Understanding How Economics effects business
The right to own private property, including the means of production, and the right to own a business and keep its profits are two of the fundamental rights that exist in the economic system called free-market capitalism.
Would either of these rights be viable without the other?
The right to freedom of competition and the right to freedom of choice are also basic rights that exist in the free-market capitalism.
How do these rights encourage entrepreneurship and benefit the customer?
BSC Flexibility & the Customer Perspective
In the last module we looked at the Balanced Scorecard and how it is implemented from more of a purist’s approach and just touched on the flexibility of the tool. In this module, we are going to look at the BSC from more of an adaptive approach. That is to say, how adaptable is this tool given the wide variety of organizations out there in the world.
In this assignment you are asked to study the required readings and to read the following case study:
Basu, R., Little, C., Millard, C., (2009). Case Study: A fresh approach of the Balanced Scorecard in the Heathrow Terminal 5 project. Measuring Business Excellence. 13(4). 22-33. Retrieved from: http://www.perf-ex.co.uk/wp-content/uploads/2012/04/T5-case-study-MBE-papaer.pdf
After reading this article, write an essay in which you compare and contrast the balanced scorecard utilized by the British Airport Authority (BAA) at Heathrow Airport’s Terminal 5 project with the standard quadrants typically applied in a traditional BSC approach (financial focus, Internal focus, Learning and Growth focus, and Customer focus). That is to say, the Terminal 5 project was a large, public construction project using private contractors. Yet, the BSC approach is also applied to the manufacturing sector, health care sector, and is applied in both private and public organizations. So you’ll want to consider how the T5 project adapted the BSC approach to fit the prevailing circumstances to help formulate your arguments.