BALANCED SCORECARD EXPLAINED 101
- Abbreviated to BSC sometimes
- Lots of companies in various sectors use them - in business / industry, government departments and agencies as well as not for profits - used globally
- Disciplined mgmt framework and system to help align the day to day business activities (BAU) to the organisations vision
- As THE NAME sounds…..it helps in the management of strategy.... to get a ‘BALANCED’ view of performance …….and scores it !
- Useful for goal setting, then executing definition for delivery, create or fine tune existing measurement activities
- Looks at 4 different areas ….called perspectives - Financial, Internal, Customer, Learning / innovation (note there are financial items in there as well as non financial items)
- From the 4 views / 4 perspectives you then embark on creating goals, plans, metrics
- Holistically allows you to join up how things are , how they REALLY are and not just as the monthly service report reflects or other info
- Clarifies vision / strategy - converts them into actions you can do
- Drives performance and puts the KPI’s you may have into a perspective view - really useful to do this as it can flush out if your KPI's are right in the first place !!
If you are looking into IT management generally, you may have heard the phrase BALANCED SCORECARD. This video will help build a foundation knowledge for you around this subject and perhaps prompt some ideas of how to measure.
The balanced scorecard, sometimes referred to as a BSC balanced score....looks at a balanced scorecard perspectives over four views and will help with your strategic planning.
'Balanced scorecard perspectives explained' gives you the balanced perspective and can help with your project management activities around this area.
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