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Management Process of Balanced Score Card
The BSC (Balanced Score Card) proposes four a new management processes which separately and in combination, contributes to linking long-term strategic objectives along with short-term actions. The processes are:
(i) Translating the Vision
(ii) Communicating and Linking
(iii) Business Planning
(iv) Feedback and Learning
The balanced scorecard could be used as the foundation of an integrated and interactive strategic management system. Kaplan and Norton (1992) have declared that various organizations are using the BSC to:
1. Clarify and update strategy
2. Communicate strategy throughout the company
3. Align unit and individual targets with the strategy
4. Link strategic objectives to long-term targets and annual budgets
5. Identify and align strategic initiatives
6. Conduct periodic performance reviews to learn about and improve strategy.
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