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• W55147581 abstract "Introduction In 1990s a new way of evaluating performance improvement in business industry was introduced. The balanced scorecard (BSC) emerged as a conceptual framework for organizations to use in translating their strategic objectives into a set of performance indicators. Rather than focusing on operational performance and use of quantitative financial measures, BSC approach links organization's strategy to measurable goals and objectives in four perspectives: financial, customer, internal process, and learning and growth (Niven 2003). The purpose of this article is to evaluate use of BSC in nonprofit sector, specifically at an institution of higher education. Case studies in higher education and personal perspectives are presented, and opportunities for and challenges of implementing BSC framework in higher education are discussed. Balanced Scorecard Principles Achievement of equilibrium is at core of BSC system. Balance must be attained among factors in three areas of performance measurement: financial and nonfinancial indicators, internal and external constituents, and lag and lead indicators. Equilibrium must also be attained between financial and nonfinancial measures; nonfinancial measures drive future performance of an organization and are therefore integral to its success. Further, use of nonfinancial measures allows problems to be identified and resolved early, while they are still manageable (Gumbus 2005). The sometimes contradictory needs of internal constituents (employees and internal processes) and external stakeholders (funders, legislators, and customers) should be equally represented in scorecard system (Niven 2003). A key function of BSC is its use as a performance measurement system. The scorecard enables organizations to measure performance through a variety of lead and lag relating to finances, customers, internal processes, and growth and development (Niven 2003). According to Niven (2003), lag are past performance such as revenue or customer satisfaction, whereas lead are the performance drivers that lead to achievement of lag indicators (p. 23). The BSC's cascading process results in a consistent focus at all levels of organization. The BSC framework provides tools to assist business organizations in mapping their performance improvement strategies and establishing connections throughout various levels of organization. Additionally, framework identifies cause-and-effect relationships. The strategy map component of BSC provides a graphical description of organization's strategy, including interrelationships of its elements. This map is considered blueprint for organizational plan (Lichtenberg 2008). Further, BSC's cascading process gives organization a tool for taking scorecard down to departmental, unit, divisional, or individual measures of performance, resulting in a consistent focus at all levels of organization. Ideally, these measures of performance at various levels directly relate to organizational strategy; if not, organization is just benchmarking its metrics. The cascading of scorecard also presents employees with a clear image of how their individual actions make a difference in relation to organization's strategic objectives. The cascaded scorecard creates alignment among performance measurement outcomes throughout various levels of organization (Lichtenberg 2009). The BSC has evolved into a powerful communications tool and strategic management system for profit-based organizations. Harvard Business Review has recognized framework as one of top 75 most influential ideas in 21st century (Niven 2003). Its successful use in for-profit arena has been clearly demonstrated, but does it have applicability in nonprofit sector, specifically in institutions of higher education (IHEs)? …" @default.
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• W55147581 title "Application of the Balanced Scorecard in Higher Education: Opportunities and Challenges: An Evaluation of Balance Scorecard Implementation at the College of St. Scholastica" @default.
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