The following study was conducted in order to analyse the implementation strategies of NOVATIS PM, a constructing company. Company is facing serious issues from its competing firms whereas company’s high turnover rate is another major concern. Therefore, NOVATIS PM decided to accept a more comprehensive approach of enhancing its strategic effectiveness. The balanced scorecard is advanced software which helps companies in developing strategies by suggesting different strategic approaches.

The present study carefully highlights all the aspects of the balanced scorecard and their implementation strategies at NOVATIS PM. Also analysing certain risks involved with the company’s strategy implementation process and also suggested certain mitigating actions.





NOVATIS PM aims at changing its traditional business approaches to a more comprehensive approach in order to gain competitive advantage. Recently the company faces problems from high competition for its competitors, high turnover of the company’s employees and company also lacks innovation. Therefore the management decided to change its entire traditional approach of business and adopt a more a more advance and effective approach. Hence the following study was carried to carefully analyse a new and advance technique the balanced scorecard and analyzing the implementation strategies on the NOVATIS PM.

First the literature on balanced scorecard will be carefully analysed, whole discussing all the associated advantages and disadvantages. After synthesising the literature on balanced scorecard the business strategies are considered carefully. Then moving towards the implementation strategies suggested by balanced scorecard and its description on the NOVATIS PM. Followed by risk assessment was carried out in order to identify all the possible risks associated with the company and mitigation strategies are also recommended in order to reduce its negative impact on the company. Finally, discussing the limitations involved, suggesting certain recommendations and conclusion of the report.

2.Synthesis of Literature

2.1Balanced Scorecard (BSC)

Organisations are working on developing a system to track the company’s progress both the financial and non-financial aspects for their development. In this regard, Robert S. Kaplan and Nolan-Nortan in 1992 described a work on performance measurement. This performance measurement technique discussed detailed design of balance scorecard and after its publication in 1992 it was highly discussed and appreciated enormously. Later in the year 1995 these authors formally published their book known as the “The Balanced Scorecard”. According to Kaplan and Nortan (1995) balanced scorecard is defined as the performance management tool to track the strategies and monitor all the possible consequences resulting from these strategies. This strategic management frame work provides organisations both the qualitative and quantitative measures of their strategies in order to gain competitive advantage (Kaplan and Nortan, 1996). A well designed balanced scorecard focuses on the strategic initiatives with the proper perspective to monitor and track them (Arora, 2002). It is designed to track the four perspectives which include the financial perspective, customer perspective, internal business processes and learning and growth perspective (Kaplan and Norton, 1996; Figge et al., 2002).

Fig. 1:Bbalanced scorecard Model, source Kaplan and Norton, (1995)

2.1.1The Financial Perspective

The financial perspective is relevant to the strategies in term of the traditional financial outputs such as return on investment (ROI), economic value added, cost unit, revenue and growth and shareholders value (Figge et al., 2002). According to Ahn (2001),  the quantitative measure helps organisations to track their growth and to receive pay backs from it. Similarly the prior estimation if financial output helps in assessing the profit margin against the investment made.

2.1.2The Customer Perspective

Numerous organisations have taken the challenge regarding identifying the customers’ needs and focusing on customer satisfaction whereas re-engineering their business model to be are customer interface (Kaplan and Norton, 1995: Kaplan and Norton, 2001). The following aspect identifies the customer preferences and demands. According to Niven, (2002) “how does customer see’s us?” is what we answer in this aspect in terms of ranking the customer preferences, price of the product, time of delivering the product, encouraging more purchases and customer satisfaction. The identification and analysis will help to shape the organisation initiatives towards customers (Figge et al., 2002).

2.1.3Internal Business Processes

The internal business processes relates with the identification of internal processes of business activities including productivity, time unit, organisations operational management, efficiency, innovation and yield (Kaplan and Noton, 2001) . Epstein and Wisner, (2001) argues that internal business processes identify the question what must business excel at?. This operational aspect is conjecture of the organisational activities and the developed performance measures (Banker, Chang and Pizzini, 2004).

2.1.4Learning and Growth

Many organisations are well aware of importance of employees’ development and work on these issues while less is known to the strategic significance of soft issues such as motivation, knowledge management and creativity culture collectively known as the intellectual capital of the organisation (Kim, Suh and Hwang, 2003). As the following aspect relates with the intellectual capital in which organisations try to find out how to create value, improve and innovate?. This aspect is intended to drive improvements in other aspects as well through encouraging the intellectual capital of the organisation (Maiga and Jacobs, 2003).

2.2Change in the Design of Balanced Scorecard

The balanced scorecard initially designed for the identification if certain financial and non-financial measures that will help organisation to achieve their targets (Arora, 2002: Figge et al., 2002; Ittner, Larcker and Meyer, 2003). The dramatic change in business environment has blurred the traditional boundary between the conventional strategic planning and controlled activities. Therefore, the initial approach changed to more deliberate versions of the balanced scorecard.  After its initial version various modifications were made for its improvements. In late 1990’s the balanced scorecard was redesigned by embedding strategic linkage models, strategy maps, strategic objectives, measure, initiatives and other perspectives (Chavan, 2009; Kaplan, 2008). According to () this design of the scorecard provides greater contextual justification of the chosen strategies then before as it shows more flexible strategic linkages (Geuser, Mooraj and Oyon, 2009).

2.3Benefits Using Balanced Scorecard

There are numerous benefits associated with this methodological tool as it provides a framework for the managers to analyse their growth, objective and business plans (Maiga and Jacobs, 2003). The purpose of this tool is as a measuring tape which helps managers to analysing that whether the set goals will be met or are exceeding. This insight in to the future according to Geuser, Mooraj and Oyon, (2009) is to promote efficiency of work. Similarly, Chand et al., (2005) contended that the matric helps in describing the full picture of the project/assignment where, not the financial aspect was analysed traditionally it also elaborates the intangible aspects such as customer satisfaction, employees motivation and involvement. Another aspect that gains attention of scholars about the balanced scorecard is that it is a comprehensive plan of any project where its unique characters helps to improve decision making processes contributes in improving processes and reducing the timeframe of any project (Geuser, Mooraj and Oyon, 2009; Ittner, Larcker and Meyer, 2003; Kotter, and Schlesinger, 2008).

2.4Criticism on the Balanced Scorecard

Besides the numerous benefits of the balanced scorecard, it also faced criticism from many sources. The academic community criticised on the model as it lies on a fix metrics and it does not addresses other aspects such as political problems, human elements, social dimensions and the distinctive nature of the competitors and competition between them (Milis and Mercken, 2004; Johanson et al., 1999). Similarly Banker et al., (2004) argues that this model is not fit for the non-profit organisation where the model strategy is incompatible for the environment of non-government organisations. Few other academicians were of view that the balanced scorecard lacks the longer term strategic focus which will enable small and medium enterprises to follow the scorecard (Milis and Mercken, 2004; Brander Brown and McDonnell, 1995).

2.5Companies Using Balanced Scorecard

Balanced score card is being adopted by numerous companies around the global. According to Epstein and Wisner (2001), 52% of companies are using balanced scorecard only in United States of America in the year 2000.  According to Harvard business Review, there is an increase in using the balanced scorecard by the companies around the globe (HBR, 2012). Companies like Apple, Phillips, Sony, Pennon Incorporation and Jumei are using the balanced scorecard for the strategic analysis.

3.Business Strategy Considerations

In the era of diversity where companies are no more operating in an insular environment they have a broader vision for their operations and taking strenuous efforts for their growth and development (Banker, Chang and Pizzini, 2004). Therefore, with this radical uncertainties organizations moved towards a more comprehensive approach (Arora, 2002). NOVATIS PM being a traditional company facing problems of losing clients, low sells, higher turnover of employees and increased level of competition in the market. Therefore the company needs to take initiatives in order to sustain its position back in the market. With the rapid technological advancement, innovation, volatile markets and the mobility of capital NOVATIS PM has to take strenuous efforts for their survival and growth. As Manigart, Baeyens, and Van Hyfte, (2002) contended that in this era the survival of company’s lies in innovation and agility. Therefore NOVATIS PM decided change the company’s traditional strategic approaches to more comprehensive approach adopting balanced scorecard. The balanced score card will help the company to track their strategies while analyzing various aspects and elements.

3.1Financial Analysis

NOVATIS PM has been a traditional contracting company. The company has lacked in adopting new methods of business operation therefore the company has invested less in the strategy making and planning. Recently the company management has decided to invest in proper strategy consideration and then the implementing of those strategies according to balanced scorecard. The software of balanced scorecard is not too much expensive the company needs to install the balanced scorecard for its employees. However, the company needs to invest in possible areas to sustain employees of the company it may include different salary packages, good working environment, skill improvement training and giving opportunities to employees for their career growth and development. These approaches will help company to reduce turnover of the employees. These activities implementation requires a gross amount from the company’s capital amount.

3.2Skill Requirements

The implementation of balanced scorecard in NOVATIS PM also required skilled workforce for its proper results. The company needs to arrange trainer for the employees in order to train them with the use of balanced score card. Likewise the managerial staff needs to properly learn and adopt the key performance indicators needs to implement the balanced scorecard results. Understanding these initial results and the properly executing them in a more planned manner is a challenging task for the employees. NOVATIS PM needs to ascertain that the managerial staff does have the required skills only then the balanced scorecard can be devised and produce quality results.

3.3Change Management

Application of balanced scorecard will help in transforming the company as numerous benefits involved with this new methodological technique which helps the company in analyzing the associated problems, developing comprehensive strategic approaches while results in improved business performance (Aladwani, 2001; Todnem, 2005; Kotter, and Schlesinger, 2008). However the company has to move through a major change process. Various academicians are of view that while implementing and managing change it has to face with change barriers such as powerlessness, old style of management and leadership (Gill, 2005; Kotter, and Schlesinger, 2008).

NOVATIS PM is transforming in to completely a new system and work environment it would be a challenging task for the top management of the company to manage them. As according to Kotter, and Schlesinger, (2008) study that mostly the older employees resist to any type of change implemented in the organisation. The management needs to take the experienced employees in to their confidence and follow the process of managing change as to achieve better and desired results. In this regard adopting a more transformational leadership style will help to take the employees in to confidence to accept change and mange change process (Gill, 2005; Gerdsri, Vatananan, and Dansamasatid, 2009).

Therefore, with the balanced scorecard the NOVARTIS PM needs to significantly work on another aspect which is the decentralization of business hierarchy, where decisions are made at each level with the relevant department. A more open communication system will help in executing the balanced scorecard strategies. Inter department coordination is very important while implementing those strategies which helps in coordinating activities in more channelized manner (Gerdsri, Vatananan, and Dansamasatid, 2009).


Table 1: Advantages and Disadvantages



Helps in Improving company’s Performance

High financial Burden

Reduce Turn overrate

Skill development (Training)

Able to compete with the competitors

Managing Change Management Barriers

Brings Innovation


Developing New infrastructure of the company


Able to meet business Challenges


4.New Implementation Strategy

In order to discuss the balanced scorecard implementation strategies of NONATIS PM it is necessary to discuss the four aspects of the scorecard. The Fig 1 demonstrates the number of strategies included to implement on the NOVATIS PM. As the company is involved in contracting business therefore for better results possible alternatives will be discussed and chosen accordingly. According to Kaplan and Nortan, (2002) selection of too many indicators will lead to failing the strategy implementation of the balanced score card. The performance indicators of the strategy will help to achieve better results for the company. NOVATIS PM therefore need to carefully consider all the organisational aspects for the company’s success.

Text Box: 1. Financial Perspective

•	Cash Flow
•	increase Competitiveness
•	Return on investment
•	Higher sales
•	High Profit Margin

Text Box: 3. Customers Perspective
•	Pricing
•	Innovation
•	Customer satisfaction
•	Customer Choice
•	Customers Requirements
•	Market Share

Fig 2: Four perspectives of balanced Scorecard












4.1NOVATIS PM Strategic Objective and Balanced Scorecard

The Fig 2 defines the NOVATIS PM strategic objectives. According to Kaplan and Nortan, (2007) strategic objectives were created to value to the company and then transferred to tangible action and goals. The NOVATIS PM senior management transferred their vision in to the balanced scorecard four aspects in order to achieve their goals. Fig 3 demonstrates the company strategic objective through the balanced score card.

Fig. 3: Strategic objective of the NOVATIS PM











4.1.1The Financial Perspective of NOVATIS PM

The NOVATIS PM will focus on implementing strategies in order to achieve their financial measures. The financial perspective includes two main aspects return on capital and project success through high profit returns. The management will focus how to attract the clients in order to get projects. The NOVATIS PM Project profitability will help to focus on the planning and controlling the project and try to implement the develop strategies on time as to increase the return.

4.1.2The Customer Perspective of NOVATIS PM

The NOVATIS PM has classified their clients in to two basic categories. The first category refers to satisfying the client while secondly able to provide better quality service. Focusing the two aspects will help the company in providing better services the client and in return clients been switching the company will reduce as well. If the company provides quality service the NOVATIS PM will gain its market position again.

4.1.3The Internal Business Processes Perspective of NOVATIS PM

The internal business process of NOVATIS PM needs major changes and the company has adopted strategies to improve the working conditions by implementing change. As the management is well aware that high turnover in the company has creating many issues where re-training of employees incurred high cost for the company. The brain drain issue was mitigated by improving the conditions of working providing them with better salary packages, creating a better environment of working while enabling them to achieve career goals and objectives. Similarly with provision of facilitative working environment the project cycle completion is also mandatory which effects on the clients satisfaction. Therefore scope schedules and budget all three aspects will be planned and controlled accordingly.

4.1.4The Learning and Growth Perspective of NOVATIS PM

The NOVATIS PM faces an important backlash in the company with the higher turnover of employees and losses competitiveness.  The company therefore needs to ascertain that the employees should not leave the organisation therefore NOVATIS PM took initiatives such as to empower the employees and motivating them. According to Zollo, Reuer, and Singh, (200) empowering employees in decision making and other relevant aspects helps in creating a better working environment where employees feel that they are valued member of the organisation. Likewise Pamfilie, Petcu, and Draghici, (2012) contended that motivated employees are greatest human capital any organisation wish to have. If workforce is motivated the organisation yields maximum returns.

The present situation of the NOVATIS PM also suggests that in order to compete they need to implement strategies relevant to the current position. NOVATIS PM should focus on short term objectives then gradually increase their business horizon for attaining long term goals.

4.2Strategy Implementation and Milestone of Balanced Scorecard

A better and more comprehensive planning needs to be done in order to achieve the desired objectives of the NOVATIS PM. Strategies obtained from the balanced scorecard will yield desired results when implemented properly. Therefore in the following section milestones will be developed of strategy implementation achieved through balanced scorecard.

4.2.1. Planning Phase

The first stage is the planning of strategies that how NOVATIS PM will identify their clients, how will company mange the change, focusing on financial matters of company. The foremost aspect is to clarify that what impact this strategy will has on the company stakeholders of the organisations it includes, people, customers, organisational members and management (Amaratunga et al., 2002; Ittner, Larcker and Meyer, 2003).  Discussing and sharing of the strategy will help in implementation of the strategy.  The open communication will ensure that the strategies are not developed in isolation whereas everyone is taken in to consideration and given prime importance.

4.2.2. Identifying the Performance Indicators

Identification of the performance indicators of employees is an important aspect as it will help in dissemination of management and other position during the project. However different changes can be made with respect to time.

4.2.3. Change Management

Change management is completely redirecting the company resources, process and financial concern Aladwani, 2001; Kotter, and Schlesinger, 2008). Therefore it is considered as a difficult task as it faces different kind of barriers while implementing it. NOVATIS PM has taken initiatives of changing company’s traditional approach and adopts a comprehensive approach for its development. Therefore in order to implement the change which the company has decided needs to analyse the process of change management it includes the request to change, impact analyse, improvement criterion or denying, implementing the process and finally reviewing the change process ( Todnem, 2005; Kotter, and Schlesinger, 2008). This is the complete change cycle, whereas company should implement the strategy driven for balanced scorecard requires a change agent that should implement and review the process (Geuser, Mooraj and Oyon, 2009; Ittner, Larcker and Meyer, 2003)

4.2.4. Implementation Phase

After developing and planning this is a time where NOVARTIS PM needs to execute all its planned activities in the actual setting. The company works on achieving its short term goals. As Banker, Chang and Pizzini, (2004) argues that implementation phase is crucial where it connects the planning with the desired out comes.

4.2.5. Review Phase

This is the last phase of any strategy where review of the implemented strategy takes place. Monthly, quarterly and annually reviews help to analyse the progress of the project.  As monthly review helps to identify the flaws that can be removed in the planned program and annual reviews helps in analysing the mistakes done if any and should not be repeated in next project or session (Ittner, Larcker and Meyer, 2003). This is complete process of improvement. The NOVATIS strategy implementation should also be reviewed in order to see that does this change the complete affect the company performance. At what level it helps to increase the company’s market share.

Table 2: Milestone of balanced scorecard of NOVATIS PM

Balanced Scorecard Perspectives





1. Finance Perspective





1.5 %

6 %


Return on investment








2. Customer Perspective




Client satisfaction level



Highly satisfied

Focus on Innovative products




Focus on Quality measures








3. Internal Business Processes Perspective




Project Management




Project timeliness




Working Conditions



Highly satisfied





4.Learning and Growth Perspective




Continuous Improvement




Empowering Employees




Motivating Employees




Service Innovation



Very High

5.Risk Management

The risk management is defined as the assessing, identifying and priortising risks associated with any organisation (Froot, Scharfstein, and Stein, 2003; Haimes, 2015). The basic goal of risk management is to ensure that any kind of risk does not affect the company’s endeavor away from the organisation goals.  The companies are now working in a more competitive world where organisations need to analyse the environment carefully in order to compete and sustain its competitive position (Richard, Barnett, and Chadwick, 2004). Therefore risk management approach was adopted to identify the threat, assess it susceptibility, then determine the associated risk, use strategies for mitigating and finally proritise them using strategic base approaches (Chapman and Ward, 2003).

The NOVATIS PM is also operating in a more competitive market where its competitors were successful in their business operations. Therefore NOVATIS PM also needs to analyse carefully all the possible risks associated with it. The following risk register (Table 2) will allow the NOVARTIS to determine the probability associated with the risks that company might face.

5.1Risk Register

The risk register also known as the risk log is created in order to track the plan and also suggest possible mitigating strategies that can letter effect the business plan Froot, Scharfstein, and Stein,2003). This document or log is developed at early stages of the project as to identify potential uncertainties and that can create problem and hindrance in achieving organisational or project objectives (Barton and Simko, 2002). Therefore, this is an important aspect of risk assessment and tool address problem as they arise.

NOVATIS PM also requires a risk register as the company has established plans and implementing them.

Table 2. Risk Register of NOVATIS PM

Associated Risk ID

Identified Risk



Impact/ severity





Mitigation action




(Any risk associated with improved/advanced technology)




With the rapid technological up gradation companies are always exposed to technological risk.

NOVATIS PM is also exposed to technological risk where new any new technology of the competitors can take competitive advantage. Therefore they have to take actions to update the technology available in the company and also provide training to their employees for proper implementation of balanced score card.


Operational Risk

(Any risk associated during operation of any project such as system failure, mistakes while execution and indirect addition risks)




The NOVARTIS PM is very much exposed to operational risk. As the company has never executed balanced scorecard strategies.

Therefore NOVATIS PM in order to avoid operational risk should hire expert in this field for proper execution of balanced scorecard strategies.

Better training of employees also helps to reduce any kind of operational risk involved during the executions and reduce the extent of mistakes occurred due to it.


Financial risk (Risk associated with the capital such as investment etc.)




NOVATIS PM in order to implement the strategy requires investment and the risk is involved in it as if the strategies fails.

However to avoid any financial constrain company should work on smaller investment initially.

NOVATIS PM should do market analysis before investing in to other business expansion strategies.


Change Management risk

(Risk involved in implementing change proves in any traditional system)




NOVATIS PM is very much exposed to the change management risk. In order to avoid any kind of uncertainty the management needs to take the staff in to its confidence.

Another mitigating strategy the NOVATIS PM can take in order to reduce the change risk is that the company should involve the employees in their decision making process

The employees involvement from the initial process till implementation the employees will resist less than if the company suddenly announces any such decision.

NOVATIS should also work on this aspect and involve their employees while also brief them with the positive implication and associated benefits that employees will enjoy with this new approach


Competitive risk

(uncertainty involved with the competitive forces that unable the company’s to achieve their goals




NOVATIS PM also enables a high level of competitive risk.

There are numerous competitors in the market in order to reduce the risk the company needs to be very innovative and agile.

Innovation in the product od service will help the company to gain competitive advantage.

Sustaining its position through greater customer care will also help in reducing the competitive risk.



6.Limitations and Recommendations

Balanced scorecard is undoubtedly a more newly developed analytical approach, which provides verities of strategic options for business operations however there are certain limitations are also involved. The balanced scorecard does not give any view of external environment as the strategies are system generating. However, certain intangible forces that cannot be measured can affect business operations for instance the global economic fluctuation, political pressures or any legal changes. Therefore, NOVATIS PM should consider all the pros and cons of balanced scorecard before implementing it in to its business. The company needs to analyse carefully all the aspects of strategies that possibly affect the company in the future and will enable them to achieve their goals.


With the changing pace of business environment organisations are striving hard for their growth and development. Therefore for their operations more comprehensive strategic approaches are adopted that help them to induce proper plans and strategies which enable them to sustain its position in the market. One such approach which we have discussed is the balanced scorecard, a methodological technique which helps in providing a frame work of strategies for an innovative business model. The balanced scorecard focuses on four perspectives including financial, customer, internal business processes and learning and growth.

In the present study we have discussed the NOVATIS PM a constructing company and analysed that how does the balanced scorecard will help the company to be more innovative and agile in order to compete its competitors. The company was actually following traditional business approaches whereas the balanced scorecard helps in assessing more advance methods of business operational strategies.

Finally we have conducted the risk assessment of NOVATIS PM. Companies are operating in a competitive world where they are exposed to different kind of risks therefore analyzing the risk and taking corrective action is a constructive steps in achieving the desired objectives. Therefore analyzing the risks involved with the NOVATIS PM and suggesting mitigating approaches will helps company to take possible action accordingly.










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