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Many organizations develop strategic plans
Finance & Accounting
Pages 4 (1004 words)
Many Organizations Develop Strategic Plans Section 1: Balanced Scorecard can be termed as a decisive tool which facilitates to overcome the vision barrier to the execution of strategies. This tool can be effectively utilized by organizations of diverse nature for developing effective strategic plans for the purpose of executing the same strategies in various business operations.
Since then, this system has been effectively utilized for the purpose of translating an organization’s active business strategies along with its broad mission. In addition, the balanced scorecard has also been used in a few of the most critical drivers that drives the future performance of an organization i.e. business processes, capabilities along with resources. These aspects have been fruitful in ascertaining a greater set of outcomes such as meeting the interests of the consumers along with the development and prosperity of organizations. All these facets of balanced scorecard can prove to be beneficial as it authenticates that the numerous private, public along with not-for-profit organizations have accepted and utilized this particular method. It has also been regarded as a part of their overall strategic management approach. Based on this factor, the authenticity along with the wide applicability of the balanced scorecard in relation to the execution of strategy can be determined. It has also been studied that this particular tool is utilized in order to reduce a lot of operational barriers in a highly professional manner (Claude, 2008). In addition, it has also been learnt that the balanced scorecard can be utilized in a very strategic manner as well. ...
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