resource college is a liberal arts school that provides local residents the opportun 540553

The Balanced Scorecard and Benchmarking

Resource College is a liberal arts school that provides local residents the opportunity to take college courses and earn bachelor’s degrees. Yolanda Howard, the school’s provost, recently attended a workshop in which the balanced scorecard was presented as a way of focusing all of an organization’s functions on its mission. After the workshop, she met with her administrative staff and college deans in a weekend brainstorming session. The group determined that the college’s mission was to provide high-quality courses and degrees to individuals to add value to their lives. To ensure that the college would fulfill this mission, the group established the following objectives:

• To provide a sufficient return on investment by increasing tuition revenues and maintaining the liquidity needed to support operations

• To add value to the college’s courses by encouraging faculty to be lifelong learners

• To retain students and attract new students

• To operate efficient and cost-effective student support systems To determine the college’s progress in meeting these objectives, the group established the following performance measures:

• Number of faculty publications

• Percentage of students who rate college as excellent

• Average time for processing student applications

• Number of dollars spent on professional development

• Growth in revenues for each department

• Average time for processing transcript requests

• Percentage of faculty who annually do 40 hours of professional development

• Percentage of new student leads that result in enrollment

• Cash flow

• Number of student complaints

• Return on assets

• Percentage of returning students

• Percentage of revenue devoted to student services systems (registrar, computer services, financial aid, and student health)

Required

1. Prepare a balanced scorecard for Resource College by stating the college’s mission and matching its four objectives to the four stakeholder perspectives: the financial, learning and growth, internal business processes, and customer perspectives.

2. Indicate which of the college’s performance measures would be appropriate for each objective.