HCA 610 Module 2 DQ 2
A Balanced Scorecard is a performance management tool that is used by managers to keep track of the execution of activities by the employees and measure the outcome of these actions and monitor the performance. It can also be used to lead and manage an organization in a disciplined way as it can be used at all levels of the organization. It can be used effectively to link organizational performance to individual performance.
The purpose of the balanced scorecard is to manage organizations from the perspective of four specific functions: financial, customer, internal business processes, and learning and growth. These specific functions serve as measures of organizational effectiveness. The Balanced Scorecard provides organizations with a comprehensive framework that helps them define their strategies, set goals, design plans and implement their plans. The Balanced Scorecard even links these measures together so that they are not only measured but also connected.
Learn how the balanced scorecard (BSC) can help you focus on what matters most to your company. Then learn how to align company strategies and objectives with your employees’ roles and goals, so they understand exactly what they need to do every day to maximize organizational performance. Also discover how to use the BSC to accurately measure employee performance—and ensure their success.
The balanced scorecard allows you to translate your organization’s mission and strategy into operational objectives and measurable actions, empowering you with the insight to lead your business today — and the ability to create and sustain a successful enterprise over time.
Decades past, it was simple: companies who met the needs of their customers were more than likely to be successful. With the rise of e-commerce, this is no longer the case. The purpose of a balanced scorecard is to ensure success beyond customer satisfaction; it helps you keep an eye on four areas that could be impacting your business: internal processes, learning and growth, customer perspective and financial perspective. The scorecard relies on a system of feedback loops to keep your business moving in the right direction, and can help you remain competitive in a digital age where the rules are constantly changing.
Balanced Scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide. The Advanced Guide to Measurement with the Balanced Scorecard introduces you to the balanced scorecard and shares techniques to assist you in understanding how it has evolved over the years, how it has been implemented in different organizations, and how it can be used with other strategy-aligned measurements.
The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more ‘balanced’ view of organizational performance.
The Balanced Scorecard is a revolutionary approach to performance measurement that looks not just at financial measures but also at four other key perspectives to help managers make well-rounded decisions about their businesses. For each perspective, the balanced scorecard translates the organization’s mission and strategy into estimates of what results should be achieved and when. Finally, it provides answers to five crucial questions:
With over 1,000 references and 6 reproducible surveys, Balanced Scorecard Step-by-Step explains how to: Think strategically while implementing operationally, Identify the critical strategies that drive success, Convert strategies into a cascading “map” of objectives and measures, Ensure accountability for consistent commitment to strategy execution.
The Balanced Scorecard, in a nutshell, is an idea about how to link business strategy with measureable objectives (finances, internal processes, customer perspectives and learning and growth), how to “operationalize” that strategy by translating it into concrete actions and how to develop the information feedback systems necessary to continuously improve organizational performance.
The Balanced Scorecard provides a framework for organizing and prioritizing strategy. Implementation of the Balanced Scorecard involves linking objectives, initiatives, metrics, targets, and projects across four perspectives: financial, customer, internal processes and innovation/learning. The Balanced Scorecard provides an organization with a new method for setting priorities and guiding the deployment of resources by translating its strategy into operational terms.
Currently leading companies are working toward balance, which is needed to manage every aspect of the organization effectively. An organization that can maintain a balance between performance now and innovation for the future will see profits sooner than those that cannot.
What is the purpose of a balanced scorecard? How is the balanced scorecard used to lead and manage an organization? How can the balanced scorecard be linked to organizational effectiveness as well as individual performance evaluation?