Balanced Scorecard Concepts, Technology, and Applications

Balanced Scorecard Concepts, Technology, and Applications

Ricardo Colomo Palacios (Universidad Carlos III, Spain), Juan Miguel Gómez Berbís (Universidad Carlos III, Spain) and Ángel García Crespo (Universidad Carlos III, Spain)
DOI: 10.4018/978-1-59904-843-7.ch005
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Abstract

The balanced scorecard (BSC) harnesses the potential of checking and verifying the status of a company by evaluating and carefully assessing strategic aspects beyond the purely financial indicators. The significant impact of the BSC from a business standpoint has brought critical mass in use and the emergence of a number of technologies that will make a technology-supported BSC a reality. This article presents an overview of the concept and its history, evolution, major applications, and implications with a particular emphasis in decision making and decision support technologies.

Key Terms in this Chapter

Balanced Scorecard: This is a framework that helps top management to select a set of measures that provide an integrated look at a company by dividing a list of measurable items into four perspectives: financial, customer, internal business processes, and learning and growth.

Performance Management: It is a process by which an enterprise involves the whole of its resources in improving organizational effectiveness in the accomplishment of enterprise mission and goals.

IT Balanced Scorecard: This is a framework that helps IT management to select a set of measures that provide an integrated look at an IT department by dividing a list of measurable items into four perspectives: user orientation, operational excellence, business contribution and future orientation.

Critical Success Factors: These are elements that are necessary for an organization or project to achieve its mission.

Balanced Scorecard Causal Model: This is a model that describes the cause-effect relationship of an organization’s strategy.

Key Performance Indicators: These are financial and nonfinancial metrics used to quantify objectives to reflect the strategic performance of an organization.

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