Purchase Solution

The balanced scorecard is a management system

Not what you're looking for?

Ask Custom Question

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

Purchase this Solution
Solution Summary

The balanced scorecard is described.

Solution Preview

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 ...

Purchase this Solution
Free BrainMass Quizzes
Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

View More Free Quizzes
Related BrainMass Solutions

  • Balanced Scorecard

    "The Balanced Scorecard is a good internal scanning and assessment tool but it has real shortcomings when looking at the outside world and cannot replace a well-constructed environmental scanning system which is another essential part of any manager's

  • Presentation about the Balanced Scorecard

    The balanced scorecard has seen innovation from its tradition use as a performance measurement framework to a full strategic planning and management system.

  • Balanced Scorecard Benefits

    Management control system by Govind Rajan 2. www.balancescorecard.biz 3. Corporate Strategy by Ghamel A description of the benefits of a balanced scorecard.

  • Purposes of a balanced scorecard

    635212 Purposes of a balanced scorecard What is the purpose of a balanced scorecard? How is the balanced scorecard used to lead and manage an organization?

  • Four Management Control System Elements

    Compare and contrast this four-part system with use of the balanced scorecard. The balanced scorecard has many functions.

  • Operations Management Processes and Supply Chain

    Apart from measuring the financial performance after the new technology system is adopted, the balanced scorecard would give executives a more "balanced" view of the organization.

  • Balanced Scorecard & Management Accounting

    The biggest threat is a poor organizational process for developing and implementing the scorecard, seen when: ?Senior management is not committed, and the BSC project is delegated to middle management ?

  • Balance Scorecard

    Defining the appropriate mechanisms for driving forward a change management process that will overcome the fears of utilizing a Balanced Scorecard by using a: - top-down approach to create a culture of leadership and ownership of the Balanced Scorecard

  • Balanced Scorecard and Economic Value Added

    Economic Value Added Balanced Scorecard: 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.

  • Which System is Best for Measuring Economic Performance?

    Again, for cost and management accounting the balanced scorecard can be an effective tool. A reason that means it is successful as a management accounting tool is because "if you can't measure it you can't manage it" (Microsoft.com).

View More Related Solutions