Balanced Scorecard Strategy and Balance Scorecard Review at least 4 academically reviewed journal articles on Balanced Scorecard and complete the following activities: 1. Write annotated summary of e

Classmate 1:

In order to represent about an strategic oriented system of management in an organisation, a balanced score card is used. In this, the identification in the regard of future goals , economic as well as non economic activities, delaying and leading indicators along with inner and outer presentation perspectives. It is being widely used in massive establishments for effective execution of plans.It consists of 4 no’s of view points. The areas such as consumer’s economic prospectus, inner business perception etc., needs the concept of balancing. The balancing of business and consumer, stability and change balance, responsive and constructive balance, inner and outer influential factors balance are the important aspects that needs attention (Sushil et al., 2018).

It is a management mechanism that is used to explain and execute plans efficiently. It enables the top level management to plan and implement various activities in the organization by reducing various difficulties related with use of finances. It was created in order to counteract 2 sorts of problems. There are difficulties in transforming business strategies to practices and difficulties in correlating the management with strategic planning and operational organizational resources and also traditional financial actions inability for tracking the performance of the organization. Additionally, it helps in acquiring the pre-mentioned objectives, goals, programs, policies that arises from these business operations. The organizations have to identify the influencing factors that impairs the business performance and track the future balance score cards for having changes in strategies. Whenever they check the objectives of the organization, they offers detailed information in the aspect of business as a whole (Hristov. I et al ,2016).

It is an empirical mechanism that gained existence depend on overall comprehension principle because of inadequacy in systems assessment as well as organisational procedures etc., Generally, majority of contemporary organizations matches their predetermined objectives by relatively extensive measuring techniques. Further, varied structural integrity may also be linked to academic inefficiency. Majority studies reported that there are relevant scientific indicators which indicates that this concept is not a fully multi dimensional aspect that promotes the overall development of an organization (Kureshi et al., 2013)

It is a practical tool that supports the operations of business so as to bring the business strategies of an organization into action that includes a number of perspectives like plan, control and staff the predetermined objectives, necessities and requirements of action plans etc., It generally focuses on reconciliation. It mentors the organization to verify the future goals and objectives by aligning them with necessary action plan (Academy et al,2018).

As an IT executive, I will utilize the concept of balanced score card for the purpose of IT resources controlling and also for the purpose of establishing strategic communications. Further, the usage will be broadened for efficient business model identification in a strategic map that enables the top level management in order to assess various relationships between the causes and possible effects of strategic objectives and goals as well their performance behavior also.

Classmate 2:

Article-1 (New Perspectives in Developing the Balance Scorecard Concept):

Balanced scorecard adds the necessity of aligning the organizational and individual efforts with vision and objectives of organization to the managerial equation. Financial perspective, stakeholder and customer, internal process and the capacity of organization to learn and grow are the four important aspects to consider. Organizations of both public and private sectors use the concept of balanced scorecard to emphasize on goals and visions of the organization, for evaluating strategic management’s performance and to use as an effective internal communication tool (Marcu, 2020).

Article-2 (The Balanced Scorecard beyond Adoption):

A test model has been developed by the authors to analyze the relationship between the structure of an organization and the way it uses the balanced scorecard. The model was developed based on the previous understandings of neo-institutional theory and actor-network theory. The authors collected and analyzed data from 1126 employees at different management levels in 48 companies in India, and they found that the use of balanced scorecard depends on the culture of organization. Maximum level of balanced scorecard usage can be observed in the performance-oriented organizations that have higher levels of power distance (Gupta & Salter, 2018). Collectivist and conventional organizations that prefer to avoid uncertainty have been found to rarely use balanced scorecards.

Article-3 (Project Selection Method Based on Balanced Scorecard Framework):

Project selection is a key decision for any company to reach its goals and to effectively manage the resources. In this paper, the authors used the dimensions of balanced scorecard to create a method that could successfully evaluate a project. By considering the dimensions of balanced scorecard along with budget and time constraints, the developed model can select projects that are more suitable to execute. The model was tested with random data and it can be used to evaluate the investments on the project (Yilmaz & Antmen, 2019).

Article-4 (Mitigating Agency Problems Using the Balanced Scorecard):

In this paper, the authors proposed a theory about the balanced scorecards mitigating the problems of agency. The authors proposed that the information asymmetry can be reduced by balanced scorecard and risk tolerance differences can be reduced by multidimensional-measures and performance measures that are linked strategically in balanced scorecard (Panggabean & Jermias, 2020). The authors also proposed that the balanced scorecard can align the goals of individuals and the organization.

As an Information Technology (IT) professional, I would use the balanced scorecard as a system for strategic planning and managing the resources. I would use it to communicate to the resources about their objectives, to align their everyday work with those objectives, to prioritize products, services and projects, and to measure the progress towards the objectives. The key advantage of using a balanced scorecard is that it presents the organization with a view of different components of strategic management and planning.