Value Balanced Score Card
VALUE BALANCED SCORE CARD
-A TOOL OF PERFORMANCE APPRAISAL
ABSTRACT:-
Balanced score card is a new dimension in the field of performance appraisal. It is a comprehensive, top down view of the organizational performance with a strong focus on vision (i.e. goals) and strategy (i.e. performance measures). The balanced score card has become the pre-eminent strategic tool for the management. The success of its implementation is attributable to its focus on strategy and the future. By the help of this the managers are able to translate broad mission statements into tactical action plans. It paves the way for the managers to exploit the firm’s information resources and ultimately produce economic results while directing the firm towards the achievements of its goals.
Key words:- balance score card, dimension, performance appraisal, perspectives
INTRODUCTION:-
Balanced score card is a new dimension in the field of performance appraisal. Performance means the efforts extended to achieve the targets efficiently and effectively. The achievement of target involves the integrated use of human, financial and natural resources. Appraisal refers to a critical review with a view to improve performance. It evaluate the actual performance in the light of predetermined targets, measures deviation in between actual and targets, locate alternatives and suggests remedial action.
Thus, the term “performance appraisal” can be defined as a critical assessment or evaluation of various activities in different areas of operations of an organization. It is known that to keep an individual healthy doctors advice periodical check-up and examination of body. Similarly to safeguard the interests of the shareholders, outsiders, creditors etc. every concern should have a proper appraisal of its performance in different sphere viz. Customer satisfaction, value addition in share price, human resource development index etc.
Drucker has argued that “performance can be measured in
-A TOOL OF PERFORMANCE APPRAISAL
ABSTRACT:-
Balanced score card is a new dimension in the field of performance appraisal. It is a comprehensive, top down view of the organizational performance with a strong focus on vision (i.e. goals) and strategy (i.e. performance measures). The balanced score card has become the pre-eminent strategic tool for the management. The success of its implementation is attributable to its focus on strategy and the future. By the help of this the managers are able to translate broad mission statements into tactical action plans. It paves the way for the managers to exploit the firm’s information resources and ultimately produce economic results while directing the firm towards the achievements of its goals.
Key words:- balance score card, dimension, performance appraisal, perspectives
INTRODUCTION:-
Balanced score card is a new dimension in the field of performance appraisal. Performance means the efforts extended to achieve the targets efficiently and effectively. The achievement of target involves the integrated use of human, financial and natural resources. Appraisal refers to a critical review with a view to improve performance. It evaluate the actual performance in the light of predetermined targets, measures deviation in between actual and targets, locate alternatives and suggests remedial action.
Thus, the term “performance appraisal” can be defined as a critical assessment or evaluation of various activities in different areas of operations of an organization. It is known that to keep an individual healthy doctors advice periodical check-up and examination of body. Similarly to safeguard the interests of the shareholders, outsiders, creditors etc. every concern should have a proper appraisal of its performance in different sphere viz. Customer satisfaction, value addition in share price, human resource development index etc.
Drucker has argued that “performance can be measured in
Bibliography: 3. Paul Arveson (1998), “What is balanced score card?” 4