This is about modern management theory on value based management. It introduce concept of balance scorecard as a modern management tool
Traditional performance measures are insufficient to gauge performance and guide organizations in today's rapidly changing, complex economic landscape. Organizations need to link performance measurement to strategy, and must measure performance in ways that both promote positive future results and reflect past performance.
The Balanced Scorecard has developed over the last eleven years as a powerful way to implement strategy and continuously monitor strategic performance. Creating a strategy focused organization (the phrase coined by the founders …
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…Scorecard as follows:
"A balanced scorecard is a system of linked objectives, measures, targets and initiatives which collectively describe the strategy of an organization and how the strategy can be achieved. It can take something as complicated and frequently nebulous as strategy and translate it into something that is specific and can be understood."
Perspectives
Kaplan and Norton's Balanced Scorecard describes strategy and performance management from multiple perspectives. The classic Balanced Scorecard has four perspectives
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