Wednesday, July 1, 2009

Use of BSC

Basically, implementing Balanced Scorecard (BSC) includes four processes:-

1. Translating the vision into operational goals
2. Communicating the vision and link it to individual performance
3. Business planning, index setting
4. Feedback and learning, and adjusting the strategy accordingly

The BSC is a framework which serves as a “strategy map” or "sea chart" that incorporates all quantitative (and/or abstract) measures to the Company.

According to Kaplan and Norton, “The BSC provides managers with the instrumentation they need to navigate to future competitive success”[1].

[1] Kaplan, R. S., & Norton, D. P. (2004). Strategy Maps: Converting intangible assets into tangible outcomes. Boston: Harvard Business School Press.

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