Balanced Scorecard

Balanced Scorecard This uses strategic and financial measures to assess the outcome of a chosen strategy. It acknowledges the different expectations of the various stakeholders and attempts to use a 'scorecard' based on four prime areas of business activity to measure the results of the selected strategy.

Definitions

According to the Corporate Strategy by Lynch (4th edition),

Balanced Scorecard. This uses strategic and financial measures to assess the outcome of a chosen strategy. It acknowledges the different expectations of the various stakeholders and attempts to use a 'scorecard' based on four prime areas of business activity to measure the results of the selected strategy.

According to the Strategic Management by Parnell (4th edition),

Balanced Scorecard. An approach to measuring performance based on an array of quantitative and qualitative factors, such as ROA, market share, customer loyalty and satisfaction, speed, and innovation.