balanced scorecard
Understand the Problem
The question is asking for information about the balanced scorecard, a strategic planning tool used in business and industry to align business activities to the vision and strategy of the organization. It typically focuses on improving internal and external communications and monitoring organizational performance against strategic goals.
Answer
The balanced scorecard is a strategic management tool to align operations with goals, improving performance.
The balanced scorecard is a strategic management tool that helps organizations improve their internal operations and align them with strategic goals, leading to better external outcomes.
Answer for screen readers
The balanced scorecard is a strategic management tool that helps organizations improve their internal operations and align them with strategic goals, leading to better external outcomes.
More Information
The balanced scorecard was developed in 1992 by Robert Kaplan and David Norton. It's designed to track financial and non-financial metrics, helping managers gain a comprehensive view of business performance.
Tips
A common mistake is focusing solely on financial metrics. The balanced scorecard equally values customer, internal processes, and learning and growth perspectives.
Sources
- Balanced Scorecard Basics - balancedscorecard.org
- What Is a Balanced Scorecard? - HBS Online - online.hbs.edu
- Balanced scorecard - Wikipedia - en.wikipedia.org
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