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Balanced scorecard
A strategy management tool
• Introduction
Companies today are in the midst of a revolutionary transformation as Industrial age competition is shifting to Information age competition. The cut-throat competition that businesses faced in the last two decades has made them to look for improvement initiatives like Total Quality Management, Just-in-Time (JIT) systems, Employee empowerment and Re-engineering. Though these initiatives resulted in enhanced shareholder value, they were achieved merely by monitoring and controlling financial measures of past performance and focused on short-term goals. This collision between the irresistible force to build long-range competitive capabilities and the immovable object of the historical-cost financial accounting model has led to a new blend- the Balanced Scorecard.

The idea of BSC was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that......

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Approximate Word Count: 1666
Approximate Pages: 7 (250 words per double-spaced page)

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