List the four perspectives of the balanced scorecard and describe each. Textbook: ...
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Accounting
List the four perspectives of the balanced scorecard and describe each.
Textbook:
The Balanced Scorecard (BSC) is a popular, well-known BPM framework. It helps put an organization's mission front and center and translates it into tangible measures and actions. It also helps to mobilize employees to channel their energies, abilities, and knowledge toward achieving the company's mission. The BSC promotes a forward-looking, proactive organization instead of a reactive organization, which only changes course when things go wrong. To implement the BSC, managers across the company articulate goals for various aspects of their operations and then identify appropriate KPIs that will track performance toward those goals. To make sound business decisions, KPIs need to be relevant to long-term objectives, measurable, easy to comprehend, timely, and insightful. The BSC includes four perspectives that are uniquely connected. Figure 12-8 presents these perspectives. FIGURE 12-8. BALANCED SCORECARD PERSPECTIVES
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