| dc.description.abstract | Strategic management is the art, science and craft of formulating, implementing and
evaluating cross-functional decisions that will enable an organization to achieve its longterm
objectives. It is the process of specifying the organization's mission, vision and
objectives, developing policies and plans, often in terms of projects and programs, which
are designed to achieve these objectives and then allocating resources to implement these
policies, plans, projects and programs.The balanced scored card is designed to give
companies the information they need to effectively manage their business strategy
tactically. The scorecard is similar to a dashboard in a car. As you drive you can glance at
the dashboard to obtain real-time information on how much fuel remains and the speed
you are travelling. The study design was a case study aimed at getting detailed
information regarding the process of balanced scorecard implementation and challenges
that Family Bank had encountered. Primary data was collected from the company staff.
This was a case study, therefore content analysis was quite useful. The study found out
that Family Bank had used balanced scorecard as strategic management tool, which was
implemented by all employees. The study also found that there were key stages used in
the implementation of balance scorecard at Family Bank. The study further found the
implementation of BSC at Family Bank encountered challenges resistance to change, lack
of information and limited resources. Finally recommendations on how to overcome
challenges ere proposed and limitations of the study and areas of further research were
presented. | en_US |
