The Balanced Scorecard is used by many businesses and organizations to track their progress in terms of performance. For those who use PowerPoint presentations, the Balanced Scorecard design represents both a teaching tool and a way to visually communicate important progress information to employees so they can reach their goals.
Similar systems have been used in management for decades, but it was Art Scheiderman in 1987 that created what he termed the â€œAnalog Devices Balanced Scorecardâ€ which is the predecessor to the modern versions used today. The scorecard design was enhanced in 1990 when more performance management studies were initiated and by 1992, the firm of Nolan-Norton revised the scorecard design.
However, it was not until 1996 when â€œThe Balanced Scorecardâ€ was published did the concept gain widespread attention. The Balanced Scorecard should not be viewed as an invention of the 1980s, but rather as the coming together of concepts that have been part of business management since the late 19th century and arguably even before that time.
The term balanced scorecard refers to the management teamâ€™s report about the activities of their staff in performance of their work. It is a popular method to evaluate performance and create decisions so that more can be accomplished. In addition to being used for employee and project evaluation, it has also been used for personal goal setting and creating incentives to help maximize efficiency and production.
The characteristics of the scorecard include the focus on the agenda, selecting items to monitor, and mixing both financial and non-financial data so that a complete picture can be created. It is a closed-loop system that helps management focus on the correct strategies to achieve specific performance goals. By measuring performance based on a previously known reference, projections can be made which will help adjust the strategy to achieve the goal.
- Choosing the Data for Measurement
- Setting Reference Values
- Making Corrective Decisions
All three characteristics surround the strategy that will be employed to make the best-informed decision about what action to take. This means including the Financial, Business Process, Customer, and Learning & Growing.
When the Balanced Scorecard is rendered as a PowerPoint Diagram, the clarity of its design makes using it in lectures, discussions, and presentations easy and understandable. The diagram itself demonstrates the four different sections of the circle, Financial, Business Process, Customer, and Learning & Growing with Strategy firmly in the center.
For those in management and those who perform managerial training, the Balanced Scorecard PowerPoint Diagram offers a powerful, visual representation of one of the most important performance management tools. For presentations, demonstrations, and lectures, this is a must-have for your managerial needs.