A Balanced Scorecard Is

Topics: Management, Business terms, Balanced scorecard Pages: 2 (523 words) Published: April 14, 2015
A Balanced Scorecard is, “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009, p. 202). 123 See M3e Free Bail bonds need to develop a balanced scorecard to assist in defining the company’s mission, values, vision, and SWOTT analysis. Perspectives

A balanced scorecard suggests the company collect data and analyze the perspectives view of the organization learning and growth perspective, internal business processes, customer knowledge, and financial performance. Learning and growth perspective

The learning and growth perspective consist of corporate cultural attitudes and employee training related to both corporate and individual self-improvement. Metrics are put into place to direct managers in focusing teaching funds where they can help the most. In the current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a continuous learning mode. In any case, learning and growth constitute the essential foundation for success of any knowledge-worker organization. Internal business processes

The internal business perspectives have to be carefully planned by those most familiar with the unique mission. These perspectives are not something that can be developed by outside professionals. This perception allows managers to determine if the business is operating correctly and if the products and services is a match to the customer’s need (the mission). Customer Satisfaction

When creating metrics for customer satisfaction, consumers should be evaluated in terms of the type of customers for satisfaction and the type of process for which they are providing product or service to those customer bases. Financial performance

Accuracy and timeless funding data is forever a priority and managers will do what it takes to supply it. Kaplan and Norton do not ignore the conventional need for...
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