A balanced scorecard is a performance metric used in strategic management to identify and improve various internal functions of a business and their resulting external outcomes. It gives leaders a more comprehensive perspective of their organization’s strategy. In general, the balanced scorecard is used to reinforce good behaviors in an organization by isolating four separate areas that need to be analyzed. These four areas involve learning and growth, business processes, customers, and finance. Hence, it’s used to attain objectives, measurements, initiatives and goals that result from these four primary functions of a business ((Stephen, 2014, pp.328-334).
Bloomington Medical Practice is a private owned, for-profit practice that was founded ten years ago by two physicians who wanted to get more free time than their solo practice allowed to do so. It has two walk-in clinics in Bloomington, Illinois, metropolitan area. Utilizing the balanced scorecard, we have elucidated the four areas of the …show more content…
Based on three goals and three measures for each of the four areas of the organization’s strategic directions, we created the balanced scorecard showed below. Hence, identifying our core performance and highlighting the areas that need improvement/action, we effectively will monitor our strategic progress.
Balanced scorecard identifies and highlights critical strategic objectives and enables the managers to recognize areas which are not performed per the planned expectations. To effectively monitor the strategic direction of the organization, it’s important to utilizing a scorecard at each level of the organization’s hierarchy. Hence, Bloomington medical practice has created this scorecard to measure its strategic goals/objectives. For each goal, we established a specific metrics that help us to monitor progress of the
Bloomington Medical Practice is a private owned, for-profit practice that was founded ten years ago by two physicians who wanted to get more free time than their solo practice allowed to do so. It has two walk-in clinics in Bloomington, Illinois, metropolitan area. Utilizing the balanced scorecard, we have elucidated the four areas of the …show more content…
Based on three goals and three measures for each of the four areas of the organization’s strategic directions, we created the balanced scorecard showed below. Hence, identifying our core performance and highlighting the areas that need improvement/action, we effectively will monitor our strategic progress.
Balanced scorecard identifies and highlights critical strategic objectives and enables the managers to recognize areas which are not performed per the planned expectations. To effectively monitor the strategic direction of the organization, it’s important to utilizing a scorecard at each level of the organization’s hierarchy. Hence, Bloomington medical practice has created this scorecard to measure its strategic goals/objectives. For each goal, we established a specific metrics that help us to monitor progress of the