Key Terms

Balanced Scorecard. A performance measurement system that assumes that financial performance is just one part of the larger picture of organizational performance. The system seeks to balance a company’s financial perspective with three additional perspectives: customer, internal processes, and workforce learning and development. See also performance measurement system.

Baldrige National Quality Program. A quality-improvement performance measurement system that defines criteria for high-quality business performance in areas such as leadership, strategic planning, customer focus, and knowledge management. The Malcolm Baldrige Award, along with its European equivalent, is a prestigious annual award that recognizes organizations for achievement ...

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