Balanced Scorecard: a Tool for Performance Monitoring and Improvement

Abstract

To successfully compete with companies from all over the world, any organization must have useful tools to measure, monitor and improve its performance. Such tools must be adapted to the information needs of a company, which is forced to action in a complex environment. Balanced scorecard is considered such an important tool, a system of measures which enables to understand the way in which performance is built, by establishing a balance between four forces, based on a process approach of the organization. If it is correctly created and implemented, the balanced scorecard enables to create a relationship between different performance measurement measures, in order to achieve the final goal – value creation for the shareholder.performance, activities, processes, balanced scorecard