Balanced Scorecard


Definition: a Balanced Scorecard is a strategic approach and performance management system by Kaplan and Norton ('92) which works with semi-standard structured reports, supported by design methods and automation tools, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.
The BSC works from 4 perspectives:
- Financial perspective
- Customer perspective
- Business process perspective
- Learning and growth perspective
For each perspective, 4 things are monitored: objectives, measures, targets and initiatives.


More on performance management: Benchmarking, Hawthorne Effect, Management by Objectives, Objectives and Key Results, Performance Management.


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