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The trend talks about balance scorecard. A balanced scorecard is a performance metric used in strategic management to identify and improve various internal functions of a business and their resulting external outcomes. It is used to measure and provide feedback to organizations. It was first introduced by accounting academic Dr. Robert Kaplan and business executive and theorist Dr. David Norton. It was first published in 1992 in a Harvard Business Review article. Dr. Kaplan and Dr. Norton took previous metric performance measures and adapted them to include nonfinancial information.
The balanced scorecard is used to reinforce good behaviors in an organization by isolating four separate areas that need to be analyzed. These four areas, also called legs, involve learning and growth, business processes, customers, and finance. The four areas are used by businesses to attain objectives, measurements, initiatives and goals.
A recent global study by Bain & Co listed balanced scorecard fifth on its top ten most widely used management tools around the world, a list that includes closely-related strategic planning at number one. BSC has also been selected by the editors of Harvard Business Review as one of the most influential business ideas of the past 75 years.
The topic I choose to elaborate on is Activity Based Costing (ABC). ABC is defined as a method of assigning costs to products or services based on the resources that they consume (Activity based costing, 2009). The General Services Administration (GSA) is a real world organization that specializes in providing real estate, acquisition, and technology services to government and the American people. The GSA implemented ABC into their everyday practices in 2003. Under the ABC initiative, the GSA is able to determine the rates and fees to charge customers for the use of GSA services, improve performance of processes/activities, benchmark similar processes across the organization, drive a cultural change toward accountability of GSA’s processes, determine value-added and eliminate non-value added activities and their costs, set target costs, quantify the result of improvement initiatives, and estimate/bid on customer work (Activity based costing/management, 2006). These practices have helped to streamline and align business processes and performance with the GSA’s strategic goals.
Activity Based Costing/Management. (2006, May 8). Retrieved from https://www.gsa.gov/directives-library/activity-based-costingmanagement-42151-adm-p-extended
Activity-based costing. (2009, June 29). Retrieved from http://www.economist.com/node/13933812
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