Critically evaluate and discuss Balanced Scorecard - Essay Example

Extract of sample
Critically evaluate and discuss Balanced Scorecard

customer issues, internal business processes, employing activities and share holders concern. Kaplan and Norton labelled the new tool the balanced scorecard.
Many organizations have started using balanced scorecard in order to attain efficiency in their processes. Since it considers all the major components in an organization a total efficiency management is possible in an organization. The four components of balanced scorecard are properly managed in order to create a total efficiency.
Balanced scorecard is a strategic planning and management system, which is extensively, used in business and industry, government, and non profit organizations for doing the business activities to the vision and strategy of the organization. Balanced scorecard is using for improving the internal and external communications and monitoring the organizational performance against the strategic goals of the organization.
In earlier stage it was used for the measuring the simple performance of the organization to a full strategic planning and management. New card is focusing not only the performance measurement but also helping the managers what should be done and what should be measuring for attaining the organizational objectives in competitive basis. ...Show more

Summary

The balance scorecard was developed by two men, Robert Kaplan, an accounting professor at Harvard University and David Norton, a consultant from Boston area. In 1990 Kaplan and Norton conducted a research study on various companies exploring new methods of performance measurement…
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