Balanced Scorecards and Strategy Maps
Tech Masters, Inc., has the following mission statement:
To be the leader in innovation and new products for the industrial control instruments market.
Tech Master’s CFO, who has just returned from an executive seminar on performance measurement, tells you that she has developed the following initial balanced scorecard as part of an exercise during class:
|
Perspective |
Objectives |
Perspective |
Objectives |
|
Financial |
• Increased profitability |
Internal |
• Increased cycle |
|
|
|
|
efficiency |
|
|
• Increased market share |
|
|
|
Customer |
• Repeat orders |
Learning and growth |
• Employee satisfaction |
|
|
• Customer referrals |
|
• Employee retention |
Required
Comment on the scorecard and make recommendations about adding or deleting measures to align the scorecard with the company’s strategy as defined by its mission statement.