Critical evaluation of development and role of Balanced Scorecard in Essay

Critical evaluation of development and role of Balanced Scorecard in payoff and service organizations - Essay ExampleThe current essay sought to provide a brief overview of BSC and its responsibility to measure overall performance of the firms in production and service sector. In addition to that, it also provides a critical reflection about the various roles played by BSC in service and production sectors.In todays business environment, customers satisfaction has become one of the vital concerns for organizations and companies to improve product or service quality. Studies bring on noted that it is very problematic to measure performance of the service quality especially for the intangible goods. The accurate prediction of service quality is very tangled and there are numerous evidences that supports to that companies have failed to attempt the actual dimensional structure of service quality. Simons (2000) describes that, measuring and evaluating service quality generally uses a raw material theory approach. He concluded that, it is very difficult to understand views of the different customers towards quality level of a particular product or service outcome. Thus, the mangers demand to consider perception of the service process, service input and the overall supportive framework.The acceptance of globalization in the international market place has brought significant changes in the production and service sector, in terms of the level of competition, cost structure, production environment that led to rapid development in the advancement of technology. Majority of the companies in the global market were compelled to adopt contemporary business instruction techniques to ensure long-term business survival and to maintain competitive advantage (Kaynak, 2003). Performance management has evolved to be considered as an integral part of management accounting system. In this context, a large number of performance measures have been reported by the monetary instit utions to pursue cost of the organizations long-term objectives. However, most of them have failed to provide