balanced scorecard

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balanced scorecard

A document that translates an organisation’s mission and strategy into a comprehensive set of performance measures which provide the framework for a strategic measurement and management system. The balanced scorecard retains an emphasis on achieving financial objectives, but also includes the performance drivers of those financial objectives. The scorecard measures organisational performance across four balanced perspectives:
(1) Financial (i.e. cost efficiency)
(2) Customers
(3) Internal business processes
(4) Learning and growth (i.e. making changes and sustaining improvements).
References in periodicals archive ?
The other business management tool used by military dental organizations is the balance scorecard. By definition, a balance scorecard is a management system that provides strategic planning to support business activities with the vision and strategy of the organization, and improves internal and external communications by measuring performance against strategic goals (Balance Scorecard Institute, 2014).
The minister said his journey with BSC started after reading the Kaplan & Norton article "The Balance Scorecard -- Measures That Drive Performance." He added: "As the CEO and chairman of Savola Group he was inspired by the power of BSC framework."
The hypothesis is, "To observe that balance scorecard is an important perform- ance measurement tool to develop organization and achieve its long term objectives."
These critical issues will be discussed by motivational speakers, Dr Robert Kaplan and Dr David Norton during the Balance Scorecard Forum (BSC) 2010, to be held from March 27 -- April 1, 2010 at the JW Marriott Hotel, Dubai.
On the same occasion, the CEO and Chairman of L.C.C Omran Zbeida expressed his satisfaction for the participants' ability to quickly grasp the concept of the balance scorecard. "One of our strategic objectives and plans is to broaden the exposure of professionalism in Libya and one of them is the balanced scorecard.
The various competencies defined by organization should be aligned with the strategies and will be source of achieving measures in key areas in metrics of Balance Scorecard. This is evident from Bharti Airtel's example of competency framework, which has established competencies across jobs in three brands.
At some point it may be necessary to return to the essential performance measurement questions that gave rise to the whole process, or has the balance scorecard found its niche in the strategic management community?
The balance scorecard is accessible to board members and is the focus of a performance report at the monthly board meetings that provides board members with the information they need to define the long-term strategic direction for Los Angeles' mass transit system.