What Is Meant By Balanced Scorecard?
What Is Meant By Balanced Scorecard?
Share
Sign Up to our social questions and Answers Engine to ask questions, answer people's questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people's questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Pallavi Kamat
Balanced scorecard is a strategic management tool used by organizations to communicate their priorities, strategy to accomplish goals and how they will measure and monitor progress.
A balanced scorecard has four components. They are Financial, Customer, Internal Process and Learning and Growth.
1. Financial: In this view organizations specify their financial goals and how they plan to accomplish those goals.
2. Customer: It views organization’s performance from the perspective of the target market to whom the business is supposed to serve.
3. Internal Process: It measures the efficiency and quality standards of the product that a business offers to its target audience.
4. Learning and Development: This view includes the various opportunities that the organization provides to employees in the form of training to help them in career progression as well as personal development.