Peyton Budget and Analyzing Assignment Example | Topics and Well Written Essays - 1250 words

Peyton Budget and Analyzing - Assignment Example The sales budget for Peyton Approved shows that the company forecasts sales to be $1,080,000 for the quarter ending September 2015. To cover the sales and the required ending inventory, the company needs to produce 60,000 units. That would require 27,380 units of raw material at a cost of $212,195. The total labor requirement is 30,000 hours at a cost of $480,000. While the budget estimate for direct material for the period is 36,320 units, the actual amount of direct labor is 31,000 units. The budgeted price per unit of direct material is $7.75. It is also the actual price. Given the difference is only on the number of units of direct material, the direct material price variance is zero. As for the direct material efficiency variance, the company records a favorable efficiency variance of $41,230. That gives a favorable total material variance of $41,230. There was no material price variance as the budget price and the actual price were the same. As for the favorable efficiency variance, there may have been several causes. As the actual production shows, there was less direct material usage than the budget estimates. That may have been a result of efficiency in utilizing material in the production process. The procurement process may also have contributed to the favorable efficiency variance. Where there is purchase of high quality material, there would probably be no wastage and the production may use up less material than the estimates (Nobles, Mattison and Matsumura, 2014).

Performance Management Essay Example | Topics and Well Written Essays - 750 words

Performance Management - Essay Example 2. Can the culture of an organization be changed to increase performance? Yes, the culture of an organization can be changed to increase performance because in today’s environment, change in the business environment is typical because of the rapid developments of technology. Business has been exposed to different stimuli, like economic crisis, globalization and technological changes. Changes in the organization are imperative because of the external developments and market development. The conditions obtaining in the market dictates for a culture change in the organization for survival reasons. For instance, in high technology firms, technological innovations becomes critical in responding to fast changes, so much so that innovation highly depends on acquiring new knowledge. 3. As a senior leader in an organization what can you do to change the culture and in turn increase performance of the business? To change an organizational culture is a difficult task because it has been entrenched and grown over time. Often times, people and management are too comfortable in it to attempt for a change and only a dramatic or significant event can change this culture like bankruptcy, loss of sales and customers or maybe lives. In starting a cultural change, senior leader should make an assessment, results of which could make one happy or sad. As a senior leader, he should have a keen eye to watch emotions, why they are excited or upset on things that matter. The leader should also be a watchful observer of objects displayed or hang on the walls that may present convictions, and to watch for things that are not there. A senior leader should be curious for things that are not mentioned by employees, but something that is very much important to management like customers. To change an entrenched culture, leader should first of all win the hearts and minds of the people he is working with. This cannot happen in a very short while, but it will take persuasion and patience. First, people should understand why change of culture is necessary, second, leader should know the cost of the change as it will entail shift from present design to a new one, and third, is to find ways how to motivate the people, and last, is to practice the organizational politics. 4. As an HR leader in an organization what can you do to change the culture and in turn increase performance of the business? Since it is inevitable that all things flow from the head, the values of the leader of any organization are reflected in the organization’s culture. In changing the culture of the organization, a leader must be able to communicate the vision of where the organization needs to go, and at this aspect, the leader must be trustworthy. In this context, it is seen that the transformation of the employees is the responsibility of the HR leader in the organization and the duty of the subordinates to receive and implement. Generally, employees are happy when they feel they are tru sted and important in the company. As an HR leader, there is a need to study the company’s personnel structure and find each employee’s strength. In working for a culture change, an HR leader should get

Intraorganizational Conflicts Essay Example for Free

Intraorganizational Conflicts Essay In the discourse about the assessment and management of intraorganizational conflict within an organization, Jessica Katz Jameson underscores the various facets of these conflicts. These include the sources of conflict, their characteristics, the management strategies and the desired outcomes. However, of interest here is how the author characterizes the sources of these conflicts. In this presentation, an attempt to unveil the characterization of the sources of conflict without examining the attributes and the form taken by the conflicts is an effort in futility. According to Jameson (1999), conflicts arise when interdependent parties have very unlike and incompatible mindsets and interests. Intraorganizational conflicts take different forms depending on the source Sources of Informal Conflicts. Informal conflicts take the form of informal arguments or differences in points of view and opinions between co-workers, employees and supervisors, between factions within an organization or even interdepartmental Conflicts. Informal conflicts occur mainly due to differing values, beliefs, opinions as well as perception regarding to how work should be accomplished (Jameson 1999). Shapiro and Rosen (as cited in Jameson, 1999) further categorized informal conflicts as those whose sources are relational differences and those that arise from differences in opinions as to how tasks ought to be carried out. Relational differences include personal differences between members of an organization or differences in opinion regarding to leadership style. Task conflict on the hand has to do with differences in matters regarding to authority and/or responsibilities as well as differences in perception and interpretation various issues. Others[1] have utilized words such as subjective conflicts and objective conflicts in trying to categorize various forms of conflicts. Sources of formal conflicts. Formal conflicts are of a different dimension. They are characterized by formal complaints about such issues as: Contravention of human rights within an organization or policy violations. In several instances, formal conflicts result in legal action usually by an employee against an organization. Formal conflicts occur due to issues regarding to dismissal, benefits, absentee policies, safety standards, discrimination, rules and regulations of work and promotions. Employees feel that they are not being treated fairly. Formal conflicts have been a subject of much interest in recent times due to the rising number of costly court cases between the employees and organizations. Question 2. Is it important or necessary in an organization to understand the sources of conflict within an organization, as we have an autocratic structure that can impose a resolution? Understanding the sources of conflict within an organization is important because of the following reasons: a) It can help in unearthing potential conflicts before they happen. Usually conflicts do not just happen but follow a distinct pattern that can be detected by knowledgeable persons. Early detection would allow for action that would ensure that the conflict never gets out of hand. This would result in saving the parties involved time money and misery. b) It assists the disputants, managers and third parties involved in selecting the most suitable method of resolving particular conflicts. An imposed resolution may serve an important purpose in a conflict resolution but may fail to achieve the most satisfying solution for the parties involved. There are differing concerns and interests that form the conflict resolution goals for the parties and these have to be put into consideration when seeking a resolution strategy. Some of these interests include: Cost reduction, timeliness, privacy and confidentiality, fairness, maintaining relations and establishing a precedent. These concerns may not be adequately addressed if a resolution has to come from an autocratic authority with an own interest and concern. c) Autocratic Structure of conflict resolution would be of little use in formal conflicts that are likely to result in litigation. Litigation is an undesired outcome due to the costs incurred by either party (time and money); especially depending on the way the judgment goes. Litigation has served to increase the need for dispute systems within organizations. d)Â   Understanding the sources of conflict within an organization assists in the development of effective organizational conflict management. This creates a conducive work environment and reduces work related stress. This would in turn have a positive effect on employee satisfaction and productivity. Understanding sources of conflict should thus be a goal that is pursued by all members within an organization.

Business Plan To Open Retail Store In Bihar Marketing Essay

Business Plan To Open Retail Store In Bihar Marketing Essay We are planning to open Wedding attire and accessories shop named as VIVHA UTSAV in Patna.VIVHA UTSAV is the Wedding attire and accessories shop for brides like no other. While most retail bridal Shops focus on selling Wedding dresses and Accessories for Bride only, we will cater to the mothers of bride, mother of groom, her friends and sisters. Because there is majority of Hindus in Bihar so we will provide dresses and accessories mainly for Hindu brides. OBJECTIVES 1) The primary objective is to provide one-stop-shopping for the wedding. 2) To make wedding shopping easy and enjoyable. 3) To attain a position in Bihar as we have in other states in this sector. MISSION VIVHA UTSAV is a boutique that will provide attire and accessories for not only bride but also for her relatives and friends also. We believe in providing excellent and superior services and making shopping a relaxed and pleasurable experience. We also believe in providing a professional and enjoyable environment to our employees so that they are motivated to be trustworthy and valuable resources to our customer. VISION We want to provide best product and shopping experience to the customer. We want to build strong and long term relationships with our customer. Type of Retailer It will be a specialty store catering only the market for wedding shopping. The attire and accessories will only be for bride and the female member attending marriage. 2) PRODUCTS . We will carry the following different products both the traditional and modern for Wedding occasion which customers can buy according to the way they want:- LEHNGA CHOLIS and SAREES 1) BY TYPE a) Designer lehnga choli: Designner wedding lehnags and sarees , custom made designer lehnga choli and sarees , Crepe designer lehngas and sarees etc. b) Traditional Lehnga Choli:- Traditional Indian cholis, Bandhej lehngas, Bandhni sarees, Tie-dye traditional sarees, c) Embroided Lehngas:- Zari Lehngas and sarees, Kundan Lehngas and sarees ,Trendy sequins lehngas and sarees wear, fancy Neemzari Cholis Kashmiri Work dress. d) Fish cut lehngas cholis, mermaid style, and Circular lehnga choli 2) By Fabric Georgette lehnga choli and sarees,Crepe Lehnga Choli and sarees, Silk Lehnga Choli and sarees, Net lehnga Choli and sarees, Satin lehnga choli and Sarees, Brocade lehnga choli and sarees, Tissue lehnga choli and sarees 3) BY Price and colors: Customer can buy according to different financial rang and colors. JWELLERY and OTHER ACCESSORIES a) Wedding necklace for bride and her relatives and friends. They can have Kundan, Pearl, Studded, Polki, Victorian, Beaded Necklaces and many more. b) Gleaming earrings: Fashion earrings, Hoop Earrings, Long Earrings, top earrings and may more. c) Designer bangles: Adjustable bangles, Fashion bangles, Gold bangles, Stone bangles, Studded bangles and many more. d) American studded jewellary, Antique jewellary, Designer Chains, Gorgeous Bracelets, Scintillating Pendants, Beautiful anklets, Nose rings e) Hair accessories, Footwear and Bags. 3) MARKETING PLAN For the past three years, there are over 25 thousand Weddings annually in Bihar, 35 hundred of which are in Patna. The average cost of a wedding in Patna is near about Rs.10lakh to 15 lakh in high class society and Rs.3 to 5 lakh in mediocre families and it has been increasing consistently by 5% each year. It has highest per capita gross domestic product in Bihar, which is better than the most of the metropolitan area in India. In 2009, World Bank ranked Patna as second best city in India to start a business. There many fashion and designer boutique in Patna and all of them are locally owned, single-unit operation. However there is increasing no of players entering in this sector but primary focus of these shops is to provide dresses and accessories for all occasion, no one provide accessories and dresses specially for wedding only. So the market is currently missing a place to find out a good selection of all the items for wedding together at one place. Target market:- We are going to cater the Hindus because they are the majority. The target market is brides, brides mother, grooms mother, bride and grooms sisters, brides friends. Wedding dress and accessories on average comprise about 6.8% of the total wedding expenditure, while attire and accessories for mother sister and friends comprises 7.1% of the total wedding expenditure. So we are also focusing on this 7.1% along with the 6.8%.People have joint families mostly in Bihar and Patna also. So a wedding generally have 2 mothers, 6-10 sisters and friends. Trends in Target market Because of the enhanced livelihood in Patna people dont mind to spend high amount to make the wedding a memorable one, because it is the one time function. People there are now moving toward modernization. They want to have the marriage both in traditional and modern way. Brides, her sister and friends now wanted to wear each accessory matching with their dresses. It is possible only if they shop from the same place. Positioning Strategy Our store will be positioned in customer mind with its name VIVHA UTSAV Wedding Shop. Any who will hear or see this name, ultimately come know that it is a store for wedding shopping. Sales Strategy Our sales strategy is designed in that way that it will lead to close the deal. When a customer will enter in our shop, she will feel that her place in wedding and needs are very important for us. We will make an environment in which shopping for other items will be as significant as the experience of shopping for wedding attire. At Vivha utsav other wedding parties like mother, sister and friends will also gain equal importance and attention as the bride receives. Market Share Initially our market share will be low or modest.But it is expected to grow at a good rate because of our unique niche the Vivha Utsav is targeting SWOT ANALYSIS Strength 1) It is the only store of its own type. While most of the boutiques focus on selling only wedding dresses, we give importance to other items also. 2) We will provide different attendants to bride, mothers, sisters and friends so that they can buy the most appropriate dress and accessories for themselves. 3) Our wide range of clothing style, designer and accessories. Weakness:- 1) We are planning to cater only the market for brides and her female relatives and friends not the groom wear market. so we may not get the attention of some customer because of this reason. 2) Wedding business is a seasonal business. We will have small no of foot falls in the off season Opportunity 1) Increasing trend of buying designer wedding dresses and accessories. 2) At our shop along with bridal dress and accessory focus is on other items also. Our customer will be offered a wide selection of their desired attire, and their needs will be our primary focus. Threats 1) Competitors who already exist in the market may have prices lower than our products. 2) People who already had a wedding in the past may prefer to go to boutique from where they bought in past. Promotional strategy 1) We will start with standard print and online listings in wedding media.We will advertise through local newspaper, matrimonial sites, local weddinh publications 2) We will carry some wedding shows so that the customer can have a look on what we are going to provide them. 3) We will build relationships with marriage consultants, who can refer us to the customer for wedding shopping. 4) We will register ourselves in yellow pages under the bridal sector, so this will act as a standard source for customer to find us. 5) We will also have a website so that the customer who wants to know more about us before shop at our can have all the information which she wants. They can also know about store location and store time. Those who are unable to physically come to place an order can place the order online. 4) OPERATIONAL PLAN Location: We will locate our store in downtown Patna; because of its daily activities it will draw a large no of foot falls into the area. It is a destination shopping area .It also the hub of public transportation and there is high level of pedestrian traffic and it also has a good no of residents living in the area. We have selected the corner of a main intersection with free parking. Store layout: Our store will be two story building. First floor will be for carry dresses and accessories for brides mother, her sister and friends. Second floor will be carrying the dresses and accessories for bride. On both the floor there will be changing and dressing room. Store layout will be free from. It will provide an Intimate, Relaxing environment that will facilitate shopping and Browsing. We will place fixtures holding the latest styles along the perimeter of the stores layout. Flooring and lighting will clearly differentiate the different product areas. The cash counter will be at the exit of the store. Key Supplier We will make contract with different designer, manufacturer of fabrics; different items need to decorate the dresses and other accessories. Other supplier will be for sewing machines, embroidery machine, needles, threads etc. Credit Policy We will not sell anything on credit. When a dress will being made to order, a fifty percent, non refundable deposit will be required. Once the dress is ready, the customer will have to pay the entire due amount before taking the dress from the store. This policy is applied on all other items also. Store management: Vivha Utsav will conduct business on weekdays from 9 am to 6 pm and on weekends from 10am to 8 pm. We will have work force including store manager, receptionist, cashier and part time sales associates, who all will be females only, because some customers may feel uncomfortable in the presence of male employee. The store will have three sales associate on weekdays and five sales associate on weekends to avoid problem of traffic in store. Moreover before coming to the store to get the dress and accessories customers will have to take appointment. This will also help avoiding the traffic problem. Sales associate will be paid on hourly bases and the store manager and receptionist will be paid monthly. The working hours will be increased at the season time to accommodate the planned increase in sales, so as their salaries will also increase. Some sales goals will be set for all the employees and when the employees will achieve those goals they will be rewarded monrtarily .To achieve those goals employees will need to do the following things:- a) Pay attention to the customer: customers need to be acknowledges right from the time they enter in the store because everyone, who will step in our store, will be preparing for the big event. They need to be taken seriously immediately because they will not be in our store for fun or casual purpose. b) Keep customer focused: The process of choosing bridal attire and accessories can be a longer one, because it is a very important purchase and there are so many variables like colors, type, fabric etc. so if the sale representative will navigate the customer efficiently through the process it can lead to the desired outcome. c) We will not only sell goods but will also sell shopping experience. Because wedding purchase especially bridal attires are as very emotionally attached and memorable process for bride, her mother and friends. So the employees should try to satisfy them in all possible manners so that the experience becomes a positive one so that they recommend us to their friends and relative for wedding purchase. Merchandising Management The dresses and other accessories will be sold on made-to order basis. So a sample of each product of each style will be kept in store so that customer can try on. If however a customer is satisfied with the floor design she can purchase that product. We will contact the designer who set minimums that is we require purchasing a certain number of sample products. We will keep track of our entire sales in computers in terms of no of times particular is purchased, which type of product is most demanding etc. If some items are selling poorly, they will be discounted, sold off rack or will be replaced by new items. 5) Financial Plan Requirements We will need Rs.50 lakh to get our business off the ground. We are currently seeking funding from outside investors and business loans. In the starting we will raise Rs.15 lakh in equity capital. We are seeking investors for additional Rs. 25 lakh and Rs 10 lakh in loans. Use of Funds Funds will be used to pay for renovations, construction of fitting rooms, sales counter, painting, carpeting, lighting, and dà ©cor and display fixtures. We will also purchase inventory computers, a cash register and inventory management system. The remaining of the Startup funds will be utilized to cover operating expenses, such as rent, utilities, marketing, costs and wages. Profitloss projection Based on our marketing plans, location, store size and product offerings we expect to collect annual sales of Rs.5040000 in 1st year. Our average cost of goods sold will be 40%, which leaves us with a gross margin of 60%.Our monthly fixed cost is estimated to be Rs 113125, so we will need to generate sales of Rs 4, 20,000 monthly to reach the breakeven point. We will become profitable monthly basis after our first year. Break even analysis Particulars Amount(Rs) Sales 5040000 Variable cost 3252000 Contribution(sales-VC) 1788000 Fixed cost 1357500 Net profit 430500 Profit volume Ratio = (Contribution/sales)*100 = (1788000/5040000)*100= 35% BEP point (Rs) =Fixed cost/PV ratio = 1357500/35%= Rs.3826510 BEP Point (months) =BEP point (Rs)/monthly sales = 3826510/420000= 9.11 So we will take 9 months and 4 day to reach the break even sales Cash Flow Projections We will collect immediate payment from customer because we will not give credit to customer, so our cash flow statement will be substantially similar to our income statement. Our cash flow statement will clearly demonstrate our ability to cover all bills.

Fixing the American Justice System Essay -- Criminal Justice Crime

Fixing American Justice In Lynn, a car pins a woman against a wall. The driver is charged with driving drunk for the third time. In Quincy, a pregnant mother is rushed to a hospital and her baby delivered by an emergency operation. Police say she was hit by a man already convicted of drunk driving four times. In Springfield a fifteen year old girl is crushed by a man who has been convicted of drunk driving almost a dozen times and has even served a prison term for it. She will never walk with her own legs again. This is only a small part of the small state of Massachusetts in our large country And sadly this is not just with drunk driving. Within less then 3 years, 5% of all convicted and released rapists will carry out another rape. Within the next 3 years 2% of all convicted murders will achieve another murder. The 272,111 offenders discharged in 1994 had accumulated 744,000 charges within 3 years of release. Criminals everywhere are stepping up as they find loopholes in our American justice system. Cali fornia has even instated a state wide repeat offender program. Why is the r...

Free College Essays - Analysis of Shakespeares Sonnet 75 :: Sonnet essays

Analysis of Sonnet 75 SONNET 75 So are you to my thoughts as food to life, Or as sweet-season'd showers are to the ground; And for the peace of you I hold such strife As 'twixt a miser and his wealth is found; Now proud as an enjoyer and anon Doubting the filching age will steal his treasure, Now counting best to be with you alone, Then better'd that the world may see my pleasure; Sometime all full with feasting on your sight And by and by clean starved for a look; Possessing or pursuing no delight, Save what is had or must from you be took. Thus do I pine and surfeit day by day, Or gluttoning on all, or all away. PARAPHRASE OF SONNET 75 As food is to the body so are you to my soul and mind, Or as spring showers are to the ground; And for the contentment you bring me I allow such inner strife As the conflict between a miser and his money; Who takes joy in his wealth, but soon Fears that ruthless competitors will steal his treasure, Now thinking it best to have you alone, Then thinking that the world should see how happy I am; At one moment wholly satisfied by feasting on your sight And the next moment utterly starved for a look at you: Having or seeking no pleasure Except what you have given me or what I will demand. And so I starve or feed to excess depending on the day, Either gorging on you, or not having you at all. COMMENTARY The sonnet opens with a seemingly joyous and innocent tribute to the young friend who is vital to the poet's emotional well being. However, the poet quickly establishes the negative aspect of his dependence on his beloved, and the complimentary metaphor that the friend is food for his soul decays into ugly imagery of the poet alternating between starving and gorging himself on that food. The poet is disgusted and frightened by his dependence on the young friend. He is consumed by guilt over his passion. Words with implicit sexual meanings permeate the sonnet -- "enjoyer", "treasure", "pursuing", "possessing", "had" -- as do allusions to five of the seven "deadly" sins -- avarice (4), gluttony (9, 14), pride (5), lust (12), and envy (6).

Balanced Scorecard

As mentioned in the introduction above, different business types bring a significant different treatment of strategic business control and evaluation. Consider for example, a firm that produce sheets of paper. The production processes are well defined and relatively stable, functional skills are specialized to gain operating efficiencies. There are relatively no strict challenge from the same competitor, because the market share are divided equally, as long as they keep the productions quality and maintain the cheapest cost of production.Regardless of whether the environment is stable or dynamic, an organization needs to exercise control over its operations so that its objectives are achieved as preliminary business planning. Firm that operate in a stable environment with standardized products and processes and low competitive pressures will employ the less complex functional business strategic. While the more complex firm with the dynamic competitor pressure should be consider to em ploy the more complex strategic control system (Shaw, 2004).Concerning the development of strategic control over a corporation, this paper will discuss about the Balanced Scorecard (BSC) for a company named ‘Puppy Luv Doggy Day Care’. Furthermore, it also develops at least three strategic objectives for each of the four Balanced Scorecard areas (Financial, Customer, Process, and Learning & Growth). 2. Balanced Score Card of Puppy Luv Doggy Day Care 2. 1. Balanced Score Card The Balanced Scorecard (BSC) is one of the most influential business ideas in the 20th century.It was noted that over one-half of the fortune 1,000 uses the BSC system (Niven, 2006). Some people consider it as a form of project management, a form of measurement or controlled improvement system. Despite the awesome popularity of the concept, we witnessed the practice of the BSC concept surprisingly concentrates on the private sectors. Robert Kaplan and David Norton first introduced the Balanced Scorec ard in the early 1990’s as a strategic management system that forces managers to focus on the important performance metrics that lead to success.There are four perspectives of BSC as following: 1. Financial perspective This is the standard perspective that everyone uses even before the BSC. Even a non-profit organization uses this perspective in order to balance their books. It measures financial performances through financial ratios and other financial indicators. In the case of Puppy Luv Doggy Day Care, the financial perspective includes strategic objectives in following areas: ? Market share ? Revenues and costs ? Profitability? Competitive position 2. Customer Perspective It is a measure of corporate value viewed from the value it delivers to customers. For instance, time taken to process a phone call, result of customers’ surveys, number of complaints, competitive rankings, etc. In the case of Puppy Luv Doggy Day Care, the Customer Value Perspective includes strat egic objectives in following areas: ? Customer retention or turnover ? Customer satisfaction ? Customer value 3. Business Process PerspectiveIt measures corporate value from the enhancement of its business processes, like time spent prospecting, quality cost, product rework required, etc. In the case of Puppy Luv Doggy Day Care, Process or Internal Operations Perspective includes strategic objectives in following areas: ? Measure of process performance ? Productivity or productivity improvement ? Operations metrics 4. Learning and Growth Perspective This perspective measures corporate value from its learning abilities or the progress of its learning processes.Example of activities measures are staff training, employee suggestion and improvement of certain processes as an outcome of the learning process (‘Balanced Scorecard’, 2006). In the case of Puppy Luv Doggy Day Care, the Learning and Growth (Employee) Perspective includes strategic objectives in following areas: ? Employee satisfaction ? Employee turnover or retention ? Level of organization capability ? Nature of organization culture or climate ? Technological innovation These perspectives are then adaptable to various businesses by choosing different drivers for each perspective.The BSC can also detect and measure correlation between activities, in order to help decide which activities positively impacted others. For instance an online customer service can help reducing telephone calls and time to handle complaints, thus increasing effectiveness of business processes. According to Kaplan and Norton, there are various utilities of the Balance Scorecard. Some of them are: to clarify and update strategy, communicate strategy, align unit goals with corporate strategy, link strategic objectives to long term target, etc (‘Balanced Scorecard’, 2006). Balanced Scorecard The balance scorecard is a management tool that is used by the management of companies to enable them in planning on how to align the business activities to the vision and strategy of the organization so as to improve the internal and external processes of the company. Communication is used to monitor the organization performance against the strategic goals that have been set by the management of the organization.The balance scorecard was first developed by Dr Robert Kaplan and David Norton who discovered that the tool would be used to measure the performance of the employees of the company so that they would improve on their performance it was used by the management of companies so as to clarify the vision and the strategies and then to translate them into action. According to some economist they noted that an organization was viewed into four perspectives as per the balanced scorecard. The Learning and growth perspectiveThis perspective that deals with how the employees can be trai ned in order for them to gain the knowledge and skills that can enable them carry out their activities effectively. It also deals with the corporate cultural attitudes that relate to both the individual and corporate self-improvement so that the attitude for each the individuals and the corporations would change so that they would perform their activities according to the needs of the organization and not for their own interests.There had been increased technological changes that have resulted to the management of the organization to train their employees so that they can adapt to those technological, economic and social-economic changes. The business process perspective The perspective deals with the internal business processes.The metric allows the managers of an organization to learn how well their businesses are run and whether the products and services of the company can conform to the customer tastes and preferences There are two kinds of processes that are used when determini ng the goals of a company these are mission oriented processes and the support processes. The mission-oriented processes are used in measurement of the employee’s performances so as to ward them according to their skills and responsibilities.The processes are usually used in the government offices. The customer perspective The recent research showed that customers contributed to the success of the company and therefore it is important to satisfy their needs because incase they do not get satisfied with the services of their suppliers or traders they can look for alternative suppliers who could meet their needs and this can pose to be a big challenge to the marketing department as the volume of sales of the company can be affected negatively.The management should learn how to satisfy their customers needs by identifying the different types of customers and their different tastes and preferences so that the right kind of products and services are produced for them so as to main tain the customers and also to increase the earnings of the company by providing the right of goods and services that are acceptable to the customers. The financial perspective It is important for the management of organization to provide timely and accurate records of data so that they can give the true financial position of a company.The implementation of corporate databases it can enhance proper centralization and automation of information that can enhance proper recording of the transactions into the financial statements so that proper analysis of the company can be made. The Tri-cities community Bank was a company that was located in the Midwest United States; it had ten branches that were grouped into divisions that is the southern Division (SD) and Northern Division (ND). The divisions consisted of five branches that were headed by a Branch President and a Branch Chief Loan Officer.The other staffs that managed the operations of the company were the customer service represent atives, loan representatives, mortgage loan originators, head tellers and the administrative assistants. Mrs. Chris Billing was the Southern Division (SD) president from a Marketing Director because she could improve the performance of the company since she had acquired the necessary skills from college about how to improve the performance of the company.In the year 2000 she implemented the balanced scorecard into the organization although there were protests from the Northern Division (ND) presidents who saw the implementation of the strategy as impossibility since they had not had about the strategy before and was not ready for change. Branch A According to the Customer Service Representative of Tri Cites Community Bank Mrs.Mary Richards, she stated that the implementation of the balanced scorecards would create greater loan volume for the loan balances, deposits and the certificates of deposit and this would lead to lower profit margin, but it would be beneficial to the companyâ €™s growth. According to Mike Moore she stated the measures of the balanced scorecard were realistic, but the implementation of the measures was difficult because it was the first time for the employees to use them thus getting to learn the measures would mean creation of more time to train all the staff about the implementation of the performance measures.According to Paul Franks he stated that since the employees carried out their activities while using the measures then they would earn more cash bonuses, which improve the company’s performance and also the living standards of the employees of the company if they used the measures since proved good returns to the company once they utilized them appropriately. Branch B Mrs.Pamela Wise the loan representative of branch B said that the measures would be used to measure the progress of the company while in the process of trying to achieve its goals and objectives as this would lead to meeting the needs of the community and also to increase the profitability of the company. The measures would be used in determining the right kinds of promotions and pay rises for the employees, they would also be used to assign the employees according to their skills and knowledge so as to ensure the duties and responsibilities of the company were carried out effectively.Branch C Mr. Bill Sovensen stated that the balanced scorecard measures would promote teamwork among the tellers, loan officer and the customer service representatives such that they would enable them to discuss the goals of the organization and also be in a position to understand the activities of the bank so as to promote effective implementation of the company’s goals and objectives. The scorecard measures would enable the management of the company to achieve goals such as selling, cross-selling, and the goal of making customers to feel comfortable with the services of the bank.The Administrative Assistant Mr. Luo Martin said the balanced score card measures would lead to the successful implementation of the goals and objectives of a company. The success of the company would led to the management to organization of recreational places that would be used to appreciate the efforts of the employees so as to motivate them to work harder in their duties and responsibilities and also to avoid employee turnover as it could affect the reputation and performance of the company. Branch B According to Mr.Gray Smith he stated that the balanced scorecards were important but it was important for the management of the company to choose measures that were relevant to the management’s growth. Mr. Al Taylor stated that the measures would lead to achievement of the company’s goals. Branch E The balanced scorecard would be used to compare the performance of the company with other companies so that the company could keep track of the company’s performance so that the right measures could be put in place in order to enable the company to compete effectively with its competitorIt was noted that in order for the organization to improve in its performance it had to the implement the four perspectives of the balanced scorecard into its organization these were financial measures, customer measure, internal business measures and the retention measures and the learning and the growth perspective. The management of the company Northern Division should have implemented the balanced scorecard into the company in order for it to achieve its goals and objectives.The benefits of the perspectives were that if one perspective was good then other would also improve, for example if the internal perspective improved then the internal processes would also improve. If the customers were satisfied with the services that they needed then they would continue to purchase the company’s products and also use their services and this would boost the performance of the company .The sales volume of the company would improve if the company’s financial status improved then the management of the company would be in a position to achieve its strategies successfully, if the company’s strategy would be good then this would be translated to increased returns for the company and the application of the financial measures would be done in an effective and efficient manner.It was reported that if the employees were trained about sales effectiveness, customer service, product profitability and local bank knowledge, they would be in a better position to serve their customers since the knowledge and skills acquired would enable them to gain relevant experience of how to improve the performance of the company. The management of the bank also noted that the training programs given to the employees such as the in house tests on various training topics, higher-quality referrals and cross-self proposals they would equip the employees with right techniques to handle the company’s activities.The imple mentation of the programs would lead to higher customer satisfaction and it would also lead to the management of the company to learn more techniques of retaining their customers so as to achieve high sales volume of the company’s products and services. References Burgelman R A. and. Grove. A. S. (1996) â€Å"Strategic Dissonance . California. California Management Review, Vol. 38, No. 2. pp. 8-28. Kaplan, R. S. and Norton. D. P. (1996) Using the Balanced Scorecard as a StrategicManagement System. Harvard Business Review 74, no. 1 75+. (May be accessed at http://www. hbsp. harvard. edu/frames/groups/hbr/janfeb96/96107. html). Liedtka J. M. and Rosenblum J. W. (1996) Shaping Conversations: Making Strategy, Making Change. California. California Management Review, Vol. 39, No. 1. , pp. 141-157. Marsh, P. and et all. (1988). Managing Strategic Investment Decisions in Large Diversified Companies London. London Business School.