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The Balanced Scorecard is a Term describing the strategic planning and management Practice to monitor the implementation and execution of the strategy by means of a set of agreed metrics for agreed perspectives.

Balanced Scorecard example

Balanced refers to implementing diversity in metrics that prevent the risk of implementing a single-perspective strategy. Generally accepted perspectives required in a Balanced Scorecard are:

• Financial Performance (FI)
• Operational Excellence (OP)
• Customer Satisfaction (CU)
• Learning and Growth (LG

These perspectives (called Performance Attributes in OpenReference) are a first generation view of the Balanced Scorecard. Each perspective is measured by one or more Metrics. For each Metric the Balanced Scorecard has a target value.

Business Strategy Map template

The second generation adds the Strategy Map concept. The Strategy Map enables the representation of cause and effect between objectives and outcomes.

The third generation adds a Vision Statement, definitions for strategic objectives to the second generation Balanced Scorecard:

• Vision Statement
• Business Strategy Map
• Definitions for Strategic Objectives
• Definitions and targets for Metrics

See also: The Balanced Scorecard

Use Cases

• Sales & Support Metrics
• Supply Chain Scorecard Metrics

Notes

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Hierarchy

ID	Name	Level	x
BSC	Balanced Scorecard	0	BSC
BSC-VS	Vision Statement	1	BSC-VS
BSM	Business Strategy Map	1	BSM

Balanced Scorecard 0 0 Balanced Scorecard,Metrics,Perfomance,Metrics that Matter A tool to manage the internal and/or external performance of a business or supply chain and to monitor the implementation and execution of the business strategy