Balanced Scorecard in Performance Management Research Paper

Balanced Scorecard in Performance Management - Research Paper Example The concept of balanced scorecard was initiated by Kalpan and Norton at the beginning of 1990. The balanced scorecard is a strategic management tool used by organizations for the purpose of measuring their performance. While measuring the performance level it considers factors such as employee knowledge, customer satisfaction, and innovation of the company (Cambridge Dictionaries Online, n.d.). It provides ways to the organizations for balancing strategic priorities and other associated factors such as customers, finances, processes and people. The balanced scorecard also ensures that the performance standards at both individual and organizational level remain balanced (Houldsworth & Jirasinghe, 2006, p.143). It not only offers a framework for performance measurement but also enables planners to discover what must be accomplished and measured. A number of companies have therefore incorporated balanced scorecard into their system of operation, so as to facilitate effective and well-or ganized performance measurement system. These organizations with the help of performance management have been able to align their strategies & visions with the business objectives. In the context of the study, Boston Scientific Corporation has been chosen to assess how balanced scorecard can be utilized for optimal organizational performance. Hence before getting into a further discussion, a brief introduction of the organization has been presented in the next half of the project. Boston Scientific Corporation: A Brief Overview Boston Scientific Corporation manufactures and markets medical devices. The company was founded in the year 1979 and has its present base of operations in Natick, Massachusetts (Boston scientific, n.d.). Boston Scientific Corporation or BSC was founded by John Abele.