balanced scorecard


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Balanced Scorecard

A type of internal audit. A balanced scorecard collects data and reports to management on four areas: learning and growth, business processes, customers, and finance. The balanced scorecard helps an organization monitor performance and, if necessary, make improvements.

balanced scorecard

a tool for setting and communicating corporate goals and for measuring corporate performance. The balanced scorecard incorporates four groups of goals and derived performance indicators: External Indicators (financial goals and measures); (customer goals and measures); Internal Indicators (internal business process goals and measures); (learning and growth goals and measures).

The balanced scorecard approach balances traditional financial measures such as net profit and return on capital with customer measures such as market share and customer satisfaction; business process measures such as productivity and stock turnover; and learning and growth goals such as employee turnover and training. Balanced scorecards provide a broader set of performance measures and related management systems for judging overall performance, than financial targets alone. See BUSINESS STRATEGY.

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By adopting the Balanced Scorecard strategy, we hope to increase our effectiveness, set goals, and achieve targets with accurate measurements".
Used by more than 60% of the Fortune 500 and thousands of smaller companies, balanced scorecard is a methodology that is soundly reflected in the Balanced Scorecard app.
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.
McMahan, as a quality assurance officer, manages the Balanced Scorecard process at AMSC and facilitates the improvement process with the AMSC Corporate Board.
The BSC Hall of Fame was created in order to publicly recognize organizations around the world that use the Balanced Scorecard in an exemplary manner to become strategy-focused, successfully execute their plan of action and achieve breakthrough performance results.
But by putting little weight into forward-looking internal and external metrics, such as sales forecasts, market share, competitor pricing and broad economic indicators, companies sabotage their own balanced scorecard efforts.
The balanced scorecard also can be used to evaluate and refine strategy at the departmental level.
If you're looking for a balanced scorecard resource that walks you through the implementation process step-by-step, this guide is for you.
division of exploration and production of a large oil company, which has seen a 13 percent decline in income over the last five years, expects its recent Balanced Scorecard initiative to add $350 million to its bottom line over the next 10 years.
com/research/7b4f9d/creating_a_balance) has announced the addition of John Wiley and Sons Ltd's new book "Creating a Balanced Scorecard for a Financial Services Organization" to their offering.
They are jointly recognised as the popularisers of the balanced scorecard and their approach to it was first introduced in a 1992 Harvard Business Review article ("The balanced scorecard: measures that drive performance") which began with a variation of the saying "What gets measured gets done"; Kaplan and Norton began with "What you measure is what you get".