A balanced scorecard, commonly abbreviated as BSC is defined as a strategic performance management tool. There are many performance management tools. Regardless of this fact these tools are not general to all firms. The best fit combination will depend on a firm’s strategy, structure and organization given the various conditions that the firm operates under. The main characteristic of the BSC as well as its derivatives is the fact that it presents a mix of financial and anon-financial measures within a single report.
The BSC is formulated giving much emphasis on the corporate strategy, thus targeting activities that will most easily lead to the achievement of this strategy. On the other hand SWOT analysis is also a strategic planning tool. It evaluates the strengths, weaknesses, opportunities and threats involved with a certain project or business. It considers the internal and external factors that are favorable or not to achieving a firms objective.
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