Balanced Scorecard and Business Performance Crossword
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Questions of cross word:
- It is developed with an idea of specifying what the organization wants to be and how it plans to reach its desired goals. Basically it looks at the future and works as a guiding light for the employees of the organization besides affecting the strategic decision making criteria. It clearly states the desired future of the company in a manner and provides a long term agenda. It is also expressed in form of a statement which is often devised carefully to accurately outline the future goals.
- It is considered as a formal description of the purpose of an organization or company and it is typically expressed in form of a statement. It is developed with an idea to effectively guide the actions of the company and it aims to clearly explain its objectives and provide a way for its stakeholders to follow. It forms the core ideology of an organization and it also acts as a key guiding light for the management and it is known to influence their strategic decisions and goals. If it is properly expressed it also works as a great motivator for the employees in the organization.
- In context of management and in specific context of balance scorecards, it is related to relative value a key performance indicator has in the overall evaluation criterion. When one allocates it to one specific indicator, one needs to understand the contribution of the indicator to the success of the process and the degree of its value as compare to other indicators in question. The more critical an indicator is, the more value it receives. Besides being used in management, it shares the same name of a common term used in physical sciences.
- Motorola originated this business management strategy while it achieved legendary status after it was utilized by GE. It is aimed at improving the output of a process by eliminating the causes of error. The approach is dependent on precise data; the statistical representation of which shows how a process is progressing. Its primary function is to improve the performance and reduce the variation in business and manufacturing. It follows two methodologies-DMAIC and DMADV. The first methodology is used when the process is already in progress and needs to be improved while the latter is used for developing new processes.
- A widely used software used to created balanced scorecards and it is known for its user friendliness. It allows its users to quickly create categories and indicators according to their need and is highly flexible. It also offers users the option to specify relative weights and can calculate the expected performance within a specified category. This designer tool can also generate html reports, can include subcategories under categories, offers an innovative ‘stop lights’ feature for reviewing scorecards and comes with a ‘time points’ feature that allows for values to change with time.
- It is a technique used by management information systems to drill down data from a top view to a more detailed view. Often the top level view of a MIS system or even a scorecard has only limited details which may be good for the viewing of a top executive, however if one needs to go down and check the information that is presented to a junior manager, this technique is used. This feature is prominently used in scorecard software where various scorecards are interlinked, at times even external scorecards, for the benefit of the user.
- They are considered as key performance indicators for any sector or industry and designing them is often a very challenging tasks. They are also be labeled as group of indicators used to specify the ideal conditions expected in any process or task. Most of these are designed as per industry verticals or specific job functions while they can also be developed for personal use. These indicators are also available with many management performance measurement software and can give a pointer to organizations to improve their processes.
- It is used to specify an end of a stage and it is often marked by an event like completion of a phase or deliverable. It is known to be extensively used by organizations when they execute or plan any project and it is also critical for project scheduling. Typically used to monitor the progress of a task, it can also be used to mark out the completions of critical tasks using techniques such as Critical Path Method while ignoring tasks that are peripheral. Continuous evaluation of most projects lay stress on reaching it on time.
- In the context of management, is a tool that is used to compile information regarding the performance of the organization or process at one place. In general parlance it is basically utilized in sports as an evaluation tool, that can come in many forms and typically contains a criterion that stakeholders normally use to evaluate the performance of person. Organizations typically use it to collate their performance indicators or metrics at a single place and it is highly valued for the holistic insight it can offer into the prevailing situation of a process.
10. It is a user interface that makes information available in a more defined and precise manner and typically is the first screen that comes into view when one opens any major management information software application. The information is represented in a way that is easy to read and understand. It integrates information from multiple sources and portrays it as one unified screen. It is typically used to display several metrics in a graphical manner for the ease reading of the user. The term is also used in everyday life and represents the control panel located under the windshield of a car.
11. It is an acronym for a business management strategy focusing at spreading awareness of quality in all organizational processes. This has been widely used in manufacturing educational institutions, hospitals, government, and service industries. It describes the customs and behavior of companies that aims to provide its customers products and services that satisfy their needs. It requires that the company maintain quality in all its operations, completing tasks in the stipulated period of time and removing all sorts of defects from the operation. This involves active involvement of all its members while keeping in mind long-term goals through customer satisfaction, and profits to all employees of the organization and to society. Alongside spreading the awareness of quality standard in organizational operation, this management strategy is open to customer feedback and constant improvement.
12. Its objective is to achieve better co-ordination between policies and priorities. It analyses the factors associated with external environment and internal environment thereby enabling the organization to achieve its long term goals. The external factors involve customers and competitors while the internal factors talk about the organization itself and all objects related to the organization. it involves designing the most optimum way to react to the situations of the organization’s environment, whether or not these circumstances are known before hand. Nonprofit organizations on a frequent basis, must respond to aggressive and hostile environments. The process is about planning as it entails deciding goals, and designing a method to achieve those goals. The process is organized as it involves a certain order and pattern of events to keep it focused and productive for an extensive period of time.
13. It is a method of strategic planning and a management technique, adopted by industries and governments, to align the small scale business activities to the large scale operational activities. It aims at the long term interest of the organization by focusing on wide range of parameters including financial outcome as well as operational inputs. Initiated by Dr. Robert Kaplan and Dr. David P. Norton, it was one of the earliest performance management tools used by organizations to boost up the outcome. Achieving it simply includes four simple steps- changing the vision into goals, linking the vision with individual performance, planning the business and then receiving feedback to make adjustments.
14. It is a key measure of performance. It is most widely used and least understood words in business today and varies from organization to organization. Some like a auto major may have it in form as the number of cars produces in a month while a college may make it the percentage of graduates while a ‘investment firm may make it scope profit and other measures. Irrespective of where and how its used, it must be quantifiable, precisely defined and accurately measured. Typically a number of them is used and it should strive to achieve some ideal figures.
15. It is a thing of high value. These are non-monetary assets that comprise copyrights, patents, leverage and collaborative activities, etc. These assets cannot be seen and neither can they be touched; they can only be visualized. These assets cannot be destroyed, lost or stolen and add value to the market value of a product. They are synonyms to intellectual capital and knowledge assets. It has two forms- legal and competitive. Its legal form comes under intellectual property and its competitive form affects the productivity, and therefore all other assets of an organization.
16. It is a diagrammatic representation of the strategy designed by members of an organization. This diagram can illustrate the long term goal, the steps to achieve that goal or the steps to improve its performance. This representation of step by step progress is usually projected using flowcharts with the lower most block representing the start and the top block representing the end. A typical flow chart would consist of the learning and growth perspective, internal perspective, the customer perspective and the financial perspective. It was a more detailed and elaborate method to explain the concept of the balanced score card when it was introduced. These diagrams give the organization’s strategy a ‘macro view’.
17. It is a process of defining an organization’s direction of progress. It decides the vision for the organization shows how to achieve this goal and demonstrates if the company got there or not. It decides which resources are required for this vision and allocates resources based on information. The resources include both capital and people. A variety of approaches and models are used in this process. Discrete business analysis procedures can be used to represent it including SWOT analysis, and PEST analysis, or STEER analysis, and EPISTEL. The way it is developed depends heavily on the leadership of the firm, the nature of the organization, the experience of the planners, the size of the firm, etc. Developing it clearly demarcates the vision of the firm from delusion.
18. It is considered as the process of comparing organizational processes and their efficiency against an industry standard in order to evaluate where the said process stands as compared to its peers in the industry. Some of the areas where measures can be compared include productivity, cycle time, cost and quality to name a few. The technique is widely used and at times helps in organizations setting measurable goals based on what others are achieving. The technique can also be used collaboratively wherein a group of companies in the industry join in an effort to compare their processes against each other.
19. This single word is often behind the success and failure of an organization. Countless management techniques and strategies have been devised to improve it both on an organizational level and on an individual level. There are many factors which can improve it and organizations strive on a continuous basis to work on these factors so that it improves. Measuring it also a challenging task and its proper evaluation can work wonders for an organization. On an individual level, it determines the career growth of an individual and it very necessary for success in any field of life.
20. It is essentially calculated on the basis of output generated per unit input. It represents the performance or the efficiency of a process and all the planning systems used to improve production. Higher the output for a given input, higher it’s value. It can be viewed as a cadence of the abstract efficiency or engineering efficiency of assembling. Generally, it emphasizes on computable metrics of input, and rarely output. It is different from metrics of both allocative efficiency and profitability. It’s distinction from the cadence of allocative frequency lies in the fact that it does not take into consideration the price of what is produced and neither the price of the input. It also pays no attention to profitability; which takes into consideration revenue generated and cost of input.
21. It is an acronym for a management technique that evaluates key external factors that an organization or industries on a macro scale. These factors includes political climate of a country or region, major economic factors that are existing at a given point of time, the prevailing social climate and its affect on business and finally key technical issues that are confronting the industry at a holistic level. This technique is widely used by organizations while planning a new venture or taking businesses to a new place and its findings are typically considered while drawing out an execution plan.
22. It is a method of strategic planning that analyses four different factors that often responsible for the success and failure of an organization. These include finding out the underlying strong points of an organizations, identifying its key shortcomings, evaluating possible opportunities and becoming aware of possible threats. It specifies the objective of the project/organization and clearly identifies the factors that are both favorable and unfavorable to the project/organization. Strength is a factor that is already available to the organization and along with weakness it forms the internal factors of the organization while opportunity and threats form the external factors.
23. It is the practice that identifies and maps cerebral advantages in the organization in streamlining of knowledge for advantage for the organization and makes a large amount of information available to the organization and its members. Session are also conducted to generate more information while include brain storming, quiz rounds Q&A sessions. Management of this asset is very crucial to the organization that that have intentions of growing on a rapid scale. These assets are unique to the organization and define the organization’s growth opportunities. When combined with other factors, this asset provides the organization with a highly advanced competitive advantage.
24. It involves checking the product, service, or process for certain minimum levels of standards. It ensures that products or services conform to customers’ needs or exceed them. This step involved in the production phase entails a thorough study of products which ensure that all forms of defect are detected at an early stage. If this test is failed the product is ’scrapped’ and may or may not be started afresh. To ensure that the specified standard is maintained, organizations must first specify what standard the product or service must adhere to. These tests also must adhere to the ever changing demands of quality and service.
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