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WHAT IS A BALANCED SCORECARD?
A balanced scorecard is a performance-measuring method that focuses on tracking key metrics grouped according to a set of broad performance areas (e.g., internal processes, financial performance, and customer satisfaction) that constitute a balanced view of the organization. Typically, during the strategy-development process, senior management defines the organization's goals and measures progress based on these areas. They then identify four or five key performance indicators within each area. The purpose of the balanced scorecard is not only to monitor performance within each area, but also to improve performance by setting specific goals for each measure and time frames for achieving them.
PERFORMANCE METRICS
A balanced scorecard is only as good as the metrics used to measure performance.
Certain general performance metrics are significant for organizations in all industries. These universal metrics include revenue analysis, financial......

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Approximate Pages: 2 (250 words per double-spaced page)

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