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Balanced Score Card
Title: Balanced Score Card
Category: Business & Economy / Accounting
Details: Words: 4187 | Pages: 17.8 (approximately 235 words/page)
Balanced Score Card
Introduction
A performance measurement system is a process developed to implement an organizations strategy effectively. This involves identification of the critical factors that impact overall success. When the strategic factors are correctly identified, measured, and rewarded regularly, employees are made aware of them and are thus motivated to achieve those goals that ultimately result in the overall success of the company. While profitability is an obvious component, there are many other factors that determine both …showed first 75 words of 4187 total…
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…showed last 75 words of 4187 total…participation from lower level employees. The measures allow for constant reevaluation and improvement by upper management with a cascading chain of command that filters back to the operations on a daily basis. These measures and processes address the inadequacies of traditional financial based systems and when implemented correctly, provide and dynamic framework for long-term organizational success.
Furthermore, the BSC system is dynamic enough to be adapted to not-for-profit organizations and government systems with similar results.
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