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Raut, Rakesh
- Performance Measurement Using Balance Score Card and its Applications:A Review
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1 National Institute of Industrial Engineering, Nagpur, Maharashtra, IN
1 National Institute of Industrial Engineering, Nagpur, Maharashtra, IN
Source
Journal of Supply Chain Management Systems, Vol 4, No 3 (2015), Pagination: 6-21Abstract
This paper aims to propose the idea of briefly explaining the balance scorecard by highlighting its use, application in depth. A critical enabler in achieving desired performance goals is the ability to measure performance. Despite the importance of accurately measuring organisational performance in most areas of academic research, there have been very few studies that have directly addressed the question of how overall organisational performance is or should be measured. Perhaps more importantly, none of these studies seems to have significantly influenced how overall organisational performance is actually measured in most of the empirical research that uses this construct as a dependent measure. The most popular of the performance measurement framework has been the balanced scorecard abbreviated as BSC. The BSC is widely acknowledged to have moved beyond the original ideology. It has now become a strategic change management and performance management process.
The approach used in this paper is the combination of literature review on evolution of balance score card and its applications in various sectors/organisations/areas. This paper identify that the balanced scorecard is a powerful but simple strategic tool and the simplicity of the scorecard is in its design. By encompassing four primary perspectives, the tool allows an organisation to turn its attention to external concerns, such as the financial outcomes and its customers' expectations, and internal areas, which include its internal processes to meet external requirements and its integration of learning and growth, to successfully meet its strategic expectations. This paper provides a comprehensive overview of the balanced scorecard combined with application and strategy, which are now in a better position to begin to recognise management's expectations and to discover new ways to build value for workplace learning and performance within organisation.
Keywords
Performance Measures, Performance Measurement, Balance Score Card.
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