Bsc is one of the traditional perfomance measurement model that centred on the finacial perfomance of an organisation such as costs, schedule and quality (micro) .However it could not be taken for a comprehensive performance measurement system because it performance objectives did not include stakeholders satisfactions (macro).
Balanced Scorecard concentrates on four essential perspectives: financial, customer, internal business processes, and learning and growth. BSc is an effective tool in evaluating small, meduim-sized, and large organizations.
Thank You very much Moritz fehrle, Oladapo Atere and Mahfuz Judeh for your suggestions and comments.
This has made social sustainability to be less embraced in stakeholders pressure from environmental and economic sustainability, where organisational improved performance is benchmarked in terms of new technology and communication among stakeholders.
BSC is a balanced performance measurement system as it combines (1) financial, (2) customer, (3) internal business process and (4) learning and growth perspectives. It can also be used to estimate firm value.
Companies need a kind of planning tool to have successful with implementing and using of BSC, independent the size of company. The most used is the Strategic Planning, in which the goals and the objectives are established.
https://www.researchgate.net/publication/308427094_An_Empirical_Study_of_the_Balanced_Scorecard_Model_Evidence_from_Bangladesh
Article An Empirical Study of the Balanced Scorecard Model: Evidence...
Dear Sujit,
In my view the Balanced Scorecard is an instrument to measure performance against targets, which are not only financial. The scope of application is rather big, so it can be used for manufacturing SMEs, too. For a general overview about the application of the Balanced Scorecard please feel free to refer to my research paper: "The Balanced Scorecard and Beyond – Applying Theories of Performance Measurement, Employment and Rewards in Management Accounting Education". It was published in the International Research Journal of Management Sciences 4 (7), pp. 483-491 and thus can be used for referencing.
Paul
Article The Balanced Scorecard and Beyond – Applying Theories of Per...
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