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Ford Motor Company Essay

950 Words4 Pages

Following the economic downturn of 2008 and 2009, the automotive industry was forced to grapple with demand for more fuel efficient cars at a cheaper price but with higher quality and reliability. Ford Motor Co. has been the most successful American automaker in meeting these demands since the recession. Their strategic plan reflects the idea of integrating financial and business plan goals discussed in "Using the Balanced Scorecard as a Strategic Management System". Introduction of Balanced Scorecards The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, …show more content…

Balanced Scorecard Disadvantages While there are many advantages to using balanced scorecards in your accounting toolbox, there are a few disadvantages to the method as well. First, the balanced scorecard takes forethought. It is not a tool you can just think up one night to solve a problem. Instead, it is recommended that you hold a meeting to plan out what goals you would like to see your company reach in each of the four above areas. Once you have clearly stated objectives, you can then begin to break down these objectives in what you will need, financially, to bring these objectives to fruition. Second, while the balanced scorecard gives you an overall view of the several areas for concern in business growth and development, these areas do not paint the whole picture. The financial information included on the scorecard is limited. Instead, to be successfully implemented, the balanced scorecard must be part of a bigger strategy for company growth that includes meticulous accounting …show more content…

Balanced scorecard is a clear way to articulate the business 's vision and strategy, it helps company to develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets. Also company can collect and analyze performance data and compare actual results with desired performance. However, I do not suggest they implement balanced scorecards on all of their projects, because everything has its downside. For example, Balanced Scorecard does not include direct financial analysis of economic value or risk management. Goal selection under Balanced Scorecard does not automatically include opportunity cost calculations. Therefore, the effective way to use project management tools is to absorb the essence and discard the

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