Balanced Scorecard

equilibrize scorecard A strategy man hop onment tool Introduction Companies today ar in the midst of a revolutionary transformation as Industrial age competition is shifting to Information age competition. The cut-throat competition that businesses faced in the last two decades has make them to look for improvement initiatives like Total Quality Management, Just-in-Time (JIT) systems, Employee dominance and Re-engineering. Though these initiatives resulted in enhanced shareholder value, they were achieved merely by monitoring and controlling fiscal measures of past operation and center on short-term goals. This collision between the irresistible suck to build long-range competitive capabilities and the immovable object of the historical-cost financial accounting model has led to a new blend- the Balanced Scorecard. The idea of BSC was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that included both financial and strategic non-financial performance measures to give managers and executives a more balanced view of brassal performance. It provides a framework that not only provides performance measurements, scarcely helps planners identify what should be done and measured. It enables executives to truly execute their strategies.

What is a Balanced Scorecard? The balanced scorecard (BSC) is a precaution system that transforms an organizations strategic plan from an benignant but passive document into executable tasks for the organization on a daily basis. Kaplan and Norton (1992) described that the BSC includes the financial measures that tell the results of actions already taken. And it complements the financial measures with operational measures on customer satisfaction, internal processes and the organizations innovation and improvement activities. The balanced scorecard is a way of: measuring organizational, business unit or plane section success, ... If you want to get a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.