The assignment is literature review based only. No need for any field or first order data collection. Balanced Scorecard (BSC) Model in Implementation of Total Quality Management (TQM.
It consists of two parts (A and B) as follows:
A) Literature review [14 marks]: Select one of the following models used in TQM implementation and write an essay (around 1500 words), from published literature and reliable resources, focusing on the principles used, practical perspectives of the implementation (including pros and cons), and the extent of its use in our region (form the available published resources, if any).
1. Balanced Scorecard (BSC)
2. Malcolm Bridge National Quality Award (MBNQA)
3. European Framework for Quality Management (EFQM)
B) Reflection [6 marks]: reflecting on the literature about the selected topic in Part A, please discuss the following points from your own perspectives (around 500 words):
1. As a top executive, in a public or private organisation, what will be your focus areas in the implementation of such tool?
2. how the modern information technology can support the implementation of such tool?
Note: Please observe plagiarism rules and referencing standards and styles throughout!
Submission Deadline:
Assignments should be submitted latest by 24th June 2016.
Assessment Rubric:
Assignment will be graded; maximum of 20 points: Outstanding 18-20, Good 14-17, Acceptable 10-13,Unacceptable 9 or below. Please refer to the attached rubric.
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TO BE RE-WRITTEN FROM THE SCRATCH
Balanced Scorecard (BSC) Model in Implementation of Total Quality Management (TQM)
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Balanced Scorecard (BSC) Model in Implementation of Total Quality Management (TQM)
Part A: Literature Review on BSC as an Approach TQM Implementation
Total Quality Management (TQM) is an important tool that allows organizations to enhance the quality of products as well as services offered by the organization in a bid to build on customer satisfaction. TQM involves integrating unified mission and vision of an organization that involves the entire enterprise form the lowest eve to the level of top management. It is a customer oriented approach that involves a systematic change management as well as continuous improvement of processes, products and services. TQM revolves around the combination of all the aspects of an organization into a holistic philosophy that is subject to the concept of quality, teamwork, understanding, customer satisfaction, and productivity (Tejaningrum, 2014). While TQM encapsulates four fundamental principles; customer satisfaction, management subject to facts, respect for each hierarchical rank, and continuous improvement, there are a wide spectrum of principles that are often considered which include; obsession with quality, focus on the customer, long-term commitment, a scientific approach, education and training, team cooperation, unity of purpose, and employee engagement.
Based on the underpinnings of TQM, balanced scorecard (BSC) is a performance management approach that puts emphasis on four main perspectives which are; customer, financial, internal business, and learning and growth. Developed by David Norton and Robert Kaplan (Kaplan & Norton, 1992), BSC maintains the use of financial metrics as the ultimate outcome measures for the success of an organization. However, it supplements these metrics from three other perspectives which are; customer, internal process, and learning and growth (Kaplan, 2010). The financial perspective acts as the reference for the evaluation of performance in BSC. The organization is assessed subject to the financial wellbeing of the organization which can be inferred from the balance sheet as well as profit and loss statement. The measure used to assess the organization from a financial perspective include; profitability ratio, debt ratio, activity ratio, and liquidity ratio (Tejaningrum, 2014). Profitability ratios involved are net profit margin, gross margin, return on equity rate, and return on assets. Accounts receivable turnover, debt to net worth ratio, inventory turnover, quick ratio, and current ratio, accounts for the ratio of activity.
Kaplan & Norton (1992) postulate that a sound financial performance must be attained with consideration to customer satisfaction levels. Consequently, the financial health of an organization needs to be attributable to high customer satisfaction level. The indicators employed to benchmark performance based on customer satisfaction are: customer satisfaction level, customer retention, market share, customer profitability, and customer acquisition. Kaplan & Norton (1992) further highlights that high levels of customer satisfaction are achieved through a reliable and efficient internal business. The concept of internal business perspective accentuates that the organization must possess the ability to generate continuous improvement. The indicators for a reliable internal business are: improved product performance, decrease in the amount of waste, new products. Level of innovation…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
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