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The Balanced Scorecard (BSC) is a strategic planning and management system used by organizations to align business activities with the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It is divided into four perspectives: Financial, Customer/Stakeholder, Internal Process, and Organizational Capacity. Each perspective has its own objectives, projects, and KPIs. In strategic planning, the BSC is used to focus on these areas and align them with the overall strategy of the organization. It helps in identifying and prioritizing projects and activities that contribute to the strategic objectives.
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Focus Areas – This method involves building your entire strategic plan around the BSC. To implement this method, each of the four perspectives (Financial, Customer/Stakeholder, Internal Process and Organizational Capacity) are set as one of the strategic Focus Areas. Objectives, Projects and KPIs are then listed directly underneath each main perspective. Goal Types – This method involves establishing your own Focus Areas separately from the BSC. Then a custom field for each Objective, Project and KPI needs to be created with specific categorized activities.
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Need a way to streamline your strategic planning process? The Balanced Scorecard (BSC) is a tried-and-true method used by some of the most successful ...
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