Explain the term balanced scorecard in details
Explain the term balanced scorecard in details
The term "balanced scorecard" refers to the concept of examining strategic metrics in combination with standard financial indicators to obtain a more "balanced" assessment of success. The balanced scorecard idea has progressed far beyond the mere use of viewpoints to become a comprehensive framework for controlling strategy. A key advantage of utilizing a structured framework is that it allows organizations to "connect the dots" between the multiple elements of strategy formulation and implementation, which means that there will be an observable correlation between the projects and programs that individuals are operating on, the metrics used to track success (KPIs), the strategic objectives will help to achieve organizational goals.
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