Case Study Of Balance Scorecard

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Case study: A Fresh Approach of the Balanced Scorecard in the Heathrow Terminal 5 Project

Case study: A fresh approach of the Balanced Scorecard in the Heathrow Terminal 5 project 1
Introduction 2
Provide a summary in your own words of the article read and include a list with the key learning points from the article 2
Select four statements from the article that you agree or disagree with, providing the justification of your opinion. 3
Provide a critical analysis of the article: constructively criticize the article from the title, the literature, the methodology, the findings and the references – indicate at least 2 things you liked and 2 things you would have done differently, and motivate why 6
Explain how you could apply the subject
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The study is based on the balance scorecard approach in the Heathrow terminal. Balance scorecard is a performance measurement tool, which was created by Norton and Kaplan (1996). The case study revolves around the implementation and benefits of balance scorecard. The objective of the project is to show the case study and to define the customized application of the balance scorecard in the infrastructure project with multiple stakeholders. The case helps in offering the support towards the measurement, improvement of the quality standards in the major projects. The work by (Basu, 2001) shows that in spite of utilizing quastandards, manyprising of ISO standards many projects are managed based on tick boxes but they lately fail in delivering the quality. The performance management system of the project was ascertained and it was analyzed that the project has utilized balance scorecard approach in the project and has even involved stakeholders and …show more content…
At the initial time the T5 project was unique and it required a lot of referencing for its size. It acted as a catalyst. The main point of noticing in the project was the application of the tool, balance scorecard. The balance scorecard has four main elements financial elements, customer satisfaction elements, internal processing and growth. In the past two decades, the concept has gained a high rate of popularity. It was analyzed that the project management can also acquire the balance scorecard benefits. (Zagrow, 2003; Project Management Institute, 2004). The measures help managers in identifying whether the task is managed in the correct way. The customized application in HT5 has developed a novel attack for involving the key stakeholders that include stakeholders and contractors. HT5 program was one the biggest construction project in Europe. It caters for around 30 million passengers in a year. By around 2008, fifty thousand people got involved in the building of T5 working with on and off

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