Balanced scorecard

Definition

A strategic planning and management tool that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals ( http://balancedscorecard.org/Resources/About-the-Balanced-Scorecard Balanced scorecard institute) (Last published: A business model usedas a tool to measure organizational performance against both short and long-term goals).

Description

This model is designed to focus attention on the factors that most help business strategists and so, alongside financial measures, offers means of measuring internal processes and employee learning. Some organizations in the nuclear industry use the ‘balanced scorecard’ model in setting and measuring knowledge management strategies.