PERSONNELTODAY J U L Y .

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BalanceScorecard:
A Toolfor Performance
Measurement
Dr. Ruchi Srivastava

Abstract

The hala.nr:e.vcore cttrcl (BSC) i.sa managemenl ,systemthat map,san organizalion's .strateplic
obiec:tive,sinlo perfbrnlance w'ith.fbur per,spectivessuch as Jinancial , internal husi.ne.ss
perspec:tive,\.cu,\lon1ers,and learning and growth which provide relevant.fbeclbucko,slo hoy,
v,ell the strotegic: plan i.s executing ,so that udju,stment can be mocle if necc.t,\ur.\).RSC hu,s
gained increa,singpoprrlorit.v a,san effeclive menagement tool /hut olign.s etttplo.t,eeur,lion,s
and soctl,swilh corporale.rlt'(tleg.r'.Bdlanr:ed.E(oret'ordhel;t,sot'trrtti:Lt/i()n.\'t().\'lt('(uttline
visirtn and struteg.vtt'ilh btt.sinas.s
rtt'lit'itit'.t untlnteu.sut't'sut'lttulrtr,gurti:rtlionttl petlttt.ntance
ugtrin,stpresel goal,s.Theptrrlto.saol tlti.s sttrtlt i.strt racogtti:t'tlta ntlt'rl tltt halttnt't,cl.s<,rtrecurd
in hetter perfitrmance o.f'ot'gutti:trlrort.s. Tlte trork ul.sogatns utt irt.sighlinto the e//act.vo/
halanced ,scoret:urdctnd t'ltuttgt' ott orgcutiatttiortolpe rformonce

Introduction

The Balancescorecard, first proposedin the January-FebruaryI 992 issueof H BR, provides
executiveswith a comprehensive fiarneworkthat translates a company'sstrategicob-jcctives
into a cohercntset of perfbrmance measures.During a year long research venturewith l2
companies at the leadingedgeof perlbrmance measurement, Kaplanand Nortondeviseda
"balancedscorecard", a setol'Ireasuresthat providetop managersa t'as1but comprehensivc
view o1-thebusiness. It hasbeenunderstood that as thc businesslandscape changedliorn
agriculturalto industrialto infbrnrational: perfbrrranccnteasures rrust adaptas wcll. The
i n t b r m a t i oang ei s c h a r a c t e r i z b e1c ' lt h ec o n r e r s i o o n f i n t a n s i b l (ce r n p l o y esek i l l s ;c u s t o m c r
s a t i s f a c t i oat nl d i n f b r r n a t i otne c h n o l ( ) c) r\ a t h c rt h a ni n t a n g i L ral es s c l s( p r o p e r t yp. l a n ta n d
inventory)into competitire adranragc:-BS(includcstlnanclial nrcasLrrcs thattcll the efl'ects
of actionalreadytaken.,{ndit ctrtlplcrnent: thc llnancialntcasures rrith operational mcasures
on customersatisfirction. internalprocr':sL'\ andthc-0rganrzatron's innol'ationandenhancement
activities-operational nrcrtsure> that arc'the drir c'rSof tuturc flnancialDerformance.

T h e B a l a n c e dS c o r e c a r id: a n t i . l n 3 g c r n e n tn r a n a g e m e not 1 'a l l c o r p o r a t ea c t i v i t i e s

tool that supports thc :uccc'::ful a c c o r d i ntgo t h e i rs t r a t e g irce l e v a n c cT.h e
implementation of cotporatc' stmtceic-\ rrnthe BalancedScorecard makesit possibleto take
basisof perlbrmanceindicatorslinkcd u ith into accountnon-monetary strategicsuccess
causalchains.By linking operationi.rl and fbctorsthathavea significantirnpacton the
nonfinancialcorporateactir ities thloush economic success of-abusiness. TheBalanced
causalchainsto the firm's lons-tertlstlrrtery Scorecard thusprovidesa promisingstarling-
the BalancedScorecard allorvsali-enrnent and point to the incorporationof environmental

Dr. Ruchi Srivastava,SuryaCollegeof Business

Management,
Lucknow,Email:rpk3(@redi{tnail.com

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and social aspectsinto the main management
systemof a firm. This managementtool claims
to identify the major strategicallyrelevant
issuesofa businessand to describeand depict
the causalcontribution ofthose issuesthat
contributeto the successfulachievementof
a firm's strategy.Thus, it appearspromising
to use the alanced Scorecardmethod to
integrate environmental and social
managementwith the generalmanagement
of a firm Given the desire to achieve
simultaneous improvementsin the economic,
environmental,and social performanceof
businesses,in order to achieve strong
contributionsto sustainabledevelopment,this
lack of integrationturns performanceout to
be a major obstacle.The BalancedScorecard
(BSC) as a strategicmanagementtool claims
to identify the major strategicallyrelevant
issuesofa businessandto describeanddepict
the causalcontributionof thoseissuesthat
contributeto the successfulachievementof
a firm's strategy.Thus, it appearspromising
to use the Balanced Scorecardmethod to
integrate environmental and social
managementwith the generalmanagement
of a firm.
The Balanced Scorecardas an instrument
for value-basedsustainability man4gement
The conceptof the BalancedScorecardwas
developedas a new approachto performance
measurementbecauseof problemsof short-
termismand pastorientationin management
accounting.The conceptofthe BSC is based
on the assumptionthat the efficient use of
investmentcapital is no longer the sole
determinantof competitive advantagebut,
increasingly,soft factorssuchas intellectual
capital, knowledge creation or excellenl
customer orientation are becoming more
important. As a result Kaplan and Norton
suggesta new performancemeasurement
approachthat focuses on corporate strategy
from four perspectives.The BSC's four
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different p€rspecti\es i.e. ilnancial, customer,
internalbusinessprocessesand learningand
growth .Thusit bring in the necessanclarity
to strategy.The implementationof BSC
ensuresthat strategygets communicatedto
all the employees suitably to facilitate
implementationby them.Accordingto Kaplan
and Norton corporate executivescan nLr\\
measureshow their businessunits ,created
value for current and future customersand
how they must enhanceinternal capabilities
and the investment in people ,systemsand
proceduresnecessaryto improve future
performance.
1) Financial Perspective- lt representsthe
long term goal of the organizationsto provide
superiorreturnsbasedon the capital invested
in the Unit. FinancialMeasureshasbeenthe
traditionalmethodof analyzingorganizational
successand involves such elements as
profitability, salesgrowth and revenuesper
salesvisit. Although the BSC stressesthe
need to incorporateadditional measuresto
determinesuccess,the need for financial
measuresis still an extremely strong element
to determinesuccess
2) Customer Perspectives - Choosing
measurefor the customerperspectiveof the
BSC dependson the typesof customerdesired
and the value that the organizationprovides
to them. The purpose of the customer
perspectiveis to focus on the targetcustomer.
This will allow organizationto createstrategies
consistentwith the type of customerthey
want to attract.
3) The Internal Business Process
Perspective-
It entails the proceduresthat an organization
must develop and master to be successful.
Many organizationswill concentrateon such
elements as order processing, delivery,
manufacturing, and product development as
examples.The focal point of this perspective
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is relatedto thecustomerPerspectivebecaus€ 4) Learning and Growth Perspective-

to keepcustomerssatisfie4 an organization
will needto focus on the componentsof the
organizationimportant to them. If target
customersare dissatisfiedwhen delivery is
late,an organization mustconcentrateon the
intemalprocessof developinga moreefftcient
delivery systemor refining the system
currentlyused.To accomplish this,managers
areundertakinga rigorousinternalanalysis
not only assessing the internalprocessesof
the organization,but reviewing innovation
sinceglobalcompetitionhasdecreased the
amountof time organizations canbring their
products to market to be successful
This perspective is the backbone to a
successful scorecard because it involves
employee skills and information systems.
Learning and Growth can include such issues
as employee satisfaction, alignment of
employee skills with jobs, number of
employeesuggestionsimplementd and hours
of employeefiaining. Depending on the actual
employee skills and desiredemployeeskills,
some organizationschangejob descriptions,
relocate employees to other departments,
and/orimplement incentive programsdesigned
to motivateemployeesto provide suggestions,
receive education or training, and/or gain
tenure through continued employment.

A typical format of balancedscorecardis given below:

The purpose of a BSC is to formulate a hierarchical system of strategic objectives

for the fbur perspectives,derived from the business strategy and aligned towards the
financial peispective. Based on such a causal system of objectives, corresponding
measures are formulated in all four perspectives. Kaplan and Norton basically
distinguish between lagging and leading indicators.

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Laggrng indicators and long-term strategic
objectivesare formulatedfor the strategiccore
issuesof each perspectivethat are derived
from the sfategy ofthe businessunit. Lagging
indicators thus indicate whether the strategic
objectivesin eachperspectivewere achieved.
In contrastto lagging indicators, leading
indicators are highly firm-specific. They
expressthe specific competitiveadvantages
ofthe firm and representhow the results -
reflected by lagging indicators - should be
achieved.Based on the specific strategyof
the businessunit, the key performancedrivers
that have the greatest influence on the
achievementof the core strategicobjectives
(measuredby lagging indicators) are identified
for every perspective.Integration of the
indicators with the four perspectives is
achievedby defining goals and appropriate
lagging indicators and leading
indicators/performancedrivers for a specific
businesssfrategy.By doing so, BSC translates
strategyin terms of objectives,measuresand
targetsfor the four perspectives.However, it
does not represent strategy as a loose
collection of indicatorsand measures.Instead
these are linked throush cause and effect
relationships.
Basic Components and Characteristics of
BSC
Therearesix basiccomponentsof BSC. They
a r e p e r s p e c t i v e s ,t h e m e s , o b j e c t i v e s ,
measures, targets, and initiatives.
Perspectives: There are four standard
perspectivesas suggestedby Kaplan and
Norton.
Thesearefinancial,customer,intemalbusiness
process, and learning and growth.
However, organizations can choose any
number of perspectivesasmay suit their need
of sufficiently measuring the present
performance and the drivers of future
performance.
All relevantfactorsfor strategyexecutionare
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accounted for in these perspectives,thus
creatinga balancebetweenthe shortterm and
long term objectivesas well as linking the
desiredoutcomesand the performancedrivers
for those outcomes.Thus, perspectivesform
the basicarchitectureof BSC.
Themes: Themesare inherent in the strategy
and provide an insight into how an
organisationwould carry out its mission.
There are usually threeto four basicthemes
consistingof a collectionof objectivesacross
perspectiveswhich enableexecutionof the
theme.
Objectives: They highlight critical factors
to the successof the orsanizationwhich must
certainlybe achieved.
Measures: What getsmeasuredgetsachieved.
Measureshelp organisationdetermineits
success in executing strategy. The two
fundamentalpurposesserved by measures
are organisationalmotivation and objective
evaluationof the strategyas well as strategic
learning.
Targets: Targetshelp define the level of
performanceor the rate of improvement that
is needed.
Initiatives: Theseare key action programs
that are required to achieve the objectives.
The distinguishing characteristicof BSC
which is not found in other management
control systemsis the assumptionofthe cause-
and-employmenteffect relationshipsbetween
measuresacrossthe four perspectives.Strategy
is understoodin terms of a seriesof linked
hypothesis that describe cause-and-effect
r e l a t i o n s h i p s .F o r e x a m p l e , i t c a n b e
hypothesized that'employeesatisfaction' shall
lead to 'employee retention' and 'employee
productivity'. Accordingly, when there is
improvementin'employee satisfaction'the
othertwo 'effect'parametersshall also show
improvements. If they don't, the hypothesis
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can be considered invalid' Thus' different size organizations. We have applied

measurementsin BSC provide an ongoing the framework to businesses,nonprofits, anc
account of the projected cause and- effect government organizations*'ith less than 10
relationships across perspectiveswhichare Imployees to organizations ruith more than
t OO,OOO.Oeveloping a balanced scorecard
essentialfoi making informed decisions'The
systemis like puttingarntz)e together,where
causalrelationshipsacrossfour perspectives to form a
different pie-es come together
help predict the financial performancebased
complete mosaic. In the balanced scorecard,
on't^h. indication from non-financial '!ieces" that.are
the are sfiategic compon€nts
measures..BSCconstitutesa good balance against
built individually, checked for "fit"
betweenfinancial and non-financial measures' assembled
other strategic components, and
Objectivesacrossthe four perspectivesshow
bal-ancebetweenthe extemal measuresusually into a comPletesYstem.
present in the financial and customer
perspectivesand the internal measuresthat Practical Implication of Balance Scorecard
are in the other two perspectivesof internal
businessprocessand learning and growth-'It The balanced scorecardallows managersto
also indicates a balance between the lag look at the business from four important
indicators of past performance and the lead oerspectives.It providesanswersto four basic
indicators that drive future performance' queitions. The Balanced ScorecardLinks
Balanced Scorecards,when developed as PerformanceMeasures
strategicplanning and management.systems,
o How do customers see us? (customer
can hJlp ilign an organizationbehind a shared
vision of s.tc"est, and get peopleworking on perspective)
the right things and focusing on results' A
o What must we excel at? (internal
r"otecurd is more than a way of keepingscore perspective)
it is a system,consisting of people, Strategy' o Can we contlnue to improve and create
processes,and technologY. value? (innovation and learningpersPective)
o H o w d o w e l o o k to shareholders?
bne of StephenCovey's quotescaptures-the
(financial persPective)
essenceof out journey: "People and their
managersare working so hard to -be.sure
things are done right, that they hardly have While giving senior managersinformation
timJ to decide if they are doing the right from fo-urdifferent perspectives,the balanced
things."Doing the right things and doing thin-gs scorecardminimizei information overload by
righl is a bilancing act, and requires the limiting the number of measures used'
dJvelopment of good business strategies Compaiies rarely suffer from having too few
(doing the right things) and efficient processes meastres. More commonly, they keep adding
and operations to deliver the programs' new measureswhenever an employee or a
produits and services(doing things lenp mat consultant makes a worthwhile suggestton'
make up the organization'score business' Severalcompanieshave already adoptedthe
While there are differences in development balanced scorecard.Their early experiences
and implementationof scorecardsystemsfor using the scorecardhave demonstratedthat
private, public and nonprofit organ-izations, it mJets severalmanagerial needs' First, the
ihe disciplined processofstrategic discovery scorecard brings together, in a single
used to develop scorecardsystemshas more managementreport, many of the seemlngly
similarities then differences' so the framework disparite elementsof a company'scompetitive
we will describe applies equally well to a g e n d a : b e c o m i n g .c u s t o m e r .o r t e n t e o '
lime, improvingqf4tty'
response
sfr'ortening
different types of organizations'as well as to
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emphasizingteamwork, reducing new product
launch times, and managing for the long term.
Customer Perspective:How Do Customers
SeeUs?
Many companies today have a corporate
mission that focuseson the customer."To be
number one in delivering value to customers"
is a typical mission statement.How a company
is performing from its customers'perspective
has become, therefore, a priority for top
management. The balanced scorecard
demandsthat managerstranslatetheir general
mission statementon customerserviceinto
specific measuresthat reflect the factors that
really matter to customers.
Customers'concernstend to fall into four
categories:time, quality, performanceand
service,and cost. Lead time measuresthe
time required for the company to meet its
customers'needs. For existingproducts,lead
time can be measured from the time the
company receives an order to the time it
actually delivers the product or serviceto the
customer. For new products, lead time
representsthe time to market, or how long it
takes to bring a new product from the product
definition stage to the start of shipments.
Quality measuresthe defectlevel of incoming
products as perceived and measuredby the
customer.Quality could also measureon-time
delivery, the accuracy of the company's
delivery forecasts. The combination of
performance and service measureshow the
company'sproducts or servicescontribute to
creating value for its customers.
Internal BusinessPerspective:What Must
We Excel at?
Customer-basedmeasuresare important, but
they must be translatedinto measuresof what
the company must do internally to meet its
customers'expectations.After all, excellent
customerperformancederivesfrom processes,
decisions,and actions occurring throughout
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an organization.Managersneed to focus on
those critical internal operationsthat enable
them to satisfu customerneeds.The internal
measuresfor the balancedscorecardshould
stem from the businessprocessesthat have
the greatestimpact on customersatisfaction-
factorsthat affect cycle time, quallty, employee
skills, and productivity, for example.
Companiesshould also attempt to identify
and measure their company's core
competencies, the critical technologiesneeded
to ensure continued market leadership.
Companiesshoulddecidewhat processesand
competenciesthey must excel at and speciff
measuresfor each.
Innovation and Learning Perspective: Can
We Continue to Improve and Create Value?
The customer-basedand internal business
processmeasureson the balancedscorecard
identify the parametersthat the company
considers most important for competitive
success.But the targetsfor successkeep
changing.Intenseglobal competitionrequires
that companiesmake continual improvements
to their existing products and processesand
have the ability to introduce entirely new
products with expanded capabilities.
A company'sability to innovate, improve,
and learn ties directly to the company'svalue.
That is, only through the ability to launch
new products, create more value for
customers,and improve operating efficiencies
continually can a company penetratenew
markets and increaserevenuesand margins-
in short, grow and thereby increase
shareholdervalue.
Financial Perspective: How Do \ile Look
to Shareholders?
Financial performance measuresindicate
whether the company's strategy,
implementation, and execution are
contributing to bottom-line improvement.
Typical financial goals have to do with
profitability, growth, and shareholdervalue.
The financial goals simply are: to survive, to
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succeed, and to prosper. Survival was
measuredby cash flow, successby quarterly
sales growth and operating income by
division, and prosperity by incieasedmarket
share by segment and return on equity.
Looking today'sbusinessenvironment,should
managerslook at the businessfrom a financial
perspective?Should they pay attention to
short-term financial measureslike quarterly
sa.l9s.and operating income? Many have
-of
citicizedfinancial measuresbecause th.o
w e l l - d o c u m e n t e d i n a d e q u a c i e s ,t h e i r
backward-looking focus, and their inabilitv
to reflectcontemporary value-creatingactions.
Shareholdervalue analysis (SVAt which
forecasts future cash flows and discounts
them back to a rough estimate of current
value, is an attempt to make financial analvsis
more forward looking. But SVA still is based
on cashflow rather than on the activities and
processesthat drive cash flow.
Some critics go much further in their
indictment of financial measures.They argue
that the terms of competition have ciranled
and that traditional financial measuresdoirot
improve customersatisfaction,quality, cycle
ald.emnloyeemotivation. In th# view,
l1me,
financial performance is the result of
operational actions, and financial success
be the logical consequenceof doing
l.noulO
the fundamentals well. In other words,
companiesshouldstopnavigatingby financial
measures. By making fundamental
improvementsin their operafions,the financial
numbers will take care of themselves.the
argumentgoes.
Automation of Scorecards
It is evident from the above descriptionsthat
BSC implementationis a long drawn process.
do not appearto have specifiid as to when it
In order to expedite implementation process
can be declaredthat BSC implementationhas
and retain the momentum, organiiations
beensuccessful.It can only be deducedfrom
automate scorecards.Automation is crucial
the severalcasesthat have beenpresentedin
to suc.cessfulimplementation as it provides
literature as success storiel of BSC
visibility to the BSC process, wider
implementation.
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ry{icrpation by employeesat all levels,and
facilitates a quicker cultural chanse.Iican
be integrated into strategic man-agement
system.The softwarecan automaticaly send
right information to the right employeeat the
right time. E-mail and internei inieeration
with software can be used to shareaialvsis
and results with the concernedpeople. ihe
softwarecan haveprovisions to include BSC
measures,cascadedobjectivesand measures,
target setting, alarms,reports,presentations,
graphs and comparison wiih historical
performance.It shall also be integratedwith
alreadyexisting information techiology (IT)
systemsin the organisationto be able to hav"
real time data and avoid any duplication.
BSC software can be either developed in_
house or readymadeBSC software can be
procured from the market. Some examples
of BSC softwareavailablefrom vendorsare
SEM BSC, OracleBSC, SplmactBSC, BSC
AnalyticApp., CorporateBSC and Comshare
MPC. Marr and Neely (2003), give ten
selectioncriteria for choosingmost idequate
roflyllg, namely company and product,
scalability, flexibility and customization,
features and functions, communication,
technical_specifications, data presentation,
analysis functionality, service, and future.
Additionally, it is important to decide as to
when to automate BSC as the timins of
automationimpacts the chancesof suciess
as much as the choice of the software.The
tming of automationmay be basedon factors
specific to the organisation and most
rmportantly, its stage in BSC life cycle .
ln spiteof elaboratediscussionson the models
and the stagesof implementation,there is
no clear definition of 'successfui
implementation'of BSC. Kaplan and Norton
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Balanced Scorecard Implementation in
Indian Context
The Indian companiesappearto be esurient
in their adoption of BSC. The BSC adoption
rate is nearly 45.28 percent(Anand et al.,
2005) which comparesfavorably with the
global rateof 43.90.A survey (Joshi,2001)
of 60large & medium Indian manufacturing
firms and observed that though financial
measuressuch as ROI, variance analysis,
budgetary control were usedextensively,there
was only moderate use of customer
satisfactionsurveys,supplier evaluation,and
minimal use of non financial measures.This
is further substantiatedbyAnand et al, (2005)
who affirmed that even while implementing
BSC, the financial perspectiveremainsmost
important and the most common difficulties
are observedto be determining the causal
relationshipsassigningsuitable weights to
theserelationships.Singh and Kumar (2007)
chronicledsome of the major casesof BSC
implementation in India such as Godrej-GE
' That is, traditional performance measurement
Appliances, Philips Electronics, Infosys
Technologies,and Tata ConsultancyServices.
The study by Farooq and Hussain,(2011),
indicates that most Indian organisations
incorporate BSC as a Performance
measurementtool and use it to createchange
and improve performance.The inclination
towards adoption of BSC is seenas a recent
trend among the PSUs like Bharat Heavy
Electrical Limited (BHEL), Steel Authority
of India Limited (SAIL), Indian Oil
Corporation Limited (IOCL), Bharat
PetroleumCorporationLimited (BPCL), and
Hindustan Petroleum Corporation Limited
(HPCL). The PSUs move to BSC is mainly
on accountofthe govemment guidelines from
department of public enterPrises
(DPE).Irrespective of the claims of
academicians,there is wide acceptanceof
BSC among practitioners, both in private and
public sector.Implementation processhas
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beenrecognisedas a challenging area.It needs
more exploration and research,especially in
the context of PSUs.
Conclusion
As companies have applied the balanced
scorecard,we have begun to recognize that
the scorecardrepresentsa fundamentalchange
in the underlying assumptions about
performancemeasurement.As the controllers
ind finance vice presidents involved in the
researchproject took the conceptback to their
organizaiions,the project participants found
that they could not implement the balanced
scorecardwithout the involvement of the
seniormanagerswho havethe most complete
picture of the company'svision and priorities.
this was revealing becausemost existing
performancemeasurementsystemshave been
designedand overseenby financial experts.
Rarely do controllers need to have senior
managersso heavily involved.
Probably becausetraditional measurement
systems have sprung from the finance
function, the systemshave a control bias.
systemsspeciff the particular actions they
want employeesto take and then measureto
seewhetherthe employeeshave in fact taken
those actions. In that way, the systemstry to
control behavior.Suchmeasurementsystems
fit with the engineering mentality of the
Industrial Age.
The balanced scorecard,on the other hand,
is well suitedto the kind of organizationmany
companies are trying to become. The
scorecardputs sfategy and vision, not control,
at the center.It establishesgoals but assumes
that people will adopt whatever behaviors
and take whatever actions are necessaryto
arrive at those goals. The measures are
designedto pull people toward the overall
vision. Senior managersmay know what the
end result should be, but they cannot tell
employees exactly how to achieve that result,
if only because the conditions in which

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employeesoperateareconstantlychanging'
This new aPProachto Performance
measurement ii ionsistentwith the initiatives
under waY in many comPanies:cross-
functionafintegration,customer-supplier
oartnerships,global scale' continuous
t"am ratherthanindividual
i-prol
"*.nt,'und
accountability.By combiningthe financial,
customer,iniernalprocessand innovation,
andorganizational learningperspectives,
b a l a n c e d s c o r e c a r dh e l p s m a n a g e r s
understand,at least implicitly, many
This understanding
interrelationships.
help managerstranscendtraditionalnotions
aUouttrnciional barriersandultimatelylead
to improveddecisionmakingandproblem
solving. The balancedscorecardkeeps
.o-pu'ni.t looking-andmoving-forward
insteadof backward.
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Wagner,M. (2001a):Sustainability Balanced
W e r t o r i e n t i er t e s
Sc o r ec a r d .
Nactrhahigkeitsmanagement mit der Balanced
ScorecardI-fneberg:Centerfor Sustainability
Management.
o Figge,F.; Hahn,T.; Schaltegg:r,.1:.&
Wag"nir,Nf. (2001b):The Sustainability
Bal"ancedScorecard- A Tool for Value-
the OrientedSustainabilityManagementin
Strategy-Focused Organisations'paper
oresen'tldat the Eco-Managementand
can 2001in Nijmegen-The
iuditing Conference
Netherlands
o Kaplan,R. & Norton,D. (199,2):"The
BalancedScorecard- Measuresthat Drive
Performance", HarvardBusinessReview,Jan-
F e b , 7 l - 7'9

o Kaplan,R' & Norton, D' (19-96):The

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r Kaplan,R. S' & Norton,D' (2001):The
how balanced
organization:
( 1' 9 9 7 ) : strate'gy-focused
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