Your responses should include elements such as follow-up questions, a further exploration of topics from the initial post, or requests for further clarification or explanation on some points made. ALL citations and references needs to be APA 7th edition format. (200-250 words each Peer# 1 The balanced scorecard (BSC) allows managers to look at the business from four important perspectives: (1) Financial perspective, (2) Customer perspective, (3) Internal business perspective and lastly (4) Innovation and learning perspective. BSC essentially is a set of measures that gives top managers a fast but comprehensive view of the business and its flow and direction (Harvard Business Review, 2019). 3 challenges in implementing the BSC is management, leadership and reliance on only one perspective. The organization must be on board in trying to up keep the organizations business flow. Management needs to realize that things within the organization are not abiding to what projections should be and BSC is a good way in seeing where everything is at. Leadership, the managers must be competent at navigating multiple tasks. For example, the Harvard Business Review compared the BSC as dials and indicators in an airplane cockpit. For the complex task of navigating and flying an airplane, pilots need detailed information about many aspects of the flight. Information like fuel, altitude, air speed, destination and bearing and other indicators are all information that the pilot needs that can summarize the current and predicted environment (Harvard Business Review, 2019). For the third challenge, is the manager is reliant on only one perspective, in this example, if reliance is only on one instrument in the cockpit, it can be fatal. Similarly, the complexity of managing an organization today requires that managers be able to view performances in several areas simultaneously (Harvard Business Review, 2019). Reference: Harvard Business Review. (2019). The Balanced Scorecard- Measures that Drive Performance. https://hbr.org/1992/01/the-balanced-scorecard-mea Peer# 2 Hi everyone! The balanced scorecard (BSC) is another took for focusing on implementation as strategy (Ginter et al., 2013). The primary benefit of the BSC approach is to focus the health care organization on those aspects of its operations that most directly impact the accomplishment of its strategies (Ginter et al., 2013). As simple a concept as BSCs are, organizations still have difficult implementing them effectively (Regan, 2012). One challenge to implementing a BSC is that the organization has too few measures per perspective. A good BSC should have no more than five but no less than three measures per perspective (Regan, 2012). When an organization utilizes too few measures in each perspective, it fails to obtain a balance between performance drivers and outcomes. Without this balance between performance drivers and outcomes, it can be difficult to implement the BSC. Another challenge to implementing a BSC is that the measures selected for the scorecard do not reflect the organizations overall strategy. When the organization tries to apply all their key performance indicators into each perspective without screening for measures that are linked to its strategy, the strategy is not translated into action and the organization does not obtain any benefit from the BSC. Although the fundamental purpose of a BSC is to increase the organizations focus on execution and results by measuring those things that truly matter to the organization, some BSCs become so crammed with data that they lose all meaning (Regan, 2012). A third challenge to the implementation of BSCs is the lack of buy-in from leadership. If the organizations leadership is not convinced with the BSC and the learning curve of the new system, the BSC will not be useful. Without senior leadership involvement, there is not the shared commitment that is needed to align the organization with its objectives, measures, and targets. For the BSC system to be fully effective, it must be implemented from the bottom all the way to the top of the organization (Balanced Scorecard in 2020: Advantages and Disadvantages, 2020).
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