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The Balanced Scorecard is a management system which uses strategic planning methods to evaluate the performance of the organization against the strategic objectives and goals of the organization. The Balanced scorecard is used in organizations with an objective to streamline the strategies and vision of the organization with the activities followed in the business processes…
The Balanced Scorecard
Though the balanced scorecard system was originally developed by Kaplan and Norton to be implemented as a technique for performance management and evaluation, the technique is now used extensively by the organizations as a framework for implementation of new strategies in the business by the identification and deployment of the value drivers in the business with an aim to create strategic advantage. The Balanced Scorecard is a management framework comprising of the performance measurement system as well the process of meeting the key strategic objectives for the business. But there are several deficiencies associated with the original Balanced Scorecard framework as designed by Kaplan and Norton. These may be recognized as: The framework does not have a sufficiently codified mechanism to enable the organization to take decision regarding the inclusion and sustainability considerations in the design of the scorecard. Also, the balanced scorecard framework seems to lack the appropriate processes to evaluate risks that are beyond the client related risks. Other drawbacks of the balanced scorecard technique include the dependence of the scorecard on the performance and control features that do not originate from within the organization, the lack of rationality in the original framework of the scorecard model and the validity of the identified objectives based on which the cause and effect mappings are formed. ...
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