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54268-The Balanced Scorecard

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  PREPARED BY GROUP 4:  ANDREW MOLLOY  AMY MILLER MIKE ELICKER The Balanced Scorecard: Customer Perspective, Internal Processes, Learning and Growth   What is the balanced scorecard?  Developed in the early 1990’s by Dr. Robert Kaplan and David Norton  The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation.    What is the balanced scorecard?  The Balanced scorecard is a management system that enables organizations to clarify their  vision and strategy and translate them into action .  Provides an organization with feedback of both the internal business processes and external outcomes,  which allows for continuous improvement of strategic performance and results.  Nerve center of an enterprise   What is the balanced scorecard?  The balanced scorecard is centered on four performance metrics or perspectives:  Customers  Internal processes  Financial  Learning and growth   When implemented properly, each one of these perspectives contains four subparts consisting of  Objectives  Measures  Targets  Initiatives
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