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While evaluating these independent areas, management still looks for the most significant performance factor in the organization, which helps them in pursuing the objective defined at the planning stage. Each area has varied degree of influence in the company work sheet. Identification of its relative importance and allocating resources is a defining principle of balancing scorecard.
Corporate governance
Another strategic goal for FedEx is to grow profitable revenues and increase dividends for its shareholders. Corporate governance provides a system that governs organizations while protecting the interests of shareholders and also providing them candid financial audit results. FedEx Corporation has a board of directors that looks after the financial and operational performance of the organization while keeping the financial goals of the company in …show more content…
Similar to our personal finances, planning and organizing resources through budgeting is cornerstone of any business development. Budgeting is a financial standard of performance, which allocates funds in across the operational span of an organization. This is designed and formulated based on the needs of growth and control. Financial figures are evaluated against the budgeting standards and then reviewed for future planning.
Working on performance standards and evaluation, balance scorecard module provides the most useful tool for comparing and taking managerial actions. FedEx Corporation is following this approach in pursuing long term goals and implementing operational plans. Their growth plan covers all four areas explained in the module.
Finance
1. Achieving $1.7 billion annual profit per year by the year ending in 2016 2. 10% or plus operating margin per year
Customers
1. Customer requirement will be met in the highest quality manner appropriate to each market segment served.
Internal …show more content…
| Customer | Customer Satisfaction Rate
Customer Recommendation Rate (rate of new business generated by recommendations from existing customers) | 95%
80% | 95%
100% | Customer satisfaction has achieved its expectations and results are satisfactory. business generated through customer recommendation was 2% higher than the expectations. | Internal Processes | Duplicate Activities Across Functions (percent of the activities completed that are duplicated in another function)
Process Bottlenecks (percent of the process that becomes bottlenecked in an average run cycle) | 25%
15% | 20%
15% | Duplicate activities were 5% less than expected result. Showing effective design of the processes. Bottle necks do not show any deviation giving the expected results. | People
Innovation
Growth Assets | Employee Turnover
Employee Job Satisfaction | 25%
90% |
Corporate governance
Another strategic goal for FedEx is to grow profitable revenues and increase dividends for its shareholders. Corporate governance provides a system that governs organizations while protecting the interests of shareholders and also providing them candid financial audit results. FedEx Corporation has a board of directors that looks after the financial and operational performance of the organization while keeping the financial goals of the company in …show more content…
Similar to our personal finances, planning and organizing resources through budgeting is cornerstone of any business development. Budgeting is a financial standard of performance, which allocates funds in across the operational span of an organization. This is designed and formulated based on the needs of growth and control. Financial figures are evaluated against the budgeting standards and then reviewed for future planning.
Working on performance standards and evaluation, balance scorecard module provides the most useful tool for comparing and taking managerial actions. FedEx Corporation is following this approach in pursuing long term goals and implementing operational plans. Their growth plan covers all four areas explained in the module.
Finance
1. Achieving $1.7 billion annual profit per year by the year ending in 2016 2. 10% or plus operating margin per year
Customers
1. Customer requirement will be met in the highest quality manner appropriate to each market segment served.
Internal …show more content…
| Customer | Customer Satisfaction Rate
Customer Recommendation Rate (rate of new business generated by recommendations from existing customers) | 95%
80% | 95%
100% | Customer satisfaction has achieved its expectations and results are satisfactory. business generated through customer recommendation was 2% higher than the expectations. | Internal Processes | Duplicate Activities Across Functions (percent of the activities completed that are duplicated in another function)
Process Bottlenecks (percent of the process that becomes bottlenecked in an average run cycle) | 25%
15% | 20%
15% | Duplicate activities were 5% less than expected result. Showing effective design of the processes. Bottle necks do not show any deviation giving the expected results. | People
Innovation
Growth Assets | Employee Turnover
Employee Job Satisfaction | 25%
90% |