From the course: Excel: Implementing Balanced Scorecards with KPIs
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Determine objectives with each perspective
From the course: Excel: Implementing Balanced Scorecards with KPIs
Determine objectives with each perspective
- [Instructor] When you design a balanced scorecard, you need to identify specific and measurable objectives. In this movie, I will discuss defining objectives and that is setting specific goals within each of the four perspectives. One important thing to know when you're designing a balanced scorecard is that people and results matter. A balanced scorecard, as we've said before, is a theory of the business. Your key performance indicators must match your theory. In other words, within each of your four perspectives, financial, customer, learning and growth, and internal process, you need to have key performance indicators that you can use to measure how you are doing. In the past, because of a focus on shareholder, as opposed to stakeholder values, there has been a singular and in some cases, dysfunctional focus on financial outputs. Instead, what Kaplan and Norton recommend for the balanced scorecard is a mix of leading…
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