STRATEGIC MANAGEMENT ACCOUNTING blogpost---200words

Word count: 188

Balanced scorecards framework

This converts strategies into measures of a company's performance. This will ensure the communication of a firm's strategic objective to the employees, the performance measures for the evaluation of objective strategic delivery, the cause-effect relationship between strategic objectives are determined.

LSU College of Engineering Real-life blog on the use of the balanced scorecard

In 2015, when Richard Koubek was appointed the dean of LSU engineering college, the vision 2015 was set. This was the school five-year strategic plan. This was a scorecard driven management initiative, which was set to propel the college’s management strategies. This lead to a great benefit of the organization on external partnerships. The school promised to deliver the first rated engineers. This was a magnet in the attraction of investors to the state, which was presided by setting a service venture in Baton Rouge. The enrolment of the college of engineering has risen to 41%. Based on the balanced scorecard implementation, this has turned out to be twice the national average. Based on these facts, LSU has turned out to have the 5th fastest growing college of engineers in the USA.

References list

Rachel Smith, (2020) 8 real life balanced scorecard examples. Need some proof that the blanced scorecard is the right strategy management framework for you? Take a look at these eight examples.

https://www.clearpointstrategy.com/real-life-balanced-scorecard-examples/

Rohit Agarwal, (2020) Strategic management accounting: Definition and Techniques.

https://www.yourarticlelibrary.com/accounting/management-accounting/strategic-management-accounting-definition-and-techniques/53105