The Balanced Scorecard: Measures That Drive Performance (HBR OnPoint Enhanced Edition)
by Robert S. Kaplan, David P. Norton
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Book Summary Information
Author: David P. Norton, Robert S. KaplanEdition: Digital
Format: Download: PDF
Published: 2000-02-01
ISBN: N/A
Number of pages: 11
Publisher: Harvard Business Review
Book Reviews of The Balanced Scorecard: Measures That Drive Performance (HBR OnPoint Enhanced Edition)
Book Review: THE BALANCED SCORECARD--MEASURES THAT DRIVE PERFORMANCE
Summary: 5 Stars
The article "The Balanced Scorecard-Measures that Drive Performance" was written in the HBR in 1992 but is still very powerful, relevant and useful today in guiding managers not to only rely on financial measures but to also include a balanced set of operational measures in the performance measurement system. This allows managers to look at an organization from several perspectives at the same time.
Complementing financial measures with operational measures of internal business processes, customers and learning and growth, enables an organization to translate strategy into operational terms, thereby facilitating strategy implementation. As the authors point out, "What you measure is what you get", therefore measuring say customer satisfaction enables a company to ensure that it meets customer needs, which is very critical in the current highly competitive operating environment. A company also needs to know what it excels at (internal perspective) so that it can use its strengths top exploit opportunities whilst minimizing the impact of its weaknesses and threats.
The book does not attempt to downplay the importance of financial measures but only to emphasize the need to have a balanced set of measures. The emphasis is on a few critical balanced set of measures and not a proliferation of measures. The balanced scorecard forces managers to look at the essential operational measures together thus avoid the situation where success in one area is at the expense of other areas.
The authors used simple language, charts to illustrate the concepts and mini cases to reinforce the practical application of the concept.
The article is comprehensive enough that it is ideal for the busy executive who may not have the time to read other related articles or the book on the same topic by the authors "The Balanced Scorecard: Turning Strategy into Action". I, however, strongly recommend one to also read this very interesting and ground-breaking book especially those studying management or doing an MBA.
Summary of The Balanced Scorecard: Measures That Drive Performance (HBR OnPoint Enhanced Edition)
During a year-long research project, the authors developed a "balanced scorecard" performance measurement system that allows executives to view a company from several perspectives simultaneously. The scorecard includes financial measures that reveal the results of actions already taken, as well as three sets of operational measures that show customer satisfaction, internal processes, and the organization's ability to learn and improve. Creating a balanced scorecard requires translating a company's strategy and mission statement into specific goals and measures. Managers then track those measures as they work toward their goals.HBR OnPoint Articles save you time by enhancing an original Harvard Business Review article with an overview that draws out the main points and an annotated bibliography that points you to related resources. This enables you to scan, absorb, and share the management insights with others. During a year-long research project, the authors developed a "balanced scorecard" performance measurement system that allows executives to view a company from several perspectives simultaneously. The scorecard includes financial measures that reveal the results of actions already taken, as well as three sets of operational measures that show customer satisfaction, internal processes, and the organization's ability to learn and improve. Creating a balanced scorecard requires translating a company's strategy and mission statement into specific goals and measures. Managers then track those measures as they work toward their goals. Putting the Balanced Scorecard to Work, Reprint #93505, presents the implementation of this concept.
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