Critical Review On The Article Of Balance Scorecard Model

Critical review on the article of Balance Scorecard model. Introduction The Balance Scorecard(BSC) model assist managers and board of directors to manage overall business by focusing into financial factors ( Profitability, cost, revenue, budgeted cost and real cost etc) as well as non-financial factors such as customer satisfaction, internal business process, innovation, learning and growth of organization. Kaplan and Norton decided to introduce concept of BSC in 1992, when they studied belief of famous British scientist, Lord Kelvin (1990) about performance improvement. As a result of this, many companies (private, public and non-profit organizations) adopted balance scorecard (BSC) model to assess their business performance. The BSC model is still used by many organizations. For-example, TESCO plc manages their business by applying BSC model. In my view, this article provides the chance to senior managers and directors who have power to influence the business performance. However, this article did not cover other important factors, for measuring the bu siness (marketing strategies, employee satisfaction etc) to make sure how business is performing. Therefore, I have chosen this article for critical review. Summary The Balance Scorecard has four dimensions (financial perspective, customer perspective, internal business perspective, innovation and learning growth). It is an approach which offer platform to the organization to rank strategies according to their mission/visionShow MoreRelatedThe Model Of Performance Management1654 Words   |  7 PagesThis is an individual assignment. It has two parts. Save your two reports (one for each article) in ONE Microsoft Word file with your name and upload it here in Blackboard by the due date. Part I. Homework on the publication titled, From a Black Hole to a Hole-in-One. 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