The role of the Balanced Scorecard in strategy execution

Abstract

The paper describes the role of the Balanced Scorecard in strategy execution. The meaning of the concept strategy is discussed as well as strategy execution. Strategy is defined as the description of the results which are strived for (objectives) and how they are to be obtained. Kaplan and Norton presented the Balanced Scorecard methodology in 1992 but have developed it much since then. The paper explains the core of the method and it two tools, strategy map and scorecard. Then the content of strategy execution is discussed and finally, the role of the Balanced Scorecard in strategy execution is analysed.