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.…
Jim Stice
Kay Stice
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
Skill Level Intermediate
Duration
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Introduction
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Welcome1m 41s
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1. Key Performance Indicators (KPIs)
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Importance of KPIs2m 46s
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Technology's impact on KPIs2m 46s
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2. Balanced Scorecard Categories
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Balanced scorecard overview2m 46s
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Financial goals and measures3m 37s
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Internal processes measures3m 57s
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3. Mission Statements and Key Performance Indicators
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4. Performance Evaluation: You Get What You Measure
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Link measures and rewards2m 48s
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5. Case Study: Key Performance Indicators in a Trucking Business
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Cash collection measures2m 51s
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Fuel purchase measures3m 2s
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Conclusion
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Video: Importance of measuring performance