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The Balanced Score Card Essay

603 words - 3 pages

Overview:
Historically, businesses use to measure their performance by traditional financial reporting which focus mainly on financial result (QuickMBA, 2010).

Those results provide information about past performance (considered as obsolete) and are incapable to offer information about future performance. Using this traditional method did not give entities a complete and accurate picture of the business to help manager to manage future performance. Robert Norton & David Kaplan have seen the increasing attention to the importance of strategic measurement system that include both financial and non-financial measures (Kaplan, 2010, p.2). To answer the call, those professors have introduce ...view middle of the document...

(Kaplan, 2010, p.3) Their aim was to create and provide a system that give clear directives to enable an organization to know what they should measure to evaluate managers’ performance other than financial measures (Hoggett et al., 2012, p. 559).

As the concept of the balanced scorecard was adopted by thousands of private, public, and nonprofit enterprises around the world, Robert Norton & David Kaplan extended and broadened the concept into a management tool for describing, communicating and implementing strategy It enables executives to truly execute their strategies (Kaplan, 2010, p.3).
While we are presently using the term “balanced scorecard” the root of this approach have been created long time ago by the pioneering work of General Electric on performance measurement reporting in the 1950’s as well as in the early part of the 20th century by the work of French process engineers who have created a “dashboard” performance measures (Balanced Scorecard Institute, 2013).
Moreover the name itself “balanced scorecard” derives from the perceived need of...

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