Ghana Institute of Management and Public Administration

Topics: Management, Strategic management, Balanced scorecard Pages: 3 (656 words) Published: November 20, 2012
GHANA INSTITUTE OF MANAGEMENT AND PUBLIC ADMINISTRATION (GIMPA) MBA (PROJECT MANAGEMENT OPTION)
GMBA 799 STRATEGIC MANAGEMENT
STUDENT NAME: EMMANUEL SESSOU
STUDENT ID NUMBER: MBAE 10040217

Question:
Write a short note on the Balanced Scorecard
Balanced Scorecard Basics
The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance.  The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation." The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives: The Learning & Growth Perspective, The Business Process Perspective, The Customer Perspective and The Financial Perspective

The Learning & Growth Perspective
This perspective includes employee training and...
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