EVALUATION OF PERFORMANCE OF KALITY METAL PRODUCTS FACTORY USING BALANCED SCORECARD APPROACH

Abstract

The importance of changing any activities, transactions and findings into numbers or figures is unavoidable. No one is able to understand the status of the activities undertaking, the methods and ways of analyzing the performance is taking place in different ways by different individuals or organizations. Based on this assumption, this study focused on the performance analysis of KMPF by using a balanced scorecard approach. The application of this differs from other performance evaluation methods this includes the both the financial and non- financial measures. As a result, the implementations of these methods have four perspectives: financial, Customer, internal business process and learning, and growth. The use of this evaluation method can help any organization to control their weaknesses and increase strengths during the day-today transaction i.e. no need of specific date for evaluation the performance. From the data analysis of this study and findings, the researcher-discovered that which perspectives are efficient and which are not. By using this method of evaluation, KMPF financial performance shows a good position when compared with others and the rest are not at a risky level but there is a need of some improvements. , the problem identified from the external customer perspective is a need for improvements on customer’s relations, the internal business process also needs improvements over interrelating the production throughput time to finalize a unit product, the learning and growth need uniform employee training and implementation of information communication mechanisms to interact employees with customers and suppliers. Due to this fact, the researcher recommends some of the findings that the current competition of the world market is very competitive to survival and become successful from the computation. Therefore, the traditional financial performance evaluation is not enough for the factory and the researcher advised to introduce the non- financial perspectives to minimize the gap of performance evaluation technique to protect the constructive and strengthening the unconstructive or weak perspective.