BALANCED SCORECARD

The Balanced Scorecard focuses on creating and communicating a total comprehensive picture to all members of the organization from the top down, taking a long-term view of what the company's strategic objectives really are, making good use of knowledge gained through experience and maintaining the required flexibility of such a system to cope with the fast-changing business environment... the Balanced Scorecard provides organizations with the ability to clarify vision and strategy and translate them into action. By focusing on future potential success it becomes a dynamic management system that is able to reinforce, implement and drive corporate strategy forward... Besides the Balanced Scorecard, performance measurement systems have mainly focused on lagging financial indicators. Although non-financial measures have existed for long, their link to strategy and financial results has been vague at best. On the contrary, the Balanced Scorecard provides predictive, foreward-looking views..

Also known as: The Balanced Scorecard