Creating a Balanced Scorecard:

Based on the work area score card may be developed. Let us take the educational institutions. Most of the colleges and universities have a mission or vision statement in place that sets out in very broad terms the goals of the institution. It is in the context of these goals that an institution should decide what it shall benchmark and what performance it shall measure, a process that Kaplan and Norton (1996) defined as "translating the vision."

For instance, National Institute of Foundry and Forge Technology - a lone institute of its kind in the Asian subcontinent - has the vision of becoming "internationally recognized in the field of foundry and forge and delivering service to the society."