In the balanced scorecard technique, grids and tables are made for the specific evaluations of the different measures of the performance of the company. The assets, the liabilities, the funds and routine and strategic performance are analyzed through the technique.
The different sections of the business which are focused on by the balances score card technique include the financial sections; the customer focused sections, the learning and growth in the organization as well as the internal business processes of the company. “The performance power grid focuses on getting the right information, so they can make better, timing decisions, and achieve larger strategic objectives.” (‘Beyond the Balanced Score Card’, 2007)
The medium and the large scale organization in theUnited StatesandCanadamake use of the balanced score card options in order to evaluate the performance of the company. “An estimated 65% to 70% of organizations have adopted balanced scorecards, and their use is increasing.” (Angel & Rampersad, 2007) However the balanced score card has also undergone extensive changes over the past few years. The different companies have personalized the balanced score card technique for their operations, therefore making different version of its which are more suitable for their business process. As a result in the last 10 years the balanced score card technique has been greatly updated and innovated to reflect strategic enhancement in the evaluation procedures for specific business. “Companies operating in a fast-paced business climate must pay careful attention to non-financial performance indicators, which can be determined by both the Balanced Scorecard and Critical Success Factors” (Van Veen-Dirks & Wijn, 2002)
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