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Balanced Scorecard & KPIs Effect On Decision Making | Oil&Gas Industry

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Added on  2020-02-03

Balanced Scorecard & KPIs Effect On Decision Making | Oil&Gas Industry

   Added on 2020-02-03

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Short Effects:- The Effect of BalancedScorecards and KPIs on Decision Making ofTop Management in Oil and Gas Industry
Balanced Scorecard & KPIs Effect On Decision Making | Oil&Gas Industry_1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1Effects of Balance Scorecard and KPI's on decision making.....................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTION Balance Scorecard and KPI helps in decision making within oil and gas industry so thatcontinuous improvement and innovation can be attained. Balance Scorecard is the measurethrough which the performance is measured which assist the employees to focus upon qualityand aids in improving business performance (Wu, 2012). Further, KPI's are another performancemanagement measure which has been adopted by the top management to make effectivedecisions so that productivity of the firm can be improved. Both these methods aid in developinginnovative and learning perspectives so that competitive success can be attained. Effects of Balance Scorecard and KPI's on decision makingFollowing are the effects of balance scorecard and KPI's on the final decision of topmanagement such as-Financial perspective- It is essential for the top management to make effective decisionsregarding finance so that balance scorecard and KPI's can measure the performance ofindividual to attain success within oil and gas sector (Sainaghi, Phillips and Corti, 2013).Customer perspectives- Both these methods helps the top management to make decisionregarding identifying customers needs and providing them with innovative products sothat satisfaction can be attained. Thus, introducing new methods within oil and gas sectorhelps in evaluating the customer enhancement. Learning and growth perspective- Effect of Balance Scorecard and KPI on the finaldecision aids the management of oil and gas sector to obtain effective learning andgrowth perspective so that best results can be attained (Grigoroudis, Orfanoudaki andZopounidis, 2012). Thus, it facilitates the firm to create value and innovation to achievematurity stage within the product life cycle. Internal business processes perspectives- It affects the top management to improve andidentify the measures so that customers can be satisfied. Such methods assist the internalprocesses and help the company of oil and gas industry to yield and develop new productinnovation to enhance the performance (Northcott and Smith, 2011). Marketing effect- It is essential for the organization to make decision regardingmarketing and promotional strategies so that oil and gas industry can attain the desired1
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