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Write 3 page essay on the topic Using Control Systems.The idea of balanced scorecard was developed by Kaplan and Norton. The balanced scorecard is a performance management tool backed up by design met
Write 3 page essay on the topic Using Control Systems.
The idea of balanced scorecard was developed by Kaplan and Norton. The balanced scorecard is a performance management tool backed up by design methods and automation tools, which is helpful for managers to monitor the efficiency of their followers’ activities and analyze the short/long term consequences of these actions.
According to a survey of management tools conducted by Bain & Company (n.d.), balanced scorecard was the most widely used management tool in 2010. Design of a balanced scorecard facilitates the identification of a set of financial and non-financial measures and linking of targets to them. This design is helpful for managers to assess whether the firm’s current performance meets its expectations. As stated in OPM.gov (n.d.), under the balanced scorecard system, business managers gather and review information from four different perspectives such as the customer’s perspective, the internal business perspective, the innovation and learning perspective, and the financial perspective. In contrast to conventional frameworks where employee performance plans pay attention only to behaviors, actions, or processes, the balanced scorecard approach particularly emphasizes individual employee performance so as to align employee performance plans with organizational goals. Management professionals opine that the balanced scorecard approach to employee performance is extremely effective to obtain an extensive view of an employee’s work performance.
The major objective of the balanced scorecard is to develop an improved system that can measure the overall performance of an organization and identify the key areas of improvement (tutorialspoint). Another key objective of this management framework is to assess the efficiency of an organization’s workforce by simply focusing on their individual performance and the extent to which they meet expectations. An effective
