A balanced scorecard is a management system of measuring organizational strategies with performance objectives. The BSC approach broadly measures performance under 4 perspectives.
The best way to define objectives is to align the BSC with the organization’s objectives and enable all the departments to define their objectives with reference to it.
There are 4 perspectives of a BSC such as;
A balanced scorecard gives a balanced perspective on all the categories such as financial, customer, internal process, learning, and growth. In simpler words, balanced scorecard gives a overall view on a company, business unit or a project.
Balanced scorecard is an strategic way to manage the effectiveness of a HR management of a company. It evaluates both the financial and non financial aspects of a company.
The benefits of balanced scorecard are mentioned below;
BSC helps you achieve your organizations strategic goals.It works in a bottom-up approach. To create an effective BSC, you should keep the following things in mind;
The disadvantages of a BSC are mentioned below;