The Balanced Scorecard: Translating Strategy into Action by Robert Kaplan and David P Norton

THE BALANCED SCORECARD : TRANSLATING STRATEGY INTO ACTION BY ROBERT KAPLAN AND DAVID P NORTON


The Balanced Scorecard translates a company's vision and strategy into a coherent set of performance measures. 

The four perspectives of the scorecard--financial measures, customer knowledge, internal business processes, and learning and growth--offer a balance between short-term and long-term objectives, between outcomes desired and performance drivers of those outcomes, and between hard objective measures and softer, more subjective measures.

 In the first part, Kaplan and Norton provide the theoretical foundations for the Balanced Scorecard; in the second part, they describe the steps organizations must take to build their own Scorecards; and, finally, they discuss how the Balanced Scorecard can be used as a driver of change.

The Balanced Scorecard is a framework to implement and manage strategy by linking a vision and mission to strategic priorities, objectives, measures, and initiatives. 

The Balanced Scorecard provides a view of an organisation’s overall performance. It integrates financial measures with other objectives and key performance indicators related to customers, internal business processes, and organisational capacity.

It was originally published by Dr Robert Kaplan and Dr David Norton as a paper1 in 1992 and then formally as a book ‘The Balanced Scorecard’ in 1996.  Both the paper and the book spread the knowledge of the Balanced Scorecard leading to its widespread success.

The Balanced Scorecard is not just a scorecard, it is a methodology that identifies of a small number of financial and non-financial objectives related to strategic priorities. It then looks at measures, setting targets for the measures and finally strategic initiatives (often called projects).  It is in this latter  stage that  the  Balanced  Scorecard  approach  differs  from  other strategic  methodologies. 

 It  forces  an  organisation  to  think  about  how objectives can be measured first and then what initiatives can be put in place to satisfy the objectives. The rationale is to avoid creating costly initiatives or projects that have no impact on the strategy. 

The ‘balance’ that a Balanced Scorecard achieves is brought about by a focus on financial and non-financial objectives that are attributed to four areas of an  organisation and described  as  Perspectives.  They are:    Financial, Customer, Internal Processes and Organisational Capacity.




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