Balance Scorecard for projects by Stewart (2001) Essay

Balance Scorecard for projects by Stewart (2001) - Essay Example On the other hand, it can also be observed that the success of any particular project heavily draws on the performance of the people involved in that particular project. A project is often regarded as a mini organization as a result of the fact that it is more structured and controlled. It can also be noted that different projects have failed to achieve their goals as a result of poor management. â€Å"With a proper performance measurement tool such as the balanced scorecard (BSC), organisations can clarify their vision through measurable goals and outcomes,† (Shepko & Douglas, 1998 as cited in Stewart, 2000, p. 38). Against this background, this essay will discuss the BSC as a more contemporary means of implementing the strategies of an organisation in order to operate viably with the aim of achieving its stated goals. The discussion will heavily draw on the work of Stewart, Kaplan and Norton, Ahn and Prastacos. Particular attention will be given to the work of Stewart (2001) entitled Balanced scorecard for projects. The essay will critique journal the articles by these authors with the aim of discussing their views about this topic which is related to BSC. The paper is structure in different parts and the first part deals with giving an overview of the topic in view of the ideas raised by different authors. In the main, the essay will discuss the findings of different authors about the topic in question. The last part of the essay is based on a critical analysis of a case scenario of BBCL/El Nino/El Dorado. The discussion of this case study will heavily draw on the ideas raised by different authors mentioned above. A conclusion to give the main points discussed in the essay will be given at the end where a personal reflection about the writer’s own perception about the topic will be given. 1.1 Overview of the topic Organisations are currently encountering a revolutionary transformation where industrial age competition is replaced by the information age competition. During the contemporary period, it can be noted that sophisticated financial control systems were developed to monitor efficient allocations of financial and physical capital. Thus, the need for a new approach to the evaluation of value creation of the organisations has led to the development of the balanced scorecard. According to Kaplan and Norton (1996), a balanced scorecard is a strategy that is used to supplement the traditional financial measures with other criteria that measure performance from three additional dimensions which include the following: customers, internal business processes, learning and growth. The BSC can be used to transform the vision of the organisation towards the attainment of its strategic goals. According to these authors, building a scorecard enables the organisation to link its financial budgets with its strategic goals given that it will be easier to monitor the performance of the organisation as a whole through an outlined step by step process. Stewart (2000) suggests th at the goal of every organisation is to do more, better,