The balanced scorecard

Abstract

The Project report aims at studying the 'Balanced Score Card' (BSC) as a Process Management system. "If you can't measure it, you can't manage it11 The Balanced Scorecard is a measurement system that has been created to tackle this problem. To survive and prosper in the information age competition, companies must use measurement and management systems derived from their strategies and capabilities. Too many organizations emphasize strategies about customer relationship, core competencies, and various capabilities while motivating and measuring performance only with financial measures. The Balanced Scorecard claims to be different in the sense that though the financial measurements still form a critical aspect of the Balanced Scorecard, it also integrates measurements that help link customers, internal process, and learning and growth to long-term financial success. Does the above sound cliched? The Project aims to study whether the Balanced Scorecard is 'yet another' management fad or is it different from the management systems that have evolved over the years. A detailed description of the Balanced Scorecard with its theoretical implementation and the various phases that are involved in it are presented in the report. Through the study of the Balanced Scorecard as a management system, the report brings out the issues faced in the implementation of the Balanced Scorecard and why many organizations are still not ready to implement it. In this regard, a pilot project of implementing the Balanced Scorecard in a small company was carried out. The report details the steps, problems and findings of the pilot project.