General electric financial problems to measure by balance scor essay sample essay in 2021
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One of the major strengths of the balanced scorecard is its adaptability.
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What happens if you leave someone out of a balanced scorecard?
The balanced scorecard puts the strategy in the centre and not the control. Thus, by leaving someone out we not only lose their input, but we also lose the commitment and support from that part of the business. If the senior management is not involved the initiative will be perceived as being unimportant.
Who are the founders of the Balanced Scorecard?
It was originated by Dr. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more ‘balanced’ view of organizational performance.
How is balanced scorecard used in strategic management?
Companies using the BALANCED SCORECARD as the cornerstone of a new strategic management system have two tasks: First, they must build the scorecard, and second they must use the scorecard. The scorecard reflects what the company and the strategies are all about.
Last Update: Oct 2021
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