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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