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BSC

Balanced Scorecard

The Balanced Scorecard is a Term describing the strategic planning and management Practice to monitor the implementation and execution of the strategy.

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 Attribute 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.

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:

See also: The Balanced Scorecard[1]

Use Cases

Notes

  1. R.S. Kaplan & D.P. Norton: The Balanced Scorecard, Harvard Business Review Press

Align Strategy t:GSC1

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Hierarchy

IDNameLevelx
BSCBalanced Scorecard0BSC
BSC-VSVision Statement1BSC-VS
BSMBusiness Strategy Map1BSM
Balanced Scorecard 0 0 Balanced Scorecard,Metrics,Perfomance,Metrics that Matter