Tourism Management Financial Decision Making in Action …



BOX 11: Examples of balanced scorecard measures used for events

| |

|Financial |Customer |Internal Process |Learning & Growth |

|Operating profit |Customer satisfaction |Service errors |Personal growth of staff |

|Return on investment |Customer retention |Physical asset maintenance |Internal promotion levels |

|Revenue growth |New customer acquisition |Capital expenditure efficiency |Staff satisfaction |

|Revenue compared to budget |Market segmentation |Internal control practices |Staff retention |

|Sales mix |Market share |Safety compliance |Staff empowerment |

|Pricing effectiveness |Customer profitability |Time required to complete processes|Strategic skills of staff |

|Operating profit compared to |Responsiveness | |Training levels |

|prior year |Service levels |Market segment information |Frequency of training |

|Operating profit compared to |Mystery-guest assessments | |Training of staff for range of |

|budget | | |positions |

|Operating profit compared to | | |Staff computer access |

|comparable events | | |Community participation and |

|Cost controls on individual | | |knowledge exhibited by general |

|lines | | |managers |

|It is important to recognise that many of these measures have greater relevance to some types of events relative to others. It should also|

|be recognised that the BSC can be adapted to evaluate any type of event. A word of warning, however, the more you contextualise the BSC, |

|the less it becomes a basis for benchmarking comparisons. Nevertheless, it is very difficult to apply the full BSC to a local community |

|festival, as much of the festival will be run outside the cash economy and will not necessarily have a financial impetus. |

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