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.…
In 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