Balance Scorecards

a. What is balanced scorecard?

The Balanced Scorecard is a management system. According to Langer (2017), it can also be said to be a strategic management performance metric that is used to identify and improve various internal business functions and their resulting external outcomes by measuring and providing feedback to organizations.

b. How organizations use balanced scorecards?

The Balanced Scorecard is a way of looking at an organization in such a manner that focuses on the big-picture strategic goals. Many organizations use the balanced scorecard to; communicate what they are trying to accomplish, align the day-to-day work that everyone is doing with strategy, prioritizing organizational projects, products, and services as well as measuring and monitoring progress towards strategic targets.

c. Note any alternative methods organizations use instead of the balanced scorecard?

Besides the balanced scorecard, there are other alternative methods organizations use. Some organizations for instance use the Workboard Enterprise Results Management which helps them automate business reviews and execute for growth (Moullin, 2006). Others use COMPASS Quality Management System to manage the organization's quality and performance improvement activity. There are those that use ClearPoint’s strategy management system to gather data and create reports so that they can focus on executing on their strategic plans.

d. Why they would use these methods over the balanced scorecard?