Independent study Essay Example | Topics and Well Written Essays - 8000 words

Independent study - Essay Example In today’s intensely competitive business environment, the competitive advantage lies in how successful an organisation is in linking its strategic intent and direction to its overall operations. In order to steer an organisation in its intended direction and be successful in achieving its overall objectives, correct evaluation of organisational performance is critical. Evaluating organisational performance not only provides an assessment of the current situation but also provides information for corrective action if the performance is deviating from desired levels. However the effectiveness of performance evaluation depends on whether the right things have been evaluated. If a company has focused on evaluating the wrong aspects or neglected evaluating key aspects, which has significant implications on its performance, then results from the evaluation process will not be complete. The intention of this independent study is to gain valuable first hand insight in to how theoreti cal knowledge on management practices can be applied in practical settings. Balanced Score Card concept being a fairly recent management concept holds vocational value for the future career purposes, as it is set within the background of strategic management.