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:
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
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