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 9th Business Process Management and Balanced Scorecard Seminar - Workshop 2018 will focus on the following key topics: concept and framework of BPM, process map, process tree diagram, value stream map (VSM), BSC Model, process performance management and metrics, and some case studies.
This characteristic of the Balanced Scorecard places strategy at the core of management.
Balanced Scorecard is comprehensive a strategic management model which foreseen to determine organization's vision and strategy (Kaplan & Norton, 1999; Virtanen, 2009; Niven, 2002).
By adopting the Balanced Scorecard strategy, we hope to increase our effectiveness, set goals, and achieve targets with accurate measurements".
The Hall of Fame award honours organisations that have achieved business excellence through the use of the Balanced Scorecard (BSC), the world's preeminent strategy and performance management system.
Links to overview articles are available, such as "Using the Balanced Scorecard to Align Your Organization," which describes the essential system elements, and "The Balanced Scorecard-Not Just Another Project," which offers brief implementation tips.
The first of two workshops entitled Balanced Scorecard Professional (BSP) Certification Boot Camp covers the entire range of balanced scorecard topics - organization development, change management and communications planning, strategic planning, objectives and strategy mapping, performance measures and target setting, strategic initiative prioritization, automation, cascading, and strategic management - in one week.
Jefferson first implemented the Balanced Scorecard in 2003 after seeing the success of the model in the Carilion Clinic.
The Balanced Scorecard concept is better suited to government organisations as it forces them to articulate their vision, mission and strategy, said Dr David P Norton, co-founder of the Balanced Scorecard.
His Excellency Fahmi Al Jowder, Minister of Works and Minister in charge of Electricity and Water, has lent his patronage to the event, and these ministries have already implemented Balanced Scorecard strategies under his leadership, alongside a number of other leading Bahraini organisations.