Explain the phrase "balanced scorecard"
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Explain the phrase "balanced scorecard" in just a few words. What role does it play in the operations of a business?
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- (2) Case Study: Read the case and answer the questions given below. Zara designs and markets an extensive range of women's and men's fashion apparel and accessories, with versatile collections ranging from casual to dressy. The company also produces fragrances for women and men. The company wants to double revenue, cut operations costs, reduce time from product design to availability, and improve communications with customers. To achieve these goals, Zara is making a major technology overhaul that will increase hardware, software, databases, and network capabilities. Zara has developed Web-based tools to improve communications with suppliers and retailers. A Web-based application allows retailers to track purchase orders and to check the status of transactions instantly a process that used to be done over the phone. Over 60% of customer orders are now placed electronically. The company also invested heavily in software to track materials around the world and to help communicate better…How may ROI be maximised with the use of a balanced scorecard?In your opinion, how does the practice of benchmarking affect the performance of a company? Justify your answer using examples that are pertinent to the topic.
- P2a. Various financial data for the past two years follow. Calculate the productivity ratios and enter the % change (round to one decimal place) from last year to this year. Output: Inputs: Volume (# units) $ Price / unit Labor hours / unit Labor $ cost / hour Raw material $ cost/ unit Overhead Labor Productivity (round to one decimal place) Multifactor Productivity (round to one decimal place) Last Year This Year 35,000 $18.00 0.2 $24 $6.00 $40,000 50,000 $18.20 0.15 $24 $6.20 $50,000 % ChangeCase Study Read the case study given below and answer ALL the questions given at the end of the case. Workers remain in dire straits despite salary increase last year — MTUC KUALA LUMPUR : Despite the salary increase in 2019, workers remain in dire straits and the worst is yet to come, said Malaysian Trade Union Congress (MTUC) secretary-general J Solomon.He said the 4.4% hike in salary and wages in 2019 as reported by the Statistics Department yesterday merely represented an average increase of RM137 in monthly salary and wage. According to the Statistics Department, the average monthly salary and wage received by employees in the country increased by 4.4% from RM3,087 in 2018 to RM3,224 in 2019. “MTUC considers the increase well below what is needed by the average Malaysian workers and their families, especially those in urban areas, to survive the continuous spiralling cost of living,” Solomon said in a statement, today.He said the 2017 Bank Negara Malaysia report clearly stated…CONTROL Write a short essay that explains how the balanced scorecard is different to the traditional ways of measuring the performance of a company. Explain each of the perspectives used in the balanced scorecard illustrating each with an example.
- y Please read the following case study and use it to answer the remaining questions. Case Study A new Marketing Manager/Educational Coordinator (Mona) has just been hired for the Da Vinci Art Gallery - a beautiful downtown facility. Up to now, no children's programming has been planned, so she has decided to begin offering a series of art classes for children on Saturday afternoons called Art for Kids. The gallery features a lovely café, a well-stocked gift shop, and underground access to downtown shopping facilities. Not many families with children live near the gallery. Most adult attendees of the gallery travel from various areas of the city outside the downtown core. A small number also travel from smaller suburban centres nearby. Because Mona believes that only the best materials must be used, material fees will be approximately $35 per child. There will also be instructor fees and other overhead expenses bringing the cost per child per set of 4 classes to $125. Each child will…Describe an operation where higher quality will cost more. What is your definition of quality? Why does higher quality cost more? If you use a different definition of quality, will higher quality cost less?A company has collected the data as shown in the table below for the factories it operates. The plants are of similar size and capacity. All data are in thousands of US$. Calculate the labor, capital and multifactor (including, labor, capital and materials) productivity for each plant for all years. Using the data in the table, plot plant A’s and B’s labor productivity on the same graph. Using the data in the table, plot plant A’s and B’s capital productivity on the same graph. Using the data in the table, plot plant A’s and B’s multifactor productivity on the same graph. Evaluate each factory’s performance overtime both independent of the other factory and relative to the other factory, what would you recommend? West Bank Factory Gaza Strip Factory Year Sales Labor Capital Materials Sales Labor Capital Materials 2010 3480 178 870.5 1780 3510 180 878 2080 2011 3790 191 967 2030 3820 195 1023 2060 2012 4030…
- Explain the following based on your knowledge and give sample scenario in the business: 1. Core Competencies Analysis 2. Performance Analysis Elaborate your answer.Explain what is mean by benchmarking in activities and how it is used in Total Quality Management in operation management?Define The Balanced Scorecard
