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[ 363 ] Management Decision 36/6 [1998] 363–369 © MCB University Press [ISSN 0025-1747] Management by objectives and the Balanced Scorecard: will Rome fall again? David Dinesh Arthur Andersen, Auckland, New Zealand Elaine Palmer MSIS Department, School of Business and Economics, University of Auckland, New Zealand Drucker introduced manage- ment by objectives (MBO) in the late 1950s. Kaplan and Norton introduced the Bal- anced Scorecard in the early 1990s. MBO and the Bal- anced Scorecard are manage- ment systems that align tangible objectives with an organisation’s vision. This article compares and con- trasts the two management systems. The examination concludes that the philosoph- ical intents and practical application of MBO and the Balanced Scorecard stem from similar precepts. The examination of patterns of MBO implementation also illuminates possible problems in the application of the Balanced Scorecard. Imple- mentation of MBO suffers from two main problems. Partial implementation: taking a portion of a prescrip- tion does not provide the cure. Second, a patent disre- gard for MBO’s core philoso- phy that calls for goal congru- ence through collaboration. Our forecast is that partial implementation will remain as a problem for the Balanced Scorecard. An increasing rate of change in business encour- ages this (because develop- ment of organisation-wide scorecards takes too long). However, we think that cur- rent management will use more collaboration than was the case with MBO, because of the influence of total qual- ity management (TQM, which encourages collaboration). Introduction The adage that “there is no such thing as a new idea” seems to be true with respect to management concepts. Management by objec- tives (MBO), which Drucker (1955) introduced more than four decades ago, is a system of management based on goal congruence as a means of improving performance. The Bal- anced Scorecard, which Kaplan and Norton (1992) introduced almost 40 years later, is also a management system based on goal congru- ence as a means of improving performance. This article takes the view that the Balanced Scorecard is essentially similar to MBO, and that differences can be explained by business changes during the years separating their inception. The main purpose of this article is to extend knowledge about the Balanced Scorecard, by examining problems that have occurred as part of the earlier goal congru- ence system (MBO). The paper starts by describing MBO’s philosophical intent as well as its implemen- tation guidelines. This is repeated for the Balanced Scorecard. A section describing the practical application of MBO (which has been largely unsuccessful) follows, and concludes with an examination of reasons for its failure. This is followed by a discussion about the application of the Balanced Scorecard, focus- ing on the likely recurrence of MBO- evidenced problems. The paper finishes with a summary of the key points and conclusions, and extends the findings to a larger ongoing debate about the value of performance mea- surement systems in business. Management by objectives MBO was first introduced to businesses in the 1950s as a system called “management by objectives and self-control” (Drucker, 1955). Drucker (1955) states that the basis for this system is that an organisation will be more successful if: …their efforts … all pull in the same direc- tion, and their contributions … fit together to produce a whole, without gaps, without friction, without unnecessary duplication of effort… This focus on goal alignment Osmoregulation and Osmotic Balance Osmoregulation and Osmotic Balance Bởi: OpenStaxCollege Osmosis is the diffusion of water across a membrane in response to osmotic pressure caused by an imbalance of molecules on either side of the membrane Osmoregulation is the process of maintenance of salt and water balance (osmotic balance) across membranes within the body’s fluids, which are composed of water, plus electrolytes and non-electrolytes An electrolyte is a solute that dissociates into ions when dissolved in water A non-electrolyte, in contrast, doesn’t dissociate into ions during water dissolution Both electrolytes and non-electrolytes contribute to the osmotic balance The body’s fluids include blood plasma, the cytosol within cells, and interstitial fluid, the fluid that exists in the spaces between cells and tissues of the body The membranes of the body (such as the pleural, serous, and cell membranes) are semi-permeable membranes Semi-permeable membranes are permeable (or permissive) to certain types of solutes and water Solutions on two sides of a semi-permeable membrane tend to equalize in solute concentration by movement of solutes and/or water across the membrane As seen in [link], a cell placed in water tends to swell due to gain of water from the hypotonic or “low salt” environment A cell placed in a solution with higher salt concentration, on the other hand, tends to make the membrane shrivel up due to loss of water into the hypertonic or “high salt” environment Isotonic cells have an equal concentration of solutes inside and outside the cell; this equalizes the osmotic pressure on either side of the cell membrane which is a semi-permeable membrane 1/6 Osmoregulation and Osmotic Balance Cells placed in a hypertonic environment tend to shrink due to loss of water In a hypotonic environment, cells tend to swell due to intake of water The blood maintains an isotonic environment so that cells neither shrink nor swell (credit: Mariana Ruiz Villareal) The body does not exist in isolation There is a constant input of water and electrolytes into the system While osmoregulation is achieved across membranes within the body, excess electrolytes and wastes are transported to the kidneys and excreted, helping to maintain osmotic balance Need for Osmoregulation Biological systems constantly interact and exchange water and nutrients with the environment by way of consumption of food and water and through excretion in the form of sweat, urine, and feces Without a mechanism to regulate osmotic pressure, or when a disease damages this mechanism, there is a tendency to accumulate toxic waste and water, which can have dire consequences Mammalian systems have evolved to regulate not only the overall osmotic pressure across membranes, but also specific concentrations of important electrolytes in the three major fluid compartments: blood plasma, extracellular fluid, and intracellular fluid Since osmotic pressure is regulated by the movement of water across membranes, the volume of the fluid compartments can also change temporarily Because blood plasma is one of the fluid components, osmotic pressures have a direct bearing on blood pressure Transport of Electrolytes across Cell Membranes Electrolytes, such as sodium chloride, ionize in water, meaning that they dissociate into their component ions In water, sodium chloride (NaCl), dissociates into the sodium ion (Na+) and the chloride ion (Cl–) The most important ions, whose concentrations are very closely regulated in body fluids, are the cations sodium (Na+), potassium (K+), calcium (Ca+2), magnesium (Mg+2), and the anions chloride (Cl-), carbonate (CO3-2), bicarbonate (HCO3-), and phosphate(PO3-) Electrolytes are lost from the body during urination and perspiration For this reason, athletes are encouraged to replace electrolytes and fluids during periods of increased activity and perspiration Osmotic pressure is influenced by the concentration of solutes in a solution It is directly proportional to the number of solute atoms or molecules and not dependent on the size of the solute molecules Because electrolytes dissociate into their component ions, they, in essence, add more solute particles into the solution and have a greater effect on osmotic pressure, per mass than compounds that not dissociate in water, such as glucose 2/6 Osmoregulation and Osmotic Balance Water can pass through membranes by passive diffusion If electrolyte ions could passively diffuse across membranes, it would be impossible to maintain specific concentrations of ions in each fluid compartment therefore they require special mechanisms to cross the semi-permeable membranes in the body This movement can be accomplished by facilitated diffusion and active transport Facilitated diffusion requires protein-based channels for moving the solute Active transport requires energy in the form of ATP conversion, carrier proteins, or pumps in order to move ions against the concentration gradient Concept of ...Balance Balance refers to the distribution of visual weight in a work of art. In painting, it is the visual equilibrium of the elements that causes the total image to appear balanced. Balance can be symmetrical (also referred to as "formal"), and asymmetrical balance (also called "informal balance"). Balance is usually a desirable characteristic of a composition. However, deliberately throwing off the balance of a piece in order to call more attention to some aspect of an image is, at times, desirable. For this reason, it is also necessary to discuss the concept of imbalance. Symmetrical balance is a type of visual balance where the overall composition is arranged to look like it is the same on both sides of the center of the design. In other words, it is a design which could be folded in half, and as the design folds, each part of the design would match up with its symmetrical counterpart on the opposite side of the center. Symmetrical balance is easiest to see in perfectly centered compositions or those with mirror images. When elements on both sides of a central horizontal or vertical line appear to be about equal in shape, weight, value, and color, the design is in symmetrical balance. In a design with only two elements they would be almost identical or have nearly the same visual mass. Symmetrical balance produces paintings that are restful, calming, and visually stable. An excellent example of symmetrical balance is Leonardo Da Vinci's Proportion of the Human Figure ﴾Fig. 1﴿. This rather hopeful drawing illustrates that the human body can be vertically divided down the middle and the left and the right sides will correspond. When the sides of a piece match exactly, as Da Vinci would have us believe, it is referred to as pure or formal symmetry ﴾Fichner-Rathus﴿. Another type of balance is called asymmetrical balance. In this case, balance is achieved by arranging related or unrelated objects of differing visual weights that counterbalancing one another. The advantage of asymmetrical balance is that it seems more casual, and less frigid. Asymmetrical balance can be more intricate and complicated; it can heighten interest, bring informality, or even produce tension in a painting. Joan Miró's The Birth of the World ﴾Fig. 2﴿ is an example of asymmetrical balance. Fichner-Rathus explains this piece, "Against a washed, intermediate space, a figural form on the left loosely described by a stack of black and white geometric shapes is balanced on the right by a simple sphere of highly saturated red" ﴾p. 77﴿. Fichner-Rathus goes on to explain that the placement and color of the objects achieve "the sense of overall balance," if the red sphere is covered up, changed to black or white, or changed it to another shape, the piece would be thrown into imbalance. While both symmetrical and asymmetrical balances offer different advantages, and have been used to create fantastic pieces, imbalance has been employed to create many incredibly visually appealing works of art. Such imbalance is a characteristic of works of art in which the areas of the composition are unequal in actual weight or pictorial weight. Imbalance can also allow the viewer to sense movement. ﴾Fichner-Rathus﴿ In the case of Robert Capa's photograph "Death of a Loyalist Soldier" ﴾Fig. 3﴿ it looks as though the soldier was trying to make it to the center of the frame but he has been shot and is stumbling backwards from the force of the bullet. As Fichner-Rathus argues about [...]... function w(U ) is a strong j-Riemann invariant if and only if for any k = j, w(U ) is a weak k-Riemann invariant 10 Chapter 1 Quasilinear systems and conservation laws Proof This follows from the property that if (bi ) is a basis of eigenvectors of a diagonalizable matrix A, then its dual basis, i.e the forms (lr ) such that lr bi = δir , is a basis of eigenforms of A This is because lr Abi = lr λi bi = λi... a convex invariant domain U for (1.8) by interface if for some σl (Ul , Ur ) < 0 < σr (Ul , Ur ), Ul + F (Ul , Ur ) − F (Ul ) ∈ U, σl (2.17) Ul , Ur ∈ U ⇒ F (Ul , Ur ) − F (Ur ) U + r ∈ U σr 16 Chapter 2 Conservative schemes Notice that if (2.17) holds for some σl , σr , then it also holds for σl ≤ σl and σr ≥ σr , because of the convexity of U and of the formulas F (Ul , Ur ) − F (Ul... respectively by x < ξ(t) and x > ξ(t) (see Figure 1.1) Consider a function U defined on Ω that is of class C 1 in Ω− and in Ω+ Then U solves (1.8) in the sense of distributions in Ω if and only if U is a classical solution in Ω− and Ω+ , and the Rankine–Hugoniot jump relation ˙ on C ∩ Ω (1.15) F (U+ ) − F (U− ) = ξ (U+ − U− ) is satisfied, where U∓ are the values of U on each side of C Proof We can write U... G(U, U ) = G(U )), such that for some σl (Ul , Ur ) < 0 < σr (Ul , Ur ), G(Ur ) + σr η Ur + F (Ul , Ur ) − F (Ur ) σr G(Ul , Ur ) ≤ G(Ul ) + σl η Ul + − η(Ur ) ≤ G(Ul , Ur ), F (Ul , Ur ) − F (Ul ) σl − η(Ul ) (2.23) (2.24) Lemma 2.8 The left-hand side of (2.23) and the right-hand side of (2.24) are nonincreasing functions of σr and σl respectively In particular, for (2.23) and (2.24) to hold it is necessary... dtdx → U (t, x) ϕ(t, x) dtdx, (2.15) for any test function ϕ(t, x) smooth with compact support For the justification of such a property, we refer to [33] 2.2 Stability The stability of the scheme can be analyzed in different ways, but we shall retain here the conservation of an invariant domain and the existence of a discrete entropy inequality They are analyzed in a very similar way 2.2.1 Invariant domains... domain for (1.8) if it has the property that U 0 (x) ∈ U for all x ⇒ U (t, x) ∈ U for all x, t (1.19) Notice that the convexity property is with respect to the conservative variable U There is a full theory that enables to determine the invariant domains of a system of conservation laws Here we are just going to assume known such invariant domain, and we refer to [92] for the theory Example 1.3 For a... to impose what is called a CFL condition (for Courant, Friedrichs, Levy) on the timestep to prevent the blow up of the numerical values, under the form ∆t a ≤ ∆xi , i ∈ Z, where a is an approximation of the speed of propagation We shall often denote Ui instead of Uin , whenever there is no Corporations: Paid-in Capital and the Balance Sheet Chapter 13 Objective 1 Identify the Characteristics of a Corporation. Characteristics – separate legal entity – continuous life and transferability of ownership – no mutual agency – limited liability of stockholders – separation of ownership and management – corporate taxation – government regulation Organizing a Corporation • The process of creating a corporation begins when the organizers (incorporators) obtain a charter from the state. • The charter authorizes the corporation to issue stock and conduct business in accordance with state law and the corporation’s bylaws. Organizing a Corporation • Stockholders elect the board of directors. • The board sets policy, appoints the officers, and elects a chairperson. • The board also designates the president, who is the chief operating officer. Authority Structure in a Corporation Stockholders Board of Directors Chairperson of the Board President Various Vice-Presidents and Secretary Controller Treasurer Capital Stock • Corporate ownership is evidenced by a stock certificate which may be for any number of shares. • The total number of shares authorized is limited by charter. Stockholders’ Equity Paid-in capital Paid-in capital Retained earnings Retained earnings Owners’ equity in the corporation has two components: Stockholders’ Equity Example On June 1, the Bloom’s Corporation issued stock valued at $10,000. June 1 Cash 10,000 Common Stock 10,000 Issued stock Stockholders’ Equity Example Bloom’s Corporation net income for the year was $800,000. December 31 Income Summary 800,000 Retained Earnings 800,000 To close net income to Retained Earnings [...]... exchange for a building Issuing Preferred Stock • Accounting for preferred stock follows the pattern illustrated for common stock • Stockholders’ equity on the balance sheet lists preferred stock, common stock, and retained earnings – in that order Objective 3 Prepare the Stockholders’ Equity Section of a Corporation Balance Sheet Review of Accounting for Paid-In Capital Stockholders’ Equity Paid-in Capital:... 72,000 $171,000 85,000 $256,000 Review of Accounting for Paid-In Capital • Paid-in capital and retained earnings represent the stockholders’ equity (ownership) in the assets of the corporation • Paid-in capital comes from the corporation’s stockholders who invested in the company • Retained earnings come from the corporation’s customers Review of Accounting for Paid-In Capital • Which is more permanent,... corporations use their retained earnings for declaring dividends to the stockholders Dividend Dates • A corporation must declare a dividend before paying it • The board of directors alone has the authority to declare a dividend Dividend Dates Three relevant dates for dividends are: Declaration date Date of record Payment date Objective 4 Account for Cash Dividends Cash Dividends Example • On April 1, the board... to a share The Effects of Devaluation on the Trade Balance and the Balance of Payments: Some New Results Marc A. Miles R~itgti, Colltgr, Rntg<r\-Thr Stnte Lrl?r'er\rt\ This paper examines the statistical relationship between de\raluation ant1 both the trade balance and the balance of paymelits for 16 de\raluatio~lsof 14 countries in the 1960s. Using several tests involv- ing both the seemingly u~lrelated and pooled cross-section time- series regression techniques, the paper tests the effect of devaluation hile sta~~dardizirlg for other variables that map affect the foreign accounts. \Yhile the balance of pa)-merits does seem to improve follo\ving devaluation, no evidence is found to support the hypothe- sis that cievaluation improves the trade balance. The paper con- cludes that the acljustment to devaluation is essentially monetary in nature, involving only a portfolio stock adjust~nent. Within the international trade literature, it is not uncommon to find arguments about lvhether devaluation will improve the trade balance or the balance of payments. Each theoretical approach has its own set of arguments. For example, the proponents of the elasticities ap- proach (e.g., Robinson 1947; Metzler 1948) describe the necessary and sufficient conditions for an improvement in the trade balance in terms of elasticities of demand and supply. If the demand elasticities are sufficiently large and the supply elasticities sufficiently small, devaluation should improve the trade balance. Proponents of the absorption approach (e.g., Alexander 1952; Johiison 1967) describe 11on. devaluation nlay change the terms of trade, increase production, l'he author ~vould like to thank Jacob Frenkel, Harr! Johnson, Arthur Laffer, Stephen Slagee, John Bilson. and an anonvmous referee for helpful aclvice and corn- ments. The\- should not be held responsible. holve~er, for any remaining errors. [Joiir~i(il 01 PoJ~IIc(I/ F~orzo~riv, 1979. xol. Xi, no 11 'G 1979 by 1 he Yni\ersii\ of C:hicago. 0022-380817Y~8703-00Oti$01 58 THE ETFECTS OF DEVAI L ATION 60 1 switch expenditure from foreign to domestic goods, or have some other effect in reducing domestic absorption relative to production and thus improving the trade balance. International niorletarists (e.g., Mundell 197 1 ; Dornbusch 1973n; Frenkel and Rodriguez 1975) argue that derraluation reduces the real value of cash balaiices andlor changes the relative price of traded and nontraded goods, thus im- proving both the trade balance and the balance of payments. This article, however, examines the statistical relationship between devaluation and the two foreign accounts. More specifically, the arti- cle tries to determine if, on the average, devaluation improves the trade balance andior the balance of payments. No attempt is niade to show the merits of one theoretical approach over another. While the theoretical discussion is primarily in terms of a monetarist model, the final empirical 111odel is a reduced-form equation that is not inconsis- tent u.ith the other theoretical models. If devaluation causes a significant improvement in the trade balance, this irnprovernent should he statistically observable regardless of ivhich theoretical ap- proach is used. Section I describes empirical studies of the effects of devaluation by other authors and analyzes why their approaches fail to answer the relevant questions completely. Section I1 describes the functional forms used in this study and summarizes the theory behilid the model. Section I11 describes the various tests and their results. Finally. Section IV summarizes the results and drarvs some conclusions. I. Other Empirical Studies In recent years several papers have appeared tvhich have tried to analyze empirically the effect of devaluation on the trade balance and balance of payments. There are three basic objectio~is that one can niake ... maintain osmotic balance Need for Osmoregulation Biological systems constantly interact and exchange water and nutrients with the environment by way of consumption of food and water and through... TechnicianDialysis is a medical process of removing wastes and excess water from the blood by diffusion and ultrafiltration When kidney function fails, dialysis must 4/6 Osmoregulation and Osmotic Balance. .. of solute molecules and not the molecular size that is important in osmosis Osmoregulation and osmotic balance are important bodily functions, resulting in water and salt balance Not all solutes