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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.
The balanced scorecard has more recently become a key component of structured approaches to corporate strategic management. [6] Two of the ideas that underpin modern balanced scorecard designs concern making it easier to select which data to observe, and ensuring that the choice of data is consistent with the ability of the observer to ...
BSC SWOT, or the Balanced Scorecard SWOT analysis, was introduced in 2001, by Lennart Norberg and Terry Brown.. BSC SWOT is a simple concept that combines the two powerful tools BSC (Balanced Scorecard) and SWOT analysis when identifying factors that drives or hinders strategy.
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.
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.
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 Scorecard (BSC) [10] links strategic objectives and measures. The typical visualization consists of four perspectives: financial, customer, internal business processes, and learning and growth. Strategy maps are used to link strategies associated with those perspectives.
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.