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A performance measurement system is a process developed to implement an organizations strategy effectively.
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Introduction A performance measurement system is a process developed to implement an organizations strategy effectively. This involves identification of the critical factors that impact overall success. When the strategic factors are correctly identified, measured, and rewarded regularly, employees are made aware of them and are thus motivated to achieve those goals that ultimately result in the overall success of the company. While profitability is an obvious component, there are many other factors that determine both the short and long term goals necessary for company growth and overall performance. The Balanced Scorecard ( BSC ) is one example of a performance measurement system designed to analyze goals from multiple perspectives. The resulting balance that the system fosters culminates in goal congruence and encourages employees to continually act in the best interest of the company (Anthony & Govindarajan, ch. 11, pg. 496). This paper will review the fundamentals of BSC, its historical evolution,...
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