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A strategy implementation and monitoring tool.
it is a strategy performance management tool that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.
It is a tool used for project selection (and also project performance monitoring tool) and rank/priortize projects using multiple criteria like financial, technical, schedule, resources etc.
The ultimate aim is to effectively manage portfolio of projects in order to achieve strategic objectives of an organisation.
It is is a strategy performance management tool.
Balanced Scorecard ("BSC") was developed by Kaplan and Norton. Their study shows that financial factors were lagging indicators whereas non-financial were leading.
Therefore the balanced scorecard incorporates both factors (i.e. financial and non-financial) in the form of Financial, Customer, Learning and Growth and Internal business perspectives. This is then linked to the vision and mission of the organization.
A successful implementation of the BSC will propel the performance of the organization since it covers the important factors of the organization and allows management to understand the true picture of its performance.
a performance measurement system that considers not only financial measures, but also customer,business process, and learning measures.
In essence, a Balanced Scorecard is a performance measurement system that considers not only financial measures,but also customer processes, business processes and learning measures.
The balanced scorecard translates the organization's strategy into four perspectives, with a balance between the following:
