Final
2Q-MGT680X-A1-07-Integrative MBA/MSMIT Capstone-Spring 2013
What is Balanced Scorecard?
“The balanced scorecard (BSC) gives the upper management with tools needed to drive the company to the future, to the path of success. Organizations are competing for space in complex markets with so many resources and information, such that an accurate assessment of their goal, objectives and the methods for attaining them is extremely vital. The Balanced Scorecard (BSC) converts a company’s mission, strategy and objectives into a comprehensive set of performance indicators that gives the outline for a strategic measurement. The Balanced Scorecard (BSC) also not only provides an extra importance on achieving financial objectives, but also includes the performance drivers of these financial objectives.
The scorecard measures organizational performance across four balanced perspectives:
1. Financial
2. Customers
3. Internal business processes
4. Learning and growth.
The BSC enables companies to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets they need for future growth.” Kaplan. R and Norton. D (1996).
Definition : “BSC (balanced score card,)was presented in the "balanced scorecard: a good performance evaluation system", by Harvard Business School professor Robert S. Kaplan and the rejuvenation of the Global Strategy Group 's founder and president, David P. Norton Balanced Scorecard showed the great vitality since it appeared. It can effectively help enterprises give solution on two major problems: performance evaluation and the implementation of the strategy. In 1,000 companies in the world which "Fortune" magazine published, 70% of which used the Balanced Scorecard system; "Harvard Business Review" sees it as the most influential strategic management tool in 75 years.”- Zhang. Y, Li.L (2009)
Industry and Balanced Scorecard analysis
In 2008,
What is Balanced Scorecard?
“The balanced scorecard (BSC) gives the upper management with tools needed to drive the company to the future, to the path of success. Organizations are competing for space in complex markets with so many resources and information, such that an accurate assessment of their goal, objectives and the methods for attaining them is extremely vital. The Balanced Scorecard (BSC) converts a company’s mission, strategy and objectives into a comprehensive set of performance indicators that gives the outline for a strategic measurement. The Balanced Scorecard (BSC) also not only provides an extra importance on achieving financial objectives, but also includes the performance drivers of these financial objectives.
The scorecard measures organizational performance across four balanced perspectives:
1. Financial
2. Customers
3. Internal business processes
4. Learning and growth.
The BSC enables companies to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets they need for future growth.” Kaplan. R and Norton. D (1996).
Definition : “BSC (balanced score card,)was presented in the "balanced scorecard: a good performance evaluation system", by Harvard Business School professor Robert S. Kaplan and the rejuvenation of the Global Strategy Group 's founder and president, David P. Norton Balanced Scorecard showed the great vitality since it appeared. It can effectively help enterprises give solution on two major problems: performance evaluation and the implementation of the strategy. In 1,000 companies in the world which "Fortune" magazine published, 70% of which used the Balanced Scorecard system; "Harvard Business Review" sees it as the most influential strategic management tool in 75 years.”- Zhang. Y, Li.L (2009)
Industry and Balanced Scorecard analysis
In 2008,
References: 2. Zhang. Y, Li.L (2009). Study on Balanced Scorecard of Commercial Bank in Performance Management System. Nanchang, P. R. China. Retrieved from: http://www.academypublisher.com/proc/wisa09/papers/wisa09p206.pdf 5. Bank of America Effectively Managing Performance Measurement Systems. Retrieved from: ftp://ftp.software.ibm.com/services/us/gbs/bus/hcm/rbtt/boa.pdf 6. Mark Graham Brown (2007): Scorecard Design & Implementation Best Practices 8. Salwan. P (2007). Best Business Practices For Global Competitiveness. Sterling Publishers. New Delhi.