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Balanced Scorecard for Business

The Balanced Scorecard Methodology is a well known and worldwide established approach for the integrated measurement of performance in businesses and organizations. The strategic goals are analyzed top-down into successive levels, progressively with more and more tactical and operational aspects, until the level of measurable objectives which can have associated target values. The end result is a system of key performance indicators which can be used as an integrated monitoring tool.

  • Because the various elements in the system are casually (and quantitatively) connected, deviations from the targets at the upper (strategic) levels can be traced down to specific deviations at the lower (operational) levels. This tracing can show which correcting actions are needed.
  • The monitoring can also reveal an overall picture for the perspectives selected. The idea is that the successful business or organization gives equal weight to all perspectives. For example, a business cannot achieve long-term profitability without constantly improving its processes and adapting to its customer needs.

The balanced scorecard methodology can also be used as a full strategic planning and management system, being at the core of change management.

 
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