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This Report highlights the use of the Balanced Scorecard for Progres. The Balanced Scorecard is a strategic Management tool that helps transform the organizations strategies into actions. Kaplan and Norton invented this tool in 1992.
The essay explores the advantages and disadvantages of the balanced scorecard and journal articles and websites were used to support these claims and counterclaims. Alongside the BSC, the 360 Degree Model and the Simons Levers were also analyzed and compared to the Balanced Scorecard. A balanced Scorecard was then created for Progres, which took into account 4 perspectives, namely, the Financial Perspective, the Customer Perspective, the Internal Business Perspective and the Innovation and Learning Perspective. Goals were identified and measures were created too in order to explain how these goals could be achieved. Through Analysis, it was concluded that, all three-performance tools when used together, they lead to efficient results and productivity of the overall business.
The recommendations for the company included, training of the staff, learning opportunities (language skills enhanced) and also implementing the BSC with the other performance measurement tools.
Kaplan and Norton designed the Balanced Scorecard in 1992. It is best described as a strategic control tool. The balanced scorecard enables and helps organizations to build the gap between their strategies and actions.
A Balanced Scorecard can be explained as ‘ A strategic planning and management system that is used extensively in business and industry, government and non-profit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. (Balanced Scorecard Institute).
There are two perspectives of the Balanced Scorecard. The Financial perspective declares that the Balanced Scorecard can ‘build...