Hi, I am new member of CiteHR. I would like to know about Balanced Scorecard. Thanks for the help Regards, Shruthi RK
From Germany
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From Germany
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hi shruthi warm greetings herewith i am enclosing a brief document of bsc. i hope it will help you ***comments and suggestions are required*** regards krishna saladi
From India, Madras
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15From India, Madras
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You can visit the site - www.balancedscorecard.org for more information.
Some basic clarification on the subject
Balanced Scorecard -
What is it?
Created by Robert Kaplan and David Norton, the Balanced Scorecard (BSC) is based on the philosophy that "if you cannot measure it, you cannot manage it." BSC offers a way for an organization to gain a wider perspective on its strategic decisions by considering the impact on finances, customers, internal processes, and employee learning. BSC is designed to measure the degree of success in implementing business strategy. The analysis takes into account financial and non-financial measures, internal improvements, past outcomes, and ongoing requirements as indications of future performance.
Why is it important?
BSC helps translate organizational strategy into action and align employees to common goals by articulating the strategy for the vision by setting priorities and further aligning resources. BSC also helps eliminate conflicts of goals caused by functional targets.
When to use it?
Helpful in translating high-level organizational vision into specific short-term deliverables across different but connected critical success factors or key performance indicators relevant to the organization.
How to use it?
Select relevant critical success factors in the BSC perspectives, define the crucial capabilities and purposes of the department, and explore inter-relationships:
- Finance: Weigh the cost versus benefits of an activity and the impact it will have on the rest of the company.
- Customer: Evaluate the impact of the project on the end customer and how any particular activity will influence users' opinions.
- Organizational: Determine whether any planned activity will fulfill the need of employees for continual development.
- Operational: Assess the crucial capabilities and purposes of the activity.
- Technology: Evaluate the technology required to carry out the activity efficiently.
Identify performance indicators. BSC facilitates bringing in different perspectives and focuses attention on factors critical to the consumer while leveraging organizational capabilities. Thus, it gives a fair comparison of various conflicting or differing approaches to achieving the same end result.
Set targets. BSC helps determine appropriate department and process targets and helps by identifying/developing plans to eliminate the root causes of problems.
Deploy. Finally, deploy the plans to realize the goals.
Available on the web:
- Balanced Scorecard Collaborative (established by the creators of BSC + a monthly briefing)
- Interview with the creators from CFO.com
- The Balanced ScoreCard Institute | Basic Concepts (has a discussion forum)
Suggested Books:
- "Performance Drivers: A Practical Guide to Using the Balanced Scorecard" by Olve, Nils-Goran; Roy, Jan; Wetter, Magnus | John Wiley & Sons, 1999
- "The Strategy Focused Organization (Building a Strategy Focused Organization::an article)" by Kaplan, Robert S.; Norton, David P. | Harvard Business School Press, 2000
- "The HR Scorecard: Linking People, Strategy, and Performance" by Becker, Brian E.; Huselid, Mark A.; Ulrich, David | Harvard Business School Press, 2001
Regards,
Nandish
From United Arab Emirates, Dubai
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Some basic clarification on the subject
Balanced Scorecard -
What is it?
Created by Robert Kaplan and David Norton, the Balanced Scorecard (BSC) is based on the philosophy that "if you cannot measure it, you cannot manage it." BSC offers a way for an organization to gain a wider perspective on its strategic decisions by considering the impact on finances, customers, internal processes, and employee learning. BSC is designed to measure the degree of success in implementing business strategy. The analysis takes into account financial and non-financial measures, internal improvements, past outcomes, and ongoing requirements as indications of future performance.
Why is it important?
BSC helps translate organizational strategy into action and align employees to common goals by articulating the strategy for the vision by setting priorities and further aligning resources. BSC also helps eliminate conflicts of goals caused by functional targets.
When to use it?
Helpful in translating high-level organizational vision into specific short-term deliverables across different but connected critical success factors or key performance indicators relevant to the organization.
How to use it?
Select relevant critical success factors in the BSC perspectives, define the crucial capabilities and purposes of the department, and explore inter-relationships:
- Finance: Weigh the cost versus benefits of an activity and the impact it will have on the rest of the company.
- Customer: Evaluate the impact of the project on the end customer and how any particular activity will influence users' opinions.
- Organizational: Determine whether any planned activity will fulfill the need of employees for continual development.
- Operational: Assess the crucial capabilities and purposes of the activity.
- Technology: Evaluate the technology required to carry out the activity efficiently.
Identify performance indicators. BSC facilitates bringing in different perspectives and focuses attention on factors critical to the consumer while leveraging organizational capabilities. Thus, it gives a fair comparison of various conflicting or differing approaches to achieving the same end result.
Set targets. BSC helps determine appropriate department and process targets and helps by identifying/developing plans to eliminate the root causes of problems.
Deploy. Finally, deploy the plans to realize the goals.
Available on the web:
- Balanced Scorecard Collaborative (established by the creators of BSC + a monthly briefing)
- Interview with the creators from CFO.com
- The Balanced ScoreCard Institute | Basic Concepts (has a discussion forum)
Suggested Books:
- "Performance Drivers: A Practical Guide to Using the Balanced Scorecard" by Olve, Nils-Goran; Roy, Jan; Wetter, Magnus | John Wiley & Sons, 1999
- "The Strategy Focused Organization (Building a Strategy Focused Organization::an article)" by Kaplan, Robert S.; Norton, David P. | Harvard Business School Press, 2000
- "The HR Scorecard: Linking People, Strategy, and Performance" by Becker, Brian E.; Huselid, Mark A.; Ulrich, David | Harvard Business School Press, 2001
Regards,
Nandish
From United Arab Emirates, Dubai
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