PM Essence

Q. This can be used as a monitoring tool, but its measures non-financial metric along with financial metric to monitor progress. What is it?

A. The balanced scorecard is a strategic planning and management system that is extensively used in business and industry, government, and non profit organization to align business activities to the company strategic goals. It was originated by Dr. Robert Kaplan (Harvard Business school) and David Norton as a performance framework that added nonfinancial performance measures to traditional financial metrics to give managers and executives a more ‘balanced’ view of the organizational performance. The four perspectives that form the balanced score card are

1. The learning and growth perspective,
2. The business process perspective,
3. The customer perspective and
4. The financial perspective.

[source – Internet]

We like to hear what you think!!

Please complete the sentence below with your thoughts in 10-15 words and send them to. The best entry will win attractive goodies from PMI Bangalore India Chapter.

Trying to manage a project without a projectized approach is like . . . . . . . . . .

In our last edition, we had asked you to express your thoughts in 10-15 words to continue the following sentence

The structured approach to manage any project, as propounded in PMBOK, helps me to…..

And the best response is…

“plan unknowns in advance, control, minimize risks and hit the targets successfully on time with right quality.”

… and the Winner is Shikha Vaidh, PMP.

The Lighter Side of PM
LSPM Jan2013