WHAT IS BALANCED SCORE CARD?
Balanced Scorecard (BSC), is a strategic planning and management system used by organisations.
With balanced scorecard:
- You can clearly identify and explain what you are trying to achieve.
- The daily work done is linked to the strategy.
- You can measure and track progress towards strategic goals.
The balanced scorecard is an integrated system for strategy management. Its main benefit is that it provides the organisation with a way to “connect the dots” between the various components of strategic planning and management.
It creates a visible link between the projects and programs employees are working on. With the Key Performance Indicators (KPI) used to monitor success, it creates an assessment infrastructure for measuring the strategic goals, mission, vision and strategy that the organisation aims to achieve.
What is Key Performance Indicator (KPI)?
For each goal on the strategy map, at least one measure or Key Performance Indicator (KPI) is identified and tracked over time. KPIs indicate progress towards a desired result. Strategic KPIs monitor the implementation and effectiveness of an organisation’s strategies, determine the gap between actual and targeted performance, and determine the effectiveness and operational efficiency of the organization.