HRM 5170 Balanced Scorecard and defining objectives Discussion

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Business Finance

HRM 5170

Description

  • You are a project manager for a large electronics retailer (e.g., Best Buy) who will be implementing a new time keeping system to track hourly and salary employees’ time and attendance. You have been asked to develop a balance scorecard that can be used to manage the effectiveness of this project. Select an area (e.g., financial, customer, business, and learning) that you will focus on from a balance scorecard viewpoint and explain how you will measure the effectiveness of the project. Support your comments with citations from authoritative sources in the field.
  • identify the top three (3) most important topics that anyone working in human resources needs to know about project management. Explain your rationale.
  • Discuss three (3) best practices that you either will apply in your career or could recommend to any project manager. Next, recommend at least one (1) additional best practice that is not specifically mentioned in the course. Justify your response. Support your comments with citations from authoritative sources in the field.

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Explanation & Answer

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Running head: DISCUSSION QUERIES

Discussion Queries
Name of Student
Institution Affiliation

1

DISCUSSION QUERIES

2
Discussion Queries
Question #1

A balanced scorecard refers to a strategic performance tool used in an organization to
measure and improve the performance and effectiveness of a project of a firm. The balanced
scorecard for the large electronics retailer will focus on the financial area of the business.
Balanced Scorecard

Measurement Metric
Organization’s Area
✓ Financial

➢ High profit margin
➢ Increased cash flow
➢ Reduced overhead
expenses
➢ Increased cash
liquidity
➢ Lower ...


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