The Balanced Scorecard - Exinfm
Excellence in Financial ManagementCourse 11: The BalancedScorecardPrepared by: Matt H. Evans, CPA, CMA, CFMThis course provides a step-by-step guide on howto build a Balanced Scorecard. An understanding ofstrategic planning is recommended prior to takingthis course. Refer to Course 10 on strategicplanning. This course is recommended for 2 hoursof Continuing Professional Education. In order toreceive credit, you will need to pass a multiplechoice exam which is administered by installing theexe file version of this short course. The exe file canbe downloaded from www.exinfm.com/trainingNOTE: This short course includes the following supplemental materials:- Excel Templates: Set of basic templates for building the Balanced Scorecard- PowerPoint presentation: Outlines overall development steps- Case Study: Short case study on the Balanced Scorecard at UNUM CorporationSupplemental materials are posted on the internet at www.exinfm.com/trainingRevised: February 4, 2002
Chapter1Basic ConceptsAccountants communicate with financial statements. Engineers communicate with asbuilt drawings. Architects communicate with physical models. It seems that almost everyprofession has some means of communicating clearly to the end user. However, forpeople engaged in strategic planning there has been an on-going dilemma. The finishedproduct, the strategic plan, has not communicated and reached the end user. Surestrategic plans are nice to look at, full of bar charts, nice covers, well written, andprofessionally prepared; but they simply have not impacted the people who mustexecute the strategic plan. The end result has been poor execution of the strategic planthroughout the entire organization. And the sad fact of the matter is that execution of thestrategic plan is everybody’s business, not just upper level management. Upper levelmanagement creates the strategy, but execution takes place from the bottom up.So why do strategic plans fail? According to the Balanced Scorecard Collaborative, thereare four barriers to strategic implementation:1. Vision Barrier – No one in the organization understands the strategies of theorganization.2. People Barrier – Most people have objectives that are not linked to the strategy ofthe organization.3. Resource Barrier – Time, energy, and money are not allocated to those things thatare critical to the organization. For example, budgets are not linked to strategy,resulting in wasted resources.4. Management Barrier – Management spends too little time on strategy and too muchtime on short-term tactical decision-making.Only 5% of the workforce understands their company strategy.Only 25% of managers have incentives linked to strategy.60% of organizations don’t link budgets to strategy.86% of executive teams spend less than one hour per month discussing strategy.– Balanced Scorecard CollaborativeTherefore, we need a new way of communicating strategy to the end-user. Enter theBalanced Scorecard. At long last, strategic planners now have a crisp and clear way ofcommunicating strategy. With balanced scorecards, strategy reaches everyone in alanguage that makes sense. When strategy is expressed in terms of measurements andtargets, the employee can relate to what must happen. This leads to much betterexecution of strategy.2
Not only does the Balanced Scorecard transform how the strategic plan is expressed,but it also pulls everything together. This is the so-called “cause and effect” relationshipor linking of all elements together. For example, if you want strong financial results, youmust have great customer service. If you want great customer service, you must haveexcellent processes in place (such as Customer Relations Management). If you wantgreat processes, you must have the right people, knowledge, and systems (intellectualcapital).In the past, many components for implementing a strategic plan have been managedseparately, not collectively within one overall management system. As a result,everything has moved in different directions, leading to poor execution of the strategicplan. Like a marching band, everyone needs to move in lockstep behind one overallstrategy.Therefore, you should think of the Balanced Scorecard as a management system, notjust another performance measurement program. And since strategy is at the center ofvalue-creation for the organization, the Balanced Scorecard has become a criticalmanagement system for any organization. In 1997, Harvard Business Review called theBalanced Scorecard one of the most significant business developments of the previous75 years.Balanced Scorecards provide the framework around which an organization changesthrough the execution of its strategy. This is accomplished by linking everything together.This is what makes the Balanced Scorecard so different; it captures the cause and effectrelationship throughout every part of the organization. In the case of Mobil Oil, the truckdriver pulls a balanced scorecard off the visor in his cab, outlining the five things he mustdo as a truck driver. Like a laser beam, strategy now has a clear path to everyone in theorganization.Balanced Scorecards tell you the knowledge, skills and systems that youremployees will need (learning and growth) to innovate and build the rightstrategic capabilities and efficiencies (internal processes) that deliver specificvalue to the market (customer) which will eventually lead to highershareholder value (financial).– “Having Trouble with Your Strategy? Then Map It” by Robert S. Kaplan and DavidP. Norton - Harvard Business ReviewTerminologyThroughout the entire process of building and implementing a balanced scorecard, weall need to speak the same language. Therefore, the first thing to get out of the way is tounderstand a few terms:3
Cause Effect Relationship: The natural flow of business performance from a lower level to anupper level within or between perspectives. For example, training employees on customerrelation’s leads to better customer service which in turn leads to improved financial results. Oneside is the leader or driver, producing an end result or effect on the other side.Goal: An overall achievement that is considered critical to the future success of the organizationGoals express where the organization wants to be.Measurement: A way of monitoring and tracking the progress of strategic objectives.Measurements can be leading indicators of performance (leads to an end result) or laggingindicators (the end results).Objective: What specifically must be done to execute the strategy; i.e. what is critical to thefuture success of our strategy? What the organization must do to reach its goals!Perspectives: Four or five different views of what drives the organization. Perspectives provide aframework for measurement. The four most common perspectives are: Financial (finaloutcomes), Customer, Internal Processes, and Learning & Growth.Programs: Major initiatives or projects that must be undertaken in order to meet one or morestrategic objectives.Strategic Area: A major strategic thrust for the organization, such as maximizing shareholdervalue or improving the efficiency of operations. Strategic areas define the scope for building thebalanced scorecard system.Strategic Grid: A logical framework for organizing a collection of strategic objectives over fouror more perspectives. Everything is linked to capture a cause and effect relationship. Strategicgrids are the foundation for building the Balanced Scorecard.Strategic Model: The combination of all strategic objectives over a strategic grid, well connectedand complete, providing one single model or structure for managing the strategic area.Strategy: An expression of what the organization must do to get from one reference point toanother reference point. Strategy is often expressed in terms of a mission statement, vision, goals,and objectives. Strategy is usually developed at the top levels of the organization, but executed bylower levels within the organization.Target: An expected level of performance or improvement required in the future.Templates: Visual tools for assisting people with building a balanced scorecard, typically usedfor capturing and comparing data within the four components of the Balanced Scorecard:Strategic Grids, Measurements, Targets, and Programs.Vision: An overall statement of how the organization wants to be perceived over the long-term (3to 5 years).4
Overall ProcessNow that you understand the purpose and terminology behind the Balanced Scorecard,let’s describe the overall process on how we will build the Balanced Scorecard. Theprocess consists of seven steps over three phases:Phase I: The Strategic FoundationStep 1: Communicate and align the organization around a clear and concise strategy.This is the fundamental starting point behind everything else. Your strategy is what“feeds” the Balanced Scorecard.Step 2: Determine the major strategic areas or scope for getting the organizationfocused on those things the organization can actually do.Step 3: Build a strategic grid for each major strategic area (step 2) of the business. Outof all the steps in the entire process, this can be the most difficult since we must take ourentire strategy (step 1) and transform it into specific terms that everyone canunderstand. And everything must be linked to form one complete strategic model.Phase II: Three Critical ComponentsStep 4: Establish Measurements: For each strategic objective on each strategic grid,there needs to be at least one measurement. Measurement provides the feedback onwhether or not we are meeting our strategic objectives.Step 5: Set Targets for each measurement: For each measurement in your scorecard,establish a corresponding target.Step 6: Launch Programs: Things will not happen unless the organization undertakesformal programs, initiatives or projects. This effectively closes the loop and links us backto where we started – driving the strategy that was formulated in phase I.Phase III: DeploymentStep 7: Once the Balanced Scorecard has been built, you need to push the entireprocess into other parts of the organization until you construct a single coherentmanagement system. This pulls everything together, allowing successful execution ofyour strategy.Don’t worry if all of this doesn’t make sense yet! The remainder of this short course willdescribe in detail each of the steps outlined above. Once you have completed this shortcourse, you should have a solid understanding of what is required for building a greatbalanced scorecard.5
Chapter2Phase I: The Strategic FoundationWhen balanced scorecards were first introduced, it seems that everyone rushed to put awhole new set of measurements in place. However, this is not how to build a balancedscorecard. Strategizing is critically important to building a good balanced scorecard. Infact, it is so important that the authors of the book, The Balanced Scorecard, Robert S.Kaplan and David P. Norton, released a follow-up book titled: The Strategy FocusedOrganization. Therefore, we need to focus on building a strategic foundation, culminatingwith a set of strategic grids or maps. This is the watershed event within the entireprocess! The combination of strategic grids, measurements, targets and programsrepresent the four key components that makeup the Balanced Scorecard. All of thesecomponents will be described in detail as we work our way through the seven step /three phase process.When designing a balanced scorecard, we always start by asking: “What isyour strategy?” Once we understand the strategy, we can build a newframework for describing the strategy, which we call a strategy map.– The Strategy Focused Organization by Robert S. Kaplan & David P. NortonStep 1: Strategic AlignmentSo let’s get started with step one; namely by establishing our strategy for driving the restof the process. If you took course 10 (and I am assuming you did), then you alreadyhave an understanding of how to construct a strategic plan. However, we want to makesure that we have a crystal clear and sharp strategic plan for feeding our balancedscorecard. A clear strategy requires two things: Specific objectives that tell people whatto do and a set of targets for communicating what is expected.Objectives need to communicate the action people must undertake. As strategy guruMichael Porter of Harvard University points out – “The essence of strategy is in theactivities, choosing to perform activities differently or to perform different activities thanrivals.” We must define what these activities are if we expect to have a clear and sharpstrategy.6
Exhibit 1: Strategic objectives expressed in relation to action and activitiesThree examples of strategic objectivesOver the next six months, delivery times will decrease by 15% throughmore localized distribution centers.By the year 2003, customer turnover will decline by 30% throughnewly created customer service representatives and pro-activecustomer maintenance procedures.Operating downtimes will get cut in half by cross training front linepersonnel and combining all four operating departments into one singleservice center.The second key ingredients for a clear strategy are targets. Targets put teeth into astrategy by imposing criteria that the organization must achieve. For example, thestrategy needs to be clarified by defining market share, revenue growth, new productsintroduced, and other specifics that set forth the end results of our strategy. In order tohave targets, we need measurements. Since both targets and measurements are criticalcomponents of the Balanced Scorecard, we will defer discussion of targets andmeasurements until we get into the design phase (phase II). However, suffice it to saythat if you have measurements and targets as components of your strategy, thenbuilding the Balanced Scorecard will be much easier.Once you have defined a clear strategy (objectives and targets), then you must rally theorganization around it. This requires a major communication initiative. A good startingpoint is to develop a communication plan. A communication plan outlines how you willcommunicate the strategy to each stakeholder group:Exhibit 2: Basic Communication PlanStakeholder GroupShareholdersDivision ManagersDistrict ManagersOperating StaffAdministrative StaffSuppliersDistributorsForm of CommunicationPress ConferenceManagement Retreat / PresentationSite to Site Visits / HandoutsSite to Site Visits / HandoutsSite to Site Visits / HandoutsPersonal Contact / MailingPersonal ContactEffective communication is the Achilles Heel in this entire process. Therefore, extensiveand continuous communication is vital to getting the organization aligned around itsstrategy.“I sure wish I’d done a better job of communicating with GM people. I’d do thatdifferently a second time around and make sure they understand and shared my vision forthe company. Then they would know why I was tearing the place up, taking out wholedivisions, changing our whole production structure . . . I never got this across.”Roger Smith, CEO of General Motors– Strategic Choices by Kenneth Primozic, Edward Primozic, and Joe Leben7
Finally, you need to align and re-configure the various parts of the organization aroundthe strategy. This may require changes to the organizational structure, selling off assets,making sure you have a “productive” culture, and other significant changes. Strategy isabout closing the gaps between the present position of the organization and where theorganization wants to be. Therefore, you must make changes to the organization if youexpect success with your strategy.Once the organization is set around its strategy, then and only then can you beginbuilding the balanced scorecard system. In the case of Mobil Oil, it took over one year tocreate the right number of operating divisions around its new strategy.“One of the mistakes companies make is coming up with a list of measures of what theycould measure instead of what they should be measuring. If a company thinks about whatit needs to achieve to be successful in the eyes of its shareholders, clients and internalstakeholders, that will yield operational activities that the organization needs to do well toachieve those strategies.”Vicki Elliott, Principal, William M. Mercer“Putting the Scorecard to Work” – Business Finance MagazineStep 2: Strategic AreasBefore we start designing the Balanced Scorecard, we need a “fence line” of strategicareas. This restricts the organization to a selected area for achieving strategic success;otherwise the organization may find itself trying to do too many things. Strategy is aboutchoices and making decisions on those things the organization can do vs. those thingsthe organization cannot do. Or to put it another way: A few successes are better than alot of failures.Therefore, the strategic thrust of the organization needs to be confined to a few majorareas. This will provide the “scope” we need for building a set of balanced scorecards.For most organizations, the strategic thrust of the organization will revolve aroundstakeholder groups; such as customers, shareholders, and employees. For example,most publicly traded corporations will have “shareholder value” as a major strategic area.This becomes one of the strategic areas for building the Balanced Scorecard.Additionally, each strategic area will flow across all four perspectives of the BalancedScorecard: Financial, Customer, Internal Processes, and Learning and Growth. Thefollowing exhibit illustrates how shareholder value flows up across the four perspectivesof the Balanced Scorecard:Exhibit 3: Basic flow of Strategic Area within the Balanced lder ValueRevenue GrowthMore CustomersCustomer Marketing & Service ProgramsSupport Systems & Personnel8
Notice how each lower perspective layer supports and enables the upper perspectivelayer; such as More Customers will enable Revenue Growth. Keep in mind that we aretrying to link everything together. This is critical to building a great balanced scorecard;i.e. capturing the cause effect relationship.Collectively, we want to limit our strategic areas to no more than five areas. This helpsensure successful implementation of our strategy. Some common strategic areas are:Customer Service, Shareholder Value, Operational Efficiency, Product Innovation, andSocial Responsibility. We can refer to our strategic goals (created from our strategy inphase I) to help us isolate our strategic areas. The following exhibit illustrates how astrategic goal leads us into a strategic area:Exhibit 4: Example of linking a strategic goal to a strategic areaStrategic Goal By the year 2005, our company willhave the most innovative productline of hand held computersStrategic Area Product InnovationFinally, there is the possibility that one strategic area may conflict with another. Forexample, Operational Efficiency may require cost reductions while Market Share mayrequire more expenses. If such conflicts do exist, make sure all stakeholders involvedare fully aware of these conflicting areas and how they fit within your strategic plan.Step 3: Strategic GridsNow that we have a strategy in place (step 1) and now that we have defined ourstrategic areas or scope (step 2), we will translate the specifics of our strategy into a setof grids. As you may recall, we noted that balanced scorecards are structured over fourperspectives or layers: Financial, Customer, Internal Processes, and Learning andGrowth. Strategic grids include these four layers. Within each layer, we will place ourstrategic objectives, making sure everything links back. Trying to develop strategicobjectives and placing them into the correct layers for all strategic grids is probably themost difficult step in building the Balanced Scorecard. Consultants sometimes refer tothis step as straw modeling; trying to string connecting lines over a map that presents anoverall strategic model.Building a strategic grid starts at the very top – strategic goals and areas. As weindicated earlier, most publicly traded companies have shareholder value as a strategicarea. In order to improve shareholder value, the organization can do things like growrevenues or increase operating performance. Once you decide on your strategy forimproving shareholder value, then you have to decide on how you will grow revenues orimprove operating performance. The following exhibit illustrates this bottom up flowwithin the Financial Perspective:9
Exhibit 5: Flowing strategic objectives within the Financial PerspectiveShareholder ValueGrow Revenues Operating Improvements New Sources ofIncrease CustomerLower CostsHigh Utilization ofRevenuesProfitabilityAssetsWe will flow our strategic objectives down each perspective within a grid of boxes,making sure everything is linked. This grid will serve as the foundation for constructingthe Balanced Scorecard.Next, we move down to the Customer Perspective. In order to construct the customerperspective, we need to understand the value(s) we provide to our customers. Forexample, Federal Express is extremely efficient in getting packages delivered on time.Therefore, on time delivery is the specific value that Federal Express delivers to itscustomers. Companies that emphasize operational efficiency usually provide certainvalue attributes, such as competitive pricing, on-time delivery, or superb quality. Othercompanies may create value for customers through their great relationship with thecustomer. Finally, some companies may add value by emphasizing innovative andunique products and / or services. It is extremely important to define your customer andthe values you provide; otherwise you run the risk of building a scorecard that doesn’t fitwith the capabilities of the organization.Once you have clearly defined your customer values, you can define strategic objectiveswithin the Customer Perspective, linking these objectives to the financial perspectiveobjectives. For example, suppose we have a strategic goal that stipulates that ourcompany will be the price leader in long distance phone service. We can flow this goalwithin the scorecard grid as follows:Exhibit 6: Linking customer objectives to financial objectivesFinancialCustomerShareholder Value Grow Revenues Acquire More Customers Leader in PricingNotice how “Leader in Pricing” is the driver behind acquiring more customers. In turn,more customers will flow up to the next layer of growing revenues. And growingrevenues is our strategy for meeting our strategic thrust or area of creating shareholdervalue.Next, we need to ask the question: How will we become a leader in competitive pricingfor attracting new customers? This brings us down to the next perspective: InternalProcesses. Internal Processes represent the collection of activities that give a companya competitive advantage in the marketplace.Referring back to the Customer Perspective, we could choose between three strategies:10
1. Operational Efficiency – Value for customers through competitive pricing,superior quality, on-time delivery or diverse product lines.2. Customer Relationships – Value for customers through personal service, buildingtrust, brand loyalty, providing customized solutions, and other one-to-onerelationships.3. Innovative Products & Services – Inventing new products and features, fastdelivery of products and services, forming partnerships to expand product lines,and other product leadership initiatives.If we go back to our example on price leadership in long distance phone service, weneed to emphasize operational efficiency within our strategy since this will enablecompetitive pricing. Next, the company must define its strategic objectives foroperational efficiency (which leads to competitive pricing). This can include numerousobjectives: Supply chain management, cycle time improvements, cost reductionprograms, and any objective aimed at operational excellence. Once we decide onobjectives, we can extend our strategic grid down into the next perspective as follows:Exhibit 7: Linking objectives down to Internal lder ValueGrow RevenuesAcquire More CustomersBecome the Price LeaderImprove Operational EfficiencyCostKnowledgeReduce NonReductionBased SystemCore ActivitiesProgramThis brings us to the final perspective, Learning and Growth. Learning and Growth is thefoundation that enables us to deliver on strategic objectives defined in the InternalProcesses Perspective. Like the other perspectives, we need to look at differentstrategies that fit with our current strategic grid:1. Competencies – Skills and knowledge of the work force.2. Technologies – Applications and systems for execution of internal processes.3. Change Culture – Organizational alignment, employee motivation, executiveleadership, communication, and other qualities of empowering the organization.If we go back to our strategic grid (Exhibit 7), we must decide on what strategicobjectives are required for meeting the three objectives defined in the Internal ProcessesPerspective. Therefore, we can extend our grid as follows:11
Exhibit 8: Strategic objectives defined for all four ning andGrowthShareholder ValueGrow RevenuesAcquire More CustomersBecome the Price LeaderImprove Operational EfficiencyCostKnowledgeReduce NonReductionBased SystemCore ActivitiesProgramTraining Best practicesin costmanagementDatabasenetwork onoperationalperformanceRe-alignorganizationwith corecompetenciesOnce you have completed the strategic grid, go back and make sure everything fits withyour overall strategy. A set of strategic grids should provide the strategic model forrunning the business, outlining the specifics of the strategy. All stakeholders should beable to look at your grids and follow the flow of your strategy. Don’t forget that you aretrying to limit your objectives (and grids) to a critical few strategic areas. If possible, keepthe total number of objectives on the grid to no more than 20 to 25 objectives.We have completed the foundation of the Balanced Scorecard, a set of strategic gridsfor each strategic area that captures and links objectives across four or moreperspectives. We can now move forward and populate each grid with: Measurements,Targets, and Programs.Exhibit 9: Summarize Phase I1st2nd3rd4th5thFive Major Milestones – Phase IEstablish a clear strategy (objectives & targets)Communicate the strategyAlign the organization around the strategyLimit the strategic areas to no more than fiveLink strategic objectives into grids across fourperspectives12
Chapter3Phase II: Three Critical ComponentsOnce we have completed the strategic foundation (phase I), we are set to measure ourobjectives, establish a target for each measurement, and initiate programs that will makeall of this happen. This will effectively complete the building of the Balanced Scorecard.Step 4: MeasurementsFor each strategic objective on your strategic grid, you need at least one measurement.If you have several measurements for a strategic objective, then chances are you havemore than one strategic objective. Can you have an objective without a measurement?Yes, it is possible, but not having a measurement makes it difficult to manage theobjective. It’s best to revisit this objective and ask the question: Why is this an objective?Measurement allows us to quantify our strategic objectives, asking the question: Howwell are we doing? So how do you build your measurements? Here are some basicguidelines:Linked: Measurements communicate what is strategically important by linking back toyour strategic objectives.Repeatable: Measurements are continuous over time, allowing comparisons.Leading: Measurements can be used for establishing targets, leading to futureperformance.Accountable: Measurements are reliable, verifiable, and accurate.Available: Measurements can be derived when they are needed.The following template can be used to help build an appropriate measurement:Exhibit 10: Measurement TemplateStrategic Objective Describe the Measurement Define Type / Formula Unit of Measurement Frequency of Measurement Assumptions Sources Availability Available Not Available Requires ChangeSupport Required IT Support Finance Support Other13
In addition to the above criteria, you need to understand some concepts related tomeasurement. For example, some measurements will lead to change in yourorganization. These types of measurements are called leading indicators since theydrive or push final outcomes within the organization. Examples include customercontracts executed, competitive pricing index, employee feedback indicator, serviceresponse time, and time spent with customers. If your organization needs to changerapidly, then you need to include some leading type measurements into your balancedscorecard. A common place to use leading measurements is within the Learning andGrowth perspective since this is the principal “driver” perspective behind the BalancedScorecard.The other side of measurement is looking back, historical type measurements that showus a final outcome or result. These measurements are referred to as lagging indicatorsand they dominate most performance measurement systems. About 70% of allmeasurements tend to fall into this category. Examples include most financial typemeasurements (return on equity, sales growth, economic value added, etc.) and manynon-financial type measurements (production breakeven, customer retention, employeeproductivity index, etc.). Lagging type measurements are common within the Customerand Financial perspectives since these are outcome related.Almost half of your measurements can be extrapolated from existing systems andprocedures. Some common type measurements include ratios, percentages, rankings,and indexes. Ratios are good for expressing critical relationships whil
Balanced Scorecard. At long last, strategic planners now have a crisp and clear way of communicating strategy. With balanced scorecards, strategy reaches everyone in a language that makes sense. When strategy is expressed in terms of measurements and targets, the employee can relate to wha
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
How to Create a Successful Balanced Scorecard What is a Balanced Scorecard The balanced scorecard is a concept and tool first conceived by by Robert Kaplan and David Norton. The balanced scorecard idea debuted in the Harvard Business Review in 1992. "The balanced scorecard retains traditional financial measures. But financial measures tell the .
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
the preparation of a blueprint for Balanced Scorecard development and implementation. BALANCED SCORECARD BASICS PROGRAM OUTLINE I. Module I: Understanding the Balanced Scorecard A. What is the balanced scorecard? . programs, such as, Certificate in Strategic Human Resource Transformation and Organization Development from the Penn State .
Balanced Scorecard Step By Step guides readers through the processes required for a successful Balanced Scorecard project. In addition, he shows how to become a strategy-focused organiza-tion by imbedding the Balanced Scorecard into critical organizational pro-cesses. The book provides an
