USING BALANCED SCORECARD (BSC) AS A PERFORMANCE MANAGEMENT SYSTEM (PMS)
The balanced scorecard has gained popularity in the recent years. A vast number of institutions are desirous of using the balanced scorecard a performance management system. While a BSC compliant strategic plan is one of the prerequisites for applying the BSC as a performance management system, many institutions get stuck on how to translate the scorecards cascaded to tier 3 into a performance management system that is aligned to the organization-wide vision and strategy. How do you break down the perspectives, objectives and targets into measurable results from corporate to individual level? How do you turn the tasks of each employee to be strategy focused?