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

Case study Example | Topics and Well Written Essays - 1250 words - 4

Case Study Example The total numbers of the reserves that it can recover are estimated to be at three hundred and seven million tons of oil and the natural gas was estimates are approximately four hundred and eight five billions cubic meters (Exxon Neftegas Limited). The execution and development of this project have been motivated with the application and use of advance construction methods and technologies. Moreover, the application of such technologies and construction methods have led to reduced cost of operation for the general project development and as well led to minimized negative environmental impacts. Additionally, the project has managed to overcome most of its technical and environmental challenges; thus, meeting its set goals and objectives through application of the newly introduced technologies. Furthermore, the committed management team has successful transformed the project’s goals and objective into the success of the project through their committed submission to the project. However, the project has been faced with numerous challenges including complex regulatory rules, limited infrastructure, difficult logistics, and unskilled labor. Nonetheless, the management proper application of its efficient plans especially alon g the new technologies has led to successful completion of the project’s first phase (Exxon Neftegas Limited). The Sakhalin project is one of the largest foreign direct investments that are found in Russia. It had the objective of fulfilling the ever-growing energy demands in Russia and other parts of the world. The project managed to fulfill this objective or its aim since it produces and supply energy for both domestic consumption in Russia and exporting some of its energy to northeast Asia. Moreover, it helped Russia to consolidate its strategic position regarding the supply of energy in other parts of the world. In other words, the project made Russia to be a world energy supplier and be