Hi Meera! A Balanced Scorecard is a scientific method of Performance Measurement System. As the name suggests, a 'Balanced Scorecard' needs to have four main perspective that is the key to a balanced growth of an organization: 1) Financial 2) Customer 3) Process 4) Capability The BSC (Balanced Scorecard) contains objective or close to objective KRA (Key Result Area) / KPI (Key Performance Indicators) with Targets & Weightages assigned to the Individual KRA / KPI. Now, the art here is to set the correct / objective KRAs / KPIs that would help in the growth of the organization. A Scorecard flows from Top to Down. i.e. The Strategy is first penned down in a scorecard at organization level and then it flows down to the department levels & then till the last officer of each department. Therefore, each Department , each officer would have different scorecard. Similarly, the HR Department / Function would have a different scorecard than say Administration Department or Accounts Department. Hope the concept is clear. Regards, Vinayak. |
