Balanced Scorecard Essay Example | Topics and Well Written Essays - 3000 words

Balanced Scorecard - Essay Example Halifax Balanced Scorecard began evaluating the necessary factors in October/November of 1995. Operations of managers consisted of explaining the principles and appearance of the scorecard. The managers secured self-learning manuals and training disks for all the participants. Time completion for the activity was only two months and the actual launch comes in January 1, 1996. The main principles of Halifax Balanced Scorecard are financial and business perspective, customer perspective, interview process perspective and staff development and improvement perspective. Concerning the timetable given to change details on each perspective, the updates on financial, business and internal perspective happen each month, while the customer perspective arrives at quarterly and six months duration. The last perspective changes every six months. Tracking each update is essential because accuracy is one main factor of the Balanced Scorecard (Mee & O’Creevy, 2007, p. 60). The usefulness of the tool on the operational strategic processes never protruded in managing the whole system of approach. On the stance of operational balance scorecard, the focus on four steps in performance management and personal development made good turns in the investment of the company. Moreover, concentrating the stages to start and develop rapport between the management and staff gave a better view of the management. However, detracting the scorecard from the strategic objectives was on the overturn of cultural change than on business and financial perspective. The company believes that there is a relation between business and customer focus program. In summary, what the company did was to emphasize more on the â€Å"people and staff† rather than the core mission, which is the financial and business perspective. Plans for Halifax balanced scorecard was to divert focus on one