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Objective – the high-level goal you have in mind When dealing with a balanced scorecard, the most frequent related terms that will come to your attention are: This is why the balanced scorecard can become such a powerful tool to drive organizational success. By measuring the effectiveness of operational activities and identifying areas of improvement, the BSC helps a company better align efforts with overall strategic plans. It examines internal business processes and external outcomes to determine how a company is performing and when corrective action is necessary. The Balanced Scorecard – Definitions, Terminology, Model StructureĪ balanced scorecard (BSC) is a business framework used to implement and manage an organization’s strategy. Examples in different industries (Management, Financial, Healthcare, HR)ġ.
#The Balanced Scorecard Robert Kaplan Pdf Download Free Apps how to
How to create a balanced scorecard in 5 steps.On this page, we will walk you through the basics of this strategy planning and performance management tool, covering the following notions: To allow a more comprehensive examination of business strategic performance, the concept of the balanced scorecard was developed. However, measuring the effectiveness of a strategic plan is not always simple, especially if companies rely only on a limited set of indicators (usually financial metrics) to do so.įor enterprises to gain a better understanding of their health and success, they need to look at the non-financial aspects of their activities as well. This involves coming up with a solid strategy that requires systematic monitoring and tracking to determine if it is put to good use. Smart organizations plan their development over both the short and long term.