...Statistics in business Glenn Smith QNT/351 June 1, 2014 Mark Alsakka Summary Statistics is the research of the assessment, arrangement, accumulation, as well as the meaning of the data in the field of business as well as marketing procedures. Statistics cope with the main business elements, e.g., the planning process of the data accumulation by way of developing the surveys as well as tests. Additionally, there are 2 main kinds of statistics, the first one is descriptive statistics, in which the figures are used in the statistics procedure, as well as the second one is inferential statistics, in which the procedure incorporates getting the results and making the forecasts. Statistics Methods With regards to statistical techniques, there are several specific types of statistics techniques that are described here. The 1st technique is the “Experimental Method,” that includes the study procedure in which the venture looks into the causality and draws a specific decision on the impact of the modifications in the values of independent parameters. The “Observational Study” is the technique which looks at the connection between 2 different but same factors, like a connection in smoking and cancer of the lung. The “Levels of Measurement” is yet another technique which includes 4 levels of measurement, that are - minimal, ordinal, interval, as well as ratio. Each one of these measurements includes a different use in the study procedure and analysis procedure. The Null theory...
Words: 414 - Pages: 2
...En este ensayo se estará presentando un análisis ambiental interno y externo y un análisis de la cadena de suministro para la propuesta ofrecida en el nuevo negocio. Se creara una tabla SWOTT donde se resumirán los hallazgos. En el análisis ambiental se deberán considerar como mínimo, los siguientes factores. Para cada factor se identificara la principal fortaleza, debilidad, oportunidad, amenaza, y la tendencia los cuales se incluirán en la tabla: 1. Fuerzas Externas y tendencias a considerar: Leyes y regulaciones, fuerzas externas mundiales, economía, la tecnología, innovaciones, aspectos sociales, ambientales y la ventaja competitiva. 2. Fuerzas internas y tendencias a consideras: las estrategias, estructuras, procesos y sistemas, recursos, metas, capacidades estratégicas, la cultura, tecnología, innovaciones, propiedad intelectual y liderazgo. Se escribirá un resumen en el que se analizaran las fuerzas y tendencias relevantes de la lista anterior. El análisis debe incluir lo siguiente: fuerzas económicas, leyes y regulaciones con sus tendencias, hacer una critica de lo bien que la empresa se adapta a los cambios. También se analizara y explicara la cadena de suministro de la nueva empresa. Comparta sus planes de desarrollo y habilidades básicas de la influencia y los recursos dentro de la cadena de suministro con el fin de tener un impacto positivo en el modelo de negocio y de las partes interesadas. Identificar problemas y oportunidades. Identificar los problemas y/o...
Words: 1208 - Pages: 5
...Communications of the Association for Information Systems Volume 17 Article 8 2-23-2006 Using the Balanced Scorecard to Achieve Sustained IT-Business Alignment: A Case Study Qing Hu Florida Atlantic University, qhu@fau C. Derrick Huang Florida Atlantic University, dhuang@fau Follow this and additional works at: http://aisel.aisnet.org/cais Recommended Citation Hu, Qing and Huang, C. Derrick (2006) "Using the Balanced Scorecard to Achieve Sustained IT-Business Alignment: A Case Study," Communications of the Association for Information Systems: Vol. 17, Article 8. Available at: http://aisel.aisnet.org/cais/vol17/iss1/8 This material is brought to you by the Journals at AIS Electronic Library (AISeL). It has been accepted for inclusion in Communications of the Association for Information Systems by an authorized administrator of AIS Electronic Library (AISeL). For more information, please contact elibrary@aisnet.org. Communications of the Association for Information Systems (Volume 17 2006) 181- 204 181 USING THE BALANCED SCORECARD TO ACHIEVE SUSTAINED IT-BUSINESS ALIGNMENT: A CASE STUDY Qing Hu C. Derrick Huang Department of Information Technology & Operations Management Florida Atlantic University qhu@fau.edu ABSTRACT High levels of investments in IT and related products and services by firms over the last several decades produced only mixed results. Research shows that one of the most significant determinants of successful IT investments...
Words: 12986 - Pages: 52
...2. Approve major financial decisions 3. Select the chief executive officer, evaluate the CEO and senior executive team, ensure executive succession plans 4. Provide counsel and support to the CEO 5. Ensure compliance However, board of directors often fall short in carrying out their five responsibilities due to limited time they have available, and the inadequate information provided to them. The board members, burdened by limited time and limited information, can participate in a more effective and efficient governance process by implementing Balanced Scorecard program. The program starts with an Enterprise Scorecard enabling the board to become more informed about the enterprise’s strategy so that it can perform better its responsibilities. The board can also create a Board Scorecard, which defines its primary outcomes, board processes, and skills, information, and meeting dynamics for more effective governance. Finally, executive scorecards enable the Board to evaluate the performance of each senior executive and his or her succession plans. Enterprise Balanced Scorecard Enterprise Scorecard describes the strategy of the organization, including strategic objectives, performance measures, targets, and initiatives. The enterprise scorecard has a dual role. First, and primarily, it is a powerful internal communication and alignment tool that helps the CEO implement the corporate strategy throughout the organization. It provides a brief comprehensive representation of...
Words: 1298 - Pages: 6
...April Titus Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan BUS/475 February 23, 2015 Elaine Boyle Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan Many medium and most large companies and corporations incorporate the use of a balanced scorecard and a communication plan to further their business. According to Balanced Scorecard Institute (2015), “The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.” It is important for companies to set goals and a way to measure each goal so that progress can be tracked in efforts to ensure the goals are being met. Not only must companies track their specific goals, but there must be a plan to communicate what is happening. According to Project Management Knowledge (2010), “The communication management plan is the written document that outlines, highlights, and details the communications needed and expectations for the entire project.” The new division of the company, XFINITY Streaming, has a scorecard and communication plan to follow to ensure its success. Financial Perspective When a company takes creates a new division there are expectations for growth...
Words: 1301 - Pages: 6
...Balance Scorecard The balanced scorecard is a strategic planning and management system that is used to align business activities to the vision statement of an organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added non-financial performance measures to financial performance measure to give managers and executives a more balanced view of organizational performance. It not only provides performance measurements, but also helps planners identify what should be done and measured and it enables executives to truly execute their strategies. It also provides feedback from both the internal business processes and external outcomes in order to continuously improve strategic performance and results. A Balanced Scorecard approach generally has four perspectives: 1. Financial perspective Timely and accurate financial data is always needed by an organization. This perspective is concerned with the shareholders view of performance. Shareholders are concerned with many aspects of financial performance, such as market share, revenue growth, profit ratio, and return on investment. 2. Internal business processes perspective This perspective refers to internal business processes. Balanced scorecard measures help managers to know how well their business is running. There are two kinds of business processes...
Words: 902 - Pages: 4
...Case Study 7-2 Ran Niu 1. What benefits has BIOCO realized from its use of balanced scorecards? A balanced scorecard has four perspectives, Customer perspective, internal business perspective, Innovation and learning perspective, and financial perspectives. By using balanced scorecards, BIOCO knows what the customers needed is. It helps BIOCO to fulfill customers’ need better. For internal business perspective part, BIOCO can clear the corporate vision and strategy. BIOCO can adjust the strategy according to the pervious balanced scorecards. Also the balanced scorecards link everyone in the company and enhance the communications between each other. Meanwhile, Scorecards detailed the company’s business goals to everyone and guide every employee to work for the business goals. It will help company to meet customers’ expectations. Also balanced scorecard help BIOCO find its disadvantage and find a way to solve the problem. By helping meeting the customer expectations and improve the company itself, BIOCO can achieve a better financial principle. All of these are the benefits for BIOCO from using the balanced scorecards. 2. Do you think the BIOCO way was useful in helping the IT department align its goals with that of the company? Why or why not? In BIOCO way, the company’s vision and strategy are translated into a long-term corporate strategic plan, which in turn is used to generate the corporate strategy map. I think it help the IT department align its goals with it. In order...
Words: 960 - Pages: 4
...Guidelines in corporate management The Balanced Scorecard – Translating Strategy into Action Introduction Public transport organizations face many barriers when trying to execute the strategy formed by their corporate managements. Some of these common barriers include: • The vision barrier, which arises when most managers and employees do not really understand the organization’s strategy. The people barrier, which arises when only a small portion of managers have some incentives regarding strategy and performance. The management barrier, which arises when most management teams spend only a small amount of time discussing strategy. The resource barrier, which arises when most of the business units fail to link their daily work and therefore their budgets to the overall strategy. • • • Balanced Scorecard was developed by Robert Kaplan, a professor at Harvard University and David Norton, a consultant from Boston. They began developing the approach after leading a research study of a dozen companies exploring new methods of performance measure. Kaplan and Norton put together a system that was able to measure a variety of activities throughout the organization: customer issues, internal business processes, employee activities and the concerns of shareholders. Under the Balanced Scorecard system, a company’s financial results are “balanced” and interlinked with all of these perspectives. This scorecard was successfully adopted by a number of organizations and the results...
Words: 2242 - Pages: 9
...The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Dr. Robert Kaplan and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance. Why we use a balanced scorecard? Because we can use it to improve organizational performance by measuring what matters/increase focus on strategy and results/align organization strategy with workers on a day-to-day basis/focus on the drivers key to future performance/improve communication of the organization’s vision and strategy/prioritize projects or initiatives. The balanced scorecard model suggests that we view the organization from4 perspectives: Financial - Value to shareholders Customer - Customer satisfaction and market growth Innovation and learning - People and infrastructure Internal - Processes that drive the business Then develop metrics,collect data and analyze it relative to each of these perspectives. The advantages of balanced scorecard is Balanced Scorecards can provide a visual means of demonstrating how different goals are related...
Words: 450 - Pages: 2
...The purpose of this case assignment for this module is to carefully review the assign article, and then prepare my analysis of how Saatchi implemented the balance scorecards and it apparent effects, in a three to four page essay. In the mid 1990’s Saatchi & Saatchi were on the brink of bankruptcy, this classic burning platform was cause by the over-extension through acquisition throughout the 1980s, alone with severe financial pressures in the recession of the early 1990s. However the turnaround started with Bob Seelert, Kevin Roberts and Bill Cochrane the newly appointed senior management team during the mid-1990s. Bob Seelert became chairman and he appointed Kevin Roberts as CEO Worldwide, and Bill Cochrane as CFO Worldwide. This management team was wise and had been in the business for quite some time, and as a team, they were catalytic for the scorecard implementation. In terms of the financial perspective the new leadership set goals for the company. These goals required significant organizational restructuring and cost reduction, this was the observation from the December 1997 de-merger of Saatchi & Saatchi from Cordiant Communications. Now that Saatchi & Saatchi were alone, a plan was developed by the senior management team to achieve those goals, and this plan was presented to its stakeholders in a detailed strategic blueprint for recovery. Growing the revenue base better than the market, converting 30% of that incremental revenue to operation profit...
Words: 917 - Pages: 4
...BALANCE SCORECARD 1. Explain what is balanced scorecard? The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. The balanced scorecard is a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance (Kaplan and Norton). The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The “new” balanced scorecard transforms an organization’s strategic plan from an attractive but passive document into the "marching orders" for the organization on a daily basis. It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies. Kaplan and Norton describe the innovation of the balanced scorecard as follows: "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer...
Words: 683 - Pages: 3
...knew the business, because he had subsequently held different managerial positions in the company in different countries (South Africa, China and Mexico). He did not want to continue VWB’s strategy of cost reduction, capacity downsizing and employee layoffs. With the model of the German technology in mind to produce small, reliable vehicles, he had the vision to format a high performance team and let VWB become the automotive industry leader in sales, profitability, quality and innovation in a sustainable way. From 1999 until 2007, VWB faced a declining market share and financial losses, so Schmall and his new VWB management team started to introduce the balance scorecard. One of the main challenges of this introduction was to create a high performance spirit and to introduce the different aspects of the balanced scorecard internally. VWB also struggled continuing their export-led strategy and keeping their production minimum due to the Brazilian currency, relative to the euro and the dollar along with rising labor and material costs. Due to stiff competition in the auto industry world-wide, VWB faced the problem that they could not increase prices on shipped products. This resulted in excessing capacity costs and these would not be covered by the insufficient export margins. Although this was a challenge for Thomas Schmall and his team, the biggest stumbling stone would be the transformation of the culture and, thus, getting the mindset of the employees in the right direction. ...
Words: 1551 - Pages: 7
...he balanced scorecard is a strategic performance measurement system developed by Robert S. Kaplan and David P. Norton to help organizations achieve breakthrough results by embedding strategy at the heart of the organization. Developed 12 years ago, the concept was significantly different from any existing performance measurement system and generated considerable excitement. A variety of applications and variations of the balanced scorecard have emerged since its inception. It was received and used so enthusiastically and effectively that the Harvard Business Review labeled it in 1997 as one of the 75 most influential ideas of the 20th Century. 1 Early on, a navigation metaphor was used to illustrate the need for additional performance measures. Over time, the navigation metaphor expanded to include the process of strategic mapping and decisions about where to lead your company. This article outlines the evolution of the balanced scorecard. BALANCEDSCORECARD: THEINCEPTION In 1990, the Nolan Norton Institute, the research arm of KPMG, sponsored a one-year, multi-company study on the future of performance measurement. David Norton, CEO of Nolan Norton, was the study leader, and Robert Kaplan served as an academic consultant. The 12 companies that formed the original study group believed that the exclusive reliance on financial performance metrics alone was causing their companies to do the wrong things. Many of the activities that create organizational value...
Words: 1680 - Pages: 7
...The Balanced Scorecard (BSC) Framework, Implementation Methodology and Recommended Application - Executive Brief (April 2012) - Introduction Balanced Scorecard is an integrated, organization-wide management system that drives, in an aligned manner, the transformation, improvement and modernization efforts of all hierarchical levels towards the accomplishment of organization’s Strategy. For this reason, Balanced Scorecard is also known as a Strategy Execution system. More precisely, Balanced Scorecard represents a framework for aligned Strategic Planning and for the consistent management of the organizational and individual performance in the execution of the Strategic Plan. Furthermore, Balanced Scorecard is a communication tool that helps each employee better understand where the Strategy drives the organization, what the plan is for reaching that destination and what their departmental and individual measured contribution is to that convergent effort. With such understanding, the employees – whether directly involved in the planned Strategy Execution, or not – can also change and improve the way they perform their daily jobs through micro-decisions that are both convergent and complementary to the execution of organization’s Strategic Plan. BSC History Balanced Scorecard has been launched twenty years ago as a first set of principles for balanced strategic Objectives and Measures/KPIs setting and measurement. The “parents” of Balanced Scorecard are Dr. Robert S. Kaplan...
Words: 2511 - Pages: 11
...Strategy and Balanced Scorecard Steve Wu 23.10.2014 1 Objectives for today 1. The Balanced Scorecard What is strategy? Elements of a Balanced Scorecard Implementation issues 2. Strategic Analysis of Operating Income 2 What is Strategy? Strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. A thorough understanding of the industry is critical to implementing a successful strategy. Strategy Tactics and concrete actions Means Policy and higher-order goals Ends 3 Basic Business Strategies 1. Product differentiation—an organization’s ability to offer products or services perceived by its customers to be superior and unique relative to the products or services of its competitors Leads to brand loyalty and the willingness of customers to pay high prices 2. Cost leadership—an organization’s ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control Leads to lower selling prices 4 Financial Performance Measures Financial performance measures are traditional measures based on financial statements Examples of financial performance measures? Core financial measures Net income Return on assets (ROA) Return on (common) equity (ROE) Sales revenue Sales growth Total costs Cost reduction rate 5 Financial Performance Measures Financial measures reflect outcomes...
Words: 2808 - Pages: 12
