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Essay / Research Paper Abstract
A 6 page paper discussing the concepts of Kaplan and Norton's 1996 book, The Balanced Scorecard : Translating Strategy into Action. As business grows increasingly competitive, it has become necessary for organizations to track ever so much more closely their financial performance, and gain the highest degree of benefit possible from the resources they have available to them. In its ultimate analysis, the balanced scorecard approach is only that of common sense. The worth or effectiveness of an organization cannot be judged by revenues or profits alone, but in addition to financial performance also must self-assess its business from the perspectives of customers, internal business processes, and learning and growth. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSscore1.rtf
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Unformatted sample text from the term paper:
them. The global economy continues to emerge and evolve, exacerbating the necessity of being financially fit and well managed. In 1996, Kaplan and Norton published The Balanced Scorecard :
Translating Strategy into Action, a book in which they emphasized that yes, financial results were important, but so were three other measures of performance, any one of which could affect
the organizations likelihood of either success, failure, or simple stagnation. "The balanced scorecard supplemented traditional financial measures with criteria that measured performance from three additional perspectives -- those of
customers, internal business processes, and learning and growth ... It therefore enabled companies to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets
they would need for future growth" (Kaplan and Norton, 1996; p. 75). Some erroneously believed that these other measurements of performance were somehow intended to replace financial analysis and immediately
pronounced the work of Kaplan and Norton to be the business worlds equivalent of "feel good" psychology. The authors are quick to say that they intended no such thing
and state so in their book, that the additional measurements are intended to complement, not replace, traditional financial performance records. Newing (1995) is one that was able to recognize the
value of the additional measurements, notable in that Newing also is a management accountant and therefore is most greatly focused on financial performance. Even so, he says that "The
balanced scorecard is a management system which can bring about sustained profitability and breakthrough improvements in critical performance" (Newing, 1995; p. 22). The concept grew from a 1990 research project
jointly conducted by Harvards Robert Kaplan and David Norton of Nolan, Norton & Co. Though financially-focused management personnel would be among those most expected to object to Kaplan and
...