The balanced scorecard economics bibliographies cite. The balanced scorecard by robert steven kaplan, 9780875846514, available at book depository with free delivery worldwide. Kaplan has 71 books on goodreads with 35057 ratings. The balanced scorecard is one of the most successful and widely used management tools in the world. Translating strategy into action by kaplan, robert s. Strategy execution and the balanced scorecard harvard. This article explains the balanced scorecard, developed by robert kaplan and david norton, in a practical way. The balanced scorecard was developed in the early 1990s by two guys at the harvard business school.
The bsc method of kaplan and norton is a strategic approach and performance management system that enables organizations to translate a companys vision and strategy into implementation, working from 4 perspectives. David norton and i introduced the balanced scorecard in a 1992 harvard. Peter drucker introduced management by objectives in his classic 1954 book, the. Translating strategy into action, published in 1996, kaplan and norton defined a scorecard model, whereby in addition to financial measures, organizational performance should include measures from a customer perspective, an internal business process perspective, and a perspective measuring employee. The aim of the balanced scorecard was to align business activities to the vision and strategy of the business, improve internal and external communications, and. Norton, which is also the cofounder, and president of the balanced scorecard groupon. Using the balanced scorecard to create corporate synergies. Balanced scorecard in 19923 and 19934 and their book in 19961. Many other gurus have jumped on the balanced scorecard wagon and produced a plethora of books all purporting to be the definitive book on balanced scorecards.
Using the balanced scorecard as a strategic management. Using the balanced scorecard as a strategic management system by robert s. Use features like bookmarks, note taking and highlighting while reading the balanced scorecard. They realize that no single measure can protives understand that their organizations measure vide a clear performance target or focus attention on. The book covers how a companys vision and strategy can be translated into a coherent set of performance measures. Using the balanced scorecard as a strategic management system a list of related materials, with annotations to guide further exploration of the articles ideas and applications further reading. Here is the book by the recognized architects of the balanced scorecard that shows how managers can use this revolutionary tool to mobilize their people to fulfill the companys mission. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in longterm capabilities and customer relationships were not critical for.
The book explains that we are now in the information age and the old accounting from the industrial age doesnt properly reflect or measure a company. Two eminent doctors robert s kaplan and david p norton evolved their balanced scorecard system from early mdis and jointly produced their apparently groundbreaking book in 1996. My experiences as a balanced scorecard practitioner with a large canadian company taught me that tremendous results are possible with the tool, but to attain. After reading you will understand the basics of this powerful strategy and performance management tool. The strategic balanced scorecard is trying to focus the organisation on its strategy and measure the progress of the strategy. In their septoct 1993 hbr article titled putting the balanced scorecard to work, kaplan and norton offered an overview of how one could link the balanced scorecard to corporate strategies. Read the balanced scorecard translating strategy into action by robert s. Develop your vision, mission, and guiding principles. But often the efforts of individual units are not coordinated, resulting in conflicts, lost opportunities, and diminished performance robert s. Norton as a means of defining a framework of performance measures that would support the achievement of the vision for an organisation, and the execution of its business strategy kaplan and norton 1996. This article also contains a downloadable and editable balanced scorecard template. Transforming the balanced scorecard from performance measurement to strategic management. The balanced scorecardmeasures that drive performance 1992. Translating strategy into action is considered to be a major contribution to the development of performance management, as their work has changed the way performance is measured.
Balanced scorecard stepbystep volta river authority. This is our short and simple guide to the balanced scorecard. In this book, the authors apply their revolutionary balanced scorecard management system to corporatelevel strategy, revealing how highly successful enterprises achieve powerful synergies by explicitly defining corporate headquarters role in setting, coordinating, and overseeing organizational strategy. Robert kaplan and david norton are best known as the originators of the balanced scorecard, a strategic management tool that links a companys current actions with its longterm goals.
The four perspectives of the scorecardfinancial measures, customer knowledge, internal business processes, and learning and growthoffer a balance between shortterm and longterm objectives, between outcomes desired and performance drivers of those outcomes. More than just a measurement system, the balanced scorecard is a management system that can channel the energies, abilities, and specific knowledge held by people throughout the organization toward. Buy books, tools, case studies, and articles on leadership, strategy, innovation, and other business and management topics. The four perspectives of the scorecard financial measures, customer knowledge, internal business processes, and learning and growthoffer a balance between shortterm and longterm objectives, between outcomes desired and performance drivers of those outcomes. What follows, provides guidance and advice on the development and implementation of a balanced scorecard for those organisations considering the introduction of a. The idea in brief the core idea the idea in practice putting the idea to work 1 article summary 2 using the balanced scorecard as a strategic management system. Origins of the balanced scorecard the following extract. Norton, authors of the balanced scorecard, a revolutionary performance measurement system that allows organizations to quantify intangible assets such as people, information, and. Kaplan coauthored the strategyfocused organization and strategy maps book with his wellrenowned fellow executive david p. Conceptual foundations of the balanced scorecard robert s.
Measuring business strategy financial perspective customer perspective internalbusinessprocess perspective learning and growth perspective linking balanced scorecard measures to your strategy structure and strategy pt. This cited by count includes citations to the following articles in scholar. Norton argue that the responsibility for this critical alignment lies with corporate headquarters. Includes index measurement and management in the information age why does business need a balanced scorecard. The balanced scorecard summary how can we describe the balanced scorecard. Kaplan accounting, harvard and norton, president of renaissance solutions inc. Kaplan and norton demonstrate how senior executives in industries such as banking, oil, insurance, and retailing are using the balanced scorecard both to. The balanced scorecard here is the book by the recognized architects of the balanced scorecard that shows how managers can use this revolutionary tool to mobilize their people to fulfill the companys mission. Kaplan and norton describe the innovation of the balanced scorecard as follows. Building your balanced scorecard strategy requires that you take these fundamental steps so that it will be strong and deliver the benefits you want and need for your business to thrive and grow. The four perspectives of the scorecardfinancial measures, customer knowledge, internal business processes, and learning and growthoffer a balance between shortterm and longterm objectives, between outcomes desired and performance drivers of those outcomes, and between hard. Nortons book the balanced scorecard shows that the balanced scorecard is a new business management system which links the achievement of longterm strategic goals with day to day. Knowledge gaps in existing balanced scorecard research are identified, leading to. The four perspectives of the scorecardfinancial measures, customer knowledge, internal business processes, and learning and growthoffer a balance between shortterm and longterm objectives, between outcomes desired and performance drivers of those outcomes, and.
Use features like bookmarks, note taking and highlighting while reading balanced scorecard success. The four perspectives of the scorecard financial measures, customer knowledge, internal business processes, and learning and growthoffer a balance between shortterm and longterm objectives, between outcomes desired and performance drivers of those outcomes, and between hard. Kaplan is baker foundation professor at harvard business school. Alignment really focuses on how to spread the strategy throughout the organization, as well as to other external stakeholders. The balanced scorecard tracks all the important elements of a companys strategyfrom continuous improvement and partnerships to teamwork and. This article also contains a downloadable and editable balanced scorecard template what is a balanced scorecard. Subsequently it has become very popular with forprofit origins of the balanced scorecard the following extract from kaplan and nortons seminal book on the subject1 explain the authors involvement in the early development of the balanced scorecard. Building the balanced scorecard for your business dummies. Balanced scorecard is a strategy performance management tool a semistandard structured report, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions. Feb 28, 2017 align corporate strategy with a balanced scorecard using balanced scorecards to implement and align organizational strategy does this sound like your company.
Kaplan 1996, hardcover at the best online prices at ebay. Everyday low prices and free delivery on eligible orders. Conceptual foundations of the balanced scorecard 3. In the first part, kaplan and norton provide the theoretical foundations for the balanced scorecard. For those who are looking to implement the bsc themselves, the bsi suggests reading the institute way. Norton is a calltoaction book consisting of several quantitative performance measures.
The balanced scorecard translates a companys vision and strategy into a coherent set of performance measures. The balanced scorecard focuses on factors that create longterm value traditional financial reports look backward reflect only the past. Translating strategy into action ebook written by robert s. Its updated for 2020, and tells you all the basics in plain english. The balanced scorecardmeasures that drive performance. The balanced scorecard robert s kaplan bok 9780875846514.
Balanced scorecard an overview sciencedirect topics. If you have not yet read strategy maps, the balanced scorecard and the strategyfocused organization, you should begin with those books before reading this one. This collection highlights the most important ideas and concepts from robert s. The balanced scorecard institute bsi offers consulting, training, certifications, software, resources, and more aboutyou guessed itthe balanced scorecard.
The balanced scorecard addresses an everincreasing accounting problem, measuring current companies using old accounting techniques. Just as the balanced scorecard attempts to protect longterm objectives from shortterm suboptimization, the budgeting process must protect the longterm initiatives from the pressures to deliver shortterm financial performance. Converting intangible assets in tangible outcomes harvard business school press, 2004 is a sequel to their classic the balanced scorecard. The key problem that kaplan and norton identified in the business of the day was that many companies tended to manage their businesses based solely on financial measures. Download it once and read it on your kindle device, pc, phones or tablets. Kaplans most popular book is the balanced scorecard. What is the best book about balance scorecard concept. These articles and the first book spread knowledge of the concept of balanced scorecard widely, and has led to kaplan and norton being seen as the creators of the concept. In this book, the authors apply their revolutionary balanced scorecard management. Kaplan and norton 2001a figure 3 making strategy a continual process transforming the balanced. Preparation for the exercise includes reading about the bsc or visiting various web sites such as the balanced scorecard collaborative at. Bbs is technique number 15 in our business analysis techniques book of 99 essential ba tools. In the almost 20 years that have passed since its publishing, the balanced scorecard system has.
In january 2009, our corporate leadership team sat in a weeks worth of meetings hashing. Scorecard as a strategic management system by robert s. The aim of the balanced scorecard was to align business activities to the vision and strategy of the business, improve. Translating strategy into action kindle edition by kaplan, robert s. Alignment is a superb addition to the remarkable series written by professor robert s. In 1996, the two authors published a book the balanced scorecard. Balanced scorecard basics balanced scorecard institute. Jun 03, 2017 the balanced scorecard believes that business leaders often times fail to connect the necessary strategy with the appropriate action or tactic. How the balanced scorecard complements the mckinsey 7. The balanced scorecard measures that drive performance. Kaplan s most popular book is the balanced scorecard. Think of a balanced scorecard as the instrument panel in the cockpit of an airplane. The balanced scorecard translates a companys vision and str. The balanced scorecard tracks all the important elements of a companys strategyfrom continuous improvement and partnerships to teamwork and global scale.
The balanced scorecard retains traditional financial measures. Balanced scorecard other bibliographies cite this for me. The balanced scorecardmeasures that drive performance robert s. Download for offline reading, highlight, bookmark or take notes while you read the balanced scorecard.
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