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(Balanced Scorecard Institute, 2008.) The concept has quickly become recognized as an important managerial tool with the potential to increasingly improve organizational performance and has been adopted in some form by a wide variety of businesses and corporations worldwide. In an article for Ivey Business Journal, Hendricks, Menor and Wiedman state that over the past decade, the Balanced Scorecard has become a widely advocated management tool and has become largely synonymous with “best practices.” (2004.)
In simple terms, the Balanced Scorecard method is a management system that allows an organization to set, track and achieve its entire key strategies and objectives...
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