Balanced Scorecard: Executive Summary

Topics: Balanced scorecard, Strategic management, Management Pages: 3 (927 words) Published: February 5, 2012
Balanced Scorecard

Danielle Hofer

Facilitator: Dr. Charles A. von Urff
Workshop 4 assignment
Due January 10, 2012
Submitted January 10, 2012

Executive Summary
As an individual deciding on marketing a new product or service the product life cycle shows the life cycle of a product or service. The product life cycle is the introduction, growth, maturity, and decline stages. Each stage is vital for the development of a product or service. The balanced scorecard enables managers to follow the progress of the product life cycle. The use of a balanced scorecard incorporates both internal and external factors. The future of any product or service depends highly on correctly using and identifying potential problems within a company. The balanced scorecard is examined by members of the management team to keep them motivated. The management teams are then able to focus on criteria and objectives as being the most critical to the projects strategic success. The following paper will clearly define a balanced scorecard and show examples of a balanced scorecard. The balanced scorecard will be analyzed and shown as a tool that needs to be used.

The balanced scorecard is an intricate part in the production and lifecycle of a product or service. The balanced scorecard has an effect on the evaluation of a company by shareholders and creditors. The balanced scorecard is another stage to realizing the potential goals and growth of an organization. The balance scorecard communicates the realization of changes that may need to be made to improve all relations in a company. Balanced Scorecard

A balanced scorecard is a performance measurement that focuses on the changes managers can make to create future shareholders. The scorecard should include objectives, measures, and targets that must be met during the projects life cycle. The balanced scorecard should contain quantifiable measures that are associated with the...

References: Broccardo, L. (2010). An empirical study of the Balanced Scorecard as a flexible strategic management and reporting tool. Economia Aziendale Online 2000 Web, (2), 81-91
Devine, Kloppenborg, K., Timothy J. O (2010). "Project measurement and success: a balanced scorecard approach.” Journal of Health Care Finance
Thompson, A. A., Gamble, J. E., & Strickland, A. J. (2006). Strategic management: Formulation, implementation, and control (11th Ed.). New York: McGraw-Hill.
Thompson, A. A., Gamble, J. E., & Strickland, A. J. (2006). Strategy: Winning in the marketplace: Core concepts, analytical tools, cases (2nd ed.). New York: McGraw-Hill.
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