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    The balanced scorecard is a management system

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    The first step to successful balanced scoreboard implementation is clarifying ______.

    the organization's vision and strategy, the elements that pertain to value-added aspects of the business, the ower's expectations about the return on investment, or the objectives of all four balanced scoreboard measurement perspectives

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    The balanced scorecard is a management system (not only a measurement 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.
    Kaplan and Norton describe the innovation of the balanced scorecard as follows:
    "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."
    Timely and accurate funding data will always be a priority, and managers will do ...

    Solution Summary

    The balanced scorecard is described.