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I am taking a Green Belt Six Sigma course that is being put on by ASQ. In the first week of covering the introductory concepts of Six Sigma, the idea of a Balanced Scorecard was introduced. The Balanced Scorecard is a strategic performance management tool which takes the vision and strategy of a company (“where are we going?” and “how do we get there?”) and translate into performance measures or metrics that be monitored.

The 4 key perspectives of the Balanced Scoreland are as follows:

Here are the key questions these perspectives ask:

Each of these four scorecards need to have the following four elements:

In 1997, it was found that 64 percent of the companies questioned were measuring performance from a number of perspectives in a similar way to the Balanced Scorecard. It remains a useful tool, mainly for small to medium-sized enterprises, to develop ways to measure the effectiveness of their corporate vision and the efficiency of their corporate strategy.

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