This report is accompanied by several operational plans and strategies which could be undertaken by the operational managers for the betterment of the organizations. In the starting of this report, responsibilities of operation managers have been considered after that balance score card approach have been evaluated to analysis the business performance.
Responsibilities of operational managers
There are several direct and indirect responsibilities which are taken care of by operation managers for the betterment of organization. Operation manager is the key person who has to evaluate performance objective of various employees in particular value chain activities. If operation manager does not perform its responsibilities in determined approach then it would not only increase organizational overall cost of production but also result to failure of accomplish set specific and general objectives of company (Swink, et al. 2014.). For instance, if operational manager of Lucky café which is New Zealand Company does not perform its set objectives and goals then it would destruct the performance of value chain activities and company will have to face high sustainability risk in long run. Operational manger is the key persons who evaluate whether the proper business functioning is maintained in right and effective manner. If operation manager fails to have control on the value chain activities of organization then it would surely increase the overall cost of production and increase the financial and operation risk of the Lucky Café (James, and Panigrahi, 2017).
Critical evaluation of balance score card approach
Balance sore card is accompanied by several key indicators which reflects where company has to make improvement for accomplishment of its set objectives and goals. Financial institutions are the lenders who provide capital to organizations for their business. These financial institutions have to prepare search report before giving loan to companies. These key indicators reflects where company is lacking while running its business (Monczka, et al, 2015). If it is found that company does not have proper level of capital structure then it will render the situation in financial institutions mind that company is having high financial risk. On the other side, customer’s perspective of company reflects the brand image of company which will create value to the investment amount in the future. Internal process perspective also will help financial institutions to identify the core competency of company and how well company could perform in the market in near future. After that in the end, learning and growth perspective will provide the effectiveness of employees and value chain activities of organizations about how well company could make development in its existing business functioning.
This balance score carp approach could also provide the rough idea about the company’s performance and its business condition but for the complete level of evaluation of business performance of company, financial institution would have to evaluate all the internal and external factors of company (Boscia, and McAfee, 2014).
There are several operational plans and strategies which could be undertaken by the operational managers for the betterment of the organizations. However, balance score card approach could be used by company to evaluate the business performance of company.
Boscia, M.W. and McAfee, R.B., 2014. Using the balance scorecard approach: A group exercise. Developments in Business Simulation and Experiential Learning, 35.
James, L. and Panigrahi, J., 2017.Balance Scorecard-Financial Perspective Study Of Hindustan Aeronautics Limited
. Ushus-Journal of Business Management, 9(2), pp.81-92.
Monczka, R.M., Handfield, R.B., Giunipero, L.C. and Patterson, J.L., 2015. Purchasing and supply chain management. Cengage Learning.
Swink, M., Melnyk, S.A., Cooper, M.B. and Hartley, J.L., 2014. Managing operations across the supply chain (pp. 248-249). New York, NY: McGraw-Hill/Irwin.