Balanced scorecard and performance evaluation
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Describe in detail how a balanced scorecard could be used for performance evaluation at an organization. Give an example and demonstate how a balanced scorecard can be used.
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Solution Summary
The balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action.
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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 ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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