File Name: a new balanced scorecard measuring performance and risk .zip
The journal, published since , is the official publication of the Spanish Society of Cardiology and founder of the REC Publications journal family.
The Balanced Scorecard BSC is a planning and management system that is widely used in a variety of areas in the private and public sector, with the aim of ensuring that the activities of an organisation are in line with its vision and strategy, improving internal and external communications, and monitoring organization performance against strategic goals. In other words, the balanced scorecard will help planners to identify what should be done and how it should be measured:. The BSC enables organizations to clarify their vision and strategy, and translate them into action.
Similar to the OKR approach, balanced scorecards are a useful tool for measuring organizational performance based on a set of determined measurements. The balanced scorecard was originally developed by Dr. Knowledge of this approach spread widely in when they published a book, The Balanced Scorecard, and the method began to be adopted by many organizations, large and small. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation. Simply put, The balanced scorecard is a fully integrated strategic management system.
The journal aims to provide a forum for publication and dissemination of scientific research conducted in the fields of management, as well as promote the interconnection of academic research with practical reality. It is intended to disseminate the scientific results obtained by academics and professionals, both nationally or internationally. The journal is based on a process of double blind review. In the last twenty years the relationship between Management Control Systems MCS and strategy has become a relevant issue to management control investigation. This study aims to understand how managers use the Balanced Scorecard BSC to support the processes of implementation and formulation of strategy. The research adopts an exploratory case study approach and was conducted on a business unit of a large industrial Portuguese company. The research provides insights into the relationship between MCS and strategy, as it identifies the characteristics of using the BSC in the several levers of control..
The journal, published since , is the official publication of the Spanish Society of Cardiology and founder of the REC Publications journal family. Articles are published in both English an Spanish in its electronic edition. The Impact Factor measures the average number of citations received in a particular year by papers published in the journal during the two receding years. CiteScore measures average citations received per document published. Read more.
Anthony R. Boston: Harvard University Press. Atkinson A. Journal of Management Accounting Research. DOI
Provided by James R. Martin, Ph. The Balanced Scorecard concept involves creating a set of measurements for four strategic perspectives.
Key Performance Indicators KPIs are commonly used to help companies effectively manage and guide their progress. Like a compass, the key performance indicators help you determine if you are moving in the right direction. Balanced scorecards have long been used in strategic business management to track key performance indicators, and are designed to provide a framework to manage resources. The idea is that these four perspectives are interdependent and hierarchical; growth is driven by constant learning and innovation, which leads to the refinement of internal processes. The improvement in internal processes through the KPI balanced scorecard, then help to drive increases in operating efficiency which result in higher customer satisfaction and increased financial performance.
Research has shown that organisations that use a Balanced Scorecard approach tend to outperform organisations without a formal approach to strategic performance management. The key benefits of using a BSC include:. The Balanced Scorecard provides a powerful framework for building and communicating strategy. The business model is visualised in a Strategy Map which helps managers to think about cause-and-effect relationships between the different strategic objectives. The process of creating a Strategy Map ensures that consensus is reached over a set of interrelated strategic objectives.
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