Please read the following and the questions provided, then provide feeback on th

Question

Please read the following and the questions provided, then provide feeback on the answer below:

The article, The Balanced Scorecard, as well as this week’s readings discusses the balanced scorecard. Artemus Gordon is mentoring a new management trainee.

The new trainee is unfamiliar with the balance scorecard and its use in the production department. Artemus says, “The best tool a manager has is a balanced scorecard because...”.

Question:

Finish the statement by explaining the purpose of a balance scorecard and how it functions.

Then, compare the value of the SWOT tool to the value of the Balance Scorecard.

Do you agree with Artemus that the Balance Scorecard has more value or are we comparing apples and oranges?

Answer:

The best tool a manager has is a balanced scorecard because it gives organizations the opportunity to view their company with a single paradigm that contains four lenses. Benefits of using BSC is that it gives you the ability to define clear targets and measurements, aids in developing objectives and initiatives.

Balanced scorecard takes the company’s vision and mission statement and lays them on to the four pillars of its foundation; financial performance and recourses, customer lens, quality and efficiency of internal process, and the overall growth of the company.

The BSC model is strategic mapping of an organization with continuous improvement built in. SWOT and the BSC are two highly useful tools for any organization. The two are not separate in that you have to choose one or the other. They are complimentary to one another and should be used together.

For instance, SWOT is used as the overarching frame work of an organization and it will aid in developing your mission and vision statements. Whereas the BSC will take that mission and vision, and design a map to get there.

Explanation / Answer

Answer provided is partially right in the way it says that both tools are complimentary to the success of organization.

Basic difference in the two tool is that BSC takes into account vision and mission and uses to for operational improvement, prioritization of projects, targets & measurement and alignment of resources.

Whereas SWOT used for internal and external environment analysis. It helps in identifying opportunities in the market and provides direction based on the strength and limitations of the organization.

BSC is not used to analyze the available opportunities it emphasizes on the achieving targets.

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