The Balanced Scorecard at Heidelberger Druckmaschinen AG by Vanessa Günther, Alina Sachapow, Nadja Scheibler, Hanna Tresselt

Faculty 3 the Department of Economics I

Course Bachelor of International Business

Management Accounting

Summer Semester 2011

Innovative Controlling Tools

The Balanced Scorecard at

Heidelberger Druckmaschinen AG

Written by Vanessa Guumlnther

Alina Sachapow

Nadja Scheibler

Hanna Tresselt

Berlin 30052011

CONTENT

EXECUTIVE SUMMARY 3

1 Introduction 3

2 The Balanced Scorecard at Heidelberg 4

3 The main advantages of the system and its key differences to the common practices 5

4 Costs and benefits of the system vivid in Heidelbergrsquos case 6

5 Internal and external reporting 8

6 Conclusion 8

BIBLIOGRAPHY 9

ANNEX 11

~ 3 ~

EXECUTIVE SUMMARY

In our todayrsquos world filled with rapid change and tremendous new opportunities no companyrsquos future is

secure unless it advances innovation in all aspects of its production process including management

accounting Thus the focus of this paper is on unique features benefits and costs of one innovative

controlling tool ndash the balanced scorecard ndash as experienced by Heidelberger Druckmaschinen AG

Heidelberger Druckmaschinen AG is a very innovative company that not only employs the balanced

scorecard but also constantly improves it Although it has incurred considerable installation and running costs

and is still more dependent on cyclical fluctuations than targeted it definitely benefits from the shorter

processes more accurate strategic and situational overview as well as the ability to meet customersrsquo needs

and expectations and to adapt faster to certain cyclical movements Moreover the corporation is able to keep

a position ahead of competition successfully following its strategies This is clearly a competitive advantage

and the benefits gained from the companyrsquos BSC-approach

1 Introduction

Innovation is an essential element for international companies to persist and operate successfully in a fast

changing business world Enterprises that want to stay alive should constantly promote innovative practices

in all aspects of production This definitely includes management accounting which is an indispensable part

of any production process Thus the aim of this paper is to evaluate one of the todayrsquos most innovative

controlling tools ndash the balanced scorecard (the BSC)

The balanced scorecard was introduced in an article of the Harvard Business Review 1992 written by Robert

S Kaplan and David P Norton1 It goes without saying that a lot of time has passed since then However

even today not so many companies use this instrument in their day-to-day business One of the brightest

German examples of an enterprise that probably employs this technique to its fullest advantage is

Heidelberger Druckmaschinen AG (later referred to as Heidelberg)

Hence this report will examine how Heidelbergrsquos unique system differs from the common practices It will

further discuss the main costs and benefits of the system and will scrutinise the main ways the company

reports its good and bad experience internally and externally To deal with the above-mentioned problems the

paper will draw on various pieces of scientific literature such as books and journals as well as the companyrsquos

information and scholarly articles found online

1 See Schmeisser Clausen Popp Ennemann Drewicke (2011) p 194

~ 4 ~

2 The Balanced Scorecard at Heidelberg

Heidelberg was founded in 1850 and is a company focusing on the development and production of precision

printing presses equipment and supporting software Currently they have production sites in seven different

countries and over 250 sales offices worldwide that cover the needs of over 200000 customers The

companyrsquos workforce consisted of 16496 employees in the financial year 200910 and was able to earn

revenues amounting to euro2306 million2

In fact the enterprise introduced their first BSC already in 1995 as a part of a Total Quality Management

programme The programme aimed at implementing not only this new controlling tool but also SMART

Objectives and action plans in order to improve the strategic planning within the company3 Thus this move

was comparatively crucial for the organisation and was aimed at setting worldwide standards in the

development and production of high quality printing equipment with the key objective of profiting from the

companyrsquos worldwide reputation and competitive advantage It further wanted to sell a well-adapted and

broadly diversified range of products (well-suited to fit a various number of target groups) in the industrial

countries and in the emerging markets in order to further grow its market share4

As a matter of fact Heidelbergrsquos BSC follows the traditional scheme and encompasses the following four

perspectives financial customer-related internal business processes as well as learning and growth All the

four areas are interconnected and depend on one another Thus the financial aspect aims at evaluating the

companyrsquos strategy and its profitability increasing its value and share prices making Heidelberg less

dependent on economic fluctuations The customer-related perspective specifies the targeted segments in

terms of customers and markets and assesses how successful the enterprise is in them Heidelbergrsquos

preferences in this sphere are to become the partner of choice help to enhance effectiveness and add value to

print communication and production processes The organisation- and process-related projection concentrates

on internal business processes that should assist the company to realise its strategy and to refine its value by

becoming more customer-centric and functionally integrated as well as by providing tailored solutions

Finally the employees-related and innovation aspect specifies the firmrsquos goals concerning its performance

potential and internal capabilities They should be utilised by the company in order to be more successful and

flexible in todayrsquos highly competitive markets This includes life-long learning customer orientation

integrated culture as well as loyal energetic and creative workforce5 The balanced scorecard under

consideration was implemented for the period of seven years from 2004 till 2010 (see Appendix 1)

2 See Heidelberger Druckmaschinen AG ndash Heidelberg (2011) httpwwwheidelbergcomwwwhtmlenstartPage

Accessed 23052011 3 See Forum Balanced Scorecard (2010) httpwwwscorecarddebsc-einfuhrunganwender-berichte Accessed 24052011


Accessed 24052011 5 See Horngren Datar Foster (2009) pp 493-494 and Appendix 1

~ 5 ~

3 The main advantages of the system and its key differences to the common practices

By implementing the BSC already at the end of 1995 Heidelberg was one of the first enterprises to make use of

this tool The companyrsquos approach to the BSC is also innovative in a sense that they use it in a very progressive

way Being able to learn from the past they constantly improve their BSC (an example might be their

introduction of BSC for 2004-2010 after the crisis of 2000) As a part of this ongoing learning process they also

improve their guidelines when implementing a new BSC This includes top-down execution making managers

responsible adapting planning and controlling instruments connecting rewarding system starting with 60-80

solutions and improving later on All in all they try to allow certain flexibility as well as to avoid conventional

practices software solutions and strictly interconnected key performance indicators (KPIs)6 Moreover since

2006 Heidelberg has been stating and communicating the firmrsquos environmental and sustainability goals by using

the BSC7 Further its experts as well as professionals from other organisations are now offering workshops and

seminars that are aimed at helping their customers with a successful implementation of their own BSCs8

However the company is very innovative not only because of being one of the first to employ the idea of the

BSC and constantly improving it It is also one of a few in Germany that apply the instrument in their business

In fact not many German organisations use the BSC For example the empirical study conducted by

Wissenschaftliche Hochschule fuumlr Unternehmensfuumlhrung in 2000 argues that only 7 of German enterprises of

various economic sectors apply the scheme (see Appendix 2)9 BrabaumlnderHilcherrsquos study of 2001 found out that

only around 16 of the companies they interviewed had already implemented the model and were using it10

Indeed most firms nowadays still prefer to have a classical system of KPIs to evaluate their effectiveness and

performance Although a lot of researchers identify the BSC with the classical KPI system and the former uses

the latter for its main aspects the two models are not 100 identical and have a number of differences

Firstly through the interdependence of the KPIs employed in any particular BSC the latter enables a better

information gathering and evaluation11

Moreover the BSC allows for flexibility and is very helpful in

understanding and realising the companyrsquos strategy while the classical model of KPIs has a focus on

monetary planning and control and has a fixed scheme for each enterprise that decides to apply it 12

Thus the BSC has a number of advantages over KPIs Firstly it is not limited to certain economic sectors or

companiesrsquo sizes Secondly empirical studies show that in most enterprises that use the classical KPI model

financial indicators usually overweigh non-financial ones when evaluating the companyrsquos effectiveness For

6 See Forum Balanced Scorecard (2010) httpwwwscorecarddebsc-einfuhrunganwender-berichte Accessed 25052011


Accessed 15052011 8 See Management Circle (2009) httpwwwecg-consultingcompdfSeminare2010BSC20in20der20IT-Master-

2009-11-09pdf Accessed 24052011 9 See Weber Sandt (2001) p 22


11 See Weber Sandt (2001) p 19

12 See Horvath Kaufmann (1999) p 359

~ 6 ~

instance many firms often have more than 10 KPIs for evaluating their financial success and only 5 to assess

each non-financial aspect13

Arguably they do not have a rounded picture of their market position Hence the

BSC is better at balancing short-term and long-term development plans financial and non-financial perspectives

of the company as well as external and internal performance indicators It unites three different approaches ndash

value- market- and resource- based ndash and is founded on numeric as well as non-numeric information14

Another argument in favour of the BSC is that it focuses the organisation on a set of important indicators by

limiting the number of possible goals to 20 KPIs per a BSC15

In fact Heidelberg opts for having only 15

goals in its BSC of 2004-2010 The aims are almost equally divided among the four key projections and the

company employs three main KPIs for their assessment return on investment customer satisfaction and

personnel motivation indices16

Heidelberg is furthermore able to combine its controlling instrument with

other techniques and individual indicators that measure performance17

4 Costs and benefits of the system vivid in Heidelbergrsquos case

It goes without saying that any technique should be weighted in terms of the costs and benefits of its

implementation and usage Thus this chapter will look into the main advantages and expenses Heidelbergrsquos

BSC has provided or put the company into As far as costs are concerned one should not forget that

Heidelberg introduced the BSC of 1995 top-down in all departments Worldwide workforce consisting of

about 1000 managers and employees were involved in its development process Additionally the enterprise

was supported by PA Consulting Frankfurt and an internal international group of advisors All these

participants definitely put Heidelberg to expense as did software licensing installation testing evaluation

maintenance and upgrading later on18

As far as benefits are concerned the BSC has constantly given the company a good overview of its current

situation and has simultaneously highlighted its main objectives Heidelberg has known exactly what they

had to focus on and improve regarding their financial independence of cyclical fluctuations organisational

structure and customer service They have always been able to react and change more quickly than most of

their rivals and have therefore managed to stay ahead of competition

For example after the introduction of the Total Quality Management measures in 1995 Heidelbergrsquos stock

price started to rise from about euro40 and reached its peak of euro70 in May 2000 Unfortunately in 2000 the

13

See Weber Sandt (2001) pp 12-13 14

See Schmeisser Clausen Popp Ennemann Drewicke (2011) pp 31-32 15

See Horvath Kaufmann (1999) p 359 16

See Forum Balanced Scorecard (2010) httpwwwscorecarddebsc-einfuhrunganwender-berichte Accessed 25052011 17


See Forum Balanced Scorecard (2010) httpwwwscorecarddebsc-einfuhrunganwender-berichte Accessed 25052011

~ 7 ~

financial crisis started and the corporation was heavily affected As a result their stock prices fell to a trough

of about euro15 in February 2003 (see Appendix 3) Their net profit decreased from euro283 million in the financial

year 20002001 to euro-695 million in 20032004 (see Appendix 4)

Heidelberg learnt a lot from this lesson and as a consequence introduced new measures including their new BSC

with the goals and strategies for period 2004-2010 (see Appendix 1) Already one year later they had a net profit

of euro59 million (see Appendix 5) Furthermore from February 2003 onwards the company continuously

recovered as far as its stock price is concerned and reached a mid-term high of euro40 in 2006 (see Appendix 3)

Although the recovery was quite successful Heidelberg did not manage to reach its goal of being

independent of any economic cycles As before the company was severely impacted by the recent financial

crisis The stock fell to a historical low of euro3 (see Appendix 3) indicating that the sought benefits had not

been achieved Having a net profit of euro263 million in 20062007 the company had a net loss of euro249

million in 20082009 (see Appendix 5)

Again Heidelberg reacted quickly with several cost cutting measures This led to a reduction in costs of

more than euro100 million Additionally they started to observe more accurately the developments of key

figures as sales profit margins EBIT and free cash flow They also lowered the break-even point of sales

to euro25 billion Furthermore Heidelberg restructured its organisation by introducing three divisions

Heidelberg Equipment Heidelberg Services and Heidelberg Financial Services This aimed at shortening

planning time enabling an easier adaptation to any changes in the marketplace19

Despite the incurred huge

losses Heidelberg has managed to lower its negative profit to euro-78 million during the first three quarters of

the current financial year20

(see Appendix 7)

It is conspicuous that Heidelberg has managed to keep its competitive advantages of being a high quality

producer and the sole supplier that offers comprehensive and high standard services from maintenance to

consulting the one that can recover faster and show positive figures already after a relatively short period

of time This is clearly an improvement in the area of management and organisation Moreover they have

cut the reaction time enhanced the speed of processes and their decision-making Persuading the existing

and potential customers by an outstanding service offering expertise and technological lead is also part of

their success that helps them to keep up with the challenge The BSC of 2004-2010 is one of the reasons

why Heidelberg is able to successfully keep their leading position ahead of competition and react

immediately to any changes in the economy

19

See Heidelberger Druckmaschinen AG (2011) Accessed 15052011 20

Compare It was euro-229 million last year (see Appendix 6)

~ 8 ~

5 Internal and external reporting

Heidelberg uses both forms of reporting for its BSC external and internal On the one hand the company

gives information about their unique system in its annual and sustainability reports On the other hand the

enterprise uses the BSC to agree on and communicate essential aims and project results responsibilities and

appointments inside the business BSCs are pinned up on the walls of offices and factories and are visible for

everybody Employeesrsquo discussions are held regularly to define and answer the main questions for each

worker including their contribution forms and results of evaluation ways to learn and improve21

Moreover a constant expansion and support of networks within the company assures a better communication

and a more effective cooperation of the companyrsquos workforce Keeping in mind that the BSC is not a tool to

patronise employees but a means to strengthen competences in the lower levels Heidelberg uses the tool for

decentralisation purposes Consequently the enterprisersquos units and subsidiaries scattered worldwide have the

possibility to decide by themselves what standards are needed in their BSCs and how to achieve them22

6 Conclusion

From the above discussion it is obvious that Heidelberg is a very innovative company not only employing the

BSC-tool but also constantly improving it This is one of the reasons why it still manages to keep a position

ahead of competition successfully following its goals and strategies Although it is still more dependent on

cyclical fluctuations than could be wished for it definitely benefits from its shorter processes more accurate

strategic and situational overview as well as its ability to meet customersrsquo needs and expectations and to

adapt faster to certain cyclical movements This is clearly a competitive advantage and the benefits gained

from the BSC-implementation

21

See Fischer (1999) httpwwwmanager-magazindemagazinartikel028284302800html Accessed 23052011 22

See loc cit

~ 9 ~

BIBLIOGRAPHY

Books

1 Ehrmann H (2007) Kompakt-Training Balanced Scorecard 4th edition Kiehl ndash 224 pp

2 Graumann M (2011) Controlling DW-Verlag ndash 831 pp

3 Horngren Ch T Datar S M Foster G (2009) Cost Accounting a Managerial Emphasis 13th

edition international edition Pearson Prentice Hall ndash 896 pp

4 Horvath P Kaufmann L (1999) ldquoBeschleunigung und Ausgewogenheit im strategischen

Managementprozeszlig ndash Strategieumsetzung mit Balanced Scorecardrdquo in Hahn D Taylor B (eds)

Strategische Unternehmensplanung ndash Strategische Unternehmensfuumlhrung ndash Stand und

Entwicklungstendenzen 8th edition Physica-Verlag 1999 ndash pp 354-369

5 Hungenberg H (2011) Strategisches Management in Unternehmen Ziele Prozesse Verfahren

Gabler Verlag ndash 500 pp

6 Schmeisser W Clausen L Popp R Ennemann C Drewicke O (2011) Controlling and Berlin

Balanced Scorecard Approach Odenbourg Wissenschaftsverlag GmbH ndash 286 pp

7 Weber J Sandt J (2001) Erfolg durch Kennzahlen Neue empirische Erkenntnisse Vallendar ndash 36 pp

Journals

8 Fischer O (1999) ldquoBalanced Scorecard Alles auf eine Karteldquo in Manager Magazin [Online] 19

November Available at httpwwwmanager-magazindemagazinartikel028284302800html

Last accessed 25052011

The Companyrsquos Resources

9 Heidelberger Druckmaschinen AG ndash Heidelberg (2011) Available at

httpwwwheidelbergcomwwwhtmlenstartPage

10 Heidelberger Druckmaschinen AG (2008) ldquoHeidelberg Predicts Difficult Market Conditions and

Adopts Comprehensive Package of Measures to Enhance the Cost Structurerdquo [Online]

7 October Available at

httpwwwheidelbergcomwwwhtmlencontentarticlespress_loungecompanygeneral080710_m

easures Accessed 15052011

~ 10 ~

Online Resources

11 Balanced Scorecard Institute (2011) Available at httpwwwbalancedscorecardorg Last accessed

25052011

12 Forum Balanced Scorecard (2010) ldquoAnwender-Berichterdquo [Online] Available at

httpwwwscorecarddebsc-einfuhrunganwender-berichte Last accessed 25052011

13 Management Circle (2009) ldquoBalanced Scorecard in der IT So setzen Sie Ihre IT-Ziele mit konkreten

Kennzahlen umrdquo [Online] 9 November Available at httpwwwecg-

consultingcompdfSeminare2010BSC20in20der20IT-Master-2009-11-09pdf Last accessed

25052011

14 Reference for Business (2011) ldquoBalanced Scorecardrdquo in Encyclopedia of Business 2nd

edition

[Online] Available at httpwwwreferenceforbusinesscomencyclopediaAssem-BrazBalanced-

Scorecardhtml Last accessed 25052011

15 Wallstreet online (2011) ldquoHeidelberger Druckmaschinen Chartrdquo [Online] Available at

httpwwwwallstreet-onlinedeaktienheidelberger-druckmaschinen-

aktiechartt3m||slines||aabs||vweek Last accessed 25052011

16 YahooFinancecom (2011) ldquoStandard Chart Heidelberger Druckm (GER)rdquo [Online]

25 May Available at httpdefinanceyahoocomqbcs=HDDDEampt=myampl=onampz=lampq=lampc=


~ 11 ~

ANNEX

Appendix 1 Balanced Scorecard 2004-2010

Source Heidelberger Druckmaschinen AG (2011) ldquoBalanced Scorecardrdquo Available at

httpwwwheidelbergcomwwwbinariesbinfilesdotcomenabout_usbalanced_scorecard_enpdf

Accessed 15052011

~ 12 ~

Appendix 2 Systems of Key Performance Indicators ndash Status Quo

Source Weber J Sandt J (2001) Erfolg durch Kennzahlen Neue empirische Erkenntnisse ndash p 22

~ 13 ~

Appendix 3 Heidelberger Druckmaschinen Chart (01011998 ndash till now)

Source Wallstreet online (2011) ldquoHeidelberger Druckmaschinen Chartrdquo [Online] Available at

httpwwwwallstreet-onlinedeaktienheidelberger-druckmaschinen-aktiechartt3m||slines||aabs||vweek

Accessed 25052011 [1627]

~ 14 ~

Appendix 4 Five-year Overview (2000-2005)

Source Heidelberger Druckmaschinen AG (2011) The Figures Consolidated Financial Statements [Online]

Available at httpwwwheidelbergcomwwwbinariesbinfilesdotcomeninvestor_relationsreports2004-

05annual_report_0405pdf Accessed 25052011

~ 15 ~


Source Heidelberger Druckmaschinen AG (2011) Annual Report 2008 2009 [Online] Available at

httpwwwheidelbergcomwwwhtmlenbinariesfilesinvestor_relationsreports2008-

09090609_fs_0809_report_b94lu2_pdf Accessed 20052011

~ 16 ~




10100630_annual_report_pdf Accessed 20052011

~ 17 ~

Appendix 7 Net Sales Cash Flow and Net Profit for Q1-Q3 20102011

Year Q1-Q3 20102011

Net Sales in millions 1883

Cash Flow in millions 26

Net Profit in millions -78

Source Heidelberger Druckmaschinen AG (2011) Q3 Interim Financial Report 2010 2011 [Online]

Available at httpwwwheidelbergcomwwwhtmlenbinariesfilesinvestor_relationsreports2010-

11110209_q3_1011_report_pdf Accessed 20052011

CONTENT

EXECUTIVE SUMMARY 3

1 Introduction 3

2 The Balanced Scorecard at Heidelberg 4

3 The main advantages of the system and its key differences to the common practices 5

4 Costs and benefits of the system vivid in Heidelbergrsquos case 6

5 Internal and external reporting 8

6 Conclusion 8

BIBLIOGRAPHY 9

ANNEX 11

~ 3 ~

EXECUTIVE SUMMARY












1 Introduction

















~ 4 ~


































~ 5 ~





































~ 6 ~































13







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 3 ~

EXECUTIVE SUMMARY












1 Introduction

















~ 4 ~


































~ 5 ~





































~ 6 ~































13







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 4 ~


































~ 5 ~





































~ 6 ~































13







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 5 ~





































~ 6 ~































13







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 6 ~































13







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 7 ~






















(see Appendix 7)










19



~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 8 ~













6 Conclusion








21


See loc cit

~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 9 ~

BIBLIOGRAPHY

Books














Journals












~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 10 ~

Online Resources


25052011






25052011


edition









~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 11 ~

ANNEX




Accessed 15052011

~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 12 ~



~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 13 ~




Accessed 25052011 [1627]

~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 14 ~





~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 15 ~





~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 16 ~





~ 17 ~


Year Q1-Q3 20102011







~ 17 ~


Year Q1-Q3 20102011







Education

The Balanced Scorecard at Heidelberger Druckmaschinen AG by Vanessa Günther, Alina Sachapow, Nadja Scheibler, Hanna Tresselt