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Strategic Planning - Overview |
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The Balanced Scorecard (BSC) is a multidemensional framework for describing, implementing, and managing strategy at all levels of an organization by linking objectives, initiatives, and measures to an organization's strategy. The scorecard provides a comprehensive view of an organization's overall performance by integrating financial measures with other key performance indicators around customer perspectives, internal business processes, and organizational growth and learning.
The BSC is not a static list of measures, but a framework for implementing complex programs of change and for managing strategy-focused organizations.
Since the concept was introduced by Drs. Robert Kaplan and David Norton in 1992, BSC's have been implemented at corporate, strategic business unit, shared service functions, and cascaded to team and individual levels at hundreds of organizations -
in both the private and public sectors.
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Balanced Scorecard Popular Misconceptions |
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Misconsception |
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The BSC is just a measurement system. |
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The BSC is a strategy development process . |
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The costs of measurement will be used against us. |
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The results of measurement will be used against us. |
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A good balanced scorecard has purely qunatifiable objectives and measures. |
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Quick Response |
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The BSC is a performance management process . |
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The BSC is a strategy implementation tool. |
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What is the cost of not proving your value? |
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The results can be used for us |
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A good balanced scorecard has both quantifiable and qualifiable
objectives / measures. |
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