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CLS Balanced Scorecard
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A glossary of commonly used Balaced Scorecard terminology StrategyThe way an organization seeks to achieve its vision & mission.• A set of goals/objectives • A method for involving people, resources, and processes Strategic PerspectivesThe four dimensions of the Balanced Scorecard : Customer, Finance, Internal Process, Learning & Growth; performance necessary for successful business.Customer PerspectiveTo achieve our vision, what customer needs must we serve?Finance PerspectiveTo achieve our vision, what financial objectives must we accomplish?Internal Process PerspectiveTo satisfy customers and stakeholders, in which internal business processes must we excel? Learning & Growth PerspectiveTo achieve our goals, how must our organization learn & innovate (staff & technology)?Strategic Themes3-5 major business thrusts with which the organization will accomplish its strategic destination.Strategic ObjectivesObjectives are action statements that clarify how strategy critical to success will be implemented. Objective statements usually contain a verb + adjective + noun. They represent change; their accomplishment is measurable. Usually, maps with 20 or fewer objectives are most useful.Objectives LinkageA cause-effect linked set of priorities that deliver the strategy.Performance MeasureHow success in achieving an objective will be measured and tracked. They can be data based (budget bottom line, survey score, ranking, etc.) or project based (i.e. the accomplishment of initiative milestones).BaselineYour currently measured status or rating in a strategic objective.TargetThe targeted performance level or rate of improvement needed.InitiativeThe action plan to achieve the Strategic Objective Target.MilestonesKey accomplishments or steps within an Initiative action plan.
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