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The Balanced Scorecard: Translating Strategy into Action Hardcover – September 1, 1996
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From Publishers Weekly
Copyright 1996 Reed Business Information, Inc.
From Library Journal
Copyright 1996 Reed Business Information, Inc.
Top Customer Reviews
BUT companies that enacted BSc's started to tie them to corporate strategies, making them strategic management tools and not just measurement tools. One of the advancements was to tie define measures that measured the success of strategic intent as defined by specific objectives and goals. Another was to create cause and effect maps of the objectives, called "strategy maps."
Measurement is, of course, still an important part of the BSc, but the process of determining what to measure begins higher up the strategic ladder. KAPLAN AND NORTON THEMSELVES CHRONICLE THE GROWTH OF BSc INTO A STRATEGIC MANAGEMENT TOOL IN THEIR SUBSEQUENT WORK.
So, this book is a bit outdated, though it is still a useful introduction. However, I recommend that you try:
* Strategy Maps: Converting Intangible Assets into Tangible Outcomes by Kaplan and Norton
* The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment, also by Kaplan and Norton
* Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results by Paul R. Niven
And a good introductory article to the idea of strategy mapping is "Using the Balanced Scorecard as a Strategic Management System", a Harvard Business Review article by Kaplan and Norton that is also available on Amazon.
Organizations execute four 'mission critical' activities, for a scorecard to succeed. Each is more difficult than might appear and must be performed by a different part of the organization.
1. Articulating the strategy: Top management must articulate and disseminate the strategy. More than measuring success, a performance system communicates a strategy. Without a strategy, the performance measures become an `anything goes' exercise. `Anything goes in theory' means that `everything stays in practice'.
2. Designing the measures: A core task team must design the measures to avoid uneconomic behavior. Poorly thought out measures create counter productive activity.
3. Operationalizing the measures: Once measures are defined, programmers operationalize and automate them.
Even revenue can be complicated in practice: When is it recorded, and what does it include. The task team may well find themselves getting what they asked for, and not what they wanted.
4. Getting the buy-in: Change management skills are needed to align the changes and create buy in. Dilbert cynically states that there are two steps to a great performance measurement system. 1) Gather information and 2) ignore it. For performance measurement to work, the system must be accepted, understood, and aligned to the reward.
The book, `The Balanced Scorecard' by Kaplan and Norton has become compulsory reading for middle management. It is very good, with the one weakness that it makes performance measurement look deceptively simple.
The material is organized within two Parts, preceded by the excellent Preface and then two introductory chapters: "Measurement and Management in the Information Age" and "Why Does Business Need a Balanced Scorecard?" Logically, Part One examines measurement of business strategy; Part Two examines management of business strategy. Having read all of the 12 chapters, each concluded with a Summary of key points, readers are then provided with an Appendix: "Building a Balanced Scorecard.Read more ›
Most Recent Customer Reviews
This is the first "balance scorecard" book I've read. It was quite easy to go through and highly comprehensive. Read morePublished 7 months ago by Cristian Guajardo Garcia
great book; they have a paper that encapsulates everything; buy that paper from HBR;Published 16 months ago by Abhijit
This book gave me a different view of measurement tools. Originally I thought the book would be about the measurement of management, not strategy. Read morePublished 17 months ago by Laurial Ross