Balanced Scorecard by Robert Kaplan and David Norton
Drs. Robert Kaplan from Harvard Business School and David Norton developed a framework for performance measurement that provided managers and also the executives a better and clear description of performance of the organization. Kaplan and Norton made use of a strategy for non-fiscal performance metrics and summed up in the traditional financial measures for balanced performance. It is the planning strategy and management system being used in industry, market and business, government, and all other non profitable organizations throughout the world, which is known as balanced scorecard.
Balanced scorecard is used in order to coordinate the business activities to vision and enhance strategic planning organization, also for amending internally and externally held communications, and organize the organization performance in accordance to the strategic goals. This new balanced scorecard is basically the advancement of the previous simple framework for performance measurement and is newly designed framework representing full planning strategy and also the management system. On its daily basis, the newly advanced balanced scorecard is converted from strategic planning that is attractive and a passive document to marching orders of the organization.
The balanced scorecard is not just a framework for offering performance measurements but also assists in planner identification in detecting what to be done and how to be measured. Also, the new balanced scorecard helps the managers and executives in executing the strategic planning and performance. It helps the business and company by rendering a lucid prescription of measurement so as to balance the fiscal parameters. It is not just a measurement system but also a management system which helps the industry and organization to elucidate the vision and strategic approach and convert it to action. When the new balanced scorecard is fully distributed, it alters the strategic planning of academic activity to a nerve center from the enterprise.
Written by: Matt
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Tagged as academic activity, balanced performance, balanced scorecard, business government, daily basis, david norton, fiscal performance, Harvard Business School, kaplan and norton, measurement system, nerve center, non profitable organizations, organization performance, performance measurement, performance measurements, performance metrics, planning organization, robert kaplan, strategic planning, traditional financial measures + Categorized as Business, Economy articles