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PM Models and Concepts

In: Progress in Performance Management

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  • Marc Helmold

    (IUBH)

Abstract

The balance scorecard (BSC) is a strategic management and performance management tool and was first introduced by the accounting academic Dr. Robert Kaplan and business executive and theorist Dr. David Norton. It was first published in 1992 in a Harvard Business Review article. Dr. Kaplan and Dr. Norton took previous metric performance measures and adapted them to include nonfinancial information. The BSC is the performance metric used in strategic management to identify and improve various internal functions of a business and their resulting external outcomes. It is used to measure and provide feedback to organizations. Data collection is crucial to providing quantitative results, as the information gathered is interpreted by managers and executives and used to make better decisions for the organization.

Suggested Citation

  • Marc Helmold, 2019. "PM Models and Concepts," Management for Professionals, in: Progress in Performance Management, chapter 7, pages 99-110, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-20534-8_7
    DOI: 10.1007/978-3-030-20534-8_7
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