Balanced Scorecard (BSC) In Action
The Balanced Scorecard (BSC) By Rev. Fr. Tanaboon Poonphol The Balanced Scorecard is a management framework that combines traditional financial metrics with strategic measures to give managers a more complete view of business performance. The approach rests on the premise that many business measurement schemes are weighted too heavily toward financial performance and ignore other strategically important, but often more challenging to measure, priorities. The Scorecard is "Balanced" because it considers other non-financial factors. The Balanced Scorecard assumes a cause-and-effect link between learning, internal efficiencies, business processes, customers, and financial results. Harvard doctors Robert Kaplan and David Norton believed that managers in a strategy-focused organization need measurement as much as scientists. So they applied this principle to business and 1992 introduced the "Ba...