...Unit 4 Management Assignment Edina Ndebele 1. Creating a new coordination position will mean that the CEO would delegate the responsibility of helping the location managers. This will help him to focus on developing a strategy to expand the business .This can mean a strategy to franchise or opening another location. He can decide on the advantages or disadvantages between the two strategies on the other hand the coordinator will have authority to make decisions that affect the two location managers. 2. Promoting an existing manager is the best option .The advantage of promoting from within the organization is that the manager would be already familiar with the business and also it can motivate others to work hard knowing that there is a potential of being promoted and fill the open management positions. The internal manager would be already familiar with the culture of the organization 3. The CEO should be making these decisions since the coordinator will be reporting to him. The CEO may delegate the hiring process to the human resources department but he will still be accountable for the person who is ultimately hired. 4. The levels of authority will be as follows: The CEO will hold a top level management position, the coordinator will hold middle level management and the location managers will hold the lower level management position. The hierarchy of authority starts with the top level management and flow through the middle management level to the lower...
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...Strategy Management. Harvard Business Review, 72-80. Kaplan, R.S. ve Norton, D. P. (2005). A Summary by Ogunmokun Oluwatobi (15500595) Introduction In many organizations, there is a disconnect between Strategy formulation and Strategy execution. This disconnects breeds a persistent gap between the ambition and the actual performance of these organizations. The statistics says it all. Seven out of eight global corporations fail to achieve profitable growth, though more than 90% have detailed strategic plans with much higher targets but no coherent approach to manage the execution of those plans. Why do we need the OSM? Companies that have achieved performance breakthroughs by adopting the Balanced Scorecard and its associated tools to help them better communicate strategy to their employees and to guide and monitor the execution of that strategy were studied. These organizations have typically established a new unit at the corporate level to oversee all strategy related activities; it is called Office of the Strategy Management (OSM). The OSM when created becomes the central point for coordinating and facilitating the process of communicating of corporate strategy; ensuring that enterprise-level plans are translated into the plans of the various units and departments; executing strategic initiatives to deliver on the grand plan; and aligning employees’ competency development plans, and their personal goals and incentives, with strategic objectives. Strategy Management: The...
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...gone by since Kaplan University Online restructured its business model. I was part of the massive laid off that shook the online for-profit schools back in the fall of 2011. Who is Kaplan University Online? Kaplan University Online is a division of the Washington Post (Hechinger, 2013, ∂ 1) an online university of higher learning education offering certificates, associates, bachelors and graduate degrees (Kaplan University, n.d., ∂ 1). Kaplan’s mission and market niche was to enroll adults or working adults who want to complete a college degree but neither has the time to enroll in a traditional campus. That being said, Kaplan was new player in the market competing against other for profit schools such as Devry Institute, ITT, Phoenix University to name a few. In 2007, I was recruited by Kaplan’s HR department to work as an inside sales representative. Myself and 12 other individuals went through a 2-week training class covering Kaplan’s culture, Fafsa (free application for student aid), compliance and boilerplate sales script. The training was intense and strict focusing mostly on the sales script and preaching Kaplan’s ethics, integrity and mission. Like any other jobs I had before this; I took the challenge seriously and was focus on becoming the best at my trade. After my first week on the sales floor, I found myself enrolling more students than any other Kaplan University sales rep. My recognition and reputation quickly escalated to the CEO of Kaplan Inc and other...
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...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...
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...received quality to outcomes are herein BSC four perspectives model, also known as quadrant model. 3. Framing and generalists sing the BSC BSC developed in this period of a more local solution to a generally applicable framework. 4. Extending and controlling networks This period is characterized by continuous development of the BSC. Kaplan and Norton here are very actively involved in, in the form of consultancy, research and discussions with stakeholders. Here, they act to remain in the lead in the development of this method. According to Kaplan and Norton, the development of the BSC through three phases: 1. From 1990 to 1996 the development of the BSC as a measurement system 2. From 1996 to 2002 the development of the BSC as a performance management system 3. From 2002 to 2009 the development of the BSC as a core competency, which replace the need for an external consultant is by itself be competent enough to do the implementation itself. The observations and conclusions of Norreklit are thus placed in the "framing and generalists sing the BSC" stage according to Cooper et al and the phase "as BSC performance management system" according to Kaplan and Norton. This is...
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...When we think of risk management techniques, our first thoughts are to evaluate what are risks are then create value by purchasing insurance to protect potential financial loses. Others start creating financial nest eggs by placing money into savings. While both techniques are valid techniques, they are but pieces of a larger risk management pie that requires techniques to consider when looking into solutions for optimal risk management. There are many perspectives on how to manage financial risk but for the purpose of this analysis I will be evaluating two specific experts Dr. James Kallman and Robert S. Kaplan and Co-Author Annette Mikes on their techniques for managing risk. Dr. Kallman utilizes a risk management solution tree which involves the GEICO approach, these risk prevention techniques include: Government mandates, Education, Information management, Contractual Transfer, and Operations Management; these techniques preserve assets, save lives, and save risk financing costs. In analyzing Robert Kaplan & Annette Mikes techniques requires a qualitative distinction between the risk levels in order to properly categorize them as Preventable risk, Strategy Risks, or External Risks, with the belief that we can influence risk by not buying into standard forecasting and biases which leads to misreading ambiguous threats. After analyzing both Dr. Kallman’s assessment of Financial Risk Management techniques and comparing to Robert S. Kaplan & Annette Mike’s techniques I believe...
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...“Critically evaluate the use of the Balanced Scorecard as a performance measurement system within organisations”. The Balanced Scorecard is a “strategic planning and management system” that is used at length by all kinds of organisations, stretching from private and public firms, governmental organisations along with non-profit organisations and many others. Traditionally Management Accounting was mainly focused on financial performance measures such as profit and loss figures and balance sheet figures. Now though, more emphasis is been given to the use of non-financial measures and incorporating these into the formal reporting systems used by organisations. The BSC allows the overall mission, policies and strategy of the organisation to be translated into an ample set of performance measurements. The BSC does not only focus on achieving financial objectives but instead allows a firm to pay attention to other non-financial goals that it must accomplish in order to meet its original, financial targets. The use of the BSC can be seen as a way of monitoring and improving both operational and financial performance of an organisation while a t the same time being used as a tool in order to aid the formulation and implementation of the organisation’s strategy. The idea of the Balanced Scorecard was first introduced by Kaplan and Norton in the 1992 Harvard Business Review article entitled “The Balanced Scorecard: Measures that Drive Performance”, which was based on a “multi-company research...
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...MG1000 Foundations of Management and Organisational Behaviour Assignment Number 1, Basic Research Skills Exercise Name: Student No: Submission Date: 07/11/2013 Word Count: 282 I declare that this essay is wholly my own work Basic Research Skills Exercise Similarity Index: 39% Section 1: Article A (50 Words) Clarke, and Mackaness (2001) investigate how structure and concept of executive perceptions are considered using cognitive mapping and isolating individual intuitive decision schemas. They highlight the need for exploring diversity in schemas between different industry sectors. They conclude with the discovery of three important aspects of intuition within decision situations. Section 2: (44 Words) • Narayanan, Zane and Kemmerer (2011) and Kaplan (2011) both discuss the importance of structure in strategic cognition and the relevance of this in strategic management. • Narayanan, Zane and Kemmerer (2011) and Kaplan (2011) express the importance of implementing and developing strategic cognition within organisations. Section 3: (51 Words) • Narayanan, Zane and Kemmerer (2011) examine the different elements and processes around strategic cognition, dissimilarly, Kaplan (2011) investigates future paths of research in cognition. • Narayanan, Zane and Kemmerer (2011) note five research streams to strategic management, while Kaplan (2011) highlights challenges associated with relating cognition to strategic management. (Leuler, 2012). ...
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...somewhere between 30 to 50 percent represents waste." (Erisman, 2011) This essay is a reflection of the Virginia Mason Medical Center article written by Richard Bohmer. Gary Kaplan Dr. Gary Kaplan assumed the role of Chief Executive Officer of Virginia Mason Medical Center (VMMC) in 2000. The center, that consisted of 336 inpatient beds, 5000 employees and 9 locations, was hemorrhaging millions of dollars in 1998-2000. Dr. Kaplan realized that the center needed to "change or die" (Bohmer, 2010) and a new strategic plan needed to be drafted that focused on the customer (patients) and emphasize quality and safety. I believe that Dr. Kaplan was trying to achieve a paradigm shift in the way healthcare was managed and led. His vision of a re-focus on the patient, implement tools and strategies to eliminate waste, improve quality and safety. Toyota Production System The essence of this system was exactly what Gary Kaplan and the VMMC strategic plan was trying to achieve. The Toyota Production System, a system that was proven to reduce cost by eliminating waste of time, material, space, excess movement and inventory. The tools of this system had applicability into the healthcare setting; "jidoka" (Bohmer, 2010) which refers to abnormalities in processes that can equate to quality control and risk management. The tools of innovation that emphasize a frontline workers (doctors, nurses and technicians) to solve problems directly leading to employee buy-in and morale. People Not...
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...Balanced Scorecard (BSC) 2.2 Objective 2.3 Design 2.4 Original design method 2.5 Improved design method 2.6 Popularity 2.7 Variants and alternatives CRITICAL ANALYSIS ON THE CONCEPT & USING OF BALANCED SCORECARD WHETHER IT IS THE UNIVERSAL SOLUTION FOR THE BUSINESS MANAGEMENT? 3.1 Crucial investigation of the concept and using of Balanced Scorecard 3.2 A comprehensive new approach for the measurement and management 3.3 Is the Balanced Scorecard a universal key to the business management? 3.4 Balanced Scorecard: a question of conjecture and application CHAPTER FOUR: THE SUSTAINABILITY OF THE BALANCED SCORECARD 4.1 The Balanced Scorecard: an instrument for sustainability management 4.2 Different possible approaches of integrating environmental and social aspects 4.3 The process of formulating a sustainability Balances Scorecard 4-7 5 5 5 6 7 8-15 9-11 12 12-13 13 14 14 14-15 16-25 CHAPTER TWO CHAPTER THREE 17-21 21-22 22-23 23-25 26-32 CHAPTER FOUR 27-28 28-30 31-32 1 A iti al a alysis of Bala ed “ o e a d as a pe fo a e easu e e t tool: a o e ie of its usage a d sustai a ility CHAPTER FIVE FINDINGS 5.1 Balanced Scorecard links the performance measurement for better business management and it is an universal solution 5.2 The sustainable Balanced Scorecard 5.3 Why sometimes BSC fails? 5.4...
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...Jet Propulsion Laboratory by vpnacek | studymode.com Jet Propulsion Laboratory Harvard Business School Case 9-110-031 1.1 Should Gentry Lee recommend launch or delay for the Mars Biological Explorer (MBE) mission? Gentry Lee should recommend the launch for the MBE mission. As stated in the case study, Gentry Lee is introduced to the project with a significant amount of experience working with NASA and interplanetary exploration missions (Kaplan and Mikes, 2010). Multiple review boards took place to discuss in detail the consequences and likelihood of risks occurring. Tiger teams were established to find resolutions to existing problems weeks before the launch date. The case study eludes to a high probability of the budget increasing if the launch is delayed, and the probability the mission would not be successful was low. Because of this, Gentry Lee should recommend the launch of the MBE mission. 1.2 What are the most important factors to consider in this mission? JPL invested substantial time “Identifying, measuring, and applying risk factors against the value opportunity and the cost of failure” (VMware 2013). This methodology was a key process to deciding to launch or delay the launch of MBE. One factor that had an impact is regarding the current team members. Because CalTech operated Jet Propulsion Laboratory (JPL), it is likely that the majority of engineers part of the mission team, were new graduates from CalTech. At that moment in the project life cycle...
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...ACCA Paper F2 Management Accounting June 2012 Revision Mock – Answers To gain maximum benefit, do not refer to these answers until you have completed the revision mock questions and submitted them for marking. ACCA F2: MANAGEMENT ACCOUNTING © Kaplan Financial Limited, 2012 The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing. 2 KAPLAN PUBLISHING REVISION MOCK ANSWERS 1 B – FALSE The definition given is that of a flexed budget. 2 3 D C Economic order quantity = 2C OD CH 2 x $10 × 80,000 units 0.90 1,333 units Economic order quantity Economic order quantity = = 4 5 B D (65,800...
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...Balanced scorecard From Wikipedia, the free encyclopedia Jump to: navigation, search Part of a series on Strategy | Strategy | | Major dimensions[hide] * Strategy • Strategic management * Military strategy • Strategic thinking * Strategic planning • Game theory | Thought leaders[hide] * Michael Porter • Henry Mintzberg * Bruce Henderson • Gary Hamel * Jim Collins • Liddell Hart * Carl Von Clausewitz • Sun Tzu | Concepts[hide] * Competitive advantage • Experience curve * Value chain • Portfolio theory * Core competency • Generic strategies | Frameworks & Tools[hide] * SWOT • Five Forces * Balanced scorecard • Strategy map * PEST analysis • Growth–share matrix | * v * t * e | The balanced scorecard (BSC) is a strategy performance management tool - a semi-standard structured report, supported by design methods and automation tools, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.[1] The critical characteristics that define a Balanced Scorecard are[2] * its focus on the strategic agenda of the organisation concerned * the selection of a small number of data items to monitor * a mix of financial and non-financial data items. Contents [hide] * 1 Use * 2 History * 3 Characteristics * 4 Design * 4.1 First Generation Balanced Scorecard * 4.2 Second Generation Balanced...
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...the business to help manager to manage future performance. Robert Norton & David Kaplan have seen the increasing attention to the importance of strategic measurement system that include both financial and non-financial measures (Kaplan, 2010, p.2). To answer the call, those professors have introduce in 1992 the balanced scorecard which is a multi-dimensional measurement system considering more than one source of information and including both financial and non-financial information. The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and non-profit organisations 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 (Balanced Scorecard Institute, 2013). The balance scorecard is a tool that aims to translate the mission, objectives and strategies of an organisation into performance measure. It allows firms to implement strategy and to monitor and manage performance within the organisation focused basically around four different perspectives. From results obtained, managers are able to undertake corrective action on area they should operate further. History: The balanced scorecard has been first introduced in a Harvard Business Review article in 1992 by the professors Robert Kaplan & David Norton and then developed by themselves at Harvard Business...
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...expected outcomes. Moreover, the usefulness of BSC as a practical theory has been questioned by referring to some of its assumptions, especially the cause-and-effect relationship (Norreklit, 2000, 2003). In this paper we re-examine the cause-and-effect principle, which can be seen as one of the corner-stones of the BSC. Further, we outline alternative ways to apply cause-and-effect in practice, both analytically and organizationally. To facilitate research on BSC, we discuss some of the contingencies that may limit or support the usefulness of the causeand-effect concept. These include strategy, organization, environment and communication related issues. Key Words: Balanced scorecard, cause-and-effect, non-financial measurement, performance management, strategy, strategy map. * We wish to thank the editors, Sten Jönsson and Jan Mouritsen, for their guidance in the process of writing the paper. Further, we thank Fredrik Nilsson and Nils-Göran Olve for their encouraging and helpful comments. All remaining errors are of course the responsibility of the authors. The authors are listed in alphabetic order. 1 Introduction Since the mid 1980’s accounting has attempted to turn strategic. In the area of strategically oriented performance measurement Balanced Scorecard (BSC) has been one of the most debated...
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