Answer to Question #280158 in Management for Zeinab

Question

For many years. Tesco (https://www.tescoplc.com/investors) used a balanced scorecard called the Steering Wheel to measure and manage the performance of the organisation. However , in 2013 Tesco reported a 23.5% fall in half year profits: http://www.bbc.co.uk/news/business-24361465 Subsequently , Tesco has stopped using the Steering Wheel and now uses a "Big 6 KPIs " strategy . Discuss why Tesco may have switched their approach away from using the balanced score - card to measure and manage its overall performance , and how the new strategy may be utilised or improved to enhance future business performance . Write in report format and any supporting diagrams or tables should be placed in the appendix . Relevant research material and references should be applied to underpin your analysis . The word count for your Mid Module Assignment is 2,500 words .

Answer 1

The company said that Leahy's balanced scorecard, which was launched over two decades ago to monitor efficiency, had grown too complicated for employees to manage, with greater than forty separate indicators used to determine achievement.

An equitable scorecard is a corporate management effectiveness statistic that assists businesses in identifying and improving internal processes in order to achieve external results. It analyzes prior productivity data and gives businesses suggestions for making better choices.

It is a performance measuring tool that combines monetary and non-metrics. It assists a company in aligning its performance metrics with its strategic goals. The balanced scorecard assists the company in learning more about its consumers and their worth.

Tesco began using the rounded scorecard technique to guide its policy and performance in the mid-1990s. Tesco communicated to its staff using the steering wheel, a clear sign for a tool to drive achievement and support staff in finding their path into the prospective.