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The balanced lineup is a strategic planning and management system that is used extensively in stock and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and superintend organization surgery against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non- monetary performance measures to traditional financial metrics to give managers and executives a much balanced view of organizational performance.
Kaplan and Norton describe the innovation of the balanced scorecard as follows:
The balanced scorecard retains traditional financial measures. only if financial measures tell the explanation of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were non critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that culture age companies must make to create future set through investment in customers, suppliers, employees, processes, technology, and innovation.
Characteristics
The characteristic of the Balanced Scorecard and its derivatives is the presentation of a mixture of financial and non-financial measures each compared to a target value within a single concise score. The report is not meant to be a replacement for traditional financial or operational reports but a succinct outline that captures the information nigh relevant to those reading it. It is the method by which this most relevant information is determined (i.e. the design processes used to select the content) that most differentiates the various versions of the tool in circulation.
As a molding of performance, the BSC is effective in that it articulates the links between...If you want to get a full essay, order it on our website: Orderessay
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