Heathrow T5
Theories are just theories into they are actually put to the test and an experiment is conducted. This is the basis for the scientific approach. Basu, Little & Millard (2009) article applied the Balance Scorecard Theory by Kaplan and Norton to a real time project in London's Heathrow Airport. The purpose of this essay is to explore how this project adopted the Balanced Scorecard Theory and incorporated it, much like a tool, to its own purpose. This individualization of the process provided many learning points and demonstrated a correct application of a theory into something useful and real.
The article is formed in a case study format which allows for a proper investigation into how this airport project used the theory in question. The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives: The Learning and Growth, Customer, Financial and Internal Business Processes.
The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The balanced scorecard transforms an organization's strategic plan from an attractive but passive document into the systems and processes for the organization on a daily basis. It provides a framework...
BSC The Heathrow Terminal 5 project illustrates how the balanced scorecard approach can be applied to a number of projects and organizations. In this case, the airport authorities wanted to derive a comprehensive vision for what the Terminal project should be, and they were able to execute on that for the most part. The system that they designed was heavy on evaluation metrics and this was critical to the overall success
Balanced scorecard approach typically focuses on the organization finding links and balances between its mission and vision and four perspectives -- the financial, learning & growth, internal operations and customer (Kaplan & Norton, 2013). This approach is contrasted with a modified version that was used in the construction of Heathrow Airport Terminal 5 (Basu, Little & Millard, 2009). The Heathrow Terminal 5 project began with a number of objectives relating to
Balanced Scorecard The global environment continues to be very contentious as organizations compete for market share around the world. As business continues to become more integrated, it is necessary to have standardized rules and processes. This standardization however must be adapted to fit local constituency within a given market. The balance scorecard is no different in this regard. A balanced scorecard allows businesses to better ascertain their particular strengths within a
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