Accounting professors Jim and Kay Stice explain the idea of using a balanced scorecard as how a framework for how a company organizes its performance measurements. In this video tutorial, they discuss the importance of measuring performance and they use the example of faculty evaluations at a university to portray the characteristics of a balanced scorecard.
- For several years, you were the Associate Dean…in charge of faculty at our business school at…Brigham Young University.…- That's correct.…- So you were kinda my boss.…- Well, I wasn't kind of your boss...I was your boss.…- Right, so, a big part of your job was overseeing…the evaluation of faculty performance.…- Correct.…- So tell us the one number, the one single measure…that you used to evaluate the performance of…business school faculty.…- Well, there isn't just one number.…In fact, the evaluation of faculty involves…looking at their performance in three distinct areas.…
- Three areas? What are those three areas?…- Research, teaching, and citizenship or service.…- So there isn't just one number that you use…to decide which faculty get raises, which faculty…get terminated, or which faculty get promoted from say…an Assistant Professor to Associate Professor?…- Nope. We look at measures of performance…in each of those three areas.…For example, in evaluating faculty teaching,…we look at numerical ratings from student evaluations.…
Released
8/4/2016In this course, accounting professors Jim and Kay Stice explain what KPIs your business should consider in a balanced scorecard, from financial goals to employee and customer satisfaction. They describe how to craft a clear mission statement that complements your KPIs, and how to tie performance to incentives. Plus, get a look at KPIs in action, as Jim and Kay break down a case study examining a trucking company's balanced scorecard.
- The importance of KPIs and measuring performance
- Financial goals and measure
- Customer needs and satisfaction
- Employee growth
- Creating an effective mission statement
- Linking measurements and rewards
- Examining a KPI case study
Share this video
Embed this video
Video: Importance of measuring performance