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Performance Management Systems and Strategies by Dipak Kumar Bhattacharyya

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SPM AND THE BALANCED SCORECARD

The balanced scorecard is the most important SPM tool to realize the strategic intents. The scorecard is so designed that it can track the overall performance in key areas and processes, which aggregates to business results. Such key areas are divided into four perspectives, customer, internal-business processes, learning and growth, and financials. When individual, group or organizational level performance targets are translated into these four balanced scorecard perspectives, it gives more candid details of performance, and helps the organization to understand how every member contributes to strategic performance requirements. The balanced scorecard pioneered by Kaplan and Norton (1992) needs to be developed for ...

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