Balanced Scorecard and Economic Value Added
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The organization that you work for has been thinking about implementing one of the items below and they have asked you to prepare a summary of these topics. Using the Cybrary, the internet and other resources, research the following topics:
Balanced Scorecard
Economic Value Added
Please provide some direction on the two systems.
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Solution Summary
Provide a summery of Balanced Scorecard and Economic Value Added
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The balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise. (Source: http://www.balancedscorecard.org/basics/bsc1.html ).
Balance scorecard is a very useful tool for performance evaluation in the sense that it builds alll the evaluation measures around the core business strategy and vision. While the traditional approaches focus mainly on past financial results, the performance evaluation under balances scorecard encompasses other strategic issues in today's fast paced business environment and modern information age such as customer satisfaction, external outcomes, learning growth, ability to sustain change etc. Balanced scorecard evaluates performance on a dynamic basis in all these key areas by transforming strategy into operational objectives and thereby, checking the performance of the organization with respect to its core strategy and vision as closely as possible.
In a nutshell, it takes into account each stakeholder involved in the strategic vision or goal of the company. Balanced scorecard evaluates performance of various departments and employees in the organization by identifying and measuring strict performance indicators with respect to various fields such as finance. marketing etc. Financial measures such as ROI etc. measure the overall financial performance of the firm. Customer based ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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