According to balancedscorecard.org, "The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results."
A Balanced Scorecard is intended to view an organization from four perspectives:
According to David Norton, a Balanced Scorecard is a statement of strategy. Also, the business process, customer, financial and learning and growth perspectives are the foundation for strategy formulation.
Related Terms: Key Performance Indicators, Critical Success Factors, Performance Management
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