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THE BALANCED SCORE CARD
The Chemical Bank Case
Today’s organizations need to be both strategically and operationally excellent to survive and meet tomorrow’s challenges. One framework that helps achieve the required balance between strategy and operations is the Balanced Scorecard. ...
Performance measurement in general and the Balanced Scorecard in particular attempt to address a key management issue. ...
The Balanced Scorecard is a management approach that addresses these precise issues. ... to translate strategy into measures that uniquely communicate your vision to the organization" as defined by Robert Kaplan and David Norton in their book, The Balanced Scorecard
Executing Strategy with the Balanced Scorecard
“Just having a strategy is not enough”. ...
The Solution: Balanced Scorecard
The Balanced Scorecard can be thought of as the “strategic chart of accounts” for an organization. ... The Balanced Scorecard is a Management system for translating the Organization’s vision into a long-term strategy deployed to all the people in the organization, developing a set of indicators with clear Performance Measures distributed among four perspectives: Financial, Customer, Internal Business Processes and Learning and Growth. ...
The basic premise behind the Balanced Scorecard is quite simple: Measurement motivates. ... ”
A properly deployed and automated Balanced Scorecard approach to managing the business can result in several critical accomplishments. ... With a Balanced Scorecard, the corporation, down to each organizational unit and even to the individual level, can understand the key performance indicators that they have control and responsibility for and understand the relationship to the overall success of their organization. ...
The Balanced Scorecard provides management with visibility into operations and issues of all business units and enables them to easily monitor and understand how organizations are progressing against plan. However, a truly effective scorecard also goes a step further and enables organizations to implement and track key initiatives for addressing problem areas or pursuing business opportunities. ...
Often looked upon as “the strategic knowledge management system” within an organization, a scorecard focuses on proactive communication for addressing problems earlier and pursuing business opportunities faster and more effectively than traditional management models.
Approximate Word count = 1559
Approximate Pages = 6.2
(250 words per page double spaced)
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