It holds true in almost every perceivable context, including organizational performance. In order to manage the performance of a firm, it is important to first measure it. By measuring the performance of the organization in different functional areas, the managers can identify the potential opportunities for further improvement. The balanced scorecard is a theoretical framework designed to measure the performance of an organization based on four key parameters which are learning and growth, business processes, customer perspective and financial growth. The performance measurement on each of these four areas allows an organization to meet its vision and strategy. Thus, the balanced scorecard framework acts as a tool for internal audit , which allows a firm to assess organizational performance in a holistic manner, and not just based on financial numbers.
Dissertation balanced scorecard micro finance
Balanced Scorecard And Stakeholders | Researchomatic
The purpose of this paper is to show how the Balanced Scorecard approach, a performance management system, could be implemented at institutes of higher education. Balanced Scorecard is a strategic weapon for all organizations including Educational institutes and especially institutes of higher education. The implementation of the BSC approach is presented. This paper tries to study use of BSC in various universities across the globe, the various approaches and perspectives used with examples; its use in Indian environment is also studied. The paper points out that the BSC approach is well suited to a higher education situation esp. Recommendations are given for the use of BSCs effectively for improving institutional performance.
GE Turbines and Balanced Scorecard
Constructing and Implementing the Balance Scorecard. The emergence of the information era, however, in the last decades of the 20th century, has made obsolete many of the fundamental assumptions of industrial age competition. The information age environment for both manufacturing and service organisations requires new capabilities for competitive success. The ability of a company to mobilise and exploit its intangible assets has become far more decisive than investing and managing tangible, physical assets.
Arising out of this cut throat competition organizations have been increasingly looking at improving their businesses further and thus the importance of initiatives like just-in-time system, total quality management systems, Re-engineering, employee empowerment etc have gained prominence. The demand for creating long range competitive capabilities and improving the model of the historical cost financial accounting triggered the creation of the Balanced Scorecard. Widely used in industries and businesses the scorecard acts as a strategic management and planning system used the government and non profit organizations with the aim to align business activities of the organization with its strategic vision and mission, improve its internal and external communications and finally to monitor performance of the organization against strategic objectives.