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Balanced Scorecard

The Balanced Scorecard is a strategic planning and management method used to:

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  • align business activities to a vision and strategy of an organization

  • improve internal and external communications

  • monitor organizational performance against strategic goals

The Balanced Scorecard design concerns itself with:

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  • Identification of a small number of financial and non-financial measures referred to as perspectives

  • Setting targets for the measures
    and then

  • Measuring them on a regular basis to determine success or failure and to take corrective actions

Source:  http://balancedscorecard.org/

Strategy Map

A Strategy Map is a diagram that describes how a company or organization can create value by linking strategic objectives in a cause and effect relationship.

 

  • A Strategy Map is based on the four Balanced Scorecard perspectives: financial, customer, internal processes and learning & growth.

  • The key element of the Strategy Map is that it is linked to the ‘scorecards’ that monitor the progress towards the strategic objectives.

  • The ‘scorecards’ will include: metrics, targets for the metrics and strategic initiatives to drive performance towards achieving the objectives.

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