Transcription of THE BALANCED SCORECARD METHOD: FROM …
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THE BALANCED SCORECARD METHOD: FROM …
IntroductionBalanced SCORECARD is a management system that enables organizations to translate the vision and strategy into action. This system provides feedback on internal business processes and external outco-mes to continually improve organizational perfor-mance and results. Robert Kaplan and David Nor-ton created the BALANCED SCORECARD approach in the early 1990s. Most traditional management systems focus on the financial performance of an organiza-tion. According to those who support the BALANCED SCORECARD , the financial approach is unbalanced and has major limitations: 1. Financial data typically reflect an organiza-tion s past performance. Therefore, they may not accurately represent the current state of the organi-zation or what is likely to happen to the organization in the BALANCED SCORECARD METHOD: FROM THEORY TO PRACTICE Margarita I ORAIT Mykolas Romeris Universitety Ateities str. 20, LT 08303 Vilnius, Lithuania El.
Introduction Balanced scorecard is a management system that enables organizations to translate the vision and strategy into action. This system provides feedback
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