Full Project – IMPACT OF BALANCED SCORE CARD (BSC) ON ORGANIZATIONAL PERFORMANCE

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CHAPTER ONE

 INTRODUCTION

 1.1  BACKGROUND OF THE STUDY.

A balanced score card (BSC) is a performance indicator for strategic management that enables organizations to discover and enhance their internal operations in order to improve their external outcomes. It analyzes historical performance data and gives businesses with recommendations on how to make more informed future decisions. A increasing number of businesses are evaluating their performance using a “Balance Score Card.” The balance score card concept’s proponents argue that this technique enables a firm’s vision and strategy to be translated into a tool that effectively conveys strategic purpose and drives performance against defined strategic goals (Kaplan and Norton, 1996).

The balance score card is a management tool that allows businesses to articulate and implement their vision and strategy. It offers feedback on internal business processes as well as external results in order to continually enhance strategy performance and results (Malina, Selto, 2001).

To begin, it is critical to understand why performance measurement is both required and critical for a company. Without a performance assessment system, an organization is comparable to an airplane flying without a compass or a CEO functioning without a strategic plan. The goal of performance measurement is not just to determine how well a firm is operating, but also to enable it to improve. The ultimate goal of establishing a performance assessment system is to help organizations improve their performance in order to better serve their customers, workers, owners, and stakeholders. A performance measurement system helps an organization to plan, track, and regulate its performance in accordance with a predefined strategy.

Managers at all levels within an organization can monitor key performance indicators to determine how well their groups are meeting business objectives, whether performance is improving or declining, and how their group’s performance compares to that of other units or groups within the company and to that of competitors. Consider the following examples:

-A CEO analyzes his or her company’s return on investment (ROI) by division or cash flow by month and quarter to that of rivals.

-A customer service manager monitors the quality of customer service through questionnaires. If surveys indicate that service quality is deteriorating, he may need to increase the number of account reps to maintain current service levels.

The Balanced Scorecard (BSC) is a performance management tool for determining if a company’s smaller-scale operational operations are aligned with its larger-scale vision and strategy objectives. By concentrating not just on financial outcomes but also on the operational, marketing, and developmental inputs to those outcomes, the Balanced Scorecard helps give a more holistic perspective of a business, enabling companies to act in their long-term best interests. Additionally to financial outputs, organizations are urged to track the variables that affected financial outputs. For instance, process performance, market share / penetration, and long-term learning and skill development are all examples. The fundamental reasoning is that organizations cannot directly affect financial results, as they are “lag” indicators, and therefore relying solely on financial indicators to guide strategic direction is inappropriate. Rather than that, organizations should also track areas where direct management action is feasible.

Implementing balanced scorecards generally entails the following four steps:

• Transforming the vision into operational objectives;
• Communicating the vision and connecting it to individual performance; 3. Business planning and index setting
• Obtaining feedback and learning, as well as modifying the plan as necessary.
• The Balanced Scorecard equips managers with the tools they need to guide their organizations toward future competitive success.

1.2   STATEMENT OF THE PROBLEM. 

This identifies the study’s flaws. Organizations in the modern era are complicated. Performance measurement is challenging since it is one of the primary tasks of companies. Organizations have the challenge of assessing performance, and resolving these issues is not straightforward. As a result, this research aims to better understand how key performance indicators are utilized to assess employee performance. Key performance metrics would be analyzed and a single would be chosen. Given that human people are the means by which organizations accomplish their goals, their contribution to their accomplishment should be accurately quantified.

1.3  PURPOSE OF THE STUDY.

The study examines the Impact of Balance Score Card (BSC) on Organizational Performance. Following the statement of the problem, we formulate our objectives as follows.

1. To examine the challenges of performance management to organizations.

2. To identify these challenges.
3. To analyze how the organization respond to these challenges.
4. To make recommendations that would help organizations to

achieve results.

1.4    THE SIGNIFICANCE OF THE STUDY.

This research work would be of great importance to organizations. For the fact that mission statements of an organization tells the direction of that organization, the whole efforts of the management and its entire workforce are geared towards achieving these objectives. This research therefore, seeks to help identify how organizations measure the performance of their employees.

The management of any organization would benefit from this

research as it will help them in formulating a veritable performance management tool. The society in general will benefit from the project by applying the principles therein in choosing their performance measurement tools. The researcher will benefit from the research work, as the research has enlightened the researcher in the various tools of performance management. The researcher could be consulted on related matters for advice.

This research work could be important to future researchers, as it might serve as a guideline in furtherance of related problems. Future researchers would include this research among the literature to review during report writing.

1.5  SCOPE OF THE STUDY.

The study examines Impact of Balance Score Card (BSC) on Organizational Performance. The research work covers the areas that are related to the measurement of performance in an organization. And this research was carried out in Lagos, where the organization under research was. First Bank Plc is a very big bank with a staff strength of over 5000, ranging from the top management, through the middle management, to the junior staff.

1.6  LIMITATION OF THE STUDY.

There were so many limitations encountered in the course of this research, such as time wasted, in this case, the field work covered a period of two months. The first day was used to submit the introductory letter at the regional office through the zonal human resource representative. The approval came up two weeks later, largely due to the researcher’s consistency of visit to the company. Lack of finance was another limitation, considering the expense incurred during the field work and this tended to mar the purpose of the research.

Transportation was a limitation as the cost to and fro was much due to the high cost of fuel within the metropolis. At some times, there were no vehicles available which led to the researcher visiting the company most times behind schedule.

Within the company itself, the researcher encountered some of the respondent’s nonchalant attitude. Reasons given by the workers range from being busy with work, to having no time to read the questionnaire. However, after much persuasion and explanations on the relevance of the research to them, some of them cooperated with the researcher which helped in achieving the objectives of the research.

1.7  DEFINITION OF TERMS.

KPI: Is an acronym for Key Performance Indicators. These  are

quantifiable measurements, agreed to beforehand, that reflect the

critical success factors of an organization. It helps an organization

define and measure progress toward organizational goals.

PERFORMANCE: This is a final outcome of a task. It is also the result derived from the expected outcome over the actual outcome.

QUALITY: Delivering the products and services in a high standard and of general excellence.

ORGANISATION: This is a system of consciously coordinated activities of two or more persons. It is also described as planned units deliberately structured for the purpose of attaining specific goals.

MANAGEMENT: A body or group of people who controls a business or enterprise. It is also a group of people who are engaged in the decision making and organisation of people, processes and materials in a business.

QUALITY:  Delivering products and services in a high standard and of general excellence

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