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The balanced scorecard was initially proposed as a general purpose performance management system. [4] Subsequently, it was promoted specifically as an approach to strategic performance management. [5] The balanced scorecard has more recently become a key component of structured approaches to corporate strategic management. [6]
Kaplan R S and Norton D P (1993) "Putting the Balanced Scorecard to Work", Harvard Business Review Sep – Oct, pp. 2–16. Kaplan R S and Norton D P (1996) "Using the balanced scorecard as a strategic management system", Harvard Business Review Jan – Feb, pp. 75–85. Kaplan R S and Norton D P (1996) “Balanced Scorecard: Translating ...
In business performance management, a third-generation balanced scorecard is a version of the traditional balanced scorecard, a structured report, supported by design methods and automated tools, that can be used by managers to keep track of the execution of activities by the staff within their control, and to monitor the consequences arising from these actions.
In management, a strategy map is a diagram that documents the strategic goals being pursued by an organization or management team.It is an element of the documentation associated with the Balanced Scorecard, and in particular is characteristic of the second generation of Balanced Scorecard designs that first appeared during the mid-1990s.
Generic Strategy Map illustrating four elements of a balanced scorecard Once the strategy is determined, various goals and measures may be established to chart a course for the organization, measure performance and control implementation of the strategy.
Balanced scorecards and strategy maps, which creates a systematic framework for measuring and controlling strategy. Responsive evaluation, which uses a constructivist evaluation approach to identify the outcomes of objectives, which then supports future strategic planning exercises.
A balanced scorecard is a strategy performance management tool – a well-structured report used to keep track of the execution of activities by staff and to monitor the consequences arising from these actions. [20]
The basic model of the balanced scorecard (BSC) was introduced by Kaplan and Norton in 1992. [4] The BSC aims to achieve a balance between non-financial and financial measures. To use the scorecard in a cross-company context, several modifications of content and structure are necessary.