The balanced scorecard is a tool that includes a more holistic approach to an organizations performance. Of the four factors, how should an organization weigh them? Is there one right answer, or would it matter what industry segment an organization is in as to their relative weights?
The response addresses the queries posted in 584 words with references.
//Before understanding the concept of measuring organization performance, it is necessary to identify the most suitable tools that can be used in this concern. One of the significant tools is Balance Scorecard that includes a more holistic approach. So, firstly I begin with the description of balanced scorecard.//
Balance Scorecard is an approach introduced by Robert.S Kalpan and David Norton in 1992 for performance management. It is a strategic management approach which focuses not only on the financial outcomes but it also considers the human issues. It helps in defining and implementing the organizations strategic vision and mission. It includes both the financial and non-financial performance indicators like internal business process product quality, customer satisfaction. It not only helps in monitoring the present performance but it also guides the company in achieving the future goals.
// Above, I discussed about the balanced scorecard. As per the directions, now I will discuss about the weighing factors ...
APA, 500 words