Balanced scorecard
The balanced scorecard is a performance measurement approach that uses both financial and nonfinancial measures to evaluate all aspects of a company’s operations in an integrated fashion. The performance measures are linked in a cause-and-effect fashion to ensure that they all tie to the company’s overall objectives.
Balanced scorecard is a management control system that enables companies to clarify their strategies, translate them into action, and provide quantitative feedback as to whether the strategy is creating value, leveraging core competencies, satisfying the company’s customers, and generating a financial reward to its share holders.
Balanced scorecard is an enterprise performance management system that links strategy to measurement by asking firms to set goals and subsequent performance metrics in four areas: customer, internal, innovation and learning, and financial.
More from this Section
- Environmental factors
Environmental factors is the online legal, political, and technological environments that ... - Real-time multimedia
Real-time multimedia which technology that offers opportunities such as distance learning ... - Virtual organization
A temporary network of independent companies- suppliers, customer, subcontractors, and ... - Sampling
Sampling is the taking a small part of a population in order to draw inferences from the ... - Collaborative filtering
Collaborative filtering is this software gathers opinions of like-minded users online ...