Build up a balance scorecard for annual planning in the training center of viet capital bank to achieve the bank objectives for next years

HO CHI MINH CITY OPEN UNIVERSITY UNIVERSITÉ LIBRE DE BRUXELLES SOLVAY BRUSSELS SCHOOL OF ECONOMICS & MANAGEMENT MBQPM4 TRINH VAN THUY BUILD UP A BALANCE SCORECARD FOR ANNUAL PLANNING IN THE TRAINING CENTER OF VIET CAPITAL BANK TO ACHIEVE THE BANK OBJECTIVES FOR NEXT YEARS MASTER FINAL PROJECT MASTER IN BUSINESS QUALITY AND PERFORMANCE MANAGEMENT Ho Chi Minh City (2014) Statement of authentication This is my own research Data and results of the paper are faithful and have not been published in any other research Author Trinh Van Thuy Acknowledgement I would like to thank members of hochiminh city Open University and Solvay brussels school of economics & management for all the supporting during the courses I would like to thank especially Professor Jacques Martin for his enthusiasm in sharing experience and knowledge during the course in Vietnam as well as for this thesis I also would like to thank the training center of Viet Capital bank and Viet Capital bank for the supporting and sharing data and information about the bank Thanks very much indeed Author Trinh Van Thuy Table of Contents Statement of authentication .1 Acknowledgement .2 List of Symbols and Abbreviations List of Figures List of Table INTRODUCTION 1.1 Subject studied 1.2 Scope and Delimitation 1.3 Research Methodology 1.4 Research Method 1.5 Thesis structure PART I: BALANCED SCORECARD OVERVIEW 1.1 1.2 1.3 1.4 The concept of balanced scorecard Cause and effect in balance scorecard 11 Strategy map 12 Tool use and satisfaction 13 PART II: ANALYSIS TRAINING CENTER OF VIET CAPITAL BANK 15 2.1 2.2 2.3 2.4 Bank profile 15 Structure of Training center of in Viet Capital bank 15 Operation of Training center in Viet Capital Bank 17 Investigation of problem in annual planning for VCTC 17 PART III: APPLIED BSC TO BUILD UP A BALANCE SCORECARD FOR ANNUAL PLANNING IN TRAINING CENTER OF VIET CAPITAL BANK 24 3.1 3.2 3.3 Steps to building a balanced scorecard 24 Six steps to develop a balanced scorecard for VCTC 24 Balance scorecard for annual planning in Training Center of Viet Capital Bank 32 RECOMMENDATIONS 41 CONCLUSIONS .41 References .41 List of Symbols and Abbreviations VCCB : Viet Capital Commercial Joint Stock Bank or Viet Capital Bank VCTC : Training center of Viet Capital Bank or Viet Capital Bank Training Center BSC : Balance scorecard SME : Small and medium enterprises List of Figures Figure 1.1: Four perspectives of the BSC model Figure 1.2: Cause and effect in balance scorecard 11 Figure 1.3: Strategy map 12 Figure 1.4: Management Tools and Trends 13 Figure 2.1: VCCB organization chart 15 Figure 2.2: Structure of Training center of in Viet Capital bank 16 Figure 2.3: Main training procedure of the center 17 Figure 2.4: Training processes in VCTC 22 Figure 3.1: Translate strategy into objectives in VCTC 29 Figure 3.2: Strategy map 30 Figure 3.3: Develop result and process measures 31 Figure 3.4: Balance scorecard logic 32 List of Table Table 2.1: 2013 annual training plan of VCTC 21 Table 3.1: BSC for financial perspective in VCTC 34 Table 3.2: BSC for internal business perspective in VCTC 35 Table 3.3: BSC for Learning and growth perspective in VCTC 36 Table 3.4: BSC for Customer perspective in VCTC 37 Table 3.5 : BSC for VCTC 40 INTRODUCTION 1.1 Subject studied Training and development are important for an organization to retain and increase its competitiveness However, many companies struggle to establish well their training function Planning and performance of training must follow the organization’s vision, strategy and goals that need to be defined clearly and communicated at all levels of the organization Furthermore, all efforts and actions must be focused on achieving the organization’ goals Kaplan & Norton (1992) develops balance scorecard that is ranked six in top ten of most used management tool until now Today, BSC is widely used in various types of enterprises of different industries BSC helps to translate the vision and strategy of a business unit into objectives and measure its specific targets and initiatives in four perspectives: financial, customer, internal business process and learning – growth It not only record operational results but also explains the cause – effect of operational results, and forecasts possible future General, BSC is developed at high-level corporate and then it forms the basis for subsequent business unit Sometimes a BSC begins in a strategic business unit or support unit, in which case the unit scorecard is built first and becomes the basis for subsequent unit and corporate scorecards VCTC is a sample of building up BSC support unit first then apply throughout the bank following the success of VCTC’s balance scorecard This project is to discuss using Kaplan and Norton’s balance scorecard’s model to build up a balance scorecard to make an annual plan in the Training center of Viet Capital Bank showing the main objectives, indicators (measurement system) and actions to implement in order to achieve the bank objectives for next years 1.2 Scope and Delimitation The research covers a journey to make an annual training plan for VCTC in Viet Capital bank only The purpose of the research is to find answers to the following two main research questions (1) What steps need to make an annual plan for the Training center of Viet Capital bank under BSC insight? (2) What components are needed in a BSC for an annual training plan of VCTC? Therefore, environmental factors would be focusing on strategy business of VCTC and Viet Capital Bank in Vietnam 1.3 Research Methodology The research uses inductive approach, starting from data analysis and getting understanding of a phenomenon The research will use the combination of three types of studies following as below: Exploratory - finding what is happening and understanding a problem Descriptive - portray an accurate profile of a situation Explanatory - establish causal relationships between variables 1.4 Research Method The research collects data from real business curriculum of VCTC and Viet Capital bank based on reports and records as primary source of data The research also uses result of other studies as secondary data source To achieve research objectives, the author combined two methods: qualitative research and quantitative research for all data collected In addition, Statistical tools would also be used for the research 1.5 Thesis structure To clarify the situation, this thesis is followed below structure: Introduction Part I: Balance scorecard overview Part II: Analysis of training center of Viet Capital bank Part III: Applied BSC to build up a balance scorecard for annual planning in Training Center of Viet Capital Bank Recommendations Conclusions PART I: BALANCED SCORECARD OVERVIEW 1.1 The concept of balanced scorecard Historically, performance measurement systems have been financial in nature for most businesses Unfortunately, financial indicators don't tell the entire story about the companies in many business situations Financial indicators are needed, but these only tell us what has happened in the past, where the operations took place Financial statements not tell us what problems will occur in the front and what happen to the business in the future This shows that we are operating businesses similar driving a cars just by looking at the rear-view mirrors! In addition, comparing two companies with similar financial situations but in completely different market environments could be disastrous For example, a company can reduce the level of customer service to increase current profits, but in the long term, future profits can be negatively affected due to descending customer satisfaction Realizing the limits of old financial indicator system, Robert S Kaplan and David Norton developed a new performance measure system namely balance scorecard in a series of articles for the Harvard Business Review in the mid- 1990s In which, not only the financial measures, but also measures of customer, internal processes, training and development are put in to consideration Kaplan & Norton (1992) described BSC is a strategic measure system including both non-financial and financial measure to measure the performance of a business organization BSC adopted quickly by academic scholars and practitioners and is appreciated as one of the 75 most effective ideas of the twentieth century by the Harvard Business Review BSC helps to translate the vision and strategy of a business unit into objectives and measure its specific targets and initiatives in four perspectives: financial, customer, internal business process and learning – growth It not only record operational results but also explains the cause – effect of operational results, and forecasts possible future (Figure 1.1: Four perspectives of the BSC model) Figure 1.1: Four perspectives of the BSC model Source: Kaplan, R.S & Norton, D.P (1992) 29 INTERNAL BUSINESS PERSPECTIVE Objectives Persist in projects schedule and shorten lead time Identify the different in produce and delivery ability its products and service Extent and intensify teamwork in the VCCB CUSTOMER PERSPECTIVE Objectives FINANCIAL PERSPECTIVE Objectives Match the need of the customers Improve customer satisfaction Provide value to the customer VCCB VISION & STRATEGY Become top ten in localbanks Outstanding service Business creation Source of funds Cost effectiveness LEARNING AND GROWTH PERSPECTIVE Objectives I Extend and intensify co-working in T&D Increase knowledge and learning Figure 3.1: Translate strategy into objectives in VCTC In Step Four: creating an overall business strategic map of the organization Using cause effect linkages (if-then logic connections), the components (objectives) of strategy are connected and placed in appropriate scorecard perspective categories The relationship among strategy components is used to identify the key performance drivers of each strategy that, taken together, chart the path to successful end outcomes as seen through the eyes of customers and business owners The figure 3.2 below, a strategic map for a transactions-based company, shows how an objective (effect) is dependent on another objective (cause), and how, taken together, they form a strategic thread from activities to desired end outcomes 30 Figure 3.2: Strategy map In Step Five: develop indicators to track performance measures for both strategic and operational progress To develop indicators or meaningful performance measures, one has to understand the desired outcomes and the processes that are used to produce outcomes Desired outcomes are measured from the perspective of internal and external customers, and processes are measured from the perspective of the process owners and the activities needed to meet customer requirements Relationships among the results we want to achieve and the processes needed to get the results must be fully understood before we can assign meaningful performance measures See performance measure in indicator column of four perspectives for VCTC balance scorecard in the session 3.3 below We can use the strategic map in Step Four, and specifically the objectives, to develop meaningful performance measures for each objective Thus, we look for the few measures (key performance drivers) that are critical to overall success The figure 3.3 below shows a continuous learning framework for measuring and managing both strategic and operational performance 31 Are We Doing The Right Things? Are We Doing Things Right? Figure 3.3: Develop result and process measures The question ‘are we doing the right things’ should be asked first then to ask ‘are we doing (the right) things right’, because it’s too late if you realise you’ve been doing the wrong things right! But how to know ‘are we doing the right things’? This means the company has to set the right objectives for each perspective For example: the objectives should correspond to what the company expects for financial perspective (revenues, net profit, …etc.) or to what the 'customers' expect for customer perspective Then we set up measurement of the performance to answer the question (‘are we doing the right things’) Session 3.3 will develop deeply objectives and measurement of the performance After developing meaningful performance measures (metrics), companies have to set the expected levels of performance (targets) This is a hard work if done correctly, and the development target process is very challenges The problem with this approach is that the value of information generated is limited, and the burden of data collection and reporting can quickly become overwhelming See target column of four perspectives for VCTC balance scorecard in the session 3.3 Another challenge is a tendency to rush to judgment – not thinking deeply about what measures are important and why This happens because, usually in response to pressure from a supervisor, we get in a hurry to develop a final set of performance measures (“I need some measures – just get me some measures”) In most strategic plans and scorecard systems I have seen and reviewed, the development of performance measures is not taken very seriously, putting into question the value of the whole strategic and operational effort Remember, measures are a means to an end, not the end themselves It takes more work to develop a few good measures than it does to develop many poor measures and many of them are unused, just on the paper 32 Step Six: Identified new initiatives that need to be funded and implemented to ensure that our strategies are successful Initiatives developed at the end of the scorecard building process are more strategic than if they are developed in the abstract As in the previous step, be careful to avoid a rush to judgment – initiatives are means, not ends The figure 3.4 below shows the logic of scorecard development Customer requirements drive the way an organization responds with products and services to market opportunities; vision, mission, and values shape the culture of the organization, and lead to a set of strategic goals that outline expected performance; business strategies give us the approach chosen to meet customer needs and attain the desired goals; strategies are made up of building blocks that can be mapped and measured with performance measures; targets give us the expected levels of performance that are desired; and new initiatives provide new information to successfully meet challenges and test strategy assumptions Resource identification and budget setting complete the process of adding the new initiatives to the current operations to get a total proposed budget for the reporting period Figure 3.4: Balance scorecard logic Therefore, what does VCTC’s balance scorecard look like after steps? The session 3.3 proposed BSC for VCTC 3.3 Balance scorecard for annual planning in Training Center of Viet Capital Bank Kaplan & Norton (1992) described BSC is a strategic measure system including both nonfinancial and financial measure to measure the performance of a business organisation as 33 well as minimize the limits of old financial indicator system Kaplan & Norton (2000) also stated the complication of BSC is the linking together of measure of four areas in a causal chain which passes through all four perspectives Likely, any operation in an organisation, training also makes annual plan as well as shorter plans for its operation The objectives of training plans must follow the organisation’s vision, strategy and goals that need to be defined clearly and communicated at all levels of the training center Furthermore, all efforts, indicators (performance measure), target (expected levels of performance), initiatives (actions) must be focused on achieving the training centers’ objectives as well as organisation’ goals Although main problem is just in customer perspectives (objective to the customer) and financial perspectives by contributing to the shareholders (generating profit insight) under BSC insight as mention above in the part of 3.1 However, this research is aim to applied BSC to the whole Training center of Viet Capital bank The paper applies BSC to translate the vision and strategy of the bank into objectives, indicators (measures), targets and initiatives of four areas for Training function by building up a balance to make an annual plan in the training center of Viet Capital Bank showing the main objectives, indicators (measurement system) and actions to implement in order to achieve the bank objectives for next years 3.3.1 BSC for financial perspective in Training center of Viet Capital bank Financial perspective identifies how the Training center wishes to be viewed by its shareholder and board of management Training center cannot continue to operate without generating profit and fund for training activities Unfortunately, VCTC is not established as a profit center or business unit so that it has more difficult in making income from external customers Therefore, objectives of VCCB training center from financial perspective are: a) Business creation: Activities to support business in generating profit manner or create business itself to make funds for its operation This is the main reason for existing of training and development function b) Source of funds: making funds for training activities Training cannot survive without funds c) Cost effectiveness: maximize the return of investment for training expenditure It is the reason the bank should remain and continues investment on training BSC for financial perspective in VCTC is described as a table 3.1 below: Objectives Business creation Indicators - Number of sales campaigns deployed - New customer Targets Initiatives - Develop sales campaigns - Closely followed yearly plan - Generate 15 billion VND in revenues - Develop sales campaigns that make 34 formed by sales campaigns (ten 10 of training cost) - training courses for external parties revenues for the bank Ex.: - deposit campaigns, - credit card campaigns, - personal credit campaigns, – export credit, – agriculture credit…etc - Running sales campaign as plan - Marketing for training to external parties for example: other bank, intermediate financial institutes Source of funds - Funds generated from internal resource - 1.5 billion VND of yearly budget approved - Submit and defend yearly budget with board of management - Self – financing of training - Not using over budget - Closely monitoring expenditure - Revenue 200 million VDN from training for third parties - Marketing to external parties and open 10 training courses for external parties in the year - Reduce 7% expense for outsourced courses - Finding and negotiating with suppliers to reduce 7% price - Reduce 5% training operation costs - Control and cut 5% cost of stationary, power, consumption, gifts…ect - Rate of saving cost - Number of training courses conducted Cost effectiveness - 70% courses conducted by internal trainers - 30% courses conducted by line manager - Strengthen training courses conducted by line manager of the bank - Open train the trainer courses to enhance line manager’s training skills Table 3.1: BSC for financial perspective in VCTC 3.3.2 BSC for internal business perspective in VCTC Internal business process perspective describes the business process at which the company has to be particularly adept to satisfy its shareholder and customer (Kaplan & Norton, 35 1992) Therefore, objectives of VCCB training center from internal business perspective are: a) Persist in projects schedule and shorten lead-time: this objective proves the necessary of training b) Identify the different in produce and delivery ability its products and service: training helps to identify the gaps from produce to consumption and find the way to improve competitiveness of the bank c) Extent and intensify teamwork in the VCCB: Teamwork makes higher productivity and reduces waste BSC for internal business perspective in VCTC is described as a table 3.2 below: Objectives Indicators Persist in projects schedule and shorten lead time Identify the different in production and delivery ability its products and service Targets Initiatives - Number of sales campaigns deployed - sales campaigns - Co-ordinating with sales, product development, marketing department in developing sales campaigns Number of customer feedback positive - 90% customer - Survey satisfaction of satisfies the bank’s customers about banks’ products and products and services services - Line managers join field- 95% problems work have been solved - Line manager play secret with good customers to survey satisfactions products and services of the bank Extent and intensify teamwork in the VCCB - Enthusiasm of team members (motivation) - Run 10 teambuilding and team-working campaigns - Run teambuilding and team-working campaigns - Closely followed yearly plan approved Table 3.2: BSC for internal business perspective in VCTC 3.3.3 BSC for Learning and growth perspective in VCTC Organisational learning and growth perspective involves changes and improvement, which the company need to realize if it is to make the company’s vision become true (Kaplan & Norton, 2000) Continuous innovation and learning is a key for success of training Kraiger (2003) stated that organizations should investing continually in the development and training for their sustainable development Therefore, objectives of VCCB training center from Learning and growth perspective are: 36 a) Improve company’s or product’s or service’s competitiveness: the objective is to return on investment of training, ensure the bank sustainable development b) Extend and intensify co-working in training: Teamwork makes higher productivity, reduce waste and reduce cost of training c) Increase knowledge and learning: The objective help to retain employees and remain high competitiveness against competitors BSC for learning and growth perspective in VCTC is described as a table 3.3 below: Objectives Improve company’s or product’ s or service’s competitiveness Indicators Targets - Number of - 90% customer customer/ satisfies the bank’s employees products and feedback services positive - 90% banks’ employees satisfy the training courses participated Initiatives - Open skills courses to train all front-line staffs customer service - Train all front-line staffs the banks’ products - Satisfaction score higher than 3.75/5 for each course - Progress in Works flow Extend and intensify coworking in training - 30% courses conducted by line manager - Run 10 teambuilding and team-working campaigns - Strengthen to invite line manager conducted courses in fields they are in charged - Run teambuilding and team-working campaigns - Closely followed yearly plan approved Increase knowledge and learning - Number of training courses conducted Open 80 courses a year include: skills, products, legal, risk management, management skills…etc Run e.learning software - Closely followed yearly plan approved - Urge and co-operation with IT department for going live e.learning software meets deadline (December 2013) Table 3.3: BSC for Learning and growth perspective in VCTC 37 3.3.4 BSC for Customer perspective in VCTC Generally, output of training is in the form of new knowledge, product, process or solution for a problem Output of VCCB training activities have either internal or external customer or both Nevertheless, no depending types of customers, training performance must be measured from customer’s perspectives Objectives of training performance are: a) Match the need of the customers: Improve cost effectiveness and return investment for customers b) Improve customer satisfaction: This is a vital for the VCCB training function c) Provide value to the customer: Help to heighten VCCB training function and create new business in the future BSC for Customer perspective in VCTC is described as a table 3.4 below: Objectives Match the need of the customers Improve customer satisfaction Provide value to the customer Indicators Targets Initiatives - Matching the technology, product, process or service to the demands - 70% employees change behaviours after months - Take survey after each class - Number of customer feedback positive - 90% banks’ employees satisfy the courses participated - Enhance realities of the training materials - 60% knowledge or skills delivery are applied by trainees - Number of solution provided - 90% problem is settled - 60% trainees applied lesson for working - Meeting with line manager to get their need in training - Enhance role-play, practices in the class - Making more activities (exercise, discuss…) in the class, - Increase 5% - Enhance realities of the enrolment each year training materials (for period of years) - Enhance role-play, - Offer solution after practices in the class training Table 3.4: BSC for Customer perspective in VCTC 38 In the brief, this is a summary of objectives, indicators, targets and initiatives of four perspectives in one BSC for the VCTC (Table 3.5): Perspective Objectives Indicators - Number of sales campaigns deployed - New customer formed Business creation Targets Initiatives - Develop sales campaigns - Closely followed yearly plan - Generate 15 billion VND in revenues by sales campaigns (ten 10 of training cost) - Develop sales campaigns that make revenues for the bank Ex.: - deposit campaigns, - credit card campaigns, personal credit campaigns, – export credit, – agriculture credit…etc - training courses for external parties Financial - Running sales campaign as plan - Marketing for training to external parties for example: other bank, intermediate financial institutes - Funds generated from internal resource Source of funds - Self – financing of training - Rate of saving cost Cost effectiveness - Number of training courses conducted - 1.5 billion VND of yearly budget approved - Submit and defend yearly budget with board of management - Not using over budget - Closely monitoring expenditure - Revenue 200 million VDN from training for third parties - Marketing to external parties and open 10 training courses for external parties in the year - Reduce 7% expense for outsourced courses - Finding and negotiating with suppliers to reduce 7% price - Reduce 5% training operation costs - Control and cut 5% cost of stationary, power, consumption, gifts…ect - 70% courses conducted by - Strengthen training courses conducted by 39 Learning and Internal business processes growth internal trainers line manager of the bank - 30% courses conducted by line manager - Open train the trainer courses to enhance line manager’s training skills Persist in projects - Number of sales schedule and campaigns deployed shorten lead time - sales campaigns - Co-ordinating with sales, product development, marketing department in developing sales campaigns Identify the Number of customer different in feedback positive production and delivery ability its products and service - 90% customer satisfies the bank’s products and services - Survey satisfaction of customers about banks’ products and services - 95% problems have been solved with good satisfactions - Line managers join field-work Extent and intensify teamwork in the VCCB Improve company’s or product’ s or service’s competitiveness - Enthusiasm of team - Run 10 teambuilding and members (motivation) team-working campaigns - Line manager play secret customers to survey products and services of the bank - Run teambuilding and team-working campaigns - Closely followed yearly plan approved - Number of customer/ employees feedback positive - 90% customer satisfies the bank’s products and services - Open skills courses to train all front-line staffs customer service - 90% banks’ employees satisfy the training courses participated - Train all front-line staffs the banks’ products - Satisfaction score higher than 3.75/5 for each course 40 Extend and intensify coworking in training - Progress in Works flow - 30% courses conducted by line manager - Strengthen to invite line manager conducted courses in fields they are in charged - Run 10 teambuilding and team-working campaigns - Run teambuilding and team-working campaigns - Closely followed yearly plan approved Increase knowledge and learning - Number of training courses conducted - Open 80 courses a year include: skills, products, legal, risk management, management skills…etc - Closely followed yearly plan approved - Urge and co-operation with IT department for going live e.learning software meets deadline (December 2013) Customer - Run e.learning software Match the need of - Matching the technology, product, the customers process or service to the demands - 70% employees change behaviors after months - Take survey after each class - Number of customer Improve customer feedback positive satisfaction - 60% knowledge or skills delivery are applied by trainees - 90% banks’ employees satisfy the courses participated - Enhance realities of the training materials - 90% problem is settled - Making more activities (exercise, discuss…) in the class, Provide value to the customer - Increase 5% enrolment each year (for period of years) - Number of solution provided - 60% trainees applied lesson for working - Offer solution after training Table 3.5 : BSC for VCTC - Meeting with line manager to get their need in training - Enhance role-play, practices in the class - Enhance realities of the training materials - Enhance role-play, practices in the class 41 RECOMMENDATIONS There are many factors that impact on success of BSC in annual planning for example: involvement of top management, centralization, power of finance department, formalization, interdepartmental communications, products - market dynamics and many Therefore, there are recommendations for managers to get success when apply BSC in annual planning as well as implement: Need to consider and evaluate influencing factors before deciding to apply BSC model Focus on improving influencing factors to the successful application of BSC model Suitable sizes and scopes of business for BSC implementation Senior leaders in the company play a very important role in promoting the innovation process in general and BSC adoption in particular The balance of the centralization and formalization in the company creates motivation to BSC adoption process in particular and innovation in general Interdepartmental communication and the influence of the finance department to accelerate the process of innovation, adopt new management models as BSC The ability to respond to the rapid changes of the market will promote BSC adoption level as well as innovation in general CONCLUSIONS After more than three decades, BSC has been researched by Kaplan and David Norton as well as several other scholars around the world for the purpose of making it more versatile, easier to implement, adapt to environmental changes and under different conditions By combining the quantitative and qualitative research methods, on the basis of a business circumstantial in the Training center of Viet Capital bank, the Viet Capital bank and Vietnamese business environment, the paper draws a journey to make an annual training plan for VCTC in Viet Capital bank The research also build up a balance scorecard and component needed for annual training plan of Viet Capital bank showing the main objectives, indicators (measurement system) and actions to implement to in order to achieve the VCTC objectives as well as the bank objectives and strategy for next years - References Andersen, H, 2001 Balanced Scorecard Implementation in SMEs: Reflection on Literature and Practice, 4th SME-SME International Conference, Allborg University, Denmark, 14-16 May Barney, J B 1995 Looking inside for competitive advantage Academy of Management Executive Basuony, M, 2014 The Balanced Scorecard in Large Firms and SMEs: A Critique 42 of the Nature, Value and Application Accounting and Finance Research Vol 3, No Fortune, L, 1998 Performance indicators: why, where and how? Eur J Operations Res Fortune, L, 1998 Performance indicators: why, where and how? Eur J Operations Res Home, S.M, 1993 Vital signs – Using quality, time and cost performance measure to chart your company’s future Anacom NY Home, S.M, 1993 Vital signs – Using quality, time and cost performance measure to chart your company’s future Anacom NY Kaplan, R & Norton, D 2002 The Strategy – Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment, Internal Auditor, (59)1, pp 21-22 Kaplan, R S ,.& Norton, D P, 1992 The balance scorecard measures that drive performance Havard Business Rev 10 Kaplan, R S ,.& Norton, D P, 1992 The balance scorecard measures that drive performance Havard Business Rev 11 Kaplan, R S ,.& Norton, D P, 2000 The balance scorecard translating strategy into action, in the balance on the balance scorecard – A critical analysis of some of its assumption, H Norreklit, Management Accounting research 12 Kaplan, R.S and Norton, D.P (2004a), Strategy Maps Converting Intangible Assets into Tangible Outcomes, Harvard Business School Press, Boston, MA 13 Kaplan, R.S and Norton, D.P (2004b), Measuring the strategic readiness of intangible assets, Harvard Business Review 14 Kessler, G.T, Kelley, P, 2000 The Business of Government: Strategy, Implementation & Results Management Concepts Inc 15 Kraiger, K, 2003 Perspectives on Training and Development John Wiley & Sons, Inc 16 Lyles, M A., Baird, I S., Orris, B J., & Kuratko, D F 1993 Formalized Planning in Small Business: Increasing Stratezgic Choices, Journal of Small Business Management, (31) 2, pp 38-50 17 Nørreklit, H, 2000 The balance on the balanced scorecard - a critical analysis of some of its assumptions Management Accounting Research, 2000, 11, pp 65 – 88 18 Ramsay, H, Scholarios, D, and Harley, B, 2000 Employees and highperformance work systems:testing inside the black box British Journal of Industrial Relations December 2000 pp 501 – 531 19 Rohm, H, 2002 Developing and Using Balanced Scorecard Performance Systems Balanced Scorecard Institute 20 Rohm, H, 2008 Using the Balanced Scorecard to Align Your Organization Balanced Scorecard Institute, a Strategy Management Group company 43 21 Salas, E, & Cannon-Bowers J, 2001 The science of training: A Decade of Progress Annual Review of Psychology, 52, pp 471-499 End Notes Outsourcing at Southwest Airlines: How America’s Leading Firms Use Outsourcing, Michael F Corbett & Associates, Ltd Mecklenburg County, North Carolina Managing For Results Balanced Scorecard Federal Aviation Administration Logistics Center Strategic Plan ... Capital Bank 17 Investigation of problem in annual planning for VCTC 17 PART III: APPLIED BSC TO BUILD UP A BALANCE SCORECARD FOR ANNUAL PLANNING IN TRAINING CENTER OF VIET CAPITAL. .. contributing to the shareholders in the generating profit insight 24 PART III: APPLIED BSC TO BUILD UP A BALANCE SCORECARD FOR ANNUAL PLANNING IN TRAINING CENTER OF VIET CAPITAL BANK 3.1 Steps to building... Capital bank Part III: Applied BSC to build up a balance scorecard for annual planning in Training Center of Viet Capital Bank Recommendations Conclusions PART I: BALANCED SCORECARD OVERVIEW 1.1 The