goals.

An Empirical Study of the Balanced Scorecard Model

2017 ◽  
pp. 838-855
Author(s):  
Nabila Nisha
Keyword(s):  
Balanced Scorecard ◽  
Service Sector ◽  
Banking Sector ◽  
Holistic Approach ◽  
Financial Indicators ◽  
Traditional Use ◽  
The Balanced Scorecard ◽  
Bank Managers ◽  
Effective Use ◽  
Internal Business Process

Today, the effective use of the Balance Scorecard (BSC) model can bring in a holistic approach to performance measurement and break the traditional use of financial indicators alone to measure the performance of any service-sector organization. As such, the aim of this paper is to examine the underlying hypotheses of the BSC model and how they can be used for performance evaluation by focusing on the banking sector of Bangladesh. Results indicate a positive correlation among the BSC perspectives at a statistically significant level and in a sequential way for the selected banks. Findings of the study particularly highlights that banks which have experienced improvements in their selected financial indicators like ROA, ROE, etc had evidently increased their efforts towards the characteristics under the learning and growth, internal business process and customer perspectives. These findings thus clearly have a number of important implications for bank managers in the context of Bangladesh.

The balanced scorecard: comments on balanced scorecard commentaries

2012 ◽  
Vol 8 (4) ◽  
pp. 539-545 ◽  
Author(s):  
Robert S. Kaplan
Keyword(s):  
Balanced Scorecard ◽  
Strategy Execution ◽  
Personal Writing ◽  
Strategy Formulation ◽  
Content Type ◽  
The Balanced Scorecard ◽  
The Past ◽  
Personal Experiences ◽  
Practical Implications

PurposeThe purpose of this paper is to provide the author's insights about five papers written in this volume about his published work on the balanced scorecard (BSC).Design/methodology/approachThe author's comments are based on his personal writing, teaching, speaking about, and implementing the BSC during the past 20 years.FindingsThe author finds that academic commentary on the BSC often ignores its role in strategy execution.Research limitations/implicationsThe commentary is unique to the author's personal experiences and may not be generalizable to other scholars who have not shared the same experiences.Practical implicationsThe paper may help scholars better understand the role of the BSC for strategy formulation, communication and implementation. It may also aid them in teaching the BSC to students and executives.Social implicationsThe paper discusses how the BSC can be used in public sector applications, as well as for companies that want to internalize environmental, social and community objectives in their strategies.Originality/valueThe paper reflects the personal views of the author; it is original to him.

Improving the Industrial System Performance by Using the Balanced Scorecard Instrument

2015 ◽  
Vol 808 ◽  
pp. 370-375
Author(s):  
Flavia Fechete ◽  
Anișor Nedelcu
Keyword(s):  
Balanced Scorecard ◽  
Business Processes ◽  
Industrial System ◽  
Financial Indicators ◽  
The Balanced Scorecard ◽  
Critical Areas ◽  
Future Success ◽  
Comprehensive Picture ◽  
Strategy Map ◽  
The Impact

Nowadays, managers recognize the impact that measures have in performance. The balanced scorecard is a new tool that complements traditional measures of business unit performance. The scorecard contains a diverse set of performance measures, including financial performance, customer relations, internal business processes, and learning and growth.The Balanced Scorecard provides leaders with a process to describe strategy – both what the organization wants to accomplish and how it intends to realize its strategic outcomes. Taking all the objectives and measures together into a strategy map of cause-and-effect relationship across the four perspectives provides a comprehensive picture of the organization’s value creating activities.The analysis developed in this paper aims is to examine the critical areas of an industrial system as product, process, customer and market perspective. The study will provide managers four different perspective from which to choose measures: from traditional financial indicators, to measures for improving customer satisfaction, internal processes and innovation and improvement activities, focusing on the company’s current and future success.

scholarly journals The Socio-technical Balanced Scorecard for Assessing a Public University

2010 ◽  
pp. 47-60
Author(s):  
Ramanjit Singh ◽  
Trevor Wood-Harper
Keyword(s):  
Balanced Scorecard ◽  
New Technologies ◽  
Well Being ◽  
Public University ◽  
Work Lives ◽  
Non Profit ◽  
The Balanced Scorecard ◽  
For Profit ◽  
Non Profit Organizations ◽  
For Profit Organizations

The socio-technical theory is concerned with humanistic welfare paradigm. The socio-technical principles aim to improve redundant jobs and thereby benefit human work lives. Hence, jobs are enriched using flexible work methods, empowerment strategies and new technologies. Balanced scorecard is a framework that measures whether the firm is meeting its objectives in terms of vision and strategy. It assesses four perspectives: financial, customer, internal business processes and innovation & learning. Even though the balanced scorecard has proven to be beneficial in the for-profit organizations of the past, most non-profit organizations were unable to utilize the balanced scorecard. The original configuration of balanced scorecard placed financial goals on the top of the hierarchy and since maximizing shareholder wealth is not the main objective for most non-profit organizations, it was not widely applied by these organizations. Since non-profit organizations usually operate to maximize the well-being of the society, socio-technical work design principles may receive a greater acceptance in these organizations than in for-profit organizations. Thus, a socio-technical balanced scorecard for the non-profit organizations will be formulated with an emphasis on employee perspective and a public university wide assessment will be proposed.

scholarly journals The Balanced Scorecard as a Framework for Strategic Action

2011 ◽  
Vol 10 (3) ◽  
pp. 147-172
Author(s):  
Maxwell Dos Santos Celestino ◽  
José Dionísio Gomes Da Silva
Keyword(s):  
Balanced Scorecard ◽  
Harvard Business Review ◽  
Strategic Action ◽  
Public And Private ◽  
The Balanced Scorecard ◽  
For Profit ◽  
Intangible Resources ◽  
The Past ◽  
Current State ◽  
Almost All

The professor Robert Kaplan and consultant David Norton proposed the Balanced Scorecard nineteen years ago. From that time, the concept has been adopted by all sorts of organizations - manufacturing and services, for-profit and nonprofit, public and private - in almost all developed and developing nations in the world. During this period, the Balanced Scorecard has evolved from its original purpose as an improved system of performance measurement to become the basis of a new management system that aligns and focuses the organization on actions meant to establish and refine their strategy. This evolution and refinement of the concept of the Balanced Scorecard have been documented by Kaplan and Norton in additional articles in the Harvard Business Review at Harvard University and in several books. But because of the changes that have occurred over the past nineteen years, we seek to highlight the current state of the art and to explain how to become an organization focused on strategy using the Balanced Scorecard. To this end, we review the Scorecard’s literature in recent years, to understand the extent of these applications and the interdependence between tangible and intangible resources, considering not only the performance of the company at one point in time, but its time path and system dynamics.

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