Balanced Scorecard - Oshkosh Corporation. Accounting, Finance, SPSS (Essay Sample)

Balanced Scorecard – Oshkosh Corp.
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Balanced Scorecard – Oshkosh Corp.
Introduction
The Balanced Scorecard is a management performance technique that is used to identify and enhance the critical internal functions of a business and the quality of the resulting output. The Balanced Scorecard uses numerical data and provides feedback to the management of the business, to inform better decision-making function. The technique separates the activities of a business or its segment into four legs or distinct areas including; learning and growth perspectives, customer perspectives, business processes or internal perspectives, and finance perspective. The Balanced Scorecard develops quantitative metrics for the four critical functions, required to determine the attainment of several critical goals that limit the performance of a business. Also, the technique ranks strategic variations by future scorecards. Lastly, the technique can be used to detect any emerging opportunities for the business and develop statistics as criteria for determining the success of the implementation or their attainment.
Oshkosh Corporation was established in 1917 as Oshkosh Truck with the primary business of designing and manufacturing military vehicles, specialty trucks, airport fire apparatus, truck bodies, and access equipment among others. Oshkosh Defence LLC is a subsidiary of Oshkosh Corporation, which was established to be the leading tactical vehicle manufacturer for Military Vehicles and Mobility Systems, with the primary goal of addressing the dynamic needs of its customers by providing the latest defense technologies and advanced systems (Oshkosh, 2020). Oshkosh Defense LLC starts the process of designing a defense solution by exploring the challenges and opportunities that are presented. The company uses the best engineering brains to combine the latest art of invention and the new product development techniques to design and develop products.
Oshkosh Defence LLC has been a contractor for the US DoD for the last 90 years in the business of supplying approved tactical vehicles for them and to other foreign clientele that have been vetted by the US Government (Oshkosh, 2019). The Sales of Oshkosh Defence LLC to the US Department of Defense (DoD) accounted for 97%, 90%, and 71% of its Total Sales for 2019, 2018, and 2017, respectively (Oshkosh, 2019). On the 17th of June 2020, Oshkosh Defense LLC reported that it has been awarded a $61.8m defense contract by the Federal Government to manufacture trailers for the Joint Light Tactical Vehicles (JLTV) (Oshkosh, 2020). This paper applies the Balanced Scorecard to the business strategy of Oshkosh Defence LLC as a federal contractor for the US Government and a subsidiary of Oshkosh Corporation.