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Balanced Scorecard

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by

M Wilson

on 10 December 2013

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Transcript of Balanced Scorecard

Balanced
Scorecard

What is it?
The balanced scorecard is used extensively in businesses worldwide to align business activities, improve internal and external communications, and monitor organization performance against strategic goals with a set of measure’s that organizations use to motivate employees and evaluate performances.
Financial Aspect
References
https://balancedscorecard.org/Resources/AbouttheBalancedScorecard/tabid/55/Default.aspx
Darvish, Hassan, Mostafa Mohammadi, and Parviz Afsharpour. "Studying The Knowledge Management - Effect Of Promoting The Four Balanced Scorecard Perspectives: A Case Study At SAIPA Automobile Manufacturing." Economic Insights - Trends & Challenges 64.1 (2012): 9-23. Business Source Complete. Web. 8 Dec. 2013.
Managerial Accounting v. 1



How did it come about?
It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance
When was it discovered?
1990s
The Four Perspectives
Financial
Internal Business Process
Learning and Growth
Customer
Internal Business Process
Learning and Growth
Customer
Implementations to using a scorecard
Improved processes
Motivated/Educated Workers
Increased financial usage
Enhanced Information systems
Monitored Progress
Greater Customer Statisfaction
Benefits of Using a Scorecard
Translation of strategy into measurable parameters.
Communication of the strategy to everybody in the firm.
Alignment of individual goals with the firm's strategic objectives.
Feedback of implementation results to the strategic planning process.
By: Miranda Wilson, Hunter Werres, Caleb Sigmon, Crystal James
The internal process perspective identifies those internal business processes that enable the firm
to meet the expectations of the customers in the target markets and those of the shareholders.

It is one of the most important business issues
It plays a wide role in today's world


Professional organizations are looking for customer satisfaction, because customer loyalty provides long-term interests for organizations
Organization can grow and innovate when it is able to develop its skills and leadership and also learn from its mistakes and other organizations'
behavior and be able to create new techniques for itself.

The objective for a balanced scorecard is to reach the company's strategies and goals by linking the following four perspectives. Companies don't only use it for one aspect, but for several reasons for each perspective.
Questions?
Goal
is to increase revenue, reduce costs and risks and increase productivity through more efficient use of assets. Actually, obtaining good financial results in companies and economic institutions is necessary for their survival and growth.

Example of a Balanced Scorecard
Full transcript