| Abstrakt: |
Hotel industry of India is a highly flourishing, lucrative and competitive market. Hotels in today's change-filled, highly competitive environment must devote significant time, energy and resources for measuring their performance in achieving strategic objectives. Developed by Robert Kaplan and David Norton the balanced scorecard (BSC) - a comprehensive and balanced performance measurement system-translates an organization's strategy into performance objectives, measures, targets, and initiatives in four balanced perspectives. The BSC has emerged from the need to improve planning, monitoring and evaluation performance functions in a more robust way. The BSC has enjoyed great acceptance, whether in practice or in theoretical terms. Organizations around the globe have rapidly embraced the BSC and reaped swift benefits from its commonsense principles. BSC has also gained wide acceptance within hotels as a means of providing a focus on human resources, intangible assets, and challenges associated with regard to maintaining consistent product standards, while not neglecting financial performance. This article addresses the successful application of BSC in hotels for measuring performance and gaining competitive advantage. [ABSTRACT FROM AUTHOR] |
