NPD Jargon Buster: Balanced Scorecard

Learning Centre > NPD Jargon Buster: Balanced Scorecard

The Balanced Scorecard is a comprehensive performance measurement technique that balances four performance dimensions.

The Balanced Scorecard is a comprehensive performance measurement technique that balances four performance dimensions.The Balanced Scorecard is a comprehensive performance measurement technique that balances four performance dimensions.

The Balanced Scorecard is a comprehensive performance measurement technique that balances four performance dimensions: 

  1. Customer perceptions of how we are performing; 
  2. Internal perceptions of how we are doing at what we must excel at; 
  3. Innovation and learning performance; and
  4. Financial performance. 

In product development, you can use the Balanced Scorecard to assess whether a product is:

  1. Meeting customer needs.
  2. Being developed efficiently, 
  3. Profitable, and
  4. Contributing to the company's growth.

By tracking progress in all four areas, companies can ensure that their products are successful in the marketplace and the financial bottom line.

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