Question

The Balanced Scorecard provides a performance review tool that incorporates financial data, customer expectations, internal efficiencies, and learning and growth. Provide an overview of the Balanced Scorecard, and show how this planning tool can be used in all organizations and not just in for-profit.

Answer 1

Balanced Scorecard is one of the most powerful and influential management tool that has been developed to enhance the performance of the organization not only financially but also to build a strong organization. Balanced Scorecard helps us to create a mapping for reaching the goals and objectives of the comocom both in the long run and short run using different strategies. It will help the people to choose the right direction and ways to reach those goals.

Every company main motive is to earn profits but if you want build a strong organization that will stand up without any collapsing over a test of time than you have to develop from the base portion itself to the top portion. So this Balanced Scorecard helps you view the balanced performance of the company and change strategy depending on that performance. It helps to review both low level and high level strategies and measures that will help the organisation to reach its goals.

Hence Balanced Scorecard is viewed as a best management tool.