The Balanced Scorecard system^ strategy map
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The document discusses the balanced scorecard system, a performance management tool that splits strategic objectives into four equally important perspectives: financial, customer, internal business process, and learning and growth. It has been successfully used in both the private and public sectors to help organizations understand performance, ensure optimization, and evaluate organizational progress through ongoing monitoring of objectives, standards, and metrics. The balanced scorecard, developed by Kaplan and Norton, links employee job performance to organizational success and shifts the focus from annual performance reviews to continuous process improvement.
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The Balanced Scorecard system^ strategy map
- 1. Performance management Balanced scorecard system: Strategy Map
- 2. Key questions How can you understand what’s happening in your organization? How can you make sure that your system is optimized for results? How can you evaluate the progress of your organisation?
- 3. Balanced Scorecard System a method for monitoring whether a company is meeting or will meet its strategic objectives, which takes a company’s objectives and splits them between 4 equally important perspectives
- 5. The Balanced Scorecard has risen to the performance measurement challenge of the private sector and is equally well-equipped to facilitate a rapid and dramatic transition of 21st century nonprofit and public organizations
- 7. Strategy Map… … illustrates how employee’s job contributes to the success of the organization … shifts focus from performance as an annual event and sets it as an ongoing process … helps to monitor the progress of the organisation though the use of objectives, standards, and performance metrics
- 8. Sources Robert S. Kaplan, David P. Norton The balanced scorecard: translating strategy into action, Harvard Business Press, 1996 Kaplan, Norton Using the balanced scorecard as a strategic management system, Harvard Business Review, 1996