I’m working on a business discussion question and need an explanation to help me learn.
Post a total of 3 substantive responses. This includes your initial post and 2 replies to classmates or your faculty member.
Respond to the following in a minimum of 175 words:
- Explain when a Balanced Scorecard would be most useful for a company and who would be in charge of creating one.
- Describe how different aspects of the scorecard can be more beneficial for some companies rather than others.
Be constructive and professional.
Student 1(BM)
Good evening class and professor,
A company can best use a Balanced Scorecard when they are looking to change or reinvent their brand. It helps give managers the tools they require to explain to their employees the new goals and how the company wants to implement them. It would be most useful for companies who are and have been implementing new protocols that are recommended for social distancing and even mask wear. For example, the casino that I work for has many different health protocols that we as employees have to follow for ourselves and even the guests that come to the hotel. Every employee is to check in at a specific area that no guests are allowed in; we must wear masks inside the casino/hotel at all times. As well as, when ever a guest or employee enters without a mask they must be given a mask. Also, there are only four people allowed inside each elevator at a time. When all of these new protocols were implemented every manager had to have the right tools necessary to be able to explain to their employees what everything was and why.
Student 2 (MO)
Hi class,
what I have learned A balanced scorecard is a performance metric used for the following to identify, improve, and control a business of several departments or many functions and resulting outcomes. This would be useful to a company when trying to develop a strategic plan, or maybe have some goals in mind that they would like to meet so this can be used as a way to measure the success of those goals. There can be different reasons that a company uses a balanced scorecard , and it may also benefit one businesses in different ways they another. The scorecard really measures four things; learning and growth, business processes, customers, and finance. Depending on what you need to measure will determine just how the balanced scorecard will benefit you.
Where I work I know they really focused on, building a team, training, learning, and growth. For my personal business development of training. Making people feel understood is my goal when they speak of my mission statements. I see the more you focus on it the better you get sad its visible to others.
