Session-43
27 Jan 2022
The session focussed on the Balanced Scorecard—a set of measures that provide top executives with a quick yet comprehensive perspective of the firm. Financial measurements are used in the balanced scorecard to show the outcomes of previous activities. It also includes operational indicators of customer satisfaction, internal procedures, and the organization's innovation and improvement initiatives and operational measures on which future financial performance is based. It leads to strategic focus and organizational alignment.
Purpose of the balanced scorecard-
- Originally a performance measurement tool
- Now a strategic communication and performance measurement framework.
Advantages of the balanced scorecard-
- Helps to achieve strategic progress
- Helps in providing quality with fewer resources
- Helps in tracking progress
- Helps to process changes and bring improvements.
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