2015•Wiley Encyclopedia of ManagementRequires access

Balanced Scorecard

Randall H. Russell

Abstract

Abstract The balanced scorecard, originally designed as a measurement system, has evolved into a comprehensive process to manage the execution of an organization's strategy. The framework uses measures to translate the strategic objectives into targets and initiatives while the management system creates focus, alignment, and leadership. It is estimated that 70% of organizations use the balanced scorecard approach to management.

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Key concepts: Balanced scorecard, Process management, Strategy map, Focus (optics), Process (computing), Computer science, Performance measurement, Strategic management