notes during MA report.docx - A balanced scorecard consists...

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A balanced scorecard consists of an integrated set of performance measures that are derived from and support a company’s strategy. Importantly, the measures included in a company’s balanced scorecard are unique to its specific strategy. The balanced scorecard enables top management to translate its strategy into four groups of performance measures – financial, customer, internal business process, and learning and growth – that employees can understand and influence. Slide 2: The premise of these four groups of measures is that learning is necessary to improve internal business processes, which in turn improves the level of customer satisfaction, which in turn improves financial results. Note the emphasis on improvement, not just attaining some specific objective. Slide 3: The balanced scorecard relies on non-financial measures in addition to financial measures for two reasons: Financial measures are lag indicators that summarize the results of past actions. Non-financial measures are leading indicators of future financial
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