Final answer:
LowFare should monitor measures such as Yield per Passenger Mile, On-time Arrival Rate, Aircraft Turnaround Time, and Employee Training Hours from the financial, customer, internal business process, and learning and growth perspectives of the balanced scorecard, respectively.
Step-by-step explanation:
Key Performance Measures for LowFare Airline
To effectively manage a no-frills airline like LowFare that provides daily shuttle service primarily for businesspeople between New York and Boston, it is important to consider measures from each of the four perspectives of the balanced scorecard.
Financial Perspective:
Yield per Passenger Mile - This measure will help LowFare analyze the revenue obtained per mile from each passenger. It is crucial for understanding profitability, particularly when competing with larger airlines that may have more flexibility in pricing.
Customer Perspective:
On-time Arrival Rate - Business travelers value punctuality, making this a critical measure of customer satisfaction and a key differentiator in a competitive market.
Internal Business Process Perspective:
Aircraft Turnaround Time - Efficient turnaround times can lead to more flights per day and better asset utilization, which is vital for a no-frills carrier operating frequent shuttle services.
Learning and Growth Perspective:
Employee Training Hours - Regular training ensures employees are efficient, safety standards are met, and customer service is maintained at a high level, all of which are essential in a service-oriented industry like airlines.